Asia Pacific Aquafeed Market share is set to reach USD 215 Billion by 2024, growing fish consumption, rising awareness of seafood quality and rising incidence of lifestyle disorders such as obesity, diabetes, and cardiovascular diseases may boost market size. Increasing population, rising per-capita disposable income and increased aquaculture production owing to technological advancements may further increase product demand.
Aquafeed provides various essential nutrients such as lipids, carbohydrates, proteins and vitamins to aquatic organisms such as fish, mollusks and crustaceans. Aquaculture additives promotes growth, enhances feed conversion, disease resistance and promote beneficial gut microflora thereby improving gut health thereby promoting growth of Asia Pacific aquafeed & aquaculture additives market size.
China aquafeed market demand from crustaceans may surpass USD 5 billion up to 2024 owing to living standards improvements, rising urbanization and ban on annual coastal fishing. The urban population segment has been rapidly increasing with rapid economic growth and migration from rural areas. Optimum nutritional content, low prices and easy availability are predicted to increase crustaceans demand in the country. These products improve conversion rates, feed digestibility and general health. Several aquaculture additives such as carotenoids, primarily astaxanthin impart red color to crustaceans which is preferred by consumers, thus stimulating market growth.
India amino acid based aquaculture additives market size may witness gains at over 5% in the predicted timeframe owing to rapid improvement in inland fish production capacity and rich biodiversity which provides various species of aquatic animals. These products help maximize fish health and growth by acting as building blocks for protein synthesis, thus helping in development of muscles, enzymes, immunoglobulins, hormones and organs.
Nutreco N.V., Charoen Pokphand, Archer Daniels Midland Co., and Tongwei Group are some of the major industry participants in Asia Pacific aquafeed & aquaculture additives market share. Prominent manufacturers are focusing on adopting technological innovations to increase feed production and reducing feed prices to achieve competitive edge in the market.
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