Aquafeed Market By Application (Carp, Mollusks, Salmon, Crustaceans, Tilapia, Catfish) & Aquaculture Additive Market by Product (Amino Acids, Antibiotics, Vitamins, Feed Acidifiers) Is Expected To Reach USD 165.04 Billion & USD 1.21 Billion By 2022
Global aquafeed market is expected to reach USD 165.04 billion by 2022. Global aquaculture (aquafeed) additive market is expected to reach USD 1.21 billion by 2022. Aquafeed market is primarily driven by growth of the global aquaculture industry. In addition, growing demand for fish in direct human consumption (DHC) is anticipated to drive demand for fed fish species, which in turn is expected to augment aquafeed market growth over the forecast period. Initiatives taken by numerous regulatory agencies on promoting aquaculture activities is expected to open new opportunities for market growth over the next seven years.
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Carps were the largest consumers of aquafeed accounting for over 25% of the global volume share in 2014. Carps are being extensively reared over the past few years owing to their adaptability to changing climates. In addition, carps are a viable source of protein containing high omega-3 and low fat. Carps are anticipated to be the fastest growing application segment for aquafeed owing to their growing demand in direct human consumption.
Further key findings from the study suggest:
Composition of raw materials in aquafeed varies in accordance with the targeted fish species. Fish meal content in aquafeed for shrimp diets consisted of 35% of the overall feed quantity in 1995, whereas, aquafeed contained over 50% of the overall feed quantity for salmons. Additives are anticipated to account for close to 2% of the overall feed composition by 2022.
Amino acids demand was highest within the global aquaculture additives market in 2014 accounting for over 25% of the overall revenue. Increasing importance of amino acids to improve efficiency of protein utilization in animal feeding is expected to favor market growth in the near future.
Asia Pacific was the largest aquafeed market exceeding 65% of global volume in 2014. Expansion of aquaculture industry in China and India owing to factors such as ease of raw material availability, favorable climatic conditions for aquaculture and cheap labor is expected to augment aquafeed market growth in the region. Robust fish production base in Chile and Peru is expected to have a positive impact on Latin America aquafeed market over the forecast period.
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