South Korea Aquafeed Additives Market Size & Outlook

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. NACF operates its formula feed plants in the country and supports local families financially as well as helps them develop a distribution system for agricultural 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. Hence, the country’s feed manufacturers are looking for cheaper feed ingredients such as soybean meal and algae oils. Key players in the country include DSM, Adisseo, and BASF.