MARKET REPORT FEED & ADDITIVE MAGAZINE August 2023 71 fective growth and reproduction of aquatic animals. According to a report by Markets And Markets, several important factors are driving up demand for aquafeed products on a global scale today. First, a growing worldwide population has an increased need for seafood, and aquaculture offers a sustainable way to meet this demand. Fish and shrimp farming has become more popular because of the depletion of wild fish stocks. Aqua feed is crucial for the healthy growth and development of aquaculture aquatic species, increasing their output and decreasing their reliance on foraging wild fish. Aqua feed products are in high demand to support the expansion of the business since advances in aquaculture technology and practises have made it more effective and financially viable. GLOBAL AQUA FEED PRODUCTION According to the Agri-Food Outlook 2023 report prepared by Alltech, aqua feed constitutes approximately 4.2% (52.9 million tons) of the global compound feed tonnage, which reached 1.266 billion metric tons in 2022. According to the report, the aquaculture sector experienced a total global aqua feed production growth of 2.7%. The top 5 aquaculture feed countries are China, Vietnam, India, Norway and Indonesia. Significant increases were reported in China, Brazil, Ecuador, the Philippines and the U.S. The aquaculture sector was one of a few sectors up in Europe, where large decreases in feed production were reported. Aqua Feed Production on Regional Basis In the global aqua feed market in 2022, while the overall tonnage increased by about 2.7%, there were significant differences from country to country. For example, while aqua feed production decreased by more than 2.3% in Africa countries, there was an increase of around 4.7% in Latin American countries. Asia-Pacific is the world's largest producer of aqua feed, and experienced more than 2.6% increase in production in 2022. Based on data compiled by Alltech, the aqua feed production of the region, which was 37.3 million tons in 2021, increased to 38.3 million tons in 2022. In the region, with the recovery of China's economy and improvements in living standards in recent years, the demand for aquatic products has been increasing. The scale of the region’s aquaculture industry expanded in 2022. There was also feed production growth in the Philippines, Bangladesh, South Korea, Malaysia and others. Latin America is the second largest producer of aqua feed in the world. The countries in the region produced around 5.6 million tons of aqua feed in 2021. This production amount increased by 4.8% to 5.9 million tons in 2022. According to the Alltech report, Ecuador, one of the countries in the region, has become the number 1 shrimp producer in the world, and 2022 was a record year for feed production. It had a 17% increase in feed tonnage.
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