Aquafeed Additives Market is projected to rise at a CAGR of ~5%
Aquafeed Additives Market: Introduction
A recent study published by Transparency Market Research on the aquafeed additives market includes global industry analysis and opportunity assessment for 2019-2029. The global aquafeed additives market is expected to be valued at ~US$ 1.3 Bn in 2019, which is projected to rise at a CAGR of ~5%, to reach US$ 2.2 Bn by 2029.
Increasing Preference for Plant-based Additives Drives Market
In the current scenario, plant-based additives derived from corn, soybean, cotton seed, peas, sunflower seed and other organic sources are in high demand. Sources of these additives are naturally high in protein and nutrition content and are therefore more in demand in the aquafeed additives industry. Furthermore, additives derived from natural sources are easier to digest as compared to other animal-derived proteins. Therefore, they are better and best alternative of animal-based additives used for aquafeed manufacturing, as they are easier to digest and have a higher protein content.
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Middle East & Africa Region Offers Attractive Growth Opportunities
Regions such as North America, Latin America, Europe, and Asia Pacific (including East, South Asia, and Oceania) are anticipated to hold prominent share in the global aquafeed additives market in terms of value. However, the Middle East & Africa aquafeed additives market is expected to grow at a higher rate during the forecast period. Growth witnessed in the region is driven by fluctuations in the aquafeed pattern. Increasing inclination towards plant-based ingredients in aquafeed additives has bode well for the regional market.
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Additionally, macroeconomic factors including growing population, rapid industrialization, and urbanization across the globe have enhanced the confidence of the investors in the aquafeed additives market. Apart from this, farmers of aquaculture are more aware about what they are feeding their aquatic animals including fish and other spices; hence, the aquafeed additives market is anticipated to witness high growth over the forthcoming period.
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Increasing Demand for Seafood across Multiple Regions
The global market for aquafeed additives has been segmented on the basis of product type into amino acids, antioxidants, antibiotics, vitamins, minerals, feed acidifiers, and feed enzymes. The increasing availability of different types of additives and their increases uses in feeding fishes and other aquatic animals are driving the market. According to the data published by Food and Agriculture Organization of the United Nations (FAO), it was observed that in 2017 aquaculture’s share in direct human consumption was 55% and is increasing with each passing year. This growing consumption of seafood by humans is directly proportionate to the growing demand for plant-based fish feed. This will in turn create growth opportunities for the aquafeed additives market over the forecast period