Latin America Aquafeed Additives Market Size & Outlook
Latin America aquafeed additives market, 2017-2030 (US$M)
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Latin America aquafeed additives market highlights
- The Latin America aquafeed additives market generated a revenue of USD 805.3 million in 2022.
- The market is expected to grow at a CAGR of 4.7% from 2023 to 2030.
- In terms of segment, feed acidifiers was the largest revenue generating ingredients in 2022.
- Essential Oil & Natural Extracts is the most lucrative ingredients segment registering the fastest growth during the forecast period.
- Country-wise, Chile is expected to register the highest CAGR from 2023 to 2030.
Latin America data book summary
| Market revenue in 2022 | USD 805.3 million |
| Market revenue in 2030 | USD 1,166.6 million |
| Growth rate | 4.7% (CAGR from 2022 to 2030) |
| Largest segment | Feed acidifiers |
| Fastest growing segment | Essential Oil & Natural Extracts |
| Historical data covered | 2017 - 2021 |
| Base year for estimation | 2022 |
| Forecast period covered | 2023 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Anti-Parisitic, Feed Acidifiers, Prebiotics, Essential Oil & Natural Extracts, Palatants |
| Key market players worldwide | Aker ASA Class A, Nutrien Ltd, Rexel SA, Lallemand, Alltech, Kemin Industries, Nouryon, DuPont de Nemours Inc, Biorigin, Calamos Evolving World Growth A |
Other key industry trends
- In terms of revenue, Latin America region accounted for 37.3% of the global aquafeed additives market in 2022.
- Globally, Latin America is projected to lead the regional market in terms of revenue in 2030.
- Latin America is the fastest growing regional market and is projected to reach USD 1,166.6 million by 2030.
Feed acidifiers was the largest segment with a revenue share of 10.8% in 2022. Horizon Databook has segmented the Latin America aquafeed additives market based on anti-parisitic, feed acidifiers, prebiotics, essential oil & natural extracts, palatants covering the revenue growth of each sub-segment from 2017 to 2030.
The Aquaculture industry in Central & South America is mainly concentrated in Chile, Brazil, Mexico, and Ecuador among others. The aquaculture industry in the region contributes to employment, food security, and foreign currency generation. Key aquatic species produced in the region include salmonids, shrimps, tilapia, mollusks, carp, and seaweed.
The use of phytosterols as a feed additive for Atlantic salmon is expected to boost its health and lipid metabolism. These benefits of the additive coupled with the high production of Atlantic salmon are expected to drive the product demand in this region over the forecast period.
Furthermore, the market is driven by aquaculture production in Brazil and Chile due to favorable climatic conditions. The availability of locally produced fish feed made from basic raw materials such as fish oil and fish meal are anticipated to drive the aquaculture industry in these countries over the coming years.
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Aquafeed Additives Market Scope
Aquafeed Additives Market Companies
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Latin America aquafeed additives market size, by country, 2017-2030 (US$M)
Latin America Aquafeed Additives Market Outlook Share, 2022 & 2030 (US$M)
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