March 26, 2020
According to the research report titled ‘Asia Pacific Aquafeed Market Size By End-Use, Product, Industry Analysis Report, Country Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2018 – 2024’, available with Market Study Report LLC, Asia-Pacific aquafeed industry is expected to cross USD 215 billion by the year 2024.
Growing middle class population in countries such as Thailand, Vietnam, India and China is a major factor driving the growth of the Asia-Pacific aquafeed industry. Aquafeed offers well-regulated composition, growth promotion, improves immunity and comprises of high nutritional content. The rising per capita income and easy availability of crab, fishes, prawns and lobsters are also stimulating the industry outlook. Moreover, growing demand for protein-based foods, availability of cheap labor and favorable climatic conditions are further aiding the market expansion.
The report states that Japan aquafeed industry from salmon segment was worth USD 830 million in 2017 and is presumed to expand considerably during the forecast period. Salmon requires large volumes of crucial amino acids including lysine, methionine, leucine, arginine, and histidine. Increasing fish farming and import activities along with rising intake of sushi are fueling the segmental growth.
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As per the report, antibiotics segment of Vietnam aquafeed market is expected to grow with a CAGR of 2.5% during 2018-2024. Growing demand for such products for treating bacterial disorders and for preventive water treatment is promoting the business scenario in Vietnam. Additionally, the country comprises of a large surface area which is ideal for fish farming activities.
The prominent companies operating in Asia-Pacific aqua feed industry are Nutreco N.V., Guangdog Wen’s Group, Archer Daniels Midland Co., Tongwei Group, Charoen Pokphand and New Hope Group among others.
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