The global aquafeed additives market size was US$ 2.11 billion in 2021. The global aquafeed additives market size is forecast to reach US$ 2.87 billion by 2030, growing at a compound annual growth rate (CAGR) of 3.6% during the forecast period from 2022 to 2030.
Protein and omega 3 fatty acids are prominent in aquafeed additives. These chemicals are added to aquafeed to improve feed quality and prevent parasitic illnesses in fish. Controlling parasites in fish aquaculture is critical since it might result in financial losses. These supplements have a variety of advantages, including enhanced growth, improved immunity, improved feed conversion, and lower aquafeed mortality rates.
Factors Influencing Market Growth
Impact Analysis of COVID-19
The COVID-19 pandemic had negatively impacted the global aquafeed additives market. Because the COVID-19 epidemic had such a negative influence on people's health and well-being worldwide, people were afraid of infection and its severe symptoms. As a result, of the high likelihood of COVID-19 transmission and the occurrence of significant symptoms, many individuals have begun to avoid eating seafood out of fear of contracting the virus through food. In addition, due to lower aquaculture productivity, the demand for aquafeed products has decreased. In addition, the lockdown was imposed by the government worldwide. As a result, numerous production sites worldwide have closed, major air and sea traffic disruptions have occurred, and important air routes closed. Additionally, industrial activities shut down, and only critical business services were operating. Companies encountered supply chain interruptions and labor shortages as a result of these activities, which had a significant impact on additive production.
Regional Insights
The Asia Pacific garnered the largest revenue share in 2021. Due to simple farming procedures and the ability to grow inside land-based farm systems, the expansion of production and, as a result, simple farming is forecast to boost the growth of the aquafeed additives industry. To achieve their protein demands in their diet, people prefer fish and other seafood. The demand for aquafeed products in India has increased as a result of this greater awareness.
Leading Competitors
The leading prominent companies profiled in the global aquafeed additives market are:
Scope of the Report
The global aquafeed additives market segmentation focuses on Product, Application, Source, and Region.
Segmentation based on Product
Segmentation based on Application
Segmentation based on Source
Segmentation based on Region
