Market Dynamics
The GCC aquafeed additives market is estimated to reach USD 221.9 Million in 2018. It is expected to record a steady growth rate of 5.1% during the period 2018-2032. This is due to a number of factors, such as the increasing demand for fish and seafood, growing fish farming, and the resulting need for aquafeed additives. In addition, initiatives taken by government authorities in the GCC region to support aquaculture, introduction of stringent regulations regarding the quality of fish feed and an increase in international trade of fish feed are expected to drive the demand for Aquafeed additives in the region. The major feed additives used in the GCC region include vitamins, antioxidants, amino acids, feed acidifiers, probiotics, minerals, and binders. Vitamins are the most commonly used feed additives due to their vital role in maintaining the health of fish, helping the aquatic animals to grow and improve the feed conversion ratio. Antioxidants help in maintaining the quality of the feed and improve the shelf life of the feed, while amino acids provide essential building blocks for protein that are necessary for cell growth, growth and the environmental adaptability of the aquatic animals.
Minerals are necessary elements for the aquaculture system, as they help to regulate metabolism, blood cell formation, reproduction, immunity, and growth of aquatic animals. Feed acidifiers, binders, and probiotics help to keep the nutrient balance and to make nutrients bio-available for the animals. These various feed additives are expected to gain traction from 2019 to 2032. This is majorly attributed to the influx of new players in the market as well as the advancements in the technology used for aquaculture. Furthermore, rising aquaculture activities across various parts of the Middle East are expected to have beneficial implications on the aquafeed additives industry. Manufacturers are focusing mainly on developing innovative solutions to meet the increased demand for feed additives from this sector. All these factors combined are expected to positively influence the GCC aquafeed additives industry. In addition, the availability of various types of feed additives and increased acceptance of new technologies is estimated to support the growth of the GCC aquafeed additives market in the near future.
