Asia Pacific Aquafeed Market Outlook
According to the report by Expert Market Research (EMR), the Asia Pacific aquafeed market is aided by the growth of the global market, which is projected to grow at a CAGR of nearly 10.7% in the forecast period of 2024-2032. Aided by the presence of a large population and growing consumption of seafood, the market is projected to grow significantly 2032.
Aquafeed is the specialised food formulated for aquatic animals to ensure their optimal growth, health, and yield. It comprises a mix of essential nutrients, including proteins, vitamins, minerals, and fatty acids. Predominantly used for fishes, the spectrum of aquafeed also covers crustaceans and molluscs, thereby catering to the holistic aquaculture domain. The ever-growing population in the Asia Pacific region coupled with an increasing preference for seafood has considerably elevated the significance of aquafeed, ensuring fish and other aquatic animals are raised in the best possible nutritional environment.
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One of the primary drivers behind the Asia Pacific aquafeed market growth is the sustained demand for seafood. As cultural and health inclinations lean towards fish and seafood, particularly in countries like China, Japan, and Indonesia, there’s a burgeoning need for enhancing aquaculture productivity. Aquafeed, with its balanced nutrients, ensures that aquatic life grows in a healthy and controlled environment, preparing them for consumer markets.
Based on Asia Pacific aquafeed market analysis, technological advancements emerge as a potent force. Breakthroughs in feed formulation, ensuring higher nutritional value, better digestibility, and enhanced resistance against diseases, are steering the aquafeed trends in the region. Such innovations not only boost yield but also enhance the quality of the produce, assuring seafood lovers receive good quality of aquafeed.
Moreover, the applications of aquafeed are not limited to just traditional aquaculture. The burgeoning ornamental fish market, prevalent in countries like Japan and Singapore, necessitates specialised feed to ensure the vibrancy and health of these fish. This trend opens a new avenue for the Asia Pacific aquafeed market expansion, as breeders and hobbyists seek the best nutrition for their prised aquatic pets.
In light of the environmental concerns and sustainable aquaculture practices, there’s a marked shift towards organic and eco-friendly feed. The Asia Pacific, being home to some of the world’s largest aquaculture producers, is at the forefront of this transition. The market is witnessing a surging demand for aquafeed that aligns with responsible farming, minimising the ecological footprint while maximising yield.
Asia Pacific aquafeed market outlook is expected to observe a significant expansion during the forecast period. Factors like the unrelenting demand for seafood, technological advancements in feed formulation, and the growing ambit of aquaculture, from food production to ornamental fish breeding, are shaping the future of this market. As the Asia Pacific region continues the trade of seafood and embraces sustainable aquaculture practices, aquafeed’s pivotal role in this ecosystem becomes all the more prominent.
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Asia Pacific Aquafeed Market Segmentation
The market can be divided based on ingredient, additives, product form, end use, and country.
Market Breakup by Ingredient
- Soybean
- Fish Meal
- Corn
- Fish Oil
- Additives
- Others
Market Breakup by Additives
- Amino Acids
- Antibiotics
- Vitamins
- Feed Acidifiers
- Others
Market Breakup by Product Form
- Pellets
- Extruded
- Powdered
- Liquid
Market Breakup by End Use
- Carps
- Shrimp
- Tilapia
- Molluscs
- Catfish
- Salmon
- Lobsters
- Others
Market Breakup by Country
- China
- Indonesia
- Japan
- Bangladesh
- Thailand
- Vietnam
- India
- Malaysia
- South Korea
- Others
Asia Pacific Aquafeed Market Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the Asia Pacific aquafeed market. Some of the major players explored in the report by Expert Market Research are as follows:
- Charoen Pokphand Foods PCL.
- BioMar Group
- Aller Aqua Group
- Ridley Corporation Limited
- Cargill, Incorporated
- Nutreco N.V.
- Others
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