Aquaculture Additives Market Size to Grow at a CAGR of 7.8% During the Forecast Period 2021–2026
Research Reports
Jun 18, 2021
Aquaculture Additives Market size was valued at $ 1.25Billion by 2020 and is anticipated to grow at a CAGR of 7.8% during the forecast period 2021-2026. The Aquaculture Additives Market growth rate is attributed to the growing knowledge among fish breeders about the advantages of supplying adequate nutrition to fish is anticipated to bring new opportunities. Aquaculture, also known as aqua-farming, is a procedure of breeding fish, molluscs, crustaceans, aquatic plants, algae, and other aquatic organisms. Types of aquaculture include shrimp farming, fish farming, Mari-culture, oyster farming, cultivation of ornamental fish and alga-culture. Aquaculture additives are chemical compounds that act as extra nutrients for aquatic animals that help to boost their immunity levels, protect from infections, and maintain overall health of the aquatic organisms.
Furthermore, aquaculture additives contain antibiotics to prevent occurrences of bacterial diseases of fish. Antibiotics provide pathogenic protection to fish as well as promote metabolism. However, the antibiotics market is anticipated to witness hurdles over the next eight years owing to the implementation of bans on several products including malachite green, chloramphenicol, gentian violet, and nitrofuran as they cause water contamination. Advancements in amino acid nutrition technology and their application in the formulation of environment-oriented and functional aquafeed is projected to aid market growth in the upcoming years. Apart from this, the regulations for reducing nitrogen levels in feeds are projected to enhance the importance of low-protein amino acids.
Aquaculture Additives Market Segment Analysis – By Product
On the basis of product, amino acids segment held the highest segmental revenue share in 2020. This can be attributed to the fact that supplements of essential amino acids aids in the modulation of metabolism and helps develop new strategies to provide an amino acid balanced feed which is projected to offset the environmental impact on aquaculture animals, increased profitability, and growth performance of the aquaculture additives market.
On the contrary, feed acidifiers segment is anticipated to witness significant gains along the forecast period 2021-2026 as feed acidifiers are made from organic acids and their salts and they aid refining gastric acid levels in the aquatic animals, thereby strengthening digestion and food assimilation. Moreover, the demand for acidifiers as additives is projected to witness significant growth as a result of their effectiveness in controlling diseases caused by harmful bacteria, such as Salmonella and E. coli.
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Aquaculture Additives Market Segment Analysis – By Application
On the basis of application, carp segment accounted for the largest segmental revenue of the Aquaculture Additives market in 2020 owing to the fact that Carp is one of the important aquaculture species in the European and Asian countries. Carps are rich in omega 3 fatty acids and a rich source of low-fat protein. The rising importance of omega 3 fatty acids in the food and beverage industry owing to their ability to reduce cholesterol levels is anticipated to boost carp-related farming activities. Carps are increasingly utilized in rice paddies intended to feed on insects and other organisms associated with rice culture.
However, the catfish is poised to hold the highest growth rate with a CAGR of 7.89% over the forecast period 2021-2026. This is attributed to the fact that the demand for catfish in retail markets and is poised to augment the aqua-feed market growth over the next few years. The aqua-feed consumed by catfish includes soybean meal, cornmeal, cottonseed meal, peanut (groundnut) meal, and wheat, and it is supplemented with minerals, vitamins, and vegetable oil. Animal protein in the form of fish meal is also provided for channel catfish.
Aquaculture Additives Market Segment Analysis – By Geography
Asia Pacific is the major region dominating the Aquaculture Additives market with a market share of 42.16% in the year 2020 owing to favourable climatic conditions. The region is estimated to lead the market over the forecast period 2021-2026. Expanding aquaculture industry in India and China due to the factors, such as ease of resource availability, induced conditions for aquaculture, and cheap labour is anticipated to bode well for regional growth.
However, North America is projected to be the significant-growing market during the forecast period 2021-2026 owing to the strong support from the governments of both U.S. and Canada for the expansion of aquaculture. The species substantially contributing to the industry growth include salmonids and molluscs, especially hard clams, oysters, and mussels.
Aquaculture Additives Market Drivers
Rising consumer awareness about health benefits of consumption of aquatic animals
The Aquaculture Additives market is poised to receive upswing owing to the fact that worldwide consumption rate of seafood has been witnessing a steady increase in the recent past owing to rising awareness regarding health benefits and nutritional value associated with seafood. Shrimps and Salmon are rich sources with high nutritional value comprised of vitamins, proteins, omega-3 fatty acids, and minerals. Demand for seafood globally is significantly high and increasing steadily. Seafood makes up one-sixth of all animal-based proteins consumed around the world. Increasing demand for seafood is encouraging sustainable aquaculture practices and the trend is anticipated to continue in future. Several certification programs have made progress in defining key characteristics of sustainable aquaculture. Sustainability of species totally depends on its lifecycle and feeding habits, as well as on farming operations. Hence, adoption of aquatic additives to feed underwater animals and in order to get certification is one of the major factors fuelling market growth.
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Aquaculture Additives Market Challenges
Fluctuation in prices of raw materials
Despite several drivers, fluctuation in prices of raw materials used to make additives, easy availability of additives by local players at low cost are major factors that could restrain growth of the global aquaculture additives market.
Aquaculture Additives Industry Outlook
Product launches, mergers and acquisitions, joint ventures and geographical expansions are key strategies adopted by players in the Aquaculture Additives Market. In 2020, Aquaculture Additives Market share is fragmented by the top ten players present in the market. Aquaculture Additives Market top 10 companies are BioMar A/S, Cargill, Incorporated.; Ridley Corporation Limited, Aller Aqua A/S, Cermaq Group AS, ADDCON GmbH, ADM, BASF SE, BIOMIN Holding GmbH, DSM, Evonik Industries AG and others.
Acquisitions/Product Launches
In January 2018, Cargill, Inc. opened a feed mill dedicated to the fish species in Andhra Pradesh, India. The facility, with a total capacity of over 90,000 tons annually, is anticipated to enable the company to increase its fish feed capacity threefold in the country.
Key Takeaways
Asia-Pacific dominated the Aquaculture Additives Market with a share of 42.16% in the year 2020.
The factors such as growing knowledge among fish breeders about the advantages of supplying adequate nutrition to fish are amongst the major factor projected to impel growth of Aquaculture Additives Market.
Increase in demand for aquaculture additives in developing countries and extensive use of these additives to enhance the overall aquaculture production are the key factors owing the growth in the segment during forecast period 2021-2026.
Related Reports :
A. Fish Farming Market
https://www.industryarc.com/Research/Fish-Farming-Market-Research-507304
B. Protein and Amino Acids Market
https://www.industryarc.com/Report/7454/protein-amino-acids-market.html
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