Aquafeed & Aquaculture Additives Market to Hit Us$ 117 Bn by 2030
As per a recent industry report put forward by Global Market Insights, Inc. Aquafeed & Aquaculture Additives Market is forecast to register its name in the billion-dollar fraternity down the line of seven years, by exceeding a revenue of USD 117 billion by 2030 with a projected CAGR of 7% over 2022-2030.
The market growth is owing to increasing consumption of fish across the globe. In addition, prevalent fish farming trends are likely to boost the market growth over the forecast period.
Aquafeed & aquaculture additives enhance the physical and chemical quality of fishes and other aquatic animals. Growing consumption of seafood, coupled with increasing import-export activities across different countries, has positively influenced product demand in key regions worldwide.
During the COVID-19 pandemic, the industry faced a substantial threat due to supply chain disruptions. However, after COVID-19 cases declined, the aquafeed supply chains and recommencing of the aquaculture industry recorded a new high, thereby propelling industry growth.
Major industry participants have been focusing on product innovations and effective growth strategies, such as mergers, acquisitions, collaborations, and partnerships, to improve their business presence in the aquafeed & aquaculture additives market. For instance, in April 2022, BioMar Group, a leading agriculture feed manufacturer, acquired AQ1 Systems, a leading producer of acoustic feeding technology. The acquisition aimed to help BioMar fortify its feed business.
To cite another instance, in May 2021, Cargill Inc., a global food corporation, started AquaXcel feed production in its Serang plant to extend its customer reach in Indonesia. The innovation can enable faster fry growth, reduce feed waste, and increase the survival rate.
Notably, in September 2021, Alltech Coppens, a leading developer of fish feed, announced the 50% expansion of the Alltech Coppens Aqua Center (ACAC) with the objective of boosting its capacity for developing aquaculture industry solutions as well as product development. The expansion was purposed to enable the company to adhere to its commitment to pollution control, palatability, performance, and planet, specifically in fish nutrition.
In another instance, in November 2021, Ridley, an animal nutrition provider, in partnership with Australian Prawn Farms, revealed the world's first fish-free feed for sustainable shrimp production. The feed contains plant- and animal-based raw materials, including the microbial biomass ingredient Novacq.
Similarly, in March 2021, Biomin, an animal health and nutrition company, introduced Mycofix Plus 5.Z containing ZENzyme in the Asia Pacific region. The novel product is an all-in-one feed additive that promises to serve as a next-generation mycotoxin risk management solution for breeding animals and their off-springs.
In the regional frame of reference, the LATAM industry is slated to exceed $6 billion in revenue by the end of the study timespan. Meanwhile, the aquafeed & aquaculture additives market in Middle East & Africa is expected to reach a valuation of approximately $3.30 billion by 2030.
Some leading companies in the aquafeed & aquaculture additives market include AG, Growel Feeds, Dibaq AS, NK Ingredients Pte Ltd, Alicorp, Avanti Feeds Ltd, Skretting, Nutriad International, De Heus Animal Nutrition and Purina Animal Nutrition LLC.
Source: https://www.gminsights.com/industry-analysis/aquafeed-and-aquaculture-additives-market