Consumer Health Awareness Sparks Demand: Aquaculture Additives in Focus

The Latin America aquaculture additives market has experienced notable shifts in fish consumption patterns in recent years. Factors such as the expanded availability of diverse fish types in the retail market and evolving dietary preferences have driven these changes. A growing consumer understanding of the health advantages linked to fish consumption has propelled the demand for aquaculture additives. With a range of fish species such as tuna, salmon, and cod liver serving as sources of Omega-3 fatty acids, heightened health consciousness has spurred interest in supplements such as aquaculture additives. This trend is poised to foster demand for products that promote both improved health and reduced body fat.

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Data Bridge Market Research analyses that the Latin America Aquaculture Additives Market is expected to reach 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. High-value fish species such as salmon and trout are increasingly sought after in Latin America. Aquaculture additives enhance their growth and viability, meeting market demand and ensuring profitable production.

Key Findings of the Study

Improved feed efficiency in Latin America's aquaculture industry is expected to drive the market's growth rate

The drive for improved feed efficiency in Latin America's aquaculture industry is a significant driver for the market of aquaculture additives. These additives play a pivotal role in enhancing the conversion of feed into nutrients, optimizing nutrient absorption by fish. By improving feed utilization, farmers can achieve cost savings and higher profitability. This driver is fueled by the desire to maximize resource utilization and promote sustainable aquaculture practices while ensuring the economic viability of fish farming operations.

Report Scope and Market Segmentation

Segment Analysis:

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, 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.

Major Players

Data Bridge Market Research recognizes the following companies as the major Latin America aquaculture additives market  players in Latin America aquaculture additives market  are 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) and Novus International, Inc. (U.S.)

Market Developments

• In 2020, Alltech initiated a partnership with Corey Nutrition to introduce an innovative range of feed products in North America. This strategic collaboration aimed to expand Alltech's product portfolio, enhance product quality, and drive revenue growth in the market.
• In 2020, Minervet S.A. launched substitute additives for animal nutrition in the Bolivian market, including products such as AISEN PLUS and AISEN. The ongoing product registration process for these additives is contributing to organizational development and positioning Minervet for increased revenue within the region.
• In September 2021, Alltech announced a 50% expansion of its Alltech Coppens Aqua Centre (ACAC) research facility. This expansion aligns with Alltech's focus on developing new recirculating aquaculture system (RAS) feed solutions, contributing to improved profitability for fish farmers.
• In June 2020, DSM embarked on a 10-year collaboration with North Carolina State University, concentrating on animal gut health, precision nutrition, and data-driven decision-making for animal health. This partnership aims to diversify DSM's product portfolio, enhance its brand image, and strengthen its market presence.

Regional Analysis

Geographically, the countries covered in the Latin America aquaculture additives market report are Ecuador, Mexico, Peru, Colombia, Honduras, Guatemala, Costa Rica, Panamá, El Salvador, Dominican Republic, Jamaica, Puerto Rico and Rest of Latin America.

As per Data Bridge Market Research analysis:

Mexico is expected to dominant region in Latin America aquaculture additives market during the forecast period 2023 - 2030

Mexico's is expected to dominate in the agricultural sprayers market is attributed to its significant aquaculture feed production. With a robust aquaculture industry, there is a heightened demand for additives that enhance the quality and nutritional value of aqua feed. The growing consumer preference for high-quality seafood products aligns with this trend. Mexico's focus on producing top-notch aqua feed drives the need for effective aquaculture additives to ensure optimal fish health and growth, positioning the country as a key driver in the Latin American market.

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