2023-2029 is the forecast period in the market report.
Aquafeed products can be described as any feed given to aquatic farmed animals as part of aquaculture. It is primarily sourced from vegetables, grains, oilseeds, and other components. It supplies the nutritional requirements for their normal physiological functions. It supplies essential nutrients such as amino acids, fatty acids, and vitamins. The growth of the Asia-Pacific Aquafeed market is driven by high seafood production, increase in seafood trade. Furthermore, a rise in per capita income in developing nations in the Asian region is expected to positively contribute to the growth of the market.
The growth of the market is driven by high seafood consumption in countries like India, China, South Korea, Thailand, Malaysia etc. Total fisheries and aquaculture production reached a record 214 million tonnes in 2020, comprising 178 million tonnes of aquatic animals and 36 million tonnes of algae, largely due to the growth of aquaculture, particularly in Asia. According to the Indian Ministry of Agriculture and Farmers Welfare, during the fiscal year 2020, fish production in India amounted to over 14 million metric tons, an increase from about 13.57 million metric tons in the fiscal year 2019. Thus, high seafood production is expected to create a demand for aquafeed. This is expected to drive the growth of the market over the forecast period. Furthermore, an increase in seafood trade is expected to positively impact the growth of the market. For instance, according to MPEDA, during 2021-22, India exported 13,69,264 MT of Seafood worth US$ 7.76 Billion which is all time high exports by value. USA and China are the major importers of Indian seafood. Frozen Shrimp continued to be the major export item. Thus, an increase in seafood trade by Asian nations is expected to contribute to the growth of the market.
Various initiatives taken by many government agencies are increasing fish seed production. This is expected to contribute to the growth of the market. For instance, the government of India allocated USD 73.84 million for the continuation of the 'Blue Revolution Scheme' during the financial year 2020-21. This scheme undertakes various ongoing fisheries development programs, including marine fishery, mariculture, and aquaculture. It is anticipated to provide new growth opportunities in the upcoming years.
The rise in raw material costs as the majority of high-quality feed is prepared with fish meal and fish oil is likely to hamper the growth of the market. Additionally, there has been an increase in concern for the environment and sustainability. As many fish are produced in public water bodies, which is a key factor expected to restrain the growth of the market over the forecast period.
The limited knowledge of the nutritional requirements of the vast majority of the fish and crustacean species is a key factor that may negatively impact the growth of the market. Also, the COVID-19 pandemic is expected to challenge market growth over the forecast period.
The report provides an in-depth analysis of Asia-Pacific Aquafeed market, market size, and compound annual growth rate (CAGR) for the forecast period of 2023-2029, considering 2022 as the base year. An increase in health awareness has led to a rise in demand for Aquafeed in various applications, and therefore, the market is expected to witness growth at a specific CAGR from 2023-2029.
The Asia-Pacific Aquafeed market comprises of different market segments like additives, form, feed, end users and country
By additives, the Asia-Pacific Aquafeed market includes the key segments like
The amino acid segment is expected to dominate the market over the forecast period. Amino acids offers improved immunity, improved larval performance, optimized metabolic transformation efficiency in fish, increased tolerance to environmental stress, and, improved spawning timing. It also helps improve the taste and texture of fillets when added to aquafeed.
The antibiotics segment is expected to witness high growth over the projected time period. Antibiotics are the most commonly used additives in aquafeed. They promote better growth by improving overall health and are used to maximize productivity and efficiency.
By form, the Aquafeed market includes segments like
The dry form is expected to lead the market over the forecast period. Dry aquafeed products are very palatable. Its ability to increase the fish feed conversion ratio is a key factor fuelling the growth of the segment.
The wet form is projected to witness high growth over the forecast period. Wet food is a commonly used form of water-based food. They are made with ingredients with a high moisture content, such as slaughterhouse waste, undried feed, and peach waste. These wet foods are mainly intended for use with carnivorous fish such as sea bream, bass and eel, among others.
By feed, the Asia-Pacific Aquafeed market includes key segments such as
The grower feed segment is expected to dominate the market over the forecast period. Rise in use by animals aged 6 to 20 weeks to meet their nutritional needs is a key factor that is expected to drive the growth of the segment. Grower feed is given to the animal until it is ready to start breeding and laying eggs.
The finisher feed segment is expected to witness high growth over the forecast period. Finisher food is usually given to adult fish/animals over 20 weeks old. It provides the nutrients that meet the animal's key needs. It provides a high level of energy, so that normal activities run smoothly.
The Asia-Pacific Aquafeed market includes major end users like
The carp segment is expected to dominate the market over the estimated time period. The growth of the segment can be attributed to the increasing consumption of carps due its associated health benefits, such as strengthening immunity, improving heart health, managing chronic disease, and protecting gastrointestinal functions.
Furthermore, the catfish segment is expected to witness high growth over the forecast period. Catfish is raised in freshwater ponds with rice, corn and soy as water fodder. It is the preferred group of farmed aquaculture species due to its ease of cultivation in less than ideal climatic conditions. The rise in demand for catfish due to its rich content of vitamin D and omega-6 fatty acids is expected to increase the demand for aquatic feed.
The Asia-Pacific Aquafeed market is studied for the following countries
Rest of Asia-Pacific
Japan is expected to dominate the market over the forecast period. Rising seafood production and the presence of a well-developed aquaculture industry are key factors driving the demand for aquafeed in the region. According to the?Ministry of Agriculture,?Forestry, and Fisheries?(MAFF), the total aquafeed produced by the country was reported as 0.5 million metric tons in 2019. The output of fisheries and aquaculture was USD 14.8 billion in 2016, of which inland water fisheries and aquaculture increased by USD 0.1 billion to USD 1.06 billion.
India is anticipated to witness high growth during the estimated time period owing to rising seafood consumption, high exports of seafood products and supportive government initiatives and schemes. For instance, according to the Reserve Bank of India, in the fiscal year 2022, the export value of fish and fishery products from India amounted to over INR 579 billion (USD 7.01 billion). It was a significant increase from the previous year, in which the export value of fish and fishery products amounted to INR 441.76 billion (USD 5.35 billion)
Axiom MRC provides a 360-degree analysis of micro and macro-economic factors on the Asia-Pacific Aquafeed market. Also, a complete analysis of changes on the Asia-Pacific Aquafeed market expenditure, economic and international policies on supply and demand side is provided in this exclusive report. The report also studies the impact of the pandemic on Asia-Pacific economies, international trade, business investments, GDP, and the marketing strategies of key players present in the market.
The COVID-19 pandemic has affected all feed industries, including aquafeed. Due to the current pandemic situation, many manufacturing companies in the Aquafeed market are facing restrictions in production and production activities along with logistical difficulties due to continuous trade restrictions. On the other hand, supply chain disruption has affected the market. Several producers have taken steps to operate their facilities at optimum capacity to maintain a steady flow of feed for the aquaculture industry. However, with the end of government-imposed lockdowns and shutdowns, the market is anticipated to witness promising growth opportunities in the upcoming years.
The competitive landscape analysis of the Asia-Pacific Aquafeed market is primarily focused on expanding the growth of Aquafeed industry in Asia-Pacific region with new product innovation, and business expansion. An increasing presence of range of manufacturers operating in aquafeed sector has led the growing demand for the market. Besides, the market offers a range of products in different applications to fulfil the required demand of consumer which further contributes healthy growth in the market.
The key players studied in market are
November 2021: Avanti Feeds expanded its feed manufacturing capacity at Unit-IV Bandapuram, Andhra Pradesh, to a capacity of 175,000 metric ton by setting up a new plant for the manufacture of shrimp feed.
October 2021: Charoen Pokphand Foods (CP Foods) announced its plan to raise its ownership in CP Pokphand (CPP), its Hong Kong-listed arm, which has aqua feed and livestock operations in Vietnam and China.
By additives, the Asia-Pacific Aquafeed market includes the key segments like antibiotics, vitamins and minerals, antioxidants, amino acids, feed acidifiers, anti-parasitic, enzymes and probiotics and prebiotics and others. The amino acid segment is expected to dominate the market over the forecast period. By form, the Asia-Pacific Aquafeed market include segments like dry, moist and wet. The dry segment is expected to lead the market over the estimated time period. By feed, The Asia-Pacific Aquafeed market include segments such as starter feed, grower feed, finisher feed and brooder feed. The grower feed segment is expected to dominate the market over the forecast period. The market has major end users like carp, rainbow trout, salmon, crustaceans, tilapia, catfish, sea bass, grouper and molluscs and others. The carp segment is expected to dominate market during the forecast period. The Asia-Pacific Aquafeed market is studied for countries like China, Japan, India, and the Rest of Asia-Pacific. Japan is expected to dominate the market over the forecast period.
Sizing for Year:
Players and its Competitors:
Ridley Corporation Limited
Charoen Pokphand Foods Public Company Limited
Avanti Feeds Limited
Coppens International B.V.
Purina Animal Nutrition LLC
Archer Daniels Midland Company
Charoen Pokphand Foods PCL
What would be forecast period in the market report?
2023-2029 is the forecast period in the market report.
Which is the leading form segment for Asia-Pacific Aquafeed market?
The dry form segment is expected to lead the market during the forecast period.
Which country is gaining majority of market share during the forecast period (2023-2029)?
Japan is expected to gain a major share of the market during the forecast period (2023-2029).