Industry Overview
Global aquafeed market size is expected to reach 96.3 million tons by
2022, growing at a CAGR of 11.1% from 2015 to 2022. Global aquafeed
additives market size is likely to be worth USD 1.2 billion by 2022.
Increase in fish demand for direct human consumption (DHC) as well as
non-DHC applications is anticipated to drive aquaculture market growth.
Rising awareness among breeders regarding the benefits of feed for
aquaculture is anticipated to drive aquafeed market over the forecast
period.
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Direct human consumption of fish was 136.00 million tons in 2012 and
is anticipated to reach 205.81 million tons by 2022, growing at a CAGR
of 4.3% between 2015 and 2022. At present, over 75% of the global fish
harvested is used for DHC as food. Increasing per-capita middle class
disposable income coupled with rising nutritional standards is expected
to propel direct human consumption of fish over the forecast period.
This factor is anticipated to drive aquaculture market growth.
Rising prevalence of obesity, cardiovascular diseases and other
illnesses including diabetes is anticipated to augment demand for
omega-3 supplements over the forecast period. Omega-3 fatty acids are
obtained from a variety of fish including tuna, salmon, whale blubber,
cod liver and seal blubber.
Global consumer spending on EPA/DHA omega-3 products was over USD 25
billion in 2011. Infant formula was the largest segment for which
consumers across the globe spent over USD 10 billion, followed by
fortified food & beverages which accounted for approximately USD 8
billion. Rising consumer demand regarding the benefits of EPA/DHA in
regular diet is anticipated to subsequently have a positive impact on
aquafeed market over the forecast period.
Application Overview
Carp dominated the application segment for aquafeed market with a
revenue generation exceeding USD 19 billion in 2014. It is anticipated
to be the fastest growing application segment over the forecast.
Increasing importance of omega-3 fatty acids in food & beverage
industry owing to importance of reducing cholesterol levels is expected
to increase the farming activities meant for carps.
Mollusks accounted for more than 20% of the total volume in 2014 and
are expected to grow at significant growth rates of over 11% from 2015
to 2022. Mollusk, which includes oysters and clams, contains important
nutrients & offer health benefits to humans. They are also used as
filter feeders for water quality applications by filtering contaminants,
sediments and nutrients. Increasing application scope of mollusks in
agriculture and DHC is expected to drive aquaculture farming and thus
result in promoting aquafeed industry growth.
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Product Overview
Amino acids emerged as the dominant product segment for aquafeed
additives market with revenue exceeding USD 200 million in 2014.
Increasing importance of amino acids to improve efficiency of protein
utilization in animal feeding is expected to be a favorable factor for
industry growth. Lysine, methionine, threonine, and tryptophan are some
product forms of amino acids used as additive in aquaculture. Stringent
regulations of European Commission, aimed at promoting the use of
plant-based growth regulators in animal feed industry are expected to
fuel amino acids demand in the near future.
Antibiotics product segment accounted for more than 20% of aquafeed
additives market in 2014 and is expected to below average growth rates
with an estimated CAGR of over 3% from 2015 to 2022.
Antibiotics overdose result in creation of antibiotic resistant
bacteria, which induce change in DNA sequence of bacteria and allow its
survival from any further treatment. U.S. FDA imposed ban on numerous
antibiotics including malachite green, chloramphenicol, gentian violet
and nitrofuran on account of inducing water contamination. As a result,
antibiotics demand as an aquafeed additive is expected to be hampered
over the next seven years.
Regional Overview
Asia Pacific was the largest region for aquaculture and aquafeed,
with valuation exceeding USD 40 billion for aquafeed industry in 2014.
Predominant aquaculture production in the region, particularly in China
coupled with growing inclination towards salmon farming owing to factors
such as hardiness of the species, ease of farming, better water quality
within closed farm systems, and government interest is expected to fuel
aquafeed demand in the near future. Asia Pacific is also expected to be
the fastest growing region.
Europe was the second largest region in terms of demand and accounted
for more than 13% of the total volume in 2014. Growing popularity of
mussels as source of low-cost protein in Europe along with its
production base in Western Europe is expected to drive aquafeed industry
growth.
Competitive Market Share
The global aquafeed additives market share is fragmented with large
companies present across the value chain. Key companies include Biomar,
Altech, Inc.Ridley, Dibaq Aquaculture, Aller Aqua, Biomin and Addcon
Group GmbH.
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