Aquafeed Additives Market to Exhibit ~5% CAGR to Reach Valuation Worth US$2.2 Bn by 2027; Flourishing Aquaculture Domain to Drive Growth, Finds TMR
- Aquaculture is among the fastest developing industries for animal production across the globe. This has created demand for nutritious and protein-rich aquafeed additives, which are a rich fatty acids source
- These aquafeed additives are being used for providing right amounts of minerals and vitamins to these animals, and thus driving market development
ALBANY, New York, Feb. 26, 2020 /PRNewswire/ -- In its newest research report, Transparency Market Research sheds light on the factors that are responsible for driving the growth of the global aquafeed additives market. The research report also provides detailed insight on the restraining factors, segmentation, and latest trends that are influencing the dynamics of the global market. According to the research report, the global aquafeed additives market will exhibit a healthy CAGR of ~5% for the given assessment period ranging from 2019 to 2027. With this given rate of growth, the market valuation is then projected to rise up to US$2.2 bn by the end of 2027. Initially in 2019, the valuation of the aquafeed additives market was recorded to be around US$1.3 bn.
"The companies operating in the global aquafeed additives market are now shifting their focus on previously untapped geographical areas in Europe and Asia Pacific. This change in approach is due to the increasing aquaculture feed production in these regions. These companies are focusing on countries such as Indonesia, Vietnam, and India to develop new revenue streams", observe TMR analysts
The global aquafeed additives market is segmented on the basis of type of product, application, source, and region.
In terms of type of product, the global market is segmented into feed enzymes, feed acidifiers, minerals, vitamins, antibiotics, antioxidants, and amino acids. Of these, the segment of amino acids accounted for a leading share in the global market. In 2019, the share of the segment was around 34.1%. Moreover, in 2019, the antioxidants based aquafeed additives clocked up 4.9% of the overall market share in terms of value.
In terms of applications, the global market is segmented into sea bass, salmon, catfish, tilapia, marine shrimps, carps, and others. Currently, the segment of carps is a key application segment. However, in the coming years of the forecast period, the segment of sea bass is projected to witness a promising growth as compared to that of carps.
Based on source, the aquafeed additives market is segmented into microorganisms based, animal based, and plant based. Of these, the largest segment is plant based aquafeed additives. The segment accounts for nearly 95.4% of the overall market share. The rest is accounted by microorganisms and animal based additives.
Explore a report with detailed research, incisive insights, and in-depth country levels estimations. Gain business intelligence on global Aquafeed Additives Market by Product Type: Amino Acids, Antioxidants, Antibiotics, Vitamins, Minerals, Feed Acidifiers, and Feed Enzymes; Application: Carps, Marine Shrimps, Tilapia, Catfish, Salmon, Sea Bass, and Others; and Source: Plants, Animals, and Microorganisms, Forecast 2019 – 2029 at https://www.transparencymarketresearch.com/aquafeed-additives-market.html
Global Aquafeed Additives Market – Prominent Driving Factors
Among the several factors influencing the market growth, increasing concerns about getting right mineral and vitamin rich additives for aquatic animals is singled out to be the primary driving factor. Moreover, growing popularity of premixes has also helped in triggering the growth of the global market.
Another important factor that is influencing the growth of the global aquafeed additives market is the rise in number of research and development activities to produce more effective products. The R&D activities has helped in introduction of organic acids, prebiotics, and phytomolecules in these supplements making them more efficient.
Global Aquafeed Additives Market – Prominent Restraining Factors
One of the biggest restraining factor for the development of the global aquafeed additives market is the profitability issues.
Furthermore, in recent years, stringent regulations have been put in place for animal welfare. Though these measures are brought in for the good of the animals, they create certain operational restraints for the producers, thus slowing down the growth.
Another important growth barrier for the market has been its overall impact on the environment. Excessive use of these additives have found to have adverse environmental effects. This may also impede the market growth in coming years.
Global Aquafeed Additives Market – Regional Outlook
There are six main regions of the global aquafeed additives market namely Latin America, North America, East Asia, South Asia and Oceania, Europe, and the Middle East and Africa.
Of these, currently, the global market is being led by the regional segment of East Asia with overall market share of nearly 32.1%. The region is then followed by Europe, North America, and South Asia.
In the coming years of the forecast period, the Middle East and Africa region is expected to show a promising rate of growth in terms of aquafeed additives. Frequently changing aquafeed patterns is expected to drive the regional market growth.
Analyze Aquafeed Additives market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study.
Global Aquafeed Additives Market – Key Market Companies
Some of the prominent brand names in the global aquafeed additives market are ADM Animal Nutrition, Roquette Frères S.A., MJI Universal Pte Ltd., Kemin Industries., Skretting, Green Plains Inc., Cargill Incorporated., BIOMIN, Aller Aqua A/S among others.
Global Aquafeed Additives Market: Segmentation
Aquafeed Additives Market, by Product Type
Aquafeed Additives Market, by Application
Aquafeed Additives Market, by Source
Aquafeed Additives Market, by Region
Rest of LATAM
Rest of Europe
South Asia and Oceania (SAO)
Australia and New Zealand (ANZ)
Rest of South Asia and Oceania (SAO)
Middle East & Africa
Rest of MEA
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