Aquafeed refers to commercially produced food itemsgiven to various aquatic species such asmollusks, fish and crustaceans. Aquatic species receive energy and essential nutrients required for movement, body-maintenance, metabolic functions and growth from aquafeed. Aquafeed is mainly used in aquaculture. It is used in farms where fishes are cultivated and fed on pests found in crops. The content Of different nutrients in the feed can be controlled; this has led to the growth Of the market. Furthermore, the increasing adoption Of aquafeed in crustacean and carp farming is expected to drive market growth in years to come.
Carps are a high source Of low-fat protein and are rich in omegs-3 fatty acids. The growing awareness regarding the health benefits Of omega-3 would drive the demand for carps which in turn would boost the demand for aquafeed. Various aquaculture additives are amino acids, antibiotics, antioxidants, vitamins and feed acidifiers. The most frequently consumed additive is amino acids, as fishes are incapable Of synthesizing amino acids. Antibiotics are required to prevent fishes from acquiring bacterial infections.
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The growth Of this market is driven by factors such as the increased consumption Of seafood and fish, growth in the aquaculture industry and increasing income Of middle class families in developing nations. APAC is the largest market for aquafeed owing to the significant growth Of aquaculture due to availability Of cheap labour in the region. However, the fluctuating prices Of key ingredients such as fish oil and fish meal used in manufacturing fish feed may hamper the growth Of the aquafeed market. Other obstacles to the growth Of the global market are stringent regulations and high cost Of raw materials. Aquafeedis used to feed carps, fish, oysters, crustaceans and mollusks.
The key players in the market are AlltechInc, Cargill Inc, Biomar A/S, nutreco N.V, Norel Animal Nutrition and Ridley Corporation. The most preferred growth strategiesused to gain market traction would be product launch along with investment and expansion.
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To enable an in-depth analysis, the global aquafeed and aquaculture additive market is segmented based on product, applications and geography. Various additive products are amino acids, antibiotics, antioxidants, vitamins and feed acidifiers. Aquafeedis used to feed carps, mollusks, crustaceans, salmon, catfish and others.
KEY MARKET SEGMENTS
MARKET BY PRODUCTS
MARKET BY APPLICATIONS
MARKET BY GEOGRAPHY
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