Market Trends of Aquafeed Additives Industry
Increase in Sea Food Consumption
According to the Food and Agriculture Organization of the United Nations ( FAO), in per capita terms, global food fish consumption grew from 9 Kg in 1961 to 20.2 Kg in 2015, representing an average expansion rate of 1.5 percent per annum. In 2016 the consumption rate was 20.3 Kg. The dramatic rise and emergence of aquaculture in the global market place, coupled with the increased nutritional awareness among consumers, spurred the sales of compound feed and feed additives globally. For instance, fish consumption in Asian countries, particularly eastern and southeastern Asia, has been driven by a combination of large, growing, and increasing urban population, dramatic expansion of fish production, rising international fish trade and increasing disposable income will drive the aquafeed additive market during the forecast period.
Asia Pacific Dominates the Market
The Asia-Pacific feed additives market for aquaculture species grew significantly, contributing 9.3% in 2022, with an estimated USD 962.8 million. The growth was driven by a 5.9% increase in fish production between 2017 and 2022, thus boosting the demand for feed additives from aquaculture species. China led the region's aquaculture feed additives market, accounting for 48.6% of the market value, while Vietnam is projected to record a CAGR of 5.5% during the forecast period. The primary driver for the Chinese market was the 54.1% growth in the country's feed production from 2017 to 2022. The Asia-Pacific feed additives market for aquaculture has grown significantly in recent years, with fish being a highly-produced segment in the region. Fish accounted for 73.9% of the Asia-Pacific feed additives market for aquaculture and 6.8% of the region's total feed additives market in 2022. The increasing demand for natural aquaculture feed additives and the region's rising production and consumption of seafood drove this growth.
