South Korea Aquafeed Additives Market Size & Outlook
South Korea aquafeed additives market, 2017-2030 (US$M)
Related Markets
South Korea aquafeed additives market highlights
- The South Korea aquafeed additives market generated a revenue of USD 12.9 million in 2022 and is expected to reach USD 17.7 million by 2030.
- The South Korea market is expected to grow at a CAGR of 4% 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 12.9 million |
| Market revenue in 2030 | USD 17.7 million |
| Growth rate | 4% (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, South Korea accounted for 0.6% 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 Asia Pacific, China aquafeed additives market is projected to lead the regional market in terms of revenue in 2030.
- India is the fastest growing regional market in Asia Pacific and is projected to reach USD 41.0 million by 2030.
Feed acidifiers was the largest segment with a revenue share of 10.85% in 2022. Horizon Databook has segmented the South Korea 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 is propelling in the country due to the presence of abundant raw materials at an affordable rate. There are two main organizations responsible for governing formula feed in the country are the Korean Feed Association (KFA) and National Agricultural Cooperative Federation (NACF).
The Korean Feed Association is mainly responsible for the procurement of feed ingredients, controlling the supply & demand of compound feed, proposing various policies for the development of the compound feed industry, and quality control of ingredients & finished products.
The country exports majority of the produced feed ingredients to various countries including the U.S., Ukraine, Vietnam, and China. The competitive nature of feed prices in South Korea can be attributed to the increase in the prices of feed ingredients globally.
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Aquafeed Additives Market Scope
Aquafeed Additives Market Companies
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South Korea aquafeed additives market size, by ingredients, 2017-2030 (US$M)
South Korea Aquafeed Additives Market Outlook Share, 2022 & 2030 (US$M)
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