The aquaculture and aquafeed additives market would exceed $117 billion by 2030, says Global Market Insights Inc.

The growth of the aquafeed and aquaculture additives market is driven by increasing consumption of aquaculture products, rising consumer purchasing power, and growing consumer demand for processed seafood, says this report.

SELBYVILLE, Del., July 5, 2022 /PRNewswire/ — According to the report published by Global Market Insights Inc., the Aquaculture and Aquafeed Additives Market was estimated at $66.5 billion in 2021 and it is estimated that it will reach a valuation of more $117 billion by 2030, progressing at a rate 7% CAGR from 2022 to 2030. This report offers a detailed analysis of drivers and opportunities, major winning strategies, faltering market trends, competitive scenarios, major investment pockets, and market size and estimates.

Aquaculture and Aquafeed Additives Market

Aquaculture and Aquafeed Additives Market

Aquaculture and aquaculture feed additives are dietary supplements used to improve the quality of fish and crustaceans to provide complete nutrition. Certain aquatic animals contain nutritional ingredients, such as omega 3 fatty acids, calcium, phosphorus, iron, zinc, iodine, etc., which help human health by lowering blood pressure, improving memory, offering anti-inflammatory properties and promoting healthy skin . In recent years, increased consumer spending on processed seafood, coupled with growing awareness of the benefits of aquatic animals, has driven the adoption of fish as a regular supplement, which will further expand the food market. aquaculture products and aquaculture additives during the planned period of time.

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Catfish is an important source of omega-3 and omega-6 fatty acids, protein, vitamins B-12, and minerals, including magnesium. Continued consumer interest in a healthy diet and growing awareness of the nutritional benefits catfish offer are anticipated to drive demand for catfish in the food industry. As a result of the positive outlook, the catfish end-use segment was valued at around $4 billion in 2021 and is expected to grow at a CAGR of over 6.9% during the forecast period.

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Similarly, the aquaculture and aquafeed additives size of the tilapia end-use segment is poised to outperform $6 billion in income by 2030. Tilapia is low cost to produce as it is disease resistant, has a high survival rate of around 70% and grows well in high stocking densities, which is projected to boost its income by the world aquaculture market. Furthermore, changing consumption patterns and an emerging trend towards healthy eating will also drive demand for tilapia in the food industry.

Key reasons for aquafeed and aquaculture additives market growth:

  1. Increased consumption of catfish and tilapia.

  2. Increased demand for vitamins in fish and shrimp.

  3. Increasing focus on fish farming in North America.

Forecasts for 2030 show that the “vitamins” segment will retain its dominance:

With reference to the product, the vitamins segment is projected to expand at a CAGR of approximately 2.5% during the evaluation period. Vitamins are a vital feed additive for fish and shrimp as it improves the defense mechanism and supports resistance to disease. Therefore, the increasing prominence of the functional benefits of vitamins is poised to drive their demand in the aquaculture industry, driving segmental growth.

North America to continue your superior status in terms of income:

In the regional panorama, the market for aquaculture feeds and additives for aquaculture in North America it was worth it $7.5 billion in 2021 and is projected to progress to a CAGR greater than 6.5% over the study timeline. It is speculated that high research and development spending by manufacturers in fish farming systems, coupled with increased investments, will drive the development of the regional aquafeed additives market. In addition, the change in consumer eating patterns and the notable shift towards nutritious foods are expected to increase the acceptance of seafood, which will complement market growth in the region.

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Impact of the COVID-19 Pandemic on the Aquafeed and Aquaculture Additives Market:

Due to growing concern about infections spread through animal meat, seafood consumption declined due to the risk of contracting coronavirus infection, hampering the adoption of aquafeed additives in the early stages of the outbreak. COVID-19. Subsequently, declining demand and strict lockdown restrictions led manufacturers to close production facilities, hampering the expansion of the industry. However, the increasing inclination of consumers towards seafood for benefits such as less fat and caloric content than meat has stimulated demand for the product, which has been lucrative for the market during the pandemic.

The main market players:

Some prominent players Aquafeed and aquaculture additives industry include Alltech, Biomar, Cargill, Ridley Corporation, Aller Aqua A/S, Norel Animal Nutrition, Beneo GmbH, ADM, BASF, DSM, Biomin Gmbh, Addcon, Nutriad International, Evonik and others.

About Global Market Insights Inc.

Global Market Insights Inc., headquartered in Delaware, USA, is a provider of global market research and consulting services. By offering custom, syndicated research reports, growth consulting, and business intelligence services, Global Market Insights Inc. aims to help clients with insightful insights and actionable market data that aid in strategic decision-making.

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