Market Trends of Aquafeed Additives Industry
This section covers the major market trends shaping the Aquafeed Additives Market according to our research experts:
Increase in Fish Consumption
According to the Food and Agriculture Organization of the United Nations ( FAO), in per capita terms, global food fish consumption grew from 9 Kg in 1961 to 20.2 Kg in 2015, representing an average expansion rate of 1.5 percent per annum. In 2016 and 2017, the consumption rate was 20.3 Kg and 20.5 Kg respectively. The dramatic rise and emergence of aquaculture in the global market place, coupled with the increased nutritional awareness among consumers, spurred the sales of compound feed and feed additives globally. For instance, fish consumption in Asian countries, particularly eastern and southeastern Asia, has been driven by a combination of large, growing and increasing urban population, dramatic expansion of fish production, rising international fish trade and increasing disposable income will drive the aquafeed additive market during the forecast period.
North America Dominates the Market
North America dominates the aquafeed additive market as the production is projected to increase with increase in seafood consumption in countries like Canada and The U.S. Increase consumption of species such as salmonids and mollusks are majorly contributing to the growth. North America serves both International as well as domestic markets. Demand for aquafeed additives in Europe market increasing over the past decades majorly focusing on the region like Ireland, Denmark, and Norway. The Asia Pacific will witness a higher growth rate in the upcoming decades. Cheap labor, abundance availability of resources, owing to favorable climatic conditions and increase awareness of the nutrition associated with additives will gear up the market during the forecast period.
