Market Trends of Japan Feed Additives Industry
This section covers the major market trends shaping the Japan Feed Additives Market according to our research experts:
Shift in Consumer Preference Towards Meat and Animal Sourced Products
Japan has experienced the most dramatic shifts in the dietary preferences of its citizens during the past few years. This is due to a bag of factors with urbanization, rising incomes, changes in food supply chains. According to the Organisation for Economic Co-operation and Development (OECD) poultry and pork meat are the highest consumed in Japan. In 2019 Per capita consumption of poultry meat was 17 kg and 16.2 Kg of pork meat. In order to meet the demand, meat and milk producers tend to provide quality feed to the animals so as to meet the necessary diet requirements and enhance the animal yield. Owing to increasing meat consumption, meat production is increasing. According to the Food and Agriculture Organization (FAO), in 2016 poultry bird population was 310130 thousand heads and has increased in 2018 with a population count of 323128 thousand heads. The growing production creates an opportunity for the feed additives market as animal health has become a serious concern.
Aquaculture Segment Dominates the Market
The well-developed aquaculture industry is favoring the aquafeed market. 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. In recent years the average price for fisheries and aquaculture is in recording an upward trend.
Japan's seafood processors started to shift their business focus from catching fish from the sea to inland fish farming in 2019 as new technologies make this kind of aquaculture more popular. As the inland farming requires the fish feed in huge quantities, this aid the growth of the aquafeed market.