Market Dynamics
Aquaculture is gaining popularity throughout the world due to the increasing demand for seafood, and China is no exception. As the second largest aquaculture production nation in the world, China’s aquaculture industry has been growing rapidly over recent years. In response, the demand for aquaculture additives such as feed, fertilizers, antibiotics, vaccines and pharmaceuticals, have increased too. Across the Chinese aquaculture market, feed additive products dominate the market in both volume and value. Feed additives typically account for as much as 60% of total aquaculture additives, with feed cost levels representing up to 50% of the production costs for aquaculture. With the increasing market demand, soybean meal have become a key component of feed ingredients for aquaculture, and its demand is expected to expand further due to its good palatability, high protein content, and low price. In addition, antibiotic use is also quite high in aquaculture in China, and high demand for products such as probiotics, vaccines and vitamins, is expected to drive the aquaculture additives market in the country.
Going forward, the Chinese aquaculture additives market is projected to witness significant growth due to the government’s initiatives and policies that are aimed at strengthening the development of the country’s aquaculture industry. Moreover, the increasing consumption of seafood is expected to bolster the demand for aquaculture additives. Additionally, technological advances, product launches, improved regulations and policies, and rising consumer awareness about health are anticipated to drive market growth. In conclusion, the outlook for the Chinese aquaculture additives market looks bright over the forecast period of 2018 to 2032. However, factors such as trade restrictions, increasing competition, and rising raw material costs are likely to hamper the market growth.
