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APAC aquafeed and aquaculture additives mkt to hit $215 billion by ’24
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Tuesday, 06 August, 2019, 12 : 00 PM [IST]
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According to the Graphical Research new growth forecast report titled Asia Pacific Aquafeed and Aquaculture Additives Market analysis based on End-Use, Product, Industry Analysis Report, Country Outlook, Application Potential, Price Trends, Competitive Market Share and Forecast, 2018–2024, the market is estimated to exceed $215 billion by 2024.
Rapid middle-class growth in emerging nations such as China, India, Vietnam and Thailand, increasing disposable incomes and abundant availability of lobsters, prawns, fish and crab species in these countries may boost growth of Asia Pacific aquafeed and aquaculture additives market size.
Aquafeed is vital for the booming fish-farming industry owing to various benefits such as high nutritional content, improved immunity, growth promotion, and well-regulated composition.
Favourable climate for the industry, cheap labour and is witnessing rising demand for protein-laden foods which may further stimulate Asia Pacific aquafeed and aquaculture additives market growth.
The Japan aquafeed market size from salmon was valued at over $830 million in 2017 on account of rising sushi consumption, increasing fish farming, and large volume of imports especially from Norway.
Salmon require high amounts of vital amino acids such as histidine, arginine, leucine, methionine and lysine which are obtained from feed proteins and essential for healthy growth.
Vietnam antibiotics based aquaculture additives market demand may experience gains of over 2.5 per cent by 2024 pertaining to growing product demand for preventive water treatment and treating bacterial illnesses.
The country has a large water surface area suitable for fish-farming, faces rising demand for exports from the booming global population, and has several government initiatives for industry promotion to promote employment growth.
Asia Pacific aquafeed market share is moderately fragmented with key players, including New Hope Group, Charoen Pokphand, Tongwei Group, Archer Daniels Midland Co, Guangdong Wen's Group, and Nutreco N V. Most manufacturers are focussing their efforts on increasing production capacity by adopting mass production methods to meet rising demand.
Segments we cover
Asia Pacific Aquafeed Market Size, By product
Amino acids
Antibiotics
Vitamins
Feed acidifiers
Others
Asia Pacific Aquafeed Market Demand, By End-use Crustaceans
Mollusks
Carp
Salmon
Catfish
Tilapia
Others
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