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.
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.
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