Market Trends of Fish & Shrimp, Fish Feed & Shrimp Feed and Additives Industry
Increase in Fish Consumption
Fisheries and aquaculture are increasingly becoming primary sources of protein, foreign exchange, livelihoods, and well-being for the global population. Additionally, population growth, rising incomes in developing nations, and urbanization have led to a surge in the consumption of animal protein. This may be positively related to increasing fish and other seafood consumption at the expense of staple foods. Of the overall production of aquatic animals, nearly 89% were used for human consumption. The remaining were destined for non-food uses, producing mainly fishmeal and fish oil. This indicates a high demand for fish, which raises concerns about product quality. The use of high-quality feed and additives supports the market. Therefore, the growing balance of consumption demand for fish and other aquaculture species is evident in international markets. This is anticipated to boost the demand for the aquatic feed and additives market during the forecast period.
Asia-Pacific Dominates the Market
Asia-Pacific produced 26.6 million metric tons of fish feed and 1.6 million metric tons of shrimp feed in 2021. With rising incomes and health consciousness, the food patterns of consumers in the region are shifting from a heavy carbohydrate-based diet to one rich in protein, accelerating market growth.
China and India are the leading markets in this region, contributing a significant part to the growing demand. The increased aquaculture and fisheries production, coupled with the growth in the per capita consumption of aquaculture products and the development of processed and innovative value-added shrimp and fish products, are expected to drive the market in these countries.
Furthermore, various government projects to increase the production of certified sustainable seafood are hastening the demand for aqua feed and feed additives. According to the national plan for 2022, Vietnam's total export revenue from shrimp products is expected to reach USD 10 billion by 2025.
