The increasing global population base, which has already crossed the 7 billion mark is leading to scarcity of resources. Health constraints are one of the major issues, arising by this tight imbalance of supply/demand of these essential resources. However, people in this technologically advanced era are well-aware and informed about their health and the nutrition their body demands. This rising awareness and health consciousness among the people has led to a high demand for fish consumption globally. Fishes are a rich source of protein and omega-3 fatty acid, which enables the body to be resistant against diseases such as cardiovascular disorders, diabetes, obesity, etc. The intake of fishes demands for their healthiness as well, which is fostering the growth of aquafeed market worldwide. As per Global Market Insights, Inc., ‘the global aquafeed market is anticipated to surpass a revenue of USD 185 billion by 2023.’
North America Aquafeed Market Size, By End-use, 2012-2023 (Kilo Tons)
The human fish consumption accounted for nearly 138 million tons in 2015, and is estimated to surpass 205 million tons by 2023, which in turn will stimulate the demand for aquafeed market. Moreover, surging demand from the pharmaceutical industries for the fish oil will also drive the industry growth over the coming years. The aquaculture additives market is also witnessing high growth, with CAGR estimations of 4% over 2016-2023. These additives are added to the fish food to enhance its nutritional value, thereby, ensuring sound health of the aquatic animals. These additives are mostly added in the form of Antibiotics, Amino Acids, Feed Acidifiers, and Vitamins.
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The government initiatives towards animal health management coupled with regulatory norms restricting any harm to the wildlife will further boost the aquafeed and the aquaculture additives market share. The antibiotics additives may witness a declining market over the coming years, owing to the FDA norm towards eradicating the use of antibiotics. EU commission indeed insisted on plant-based growth promoters in the animal feed industry. Amino acids market dominated the aquaculture additive product landscape in 2015, with a revenue of USD 255 million. The trend is likely to continue owing to the benefits offered by these additives such as faster metabolism, nutrient and protein absorption, etc. Feed acidifiers additives will also witness huge demand with the market witnessing the highest CAGR of 6% over the period of 2016-2023.
Carp, being the most popular aquatic species contributed towards a major share of the overall aquafeed market, having had a revenue of USD 21.5 billion in 2015. They are estimated to witness substantial growth over the coming years, owing to the high nutritional value and various health benefits such as lowering cholesterol levels, offered by these species. Another attractive class of aquatic animal contributing towards the aquafeed market share is Salmon. The recent estimates depict salmon farming to have been increased by almost 10 times in countries such as Chile and Norway. Salmons are an excellent source for strengthening muscles, improve cardiac health, and increase the metabolism process. Owing to these health perks, the salmon aquafeed market is anticipated to grow at a CAGR of 11% over 2016-2023.
The Asia Pacific aquafeed market dominated the regional landscape in 2015, with a consumption of almost 30 million tons in 2015. The region will continue to witness heavy demand over the coming years owing to the easy farming coupled with fresh water availability across this region. Moreover, heavy consumption, especially in countries like Thailand and Vietnam, which are popular for fish food meal, will contribute towards the regional growth. India and China will be the major revenue pockets for the Asia Pacific. North America aquafeed market, primarily led by the US is estimated to witness a revenue of USD 22 billion by 2023, owing to the heavy demand for seafood across this region.
The industry will flourish in the coming years with the growing consumption of aquatic species. The market players will focus on improving their product quality through investments in R&D activities. Consumer satisfaction will be the top priority for the industry participants to sustain their value in the market. Key market players sharing this business space are Cargill, Addcon, Biomin, Aller-Aqua, Avanti Feeds, BASF, Beneo, Cermaq ASA, DSM, and Skretting.
Author Name : Shikha Sinha