Aquaculture Additives Market

Global Aquaculture Additives Market Size (2024 to 2029)

As per our analysis report, the global Aquaculture Additives Market is expected to reach USD 3.05 Billion by 2029 from USD 2.01 billion in 2023, growing at a compound annual growth rate (CAGR) of 4.45 % during the forecast timeline.

The amino acids are expected to have a significant share in the market and expand at a considerable rate owing to the increase in the demand for aquaculture additives in nutrition applications. The increase in the consumption of nutritious food by consumers propels the aquaculture additives market owing to the nutritional and health benefits associated with it, such as the properties of antioxidant and anti-inflammatory effects.

Global Aquaculture Additives Market Drivers:

The increasing demand for seafood is acting as a major driving factor for the aquaculture additives market. The aquaculture additives product types include amino acids, antibiotics, vitamins, and feed acidifiers, to name a few. The rise in the availability of various product types of aquaculture additives, along with the increase in the usage of these products in feeding the fish, fuels the market growth. There is a direct relationship between the increase in seafood consumption and the demand for plant-based fish feed. Thus, the market is expected to see significant growth during the forecast timeline. The consumption trend of fish has seen a dramatic shift in recent years due to a variety of reasons, such as changes in eating habits and the availability of diverse varieties of fish in the retail market. The increase in consumer knowledge about the health benefits associated with the consumption of fish also boosts the market. A wide range of fish varieties, including whale blubber, tune, cod liver, seal blubber, and salmon, provide omega-3 fatty acids, which have great health benefits for the human body. The rise in consumer awareness is anticipated to boost the demand for supplements that help in the improvement of overall health.

The increase in the consumption of nutritious food by consumers propels the aquaculture additives market owing to the nutritional and health benefits associated with them. These products have antioxidant and anti-inflammatory properties. There are certain potential health benefits present with aquaculture additives, including destroying cancer cells, controlling blood sugar, decreasing inflammation, and preventing heart disease. Thus, the market has significant growth.

Moreover, the advances in technology in the amino acid nutrition category and their application in the manufacturing of eco-friendly and functional feeds are propelling the aquaculture additives market. These are also driving the expansion of the market in the coming years. The increase in the demand from emerging economies for aquaculture additives and the diverse use range of these additives are expected to boost aquaculture production. There are certain regulations that aim to lower the nitrogen level in the feeds and are expected to increase the importance of the low-protein amino acids. These are some factors that are likely to drive the global market and encourage manufacturers to boost aquaculture additives production.

Global Aquaculture Additives Market Restraints:

The restraints that hinder the aquaculture additives market include the lack of awareness about the proper use of additives and volatility in the cost of the raw materials. These factors may impede the aquaculture additives market’s growth during the forecast period. Stringent government rules and regulations also limit the growth of the market. On the other hand, the high-cost requirement for research and development is expected to obstruct the growth of the market. The imposition of stringent environmental regulations on overfishing hampers the growth. Another major challenge to the market and the global market players is the large-scale availability of cheap alternatives by the local manufacturers and pressure on the vendors about the price in the market. 

Impact of COVID-19 on the Aquaculture Additives Market:

The COVID-19 pandemic has had a negative impact on the aquaculture additives market. Even though there was rising health awareness among the population during the pandemic period, the decline in the rate of the consumption of fish and products related to it is owing to the COVID-19 effect on the food sector. This has created an obstacle to the growth of the sector. The restrictions on traveling due to the imposition of the complete lockdown across the nations resulted in a decline in the availability of fish in the market as well as a decrease in fishing activities. The pandemic also affected the manufacturers of aquaculture additives as they are facing problems in the availability of raw materials due to the restricted supply because of lockdown across the national and international boundaries. The supply chain disruptions created a challenging situation for the transportation and distribution of the products across the distribution channels and stakeholders involved in the entire supply chain. Further restrictions on the movement created a hindrance to the growth of the market.

REPORT COVERAGE:

This research report on the global aquaculture additives market has been segmented and sub-segmented based on product, application, and region.

Global Aquaculture Additives Market – By Product:

• Amino Acids
• Antibiotics
• Vitamins
• Feed Acidifiers
• Anaesthetics & Sedation materials
• Anti-parasitic
• Others

The amino acids are expected to have a significant share in the aquaculture additives market and expand at a considerable rate. The increase in the demand for aquaculture additives in nutrition applications is driving segmental growth in the market. Amino acids have a vital role in fish metabolism and nutrition and have various health benefits. Amino acids play a role in appetite stimulation, feed intake, larval metamorphosis, and osmoregulation and are resistant to pathogenic organisms. Amino acids are expected to have a higher CAGR during the forecast period.

Global Aquaculture Additives Market – By Application:

• Carps
• Mollusks
• Salmon
• Shrimps
• Tilapia
• Catfish
• Sea Bass
• Trout
• Others

Mollusks are expected to have a large share in the aquaculture additives market and are expected to grow at a higher CAGR during the forecast period. The increase in demand for mollusks is attributed to the increase in their usage as a source of food for human beings due to the various health benefits offered by them. The demand for mollusks in the polyculture systems is increasing to improve the quality of the surrounding environment. There is an increase in the demand for mollusks with the increased application from the consumers and agriculture sector. The increase in the demand for fish food also drives the growth of the segment.

Carps are also an important aquaculture species in certain regions like European and Asian countries. Carps are omnivorous species that consume animal feed, like larvae of insects, water insects, and others. Common carp are cultivated by providing natural and additional supplemental feed in stagnant water ponds. These carps are rich in omega-3 fatty acids and a good source of low-fat protein. The rise in the importance of omega-3 fatty acids in the food and beverage industries drives the growth of the segment in the aquaculture additives market.

Global Aquaculture Additives Market - By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

North America is expected to have a dominant share in the aquaculture additives market during the forecast timeline. There are increasing government initiatives to enhance consumer knowledge about the new innovations in aquaculture additives and to increase the demand for new and unique tastes. The increase in consumer focus on the healthy diet and increasing applications in the nutrition industry also drive the growth of the market in this region. 

However, the Asia-Pacific region is anticipated to grow at a higher CAGR in the aquaculture additives market during the forecast time period. The favorable climatic conditions and ease of resource availability are major contributors to the market growth in the region. In the petrochemical industry, there is an increase in the demand for aquaculture additives. The rise in awareness about health and fitness among consumers propels the growth of the market in the region.

KEY MARKET PLAYERS:

Companies playing a significant role in the global aquaculture additives market are Archer Daniels Midland Company (ADM), BASF SE, Cargill, Incorporated, DuPont, Alltech, Avanti Feeds Ltd, De Heus Animal Nutrition B.V., NEOVIA, Biomin Holding GmbH, Skretting A.S., DSM, Novus International, Inc, Nutriad International NV, Evonik Industries AG, Kemin Industries. 

RECENT HAPPENINGS IN THE MARKET:

• In 2021, KemTRACE Chromium, an organic-compliant chromium propionate feed ingredient, was launched as a new product by Kemin Industries to expand its chromium portfolio. This is used as an ingredient in the swine, cattle, broiler, and horse diets. KemTRACE is a water-soluble, highly bioavailable substance that helps improve the utilization of glucose and decreases the negative impact of stress to increase cellular energy and function.
• In 2021, Alltecch and DLG Group, the global animal nutrition leaders, partnered together to focus on providing advanced animal nutrition to livestock producers in Scandinavia to increase profitability and efficiency. These companies are finalizing the purchase of Finnish company Karki-Agri, which serves cattle and dairy farms.