New York, Nov. 17, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Asia-Pacific Aqua Feed Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)" - https://www.reportlinker.com/p06363547/?utm_source=GNW
However, after the lifting of lockdown restrictions in the region, feed companies have ensured necessary supplies to farmers to safeguard the health and welfare of aqua animals and maintain the production level on farms. If the pandemic extends to the first quarter of 2022, major companies must improve their investments to develop the business and retain their share in the market by adopting new technology and techniques that may bring efficiency to their operations.
In the long term, seafood is expected to play a major role in the dietary habits among various Asian countries, such as Thailand, Vietnam, Indonesia, India, etc. With the increasing incomes and rising health consciousness, the dietary habits of people in the region are witnessing a transition from a high carbohydrate-based diet to one that is rich in proteins, which is catalyzing the growth of the market in the region. The Asia-Pacific aqua feed market is spread out across countries like India, Indonesia, the Philippines, Thailand, and Vietnam, which are some of the top players in the aquaculture and aqua feed markets. The main driver for the market is the increased aquaculture and fisheries production, coupled with growth in the per capita consumption of aquaculture products. These regions are expected to see huge growth during the forecast period. Few countries in the region have already begun their initiatives to create a self-sufficient aquaculture system. In addition, various government initiatives to increase the production of certified sustainable seafood are further accelerating the requirement for aqua feed in the region. The aqua feed prepared from plants, such as cereals (majorly wheat), soybean meal, peanut meal, cottonseed meal, etc., is popular in the rural regions of India, Vietnam, and China. Fishmeal, fish oil, and trash fish accounted for a considerable share of aqua feed in Asia during the study period. Increased consumption of fish is the major driver behind the growth of the Asia-Pacific aqua feed market. The growth in the aquaculture industry, changing demographics in Asia-Pacific, and the growing demand for processed fish are the other factors augmenting the growth of the market studied.
Key Market Trends
Increased Fish Demand
Fisheries and aquaculture are increasingly becoming a primary source of protein, foreign exchange, livelihoods, and well-being of the population in the Asia-Pacific region. With increasing incomes and urbanization, consumption is growing at a faster pace. Fish and seafood are considered vital sources of important nutrients, such as proteins, vitamin D, vitamin B12, selenium, and iodine. Seafood has a good fatty acid composition. Fatty fish and cod liver oils are the most significant sources of long-chain polyunsaturated omega-3 fatty acids and vitamin D. They are favorable for patients with cardiovascular diseases and fetal development. Seafood has a comparatively low ratio of saturated fats.? Moreover, the most beneficial and healthy aspect of consuming seafood is linked to omega-3 fatty acids. Fatty fish is an excellent source of two important omega-3 fatty acids: eicosapentaenoic acid (EPA) and docosahexaenoic acid (DHA). Compared to other meat (like beef, mutton, pork, and chicken), fish has less fat and high protein value. Owing to the numerous health benefits of seafood, consumption is increasing.? According to the World Bank, Asia’s fish consumption is estimated to account for 70% of global fish consumption. This is creating a need to increase fish production to cater to the growing consumer demand in the region. According to the Food and Agricultural Organization’s (FAO) data for the period 2010-17, fish production in the region increased from 16.02 million ton in 2010 to 17.9 million ton in 2017. The production solely from aquaculture has continued to grow at a steady rate of 5% since 2016. Since current production is unable to cater to the rising consumer demand, countries in the region are increasing their investments in aquaculture to meet the growing demand. This is boosting the growth of the market in the region. The tightening supply-demand balance of fish and other aquaculture species is evident in the market. As commercial feed can increase productivity and profitability, feed application is anticipated to increase over the coming years. Therefore, the aqua feed market is expected to grow during the forecast period.
Litopenaeus vannamei dominates the Indian Aqua Feed Market
Litopenaeus vannamei accounts for the largest share in the Indian aqua feed market. India is equipped with 26 aqua feed mills with production capacities of around 43.4%. Indian companies are producing 1.25 million ton of aqua feed per year on average. Shrimp is one of the most important cultured species globally, especially in Asia, due to its high economic value and export. Litopenaeus vannamei (whiteleg shrimp) species, which have been introduced to many coastal states of India, account for the majority of the country’s total shrimp culture. The estimated brackish water area suitable for undertaking whiteleg shrimp cultivation in India is around 11.91 lakh hectares and spread over ten states and union territories, including Bengal, Orissa, Andhra Pradesh, Tamil Nadu, Pondicherry, Kerala, Karnataka, Goa, Maharashtra, and Gujarat. Of this, only around 1.2 lakh hectares are under shrimp farming. There are many feed manufacturers capable of manufacturing and supplying a wide range of nutritionally high-quality vannamei feed by using a technical collaboration team and imported machinery, which are enriched with digestible contents that assist in enhancing the standards of used feeds. For instance, polyculture feed is designed for high stocking of fish, prawn, and shrimp culture. Mega speed is composed of 24% protein, with 2MM size pellets vastly used in the Indian market. Thus, with the growing export demand for litopenaeus vannamei from the international market, the litopenaeus vannamei segment of the aqua feed market of India is expected to witness high growth during the forecast period.
Competitive Landscape
The Asia-Pacific aqua feed market is fragmented, with major players operating, including Charoen Popkhand Group, Avanti Feeds Ltd, Masan Group, and Thai Union Group. These players are investing in new products and improvisation of existing products, expansions, and acquisitions for business expansions. Another major area of investment is the increased focus on R&D to launch new products at lower prices.
Additional Benefits:
The market estimate (ME) sheet in Excel format
3 months of analyst support
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