According to a recent study from market research firm Graphical Research, the Asia Pacific aquafeed market size is set to register a significant growth during 2022-2028 forecast period due to increased aquaculture production in developing nations of the region.
According to the UN Food and Agriculture Organization (FAO), worldwide seafood consumption will reach 21.5 kilos per capita in 2030, continuing a Year-over-Year (Y.O.Y) growth trend that has lasted over 60 years.
This growth will also mediate the growth of the aquaculture feed market. According to a recent study from market research firm Graphical Research, Asia Pacific aquafeed market size will exceed US$60 billion in the forecast period 2022-2028 due to increased aquaculture production in developing nations of the region.
Rising fisheries and aquaculture output and reciprocal market demand are two key factors supporting this growth of aquafeed market. The report also states that 183 million MT of the world’s fish accessible for human consumption in 2030 would be consumed in Asia. Catfish, tilapia, freshwater prawns, and marine shrimp are some of the most farmed species in the region.
Adequate aquaculture additives are critical for growth stimulation and component dispersion in aquatic animals. Growing aquaculture demands are certain to fuel aquafeed trends. According to the report, penned below are the three major factors driving traction in the market:
- Rising demand for carps
Asia Pacific aquafeed market share from the carp segment accounted for 8,000 kilo tons of volume in 2021. Major carps are one of the most farmed fish in the region due to their rapid development. Fish and shrimp require nutritional supplements depending on energy, protein, fiber, minerals, vitamin requirements, and body chemistry. With increased knowledge of the health advantages of fish protein, such as ease of digestion, the product consumption is likely to surge across the region.
- Expanding seafood demand in Japan drives aquafeed industry growth
Japan aquafeed market share from mollusks end-use segment will exceed $1,300 million by 2028. The country ranks as one of the world’s top seafood consumers. Several fish species, including mollusks, are consumed on a healthy scale across the region. One of the regional government’s primary aims is to grow its exports in the global aquaculture market. To that end, it will increase investments in essential infrastructure for marine goods in domestic markets.
- China observes rising demand for crustaceans
Touted as one of the global leaders in aquaculture, China’s fisheries and aquaculture policies prioritize sustainability and modernization of the sector with faster growth in aquaculture production. The region not only consumes the largest quantity of seafood in the world, it also consequently imports the most.
As per sources, China’s seafood consumption presently accounts for 45% of the global volume. With greater emphasis on optimum nutritional content, low prices, and easy availability of crustaceans, the product demand is likely to rise considerably. Thanks to healthy economic growth and migration from rural areas, China aquafeed market depicts promising growth potential during the forecast period.
Prominent aquafeed companies in Asia Pacific include Charoen Pokphand, Archer Daniels Midland Co., Nutreco N.V., and Tongwei Group. With an aim to increase their revenues and market share, leading market participants are capitalizing on partnerships, mergers, acquisitions, and product line expansions.
Source: https://www.graphicalresearch.com/industry-insights/1050/asia-pacific-aquafeed-market
