Aquaculture is known as farming of mollusk, aquatic plants, fish, algae, crustaceans, and other aquatic organisms. It involves cultivation of seawater and freshwater aquatic organisms under conditions that are controlled to generate high production output. Aquaculture additives are chemical compounds used to increase immunity, protect aquatic animals from infection, boost growth, and provide basic nutrients to aquatic organisms. Aquaculture has gained prominence in the global animal agriculture industry due to the expansion in the global economy and rise in disposable income in developing economies such as China and India. This, in turn, is driving the aquaculture additive market across the globe.
Increase in demand for aquaculture additives in developing countries and extensive use of these additives to enhance the overall aquaculture production are factors augmenting the aquaculture additive market. This is encouraging companies to increase production of these additives. Additionally, easy availability of raw materials is anticipated to boost the demand for aquaculture additives in the near future.
The global aquaculture additive market is witnessing technological advancements. Companies are constantly striving to develop new and better ways to manufacture these additives. Development of new manufacturing processes of aquaculture additive and applications is estimated to propel the market. However, volatility in prices of raw materials is projected to hamper the market.
In terms of product, the aquaculture additive market can be divided into amino acids, antibiotics, vitamins, feed acidifiers, and others. The amino acids segment is anticipated to expand at a considerable pace due to the increase in demand for these additives in nutrition applications.
Based on application, the aquaculture additive market can be segmented into preservation, processing, and nutrition. The preservation segment is dominating the market owing to the extensive use in emerging economies such as India and China.
Based on geography, the aquaculture additive market can be segregated into North America, Latin America, Asia Pacific, Europe, and Middle East & Africa. Asia Pacific is anticipated to constitute key share of the market during the forecast period. The aquaculture additive market in Asia Pacific is also likely to expand a considerable pace owing to the increase in demand for these additives in the chemical & petrochemical applications in the region. Middle East & Africa is estimated to be an attractive region of the aquaculture additive market during the forecast period due to the rise in demand for these additives in the medical applications in the region.
Prominent players operating in the global aquaculture additive market include Alltech Inc., Cargill, Inc., Bentoli, Inc., Norel S.A., TECHNA SA, Evonik Industries, Royal DSM, BIOMIN Holding GmbH, and Bluestar Adisseo Co., Ltd.
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