Aquafeed Additives Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2022 - 2032
Aquafeed Additives Market: Snapshot
The aquafeed additives market has been anticipated to reach a valuation of US$ 2.06 Bn and grow at a CAGR of 3.2% in the upcoming years from 2020 to 2030. These growth impetuses in the aquafeed additives market have been attributed to the rising consumption of processed poultry, aqua, and dairy products. In addition to this, rising demand for meat-by products and quality meat products has also been estimated to bring significant growth opportunities in the aquafeed additives market in the years to come.
The outbreak of numerous diseases in livestock is predicted to result in increased concerns related to safety as well as the quality of meat which is further projected to stimulate the application of animal feed additives at an increased rate. Further, vitamins have also been used at an increased rate as additives for animal feed formulations.
There are certain vitamins that are already present in feed but some additional supplements that are vitamins infused are likely to provide optimal nutrition to livestock feed. These factors are likely to contribute to revenue generation opportunities in the aquafeed additives market in the years to come.
In recent years, there has been a noticeable increase in the consumption of protein that is sourced from animals. It further leads to increased demand for these products and thus fuels sales opportunities in the aquafeed additives market.
Aquafeed Additives Market: Overview
The aquafeed additives market has been expected to experience noticeable growth opportunities in the forthcoming years. The market growth has been possible with the rising consumption of processed dairy, poultry, and aqua products. In addition to this, increasing demand for quality meat as well as meat by-products has been projected to put a significant impact on the growth avenues in the global market.
The sudden outbreak of different diseases in the livestock has been estimated to increase the concern related to meat safety and quality and this factor is likely to fuel the use of these animal feed additives in the global market. Further, vitamins are used at an increased rate as additives in animal feed formulations.
Although, these vitamins are present naturally in different feeds the additional supplements are infused with these in order to provide optimal nutrition. Thus, owing to these factors, there has been a noteworthy increase in the demand opportunities in the global market in the forthcoming years.
Aquafeed Additives Market: Key Trends
Minerals, fish bones, vitamins, fish oil, corn protein, and soybean cake are some raw materials that are used in order to manufacture aquafeed additives. Soybean serves as an important source of amino acid and protein for livestock as well as human beings. It is commonly used to provide a well-balanced amino acid to these individuals. Furthermore, the consumer inclination for these nutritive and healthy products has been estimated to drive the requirement for soybean cakes and this factor further stimulates the production of aquafeed in the global market.
In recent years, there has been a noteworthy increase in the consumption of protein-rich food because of growing consumer awareness related to food with increased nutritive value. Thus, owing to this factor, the aquafeed additives market has been expected to grow at a substantial speed in the forthcoming years.
The rising consumption of high protein sourced food from the animal has been predicted to drive the demand for fish food and this factor is likely to drive the growth avenues in the global market.
Aquafeed Additives Market: Competitive Dynamics and Key Developments
The nature of the aquafeed additives market has been competitive with the presence of some prominent players across the world. These market players have been putting constant efforts by adopting innumerable strategies to bring growth prospects in the global market during the forecast period. Some of the significant growth strategies include development as well as the launching of different technologically advanced products, portfolio diversion, mergers and acquisitions, expansion of different networks for distribution, and expansion of footprints of the organization.
The key players in the aquafeed additives market are:
Aquafeed Additives Market: Regional Assessment
The aquafeed additives market has been segmented into Asia Pacific, North America, Central & South America, Europe, and the Middle East & Africa. The Central & South America region has been estimated to hold a dominating share in the market revenue across the globe. This market dominance has been possible with favorable climate conditions. Furthermore, the availability of the locally produced fish feed that has been made from some basic raw materials, for example, fish meal and fish oil are also estimated to fuel the growth avenues in the global market. Furthermore, the presence of large-scale manufacturers in the region is also projected to fuel expansion opportunities in the following years. In addition to this, the region also serves as one of the prominent producers and consumers of seafood. Thus, owing to these factors, the aquafeed additives market has been likely to grow at a substantial speed in the forthcoming years
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