December 21, 2012
Frost & Sullivan study shows global awareness on aquaculture feed ingredients
Press release
The study of Frost & Sullivan''s ''Aquaculture Feed Ingredients Market-Global Outlook and Trends'' tackles on the increasing expenditures on fish and fish products which boost the need for aquaculture feed ingredients.
The growing popularity of fish as a nutritious food commodity in both the developed and developing world bodes well for the aquaculture feed ingredients market. A burgeoning global population will double demand for food and increase protein intake. This coupled with technological advancements that contribute substantially to aquacultureproduction will help the sector to meet the ever-growing demand for safe and quality products.
Frost & Sullivan''s study finds that the market earned revenues of over US$28.54 billion in 2011 and estimates this to reach US$53.65 billion in 2018. The study covers four aquaculture feed ingredients: marine raw materials, vegetable raw materials, rendered meats, and feed additives.
"Higher incomes and the rise of the middle class in developing countries, especially in India, Indonesia, and China, have hiked spending on fish and fish products," said Frost & Sullivan Industry Analyst Anjaneya Reddy. "This, in turn, boosts the need for aquaculture feed ingredients."
Continuous research and development to understand the nutritional and functional needs of various types of fish have helped aquaculture feed manufacturers to formulate effective feeds at optimised costs. Companies also market and communicate the benefits of ingredients to various farming entities, leading to market expansion. Nevertheless, safety and quality of aquaculture feeds remain a concern, particularly in small-scale fisheries, which employ around 90% of the world''s fishery farmers. These small businesses lack access to capital, technology, and best management practices, and it is important that government or lending organisations provide them with feed resources to ensure safe and standard aquaculture production.
The aquaculture industry must adopt the participatory approach to maintain the ecosystem''s balance as a precaution for future growth. Market participants need to assess the impact of global warming on freshwater and marine resources, as water temperature affects the growth of aquaculture species and the consumption of feed. Taking into consideration key ecological components will increase aquaculture production capacity and add to feed ingredient growth.
In addition, participants need to develop and implement policies and strategies to enhance the adaptability of aquaculture production. These changes can be context-specific or region-specific, and will require the help of national governments for implementation.
The increasing prices of fishmeal and fish oil, which are major ingredients in animal feed, also curb market growth. Feed ingredient manufacturers are looking for alternate sources of proteins and lipids that are competitively-priced, serve nutritional requirements, and do not harm fish populations or the ecosystem.