Global Aquafeed Additives Market
Veterinary Healthcare

5 Takeaways From The Aquafeed Additives Market Overview 2024

The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

According to The Business Research Company’s Aquafeed Additives Global Market Report 2024, the aquafeed additives market is expected to show promising growth in the forecast period.

The aquafeed additives market has witnessed substantial growth, with the market size reaching $1.63 billion in 2023 and a projected increase to $1.76 billion in 2024, boasting a remarkable Compound Annual Growth Rate (CAGR) of 7.8%. This growth is attributed to various factors, including the burgeoning aquaculture industry, nutritional demands, and effective health and disease management.

Future Projections
The upward trajectory is set to continue, as the market is poised to expand even further, reaching $2.32 billion in 2028 with a CAGR of 7.1%. Key drivers for this anticipated growth include population surge, urbanization, a focus on environmental sustainability, regulatory changes, and global economic trends. Notable trends in the forecast period encompass research and development, sustainable practices, alternative proteins, functional feed ingredients, digitalization and precision aquaculture, customization in formulations, and clean label additives.

Key Trends in the Forecast Period:

  • Research and Development
  • Sustainable Practices
  • Alternative Proteins
  • Functional Feed Ingredients
  • Digitalization and Precision Aquaculture
  • Customization in Formulations
  • Clean Label Additives

Government Initiatives Propelling Growth
One pivotal factor fueling the expansion of the aquafeed additives market is the surge in government initiatives supporting aquaculture practices. Countries like India, USA, China, and Australia are actively engaging in initiatives aimed at fostering the growth of the aquaculture industry. An exemplary case is Australia’s National Aquaculture Statement introduced in April 2021, demonstrating a collaborative commitment to the development of an efficient, innovative, and sustainable domestic aquaculture industry.

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Corporate Strategies: Rotifer Substitution Diets
Major players in the aquafeed additives market are strategically focusing on the introduction of rotifer substitution diets in aqua feed to gain a competitive edge. For instance, INVE Aquaculture launched Natura pRo and ExL feed lines in December 2021, marking the introduction of the first-ever rotifer substitution diets. These diets not only reduce rotifer requirements significantly but also enhance fry quality and survival rates, offering both technical and nutritional support from exogenous feeding initiation until weaning.

Marel’s Strategic Acquisition
In April 2022, Iceland-based Marel made a significant move in the market by acquiring Wenger Manufacturing LLC for a substantial $540 million. Wenger Manufacturing, a US-based processing solutions company, focuses on pet food, plant-based proteins, and aqua feed. This acquisition positions Marel to tap into new, complementary, and attractive growth markets, further diversifying its business segments.

Market Segmentation
The aquafeed additives market is segmented based on various factors:

1) By Source:

  • Animal
  • Microorganisms
  • Plant

2) By Ingredient:

  • Anti-Parasitic
  • Feed Acidifiers
  • Prebiotics
  • Essential Oils And Natural Extracts
  • Palatants
  • Other Ingredients

3) By Application:

  • Carp
  • Rainbow Trout
  • Salmon
  • Crustaceans
  • Tilapia
  • Catfish
  • Sea Bass
  • Grouper
  • Other Applications

Regional Dynamics
In 2023, North America emerged as the largest region in the aquafeed additives market, with Asia-Pacific predicted to be the fastest-growing region in the forecast period.

In conclusion, the aquafeed additives market is not just witnessing growth but is poised for an even more substantial expansion in the coming years. With government support, corporate strategies, and key trends shaping the landscape, stakeholders in the aquafeed industry should remain vigilant and agile to harness the myriad opportunities presented by this thriving market.

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