Global Fish Feed Additive and Shrimp Feed Additive Market to Surpass US$ 79.64 Billion by 2030. Aquaculture is one of the fastest-growing sectors in the world, and the production of fish and shrimp feed is growing rapidly. With the use of eco-friendly feed additives, aquaculture can become a more profitable industry. It can also improve water quality and prevent the growth of pathogenic microbes. The use of these feed additives is an environmentally friendly alternative to antibiotics, which may also harm fish and shrimp. Shrimp feed additives are an integral part of shrimp farming. They help regulate the nutritional levels and fatty acids required by farmed shrimp. Common ingredients in shrimp feed include fish oil, fish meal, and cereal flour. Moreover, shrimp feed additives help improve the production cycle and reduce environmental pollution in shrimp farming.
Global Fish Feed Additive and Shrimp Feed Market: Drivers
Changing dietary habits and rising health awareness are some of the key factors driving growth of the Global Fish Feed Additive and Shrimp Feed Additive market. Other factors driving market growth include an increasing population and disposable income. Improved shrimp farming practices are also boosting growth of the Global Fish Feed Additive and Shrimp Feed.
Global Fish Feed Additive and Shrimp Feed Market: Opportunities
Increasing consumer consumption of salmon and other seafood products is projected to offer significant market opportunities in the near future. Moreover, a growing population, urbanization, and improved distribution systems are also driving the growth of the global market. Furthermore, rising income and the growing commercial aquaculture industry are projected to further propel market growth.
Global Fish Feed Additive and Shrimp Feed Market: Restraints
The increasing cost of raw materials used for producing feed additives is projected to limit market growth over the forecast period.
Counterbalance: The large market share of this segment is attributed to the easier availability of synthetic raw materials and lower production costs.
Key Takeaways:
The fish animal segment held a dominant position in the global Fish Feed Additive and Shrimp Feed Market in 2021, accounting for 89.22% share in terms of value. Increasing approval and the launch of new products are expected to propel growth of the segment during the forecast period.
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Global Feed Additive and Shrimp Feed Market Trends:
Various manufacturers are developing natural aquafeed additives for aquatic animals. This is acting as a major trend for the global Global Fish Feed Additive and Shrimp Feed Additivemarket. For instance, recently, Nor-Feed develops, produces and markets natural feed additives for livestock based on plants and plant extracts. launched two new aqua feed additives that reduce ammonia in July 2023, a common byproduct of aquaculture: Norponin Opti and Norponin Aqua.
Rising middle-class incomes in emerging economies have increased the demand for processed seafood. This has emerged as another major trend for the global market due to the changing lifestyles of consumers and the growing popularity of processed foods.
Global Fish Feed Additive and Shrimp Feed Market - Impact of Coronavirus (Covid-19) Pandemic
The aquaculture value chain was severely affected by the COVID-19 crisis. The industry has remained a central pillar of the economy as it serves food consumption needs around the globe. The outbreak of the virus has adversely affected the supply chain and aquaculture production. This condition has put restrictions on the export and import of fish and other seafood, which has severely affected the aquaculture sector. However, economic activity is up and running now, which may help the agriculture industry get back on its feet as soon as possible.
Recent Developments:
In May 2020, Unilever plc is a British multinational consumer packaged goods company (Australia and New Zealand) initiated the local production of Lifebuoy sanitizers in order to cope with the rising demand.
In March 2023, Alltech an American company, headquartered in Nicholasville, Kentucky, with operations in animal feed, meat, brewing, and distilling is inviting participation in its first global sustainability insights survey.
In June 2023, Alltech an American company, headquartered in Nicholasville, Kentucky, with operations in animal feed, meat, brewing, and distilling has introduced Triad, an innovative solution that promotes successful farrowing and pig livability through a palatable, proprietary blend of Alltech ingredients.
Competitive Section:
Company Names
- Alltech Inc.
- Aller Aqua A/S
- Biomar A/S
- Biomin GMBH
- Cargill Incorporated
- Nutreco NV
- Ridley Corporation
- Archer Daniels Midland Co.
- BASF SE
- Nutriad International
