FISHFEED ADDITIVE SHRIMP FEED ADDITIVES MARKET ANALYSIS

The global fish feed additive and shrimp feed additive market is projected to reach around US$ 79.64 Billions by the end of 2030, in terms of revenue, growing at CAGR of 7.6% during the forecast period (2023-2030).

Global Fish feed additive and shrimp feed additive Market: Growth Drivers

Strong growth in aquaculture industry

Rapid growth in the aquaculture industry is primarily fueling growth of the Global Fish feed additive and shrimp feed additive market. Increasing consumption of fish across the globe and the growing popularity of processed seafood owing to an increase in the income of middle-class populations in developing countries are again creating demand for seafood.

Supportive government regulation

Supportive government regulations are also acting as a major driver factor for the global market. For instance, in September 2022, the Indian government announced an outlay of US$ 1.6 billion to support the fisheries, animal husbandry, and aquaculture industries, which is expected to drive the industry in India by increasing the demand for feed and feed additives.

Global Fish feed additive and shrimp feed additive Market: Restraints

• The increasing use of antibiotics in aquaculture due to the growing prevalence of bacterial disease is projected to restrict market growth. The governments of developed countries are taking measures to ban the export and import of fish and shrimp from countries that use antibiotics in fish farms. For instance, the EU has returned more than 30 containers of shrimp exported from India due to the presence of antibiotics. Similarly, the US FDA also rejected shrimp shipments from the country due to the presence of dangerous levels of antibiotics.
• An outbreak of disease across major markets is disrupting the production and supply of seafood. For example, in China, shrimp production decreased owing to an outbreak of diseases caused by as a typhoon in 2017, which flooded shrimp farms in the country, thereby pushing it to import shrimp. This factor is projected to hamper market growth to some extent.

Market Opportunity:

• Growing demand for feed additives and feed premix manufacturers with nutrients is creating lucrative growth opportunities for manufacturers in Global Fish feed additive and shrimp feed additive market.
• China has emerged as a lucrative market for business expansion. Moreover, shrimp farming in the country is gaining popularity due to the increased demand for feed supplements. The availability of insect protein, which is highly digestible compared to animal protein, is again fueling market expansion.

Market Trends

• Increasing awareness about aqua feed additives is expected to positively shape market growth. As fish consumption continues to increase around the world, there is a growing demand for nutritional and mineral-rich additives. This trend is expected to continue in the near future as well.
• Bioavailability of Fish feed additive and shrimp feed additive is also an important trend for the market. Moreover, increasing awareness of the benefits of premixes and supplements is another factor stimulating market growth.

Covid-19 Impact

The demand for feed and feed additives for aquaculture species, including fish and shrimp, is expected to grow as commercial aquaculture production rises. A study conducted in Iran evaluated the impact of the COVID-19 outbreak on the shrimp farming industry. The results showed a reduction in the price of shrimp due to the pandemic. The pandemic has also raised concerns about seafood safety and human health. However, the high nutritional content of fish, including fish oil, vitamins, and minerals, may have potential benefits in COVID-19 therapy and strengthening immunity. The global impacts of COVID-19 are already being felt in the fish feed additive and shrimp feed additive market, and it is expected to significantly affect the industry. The COVID-19 crisis in the aquaculture industry may also lead to improvements in shrimp farming practices.

Global Fish feed additive and shrimp feed additive Market: Recent Developments

• In July 2021, Ciphands Total Germ Protection Hand Wash, Ciphands Plus Mist Spray Hand Sanitizer, and Ciphands Smart Germ Protection Soap are just a few of the products offered under the Ciphands hand and surface hygiene brand by Cipla Health Ltd.
• In June 2023, Alltech an American company, headquartered in Nicholasville, Kentucky, with operations in animal feed, meat, brewing, and distilling. Alltech develops agricultural products for use in both livestock and crop farming, as well as products for the food industry. They have introduced Triad, an innovative solution that promotes successful farrowing and pig livability through a palatable, proprietary blend of Alltech ingredients. Peer-reviewed research has suggested that supplementation of these compounds in combination can support the parturition process, reduce the incidence of stillborn pigs, and boost the number of wean pigs per sow.
• In June 2023, Alltech an American company, headquartered in Nicholasville, Kentucky, with operations in animal feed, meat, brewing, and distilling, has released the 2022 Alltech Sustainability Report, which demonstrates the actions the company is taking to align the business with its commitments to the United Nations Global Compact, the U.N. Ten Principles, the U.N.’s Sustainable Development Goals and Working Together for a Planet of Plenty™.
• In March 2021, The AVA Group's flagship brand, Medimix, announced the release of a new line of fish feed additive and shrimp feed additive gel that is 100% natural and contains natural ingredients like aloe vera and tulsi in addition to having antibacterial properties.

Figure 1: Global Fish feed additive and shrimp feed additive Market Share (%) By Region, in 2023

Asia Pacific region held a dominant position in the global fish feed additive and shrimp feed additive market in 2023, accounting for 51% share in terms of volume, followed by Europe and North America, respectively.  

Figure 2: Global Fish feed additive and shrimp feed additive Market: By Animal type

On the basis of Animal Type in 2023, the fish segment has accounted for the largest market share of 89% in terms of value.

Global Fish feed additive and shrimp feed additive Market: Key Companies

Key Companies are Alltech Inc., Aller Aqua A/S, Biomar A/S, Biomin GMBH, Cargill Incorporated, Nutreco NV, Ridley Corporation, Archer Daniels Midland Co., BASF SE, and Nutriad International

*Definition: Feed additives are used to increase the growth rate of fish and shrimp. These additives are essential to aquaculture production. They enhance feed efficiency and can increase profits. These additives can be nutritive or nonnutritive, and they affect different systems.