Asia Pacific Aqua Feed and Aqua Feed Additives Market - Growth, Trends and Forecast (2019-2024)
NEW YORK, July 3, 2019 /PRNewswire/ --
Market Overview
The Asia-Pacific aqua feed market was valued at USD 6,447 million in 2018, and is projected to reach USD 9,036.8 million by 2024, registering a CAGR of 5.5% during the forecast period. While, Asia-Pacific aqua feed additives market was valued at USD 428.2 million in 2018, and is projected to reach USD 547.2 million by 2024, growing at a CAGR of 5.0% during the forecast period. India accounted for the largest share in Asia-Pacific aquafeed market, accounted for more than 25% of the market in 2018 whereas, the Vietnamese aquafeed market is projected to grow at the highest CAGR, during the forecast period. By species, litopenaeus vannamei accounted for the largest share in the Indian aquafeed market, accounting for 54% of share in 2018. It is also expected to be the fastest growing, while registering a CAGR of 6.0% during the forecast period. On an average, India is equipped with 26 aquafeed mills with production capacities of around 43.4%, and the companies are producing 1.25 million metric ton of aquafeed per year.
Download the full report: https://www.reportbuyer.com/product/5790938/?utm_source=PRN Aqua Feed and Aqua Feed Additives Market Concentrated in a Few Production ClustersThe Asia-Pacific aquafeed and aquafeed additives market is solely focused on China, India, Bangladesh, Indonesia, the Philippines, Thailand, and Vietnam, which are some of the major markets in the aquaculture as well as the aquafeed industry in the region. Increase in feed demand, increasing export-oriented aquaculture production, and increased adoption of scientific aquaculture management practices are some of the major drivers for the market. The region has a huge potential for growth during the forecast period and a few of the countries have already begun their initiatives to create a self-sufficient aquaculture system. The dramatic rise and emergence of aquaculture products in the global market place, coupled with the increasing nutritional awareness among consumers, spurred the sales of compound feed and feed additives in the Asia-Pacific region. In countries like India, Thailand, and Vietnam, the increase in the production of commercial aquafeed and aquafeed additives matched the rapid growth of the aquaculture sector. For instance, the official figures from FAO shows that aquafeed production in Vietnam increased by four folds from 2008 to 2016. In the case of India, the heavier harvests of aqua cultured vannamei shrimp covered 41% of the Indian seafood exports in 2017. However, increased governmental support and improved transportation infrastructure increased the importance of international trade in the last ten years. For instance, in India, Marine Products Export Development Authority (MPEDA) launched an initiative to develop a GPS-based database of export-oriented aquaculture farms in the country to ensure their traceability and quality control. Similarly in Indonesia, the PROTEKAN (Program to Increase Exports of Fisheries) program is aimed at intensifying the fishery exports.
Fluctuating Raw Material Prices Restraining the Market
Fluctuating global prices of raw materials and increasing incidences of disease epidemics are some of major reasons restraining the market growth in the region. The growing importance of domestic and export aquaculture market in the developing world has created supply and demand inconsistencies in the international markets. Although the production in the Asia-Pacific region increased, the demand has a relatively stronger upward effect on prices, pushing the Fish Price Index(FPI) up by 7 points in 2017. For instance, the shrimp prices in the global market kept fluctuating from USD 16.93/kg in 2014 to USD 11.46/kg in 2018. China, Thailand, Vietnam, Indonesia, and India were the major beneficiaries in terms of export revenues in 2016. According to the Regional Expert Consultation on Aquaculture Health Management in Asia- Pacific (RECAHM), the status of AHPND outbreak in the Mekhong river delta in 2015 was recorded at 2,318 ha for Penaeus monodon culture and 2,309 ha for L. vannamei culture. Similarly, the economic impact of the parasite EHP with in Vietnam, India, and Thailand, incurred the net loss of USD 32,000/ha over normal production economics, if shrimps are grown according to the planned harvest size.
Competitive Landscape
Major players operating in Asia-Pacific aquafeed market are Thai Union Group, Inve Aquaculture Inc. Growel Feeds Pvt Ltd. Moreover, BASF South East Asia Pte Ltd, Adisseo Asia Pacific Lte ltd are major players in the Asia-Pacific aquafeed additives market. In the Asia-Pacific aquafeed market, companies are more focused toward expansions, in order to gain a higher share in the market. Few companies are also involved in acquisition, and merger and partnerships, through which, companies aim at either entering the market or to boost their current operations. In the Asia-Pacific aquafeed additives market, companies are not only competing based on product quality and promotion, but are also focused on strategic moves to hold prominent market shares. Players are investing heavily to develop new products, and are collaborating and acquiring other companies, which is expected to increase their market shares and strengthen the R&D activities.
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