Asia Pacific Aquafeed Market size surpassed USD 41 billion in 2021 and is expected to witness 7% CAGR from 2022 to 2028. Growing fish consumption, rising incidence of lifestyle disorders such as diabetes, obesity, and cardiovascular diseases, and higher awareness of seafood quality is likely to boost the industry revenue.
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Aquatic livestock, such as crustaceans, fish, and shrimps, are a major source of protein in human diet. Aquafeed provides various essential nutrients such as carbohydrates, lipids, proteins, and vitamins to aquatic organisms such as mollusks, fish, and crustaceans. Aquaculture additives not only enhance feed conversion and promote animal growth, but they also offer disease resistance and promote beneficial gut microflora thereby improving overall gut health.
COVID-19 Impact on Asia Pacific aquafeed industry outlook:
The global COVID-19 pandemic had an adverse impact on the Asia Pacific aquafeed industry during 2020 and 2021. Social distance and confinement measures resulted in the closure of numerous fish markets throughout the world. The business landscape was further hampered by border closures and major decline in the availability and expense of global airfreight, disrupting global supply chains. These effects have made it more difficult to sell fresh aqua-based products, even if the demand persists both locally and globally.
However, 2022 has seen the revival of Asia Pacific aquafeed market, with lesser restrictions on transport and public vaccinations. With growing awareness of quality protein supply, aquaculture will continue to play a key role in satisfying the future nutrition needs of the APAC population.
Asia Pacific Market, By End-Use
The crustaceans end-use segment accounted for USD 4,500 million revenue in 2021. Crustaceans are a very diverse group of invertebrate animals which include active animals such as the lobsters, crabs, shrimp, copepods, krill, amphipods, and more sessile creatures like barnacles. Rising seafood consumption among consumers in emerging economies. With increasing requirement for protein-rich diets, is expected to positively influence the market growth.
Asia Pacific Market, By Country
China aquafeed market is likely to observe significant growth during the forecast period, due to increasing with healthy economic growth and migration from rural areas. With greater emphasis on optimum nutritional content, low prices and easy availability of crustaceans, the product demand is likely to rise considerably.
Asia Pacific Market, By Product
Improvement in inland fish production capacities will augment the market share from amino acid-based additives. Amino acid promotes fish health and growth by acting as a building block for protein synthesis, thus helping in development of enzymes, muscles, immunoglobulins, hormones, and organs. Fish protein contains all 10 necessary amino acids in optimum concentrations for human metabolism. Aside from protein, fish flesh contains minerals, vitamins, and fat, essential for human body growth.
Competitive Industry Landscape
Some of the leading companies operating in the Asia Pacific aquafeed market include Charoen Pokphand, Nutreco N.V., Archer Daniels Midland Co., and Tongwei Group. Several regional companies will collaborate with private and public organizations for promoting circular economy, wherein aquaculture waste can be recycled into fish feed products.