Aquafeed Additives Market Size, Share & Trends Analysis Report By Application (Tilapia, Catfish), By Ingredient (Feed Acidifiers, Essential Oil & Natural Extracts, Prebiotics), By Region (APAC, CSA), And Segment Forecasts, 2021 - 2028

Report Overview

The global aquafeed additives market size was valued at USD 2.06 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 3.2% from 2021 to 2028. The growth is attributed to the increased consumption of processed poultry, dairy, and aqua products. Moreover, the growing demand for quality meat and meat by-products is likely to have a positive impact on the market in the coming years. An outbreak of several diseases in livestock has increased concerns regarding meat quality and safety, which, in turn, is anticipated to drive the use of animal feed additives. Vitamins are extensively utilized as additives in animal feed formulations. Although vitamins are naturally present in the feed, additional supplements infused with vitamins to provide optimal nutrition are added to livestock feeds, thereby driving the demand for vitamins.

The raw materials used to manufacture aquafeed additives include soybean cake, corn protein, fish oil, vitamins, fish bones, and minerals. Soybean is an important source of protein and amino acids for both human beings and livestock on account of its well-balanced amino acid profile. Consumer inclination toward healthy and nutritive products is driving the demand for soybean cakes, which, in turn, is driving the production of aquafeed. The demand for protein is high due to the growing consumer awareness regarding the consumption of foods with high nutritive value.

Increasing consumption has led to a high demand for protein sourced from animals (including fish), which is expected to propel the demand for fish food, thereby driving the market growth over the forecast period. Fish is a rich source of proteins and vitamins and thus, is primarily used for direct human consumption. Fish consumption has increased due to the growing availability of a variety of fish in the retail market. Thus, in turn, is likely to boost the demand for fish & fish products for direct human consumption in the coming years.

Ingredient Insights

The feed acidifiers segment dominated the market with a revenue share of over 11% in 2020. This is attributed to their ability to prevent diseases caused by E. coli and Salmonella. Increased protein digestibility improved immune response, increased resource efficiency, reduced mortality, and enhanced feed conversion, among others, are some of the benefits of feed acidifiers. Rising awareness among the producers and consumers of the aquaculture industry regarding sustainable and responsible aquaculture practices is expected to drive the product demand over the forecast period.

Antiparasitics are used to prevent infections in fish caused by these parasites and enhance the feed quality. The diversity and complexity of parasites, such as myxozoans, unicellular organisms, worms, and crustaceans, make it necessary to add anti-parasitic in aquaculture feed to prevent parasitic disease occurrence in aquatic species. This is expected to drive the demand for anti-parasitic ingredients over the forecast period.

Palatants are used in aquafeed as flavor-enhancing agents. They are known to increase the palatability and nutritive value of the product. Increasing demand for nutrient-rich ingredients for improving digestibility and palatability is anticipated to fuel the demand for palatants over the forecast period.

Application Insights

The catfish application segment dominated the market with a revenue share of more than 21.5% in 2020. This is attributed to the increasing product demand from consumers on account of its rich content of vitamin D and omega-6 fatty acids. The segment is expected to register the second-fastest CAGR, in terms of revenue, from 2021 to 2028. The tilapia segment is estimated to record the fastest CAGR from 2021 to 2028. Tilapia is a freshwater fish, which is bred in aquaculture in over 135 countries on account of its inexpensive vegetarian feed, high protein content, large size, and fast growth. Its adaptability and robustness to various cultural systems are expected to widen its production scope.

Carp consumes animal feed, such as water insects, insect larvae, mollusks, worms, and zooplankton along with leaves, seeds, and stalks of terrestrial and decayed aquatic plants. The growing importance of omega-3 fatty acids in the food & beverage industry is likely to trigger the demand for carp as it helps decrease cholesterol levels. These factors are anticipated to positively impact the industry growth in the carp application segment. Crustaceans include lobsters, crabs, shrimps, crayfish, krill, and prawns among others. They are used in several food products, such as fish cakes, soups, pies, stocks, seafood chowder, and processed foods. Increasing demand for prawns and shrimps in the food industry is anticipated to drive the market over the forecast period.

Regional Insights

Central & South America dominated the global market with a revenue share of more than 36.5% in 2020. This is attributed to the favorable climatic conditions and availability of locally produced fish feed made from basic raw materials, such as fish oil and fish meal. , The region is also expected to register the fastest CAGR over the projected period. The aquaculture sector in Egypt is growing significantly on account of the abundant availability of raw materials and the presence of large-scale manufacturers. The majorly cultured species include tilapia, carp, and mullet. The country is one of the major producers as well as consumers of seafood. North America is projected to witness significant growth on account of the rising consumption of seafood in countries, such as the U.S. and Canada.

The increasing consumption of species, such as salmonids and mollusks, hard clams, oysters, and mussels, is contributing to the growth of the regional market. The rising demand for aquaculture-produced seafood can be attributed to a decline in the production of wild fishery along with increased daily consumption of seafood across the region. The aquaculture industry is growing significantly across European countries, especially the U.K., France, Italy, and Spain.

The improving environmental management along with a drastic increase in the efficiency of feed and nutrient consumption has aided the market growth in the region. Moreover, the growing demand for salmon in the interior regions has led to the increased demand for anesthetics and sedation materials during transportation, thereby driving the product demand. Asia Pacific is projected to grow at a steady growth rate over the forecast period due to the substantial growth of the aquaculture industry, which is attributed to the availability of cheap labor, ease of induced conditions for aquaculture, and the presence of natural resources in the region.

Key Companies & Market Share Insights

The competition in the market is highly dependent upon the product mix, the number of sellers, and geographical location. Key manufacturers are engaged in R&D activities to produce natural & organic feed products. Online distribution of products is growing rapidly compared to direct sales; however, direct sales still hold a larger market value due to easy access. Major players are focusing on mergers and acquisitions to increase their presence throughout the value chain. These players are simultaneously involved in several activities including the production of poultry products, feeding, farming, and marketing to reduce the operational costs and produce feed with high nutritive value. Some prominent players in the global aquafeed additives market include:

• Aker Biomarine

• Nutriad Inc.

• Calanus AS

• Olmix Group

• Norel SA

• Lallemand Inc.

• Alltech

• Kemin Industries

• Nouryon

• DuPont de Nemours Inc

• Biorigin

• Phileo by Lesaffre

• Calanus AS 

Aquafeed Additives Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2028. For the purpose of this study, Grand View Research has segmented the global aquafeed additives market report on the basis of ingredient, application, and region:

• Ingredients Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2028)

  • Anti-parasitic

  • Feed Acidifiers

  • Prebiotics

  • Essential Oils & Natural Extracts

  • Palatants

    • Hydrolysates

    • Yeast Extracts

  • Others

• Application Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2028)

  • Carp

  • Rainbow Trout

  • Salmon

  • Crustaceans

  • Tilapia

  • Catfish

  • Sea Bass

  • Groupers

  • Others

• Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2028)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • Spain

    • Norway

    • U.K.

    • France

    • Italy

  • Asia Pacific

    • China

    • India

    • Indonesia

    • Japan

    • South Korea

    • Vietnam

    • Thailand

  • Central & South America

    • Brazil

    • Argentina

    • Chile

    • Ecuador

  • Middle East & Africa

    • South Africa

    • Egypt

    • Iran

    • Nigeria