Nigeria Aquafeed Additives Market Size & Outlook
Nigeria aquafeed additives market, 2017-2030 (US$M)
Related Markets
Nigeria aquafeed additives market highlights
- The Nigeria aquafeed additives market generated a revenue of USD 34.3 million in 2022 and is expected to reach USD 43.9 million by 2030.
- The Nigeria market is expected to grow at a CAGR of 3.1% 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.
Aquafeed additives market data book summary
| Market revenue in 2022 | USD 34.3 million |
| Market revenue in 2030 | USD 43.9 million |
| Growth rate | 3.1% (CAGR from 2022 to 2030) |
| Largest segment | Feed acidifiers |
| Fastest growing segment | Essential Oil & Natural Extracts |
| Historical data | 2017 - 2021 |
| Base year | 2022 |
| Forecast period | 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, Nigeria accounted for 1.6% of the global aquafeed additives market in 2022.
- Country-wise, U.S. is expected to lead the global market in terms of revenue in 2030.
- In Middle East & Africa, Egypt aquafeed additives market is projected to lead the regional market in terms of revenue in 2030.
- Egypt is the fastest growing regional market in Middle East & Africa and is projected to reach USD 80.3 million by 2030.
Feed acidifiers was the largest segment with a revenue share of 11.08% in 2022. Horizon Databook has segmented the Nigeria 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 aquafeed additives market in Nigeria is growing at a constant pace due to large-scale fish production as well as consumption. It is restricted to inland freshwater as well as marine aquaculture and majorly cultured species include catfish and tilapia.
In addition, Cassava is also being included as raw material for feed production across the country. Olam International Limited has established an integrated fish feed production facility in Kwara State, Nigeria. The company uses soybeans, corn, and cassava for its animal feed operations.
The country is largely dependent on fish imports to meet the growing demand. Private sector investment coupled with growing imports have resulted in the development of aquaculture in the country. This has resulted in the growing demand for aquafeed which in turn has propelled the demand for feed additives in the country.
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Aquafeed Additives Market Scope
Aquafeed Additives Market Companies
| Name | Profile | # Employees | HQ | Website |
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Nigeria aquafeed additives market size, by ingredients, 2017-2030 (US$M)
Nigeria Aquafeed Additives Market Outlook Share, 2022 & 2030 (US$M)
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