1. Home
  2. > Retail
  3. > In-Store Retail Market Trends
Asia-Pacific Aqua Feed Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Asia-Pacific Aqua Feed Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

  • November 2022
  • 172 pages
  • ID: 6363547
  • Format: PDF
  • Mordor Intelligence LLP

Summary

Table of Contents

Search Inside

The Asia-Pacific aqua feed market is projected to witness a CAGR of 5.5% during the forecast period 2022-2027. The COVID-19 pandemic slowed down operations with staff shortages and new sanitary guidelines for the operation of fisheries and processing. 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

Get Industry Insights. Simply.

  • Latest reports & slideshows with insights from top research analysts
  • 150+ Million searchable statistics with tables, figures & datasets
  • More than 25,000 trusted sources
  • Single User License — provides access to the report by one individual.
  • Department License — allows you to share the report with up to 5 users
  • Site License — allows the report to be shared amongst all employees in a defined country
  • Corporate License — allows for complete access, globally.

ReportLinker may already be registered as a supplier with your company. If you want to Order by PO, check with us first and we'll let you know if we are a registered supplier and what the vendor number is. Otherwise, we'll provide you with the necessary information to register ReportLinker as a vendor.

Grace helps you find the right report:
Testimonials

The research specialist advised us on the best content for our needs and provided a great report and follow-up, thanks very much we shall look at ReportLinker in the future.

Kate Merrick

Global Marketing Manager at
Eurotherm by Schneider Electric

We were impressed with the support that ReportLinker’s research specialists’ team provided. The report we purchased was useful and provided exactly what we want.

Category Manager at
Ikea

ReportLinker gave access to reliable and useful data while avoiding dispersing resources and spending too much time on unnecessary research.

Executive Director at
PwC Advisory

The customer service was fast, responsive, and 100% professional in all my dealings (...) If we have more research needs, I'll certainly prioritize working with ReportLinker!

Scott Griffith

Vice President Marketing at
Maurice Sporting Goods

The research specialist provided prompt, helpful instructions for accessing ReportLinker's product. He also followed up to make sure everything went smoothly and to ensure an easy transition to the next stage of my research

Jessica P Huffman

Research Associate at
American Transportation Research Institute

Excellent customer service. Very responsive and fast.

Director, Corporate Strategy at
Ingredion

I reached out to ReportLinker for a detailed market study on the Air Treatment industry. The quality of the report, the research specialist’s willingness to solve my queries exceeded my expectations. I would definitely recommend ReportLinker for in-depth industry information.

Mariana Mendoza

Global Platform Senior Manager at
Whirlpool Corporation

Thanks! I like what you've provided and will certainly come back if I need to do further research works.

Bee Hin Png

CEO at
LDR Pte Ltd

The research specialist advised us on the best content for our needs and provided a great report and follow-up, thanks very much we shall look at ReportLinker in the future.

Kate Merrick

Global Marketing Manager at
Eurotherm by Schneider Electric

FAQ
  • How we can help
    • I am not sure if the report I am interested in will fulfill my needs. Can you help me?
    • Yes, of course. You can call us at +33(0) 4 37 65 17 03 or drop us an email at [email protected] to let us know more about your requirements.
    • We buy reports often - can ReportLinker get me any benefits?
    • Yes. Set up a call with a Senior Research Advisor to learn more - [email protected] or +33(0) 4 37 65 17 03.
    • I have had negative experiences with market research reports before. How can you avoid this from happening again?
    • We advise all clients to read the TOC and Summary and list your questions so that we can get more insight for you before you make any purchase decision. A research advisor will accompany you so that you can compare samples and reports from different sources, and choose the study that is right for you.

  • Report Delivery
    • How and when I will receive my Report?
    • Most reports are delivered right away in a pdf format, while others are accessed via a secure link and access codes. Do note that sometimes reports are sent within a 12 hour period, depending on the time zones. However, you can contact us to escalate this. Should you need a hard copy, you can check if this option is offered for the particular report, and pay the related fees.
  • Payment conditions
    • What payment methods do you accept?
      1. Credit card : VISA, American Express, Mastercard, or
      2. You can download an invoice to pay by wire transfer, check, or via a Purchase Order from your company, or
      3. You can pay via a Check made out in US Dollars, Euros, or British Pounds for the full amount made payable to ReportLinker
    • What are ReportLinker’s Payment Terms?
    • All payments must normally be submitted within 30 days. However, you can let us know if you need extended time.
    • Are Taxes and duties included?
    • All companies based in France must pay a 20% tax per report. The same applies to all individuals based in the EU. All EU companies must supply their VAT number when purchasing to avoid this charge.
    • I’m not satisfied. Can I be refunded?
    • No. Once your order has been processed and the publisher has received a notification to send you the report, we cannot issue any refund or cancel any order. As these are not ‘traditional’ products that can be returned, reports that are dispatched are considered to be ‘consumed’.
  • User license
    • The license that you should acquire depends on the number of persons that need to access the report. This can range from Single User (only one person will have the right to read or access the report), or Department License (up to 5 persons), to Site License (a group of persons based in the same company location), or Corporate License (the entire company personnel based worldwide). However, as publishers have different terms and conditions, we can look into this for you.
Purchase Reports From Reputable Market Research Publishers

ref:plp2022

Reportlinker.com © Copyright 2023. All rights reserved.

ReportLinker simplifies how Analysts and Decision Makers get industry data for their business.

Make sure you don’t miss any news and follow us on