Aquaculture additives are indispensable in the thriving aquaculture industry as they fulfill the nutritional needs and bolster the immune system of aquatic organisms like fish and crustaceans. These additives, encompassing vitamins, amino acids, antibiotics, and feed acidifiers, provide a well-rounded diet, stimulating growth and safeguarding against infections. By ensuring optimal health and performance, aquaculture additives contribute to the sustainable and profitable cultivation of aquatic species in aquaculture operations.
According to Data Bridge Market Research, the Latin America Aquaculture Additives Market accounted for USD 8,841.54 million by 2030, which is USD 5,505.60 million in 2022, registering a CAGR of 6.10% during the forecast period of 2023 to 2030.
“Rising demand for seafood”
The aquaculture additives market is experiencing growth due to the increasing demand for seafood. Various types of additives, including feed acidifiers, antibiotics, vitamins, and phytogenic, are used to enhance fish feeding practices. The availability of a wide range of additives and the growing popularity of plant-based fish feed are driving the market's growth. As consumers' seafood consumption continues to rise, the aquaculture additives market is expected to expand during the forecast period of 2023-2030.
What restraints the growth of Latin America aquaculture additives market?
“Raw material costs”
The aquaculture additives market faces a restraint in the form of raw material costs. The prices of key raw materials used in aquaculture additives, such as vitamins, amino acids, and antibiotics, can be volatile and subject to fluctuations. Fluctuating raw material costs impact the profitability of manufacturers and may lead to increased prices for end consumers. Additionally, scarcity or availability issues of certain raw materials can pose challenges in maintaining a consistent supply chain for aquaculture additive production.
Segmentation: Latin America Aquaculture Additives Market
The aquaculture additives market is segmented on the basis of type of additive, form, lifecycle, animal species and type of aquaculture.
- On the basis of type of additive, the aquaculture additives market is segmented into trace minerals, enzymes, feed acidifier, mycotoxin binders, eubiotics, ethoxyquin, and others.
- On the basis of form, the aquaculture additives market is segmented into powder/dry, wet form, and moist form.
- On the basis of lifecycle, the aquaculture additives market is segmented into starter feed, grower feed, finisher feed and brooder feed.
- On the basis of animal species, the aquaculture additives market is segmented into carp, shrimp, tilapia, catfish, salmon, trout, oysters, mussels, sturgeon, crabs, krill, grouper, barramundi, milkfish, eel, turbot, sea bass, sea bream, yellowtail kingfish, meagre, sole, pike perch, rockfish and others.
- On the basis of type of aquaculture, the aquaculture additives market is segmented into marine water and fresh water.
Regional Insights: Mexico is expected to dominate the Latin America aquaculture additives market
Mexico is projected to lead the agricultural sprayers market due to its significant aquaculture feed production. The high demand for additive products in the aqua feed market contributes to Mexico's dominance in terms of revenue and market share.
To know more about the study visit, https://www.databridgemarketresearch.com/reports/latin-america-aquaculture-additives-market
Recent Developments in Latin America Aquaculture Additives Market
- In 2020, Alltech formed a partnership with Corey Nutrition to introduce a new range of feed products in North America. This collaboration aims to bring innovative and high-quality products to the market, expanding Alltech's product portfolio and generating revenue.
- In 2021, Minervet S.A. launched its substitute additives for animal nutrition, AISEN PLUS and AISEN, in the Bolivian market. The registration process for these products has commenced, contributing to the growth of the organization and generating increased revenue in the geographic region.
The Prominent Key Players Operating in the Latin America Aquaculture Additives Market Include:
- Cargill, Incorporated (U.S.)
- ADM (U.S.)
- Evonik Industries AG (Germany)
- DuPont (U.S.)
- BASF SE (Germany)
- DSM (Netherlands)
- Ajinomoto Co., Inc. (Japan)
- Novozymes (Denmark)
- Chr. Hansen A/S (Denmark)
- TEGASA (Spain)
- Nutreco (Netherlands)
- Kemin Industries Inc. (U.S.)
- Adisseo (France)
- Alltech (U.S.)
- Palital Feed Additives B.V (Netherlands)
- Global Nutrition International (France)
- Centafarm SRL (Italy)
- Bentoli (U.S.)
- NUQO Feed Additives (France)
- Novus International, Inc. (U.S.)
Above are the key players covered in the report, to know about more and exhaustive list of Latin America aquaculture additives market companies contact, https://www.databridgemarketresearch.com/contact
Research methodology: Global Latin America Aquaculture Additives Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by dbmr research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include vendor positioning grid, market time line analysis, market overview and guide, company positioning grid, company market share analysis, standards of measurement, global vs regional and vendor share analysis. Please request analyst call in case of further inquiry.
