Africa Aquafeed Market - Forecast(2024 - 2030)

Africa Aquafeed Market size is forecast to reach $13.52 billion by 2025, growing at a CAGR of 10.3% during the forecast period 2020-2025. Aquafeed is a mixture of raw materials and additives with some other supplements either natural or synthetic sources which is fed to the aquaculture. Increasing consumption of sea food and rising per capita income with the increase in seafood trade are the major factors driving the growth of the market. Demand for protein rich healthy food products and emergence of new species in aquaculture and the growth of fish farming is set to further enhance the overall market demand of Africa Aquafeed market during the forecast period 2020-2025. 

The report: “Africa Aquafeed Market Forecast (2020-2025)”, by IndustryARC, covers an in-depth analysis of the following segments of the Africa Aquafeed market.

By Aquatic Animal: Trout, Carp, Tilapia, Catfish, Abalone, Crocodile, Marine Shrimps, Marine Fishes, Salmons, Freshwater crustaceans, Milk Fish, Freshwater Fishes, Eels, Others 

By Feed: Dry, Non-Dry

By Additives: Amino Acids, Vitamins, Antibiotics, Feed Acidifiers, Antioxidants, Feed Enzymes, Others

By Country: Egypt, Nigeria, South Africa, Zambia, Kenya, Ghana, Tanzania, Sudan, Rest of Africa

The Africa Aquafeed market by aquatic animals is segmented into fish, trout, carp, tilapia and catfish and others. Out of which the fish type held the largest market share in 2019 and is estimated to grow at a CAGR of 11.2% during the forecast period 2020-2025. This is owing to its abundant availability and popularity as they are tolerant to most of the water conditions. The increase in fish farming and aquaculture activities has led to an increase in the demand for fish feed. Carps are commonly reared owing to their adaptability to changing environments, while Tilapia cultivation has increased in recent years owing to the growing availability of high-quality tilapia protein species at lower prices and is set to grow at a highest CAGR during the forecast period 2020-2025.

The amino acid segment held the largest share in the Africa Aquafeed market in 2019. The growth in this segment is owing to amino acids which provides the energy for the growth of the muscles& bones and for the circulation of the blood in the body. Amino acids reduce the risk of the outbreak in the aquatic species and it also helps in healthy flesh formation. It is estimated that amino acid segment to be the fastest growing segment and is set to register a highest CAGR during the forecast period 2020-2025.

Egypt dominated the Africa Aquafeed in 2019 with a share of more than 31.6%. In Egypt, a partnership between WorldFish and Skretting Egypt for Animal Nutrition, a global leader in providing a sustainable and innovative nutritional solution for the aquaculture sector, for five years is boosting the growth of the Africa aquafeed market. Both the companies have started a joint research venture on raw feed material and tilapia nutrition evaluation that focuses on environmental elements supporting them and maximizing the benefits from these resources in order to support the aquaculture sector of Egypt.

However, Kenya is estimated to grow at a highest CAGR during the forecast period 2020-2025. Kenya has a huge potential for development of the commercial aquaculture industry by producing a huge volume of fish. The country has tremendous scope for coastal tourism and has fast-growing fish species. The population of Kenya is habituated to consume fish and has developed quality assurance laboratories along with fish processing sector, which in turn is boosting the demand for aquafeed in the country.

Growing population and rising income are some of the reasons that increases the fish consumption. The level of income and the consumption of the fish is directly proportional to one another. Decreasing cost of the fish products, many countries of the Africa are consuming fish at a higher rate. Growing consumer awareness on the quality of seafood products are also boosting the growth of the Africa Aquafeed market. With the increase in the fish consumption there is also an increase in the production of the growth of the aquaculture. There is increase in the consumption of fish owing of the increasing need for protein rich diets and this is driving the growth of the Africa Aquafeed market.

Owing to the rise per capita income the growth of the aquaculture and aquafeed industry is poised to be maintained in the forecast period 2020-2025. Rise in the mass production of fish and limited accessibility of marine feed resources have also increased the growth of the Africa Aquafeed market.

Some of the factors which can hamper the growth of the Africa Aquafeed market are increased costs of the raw materials and the regulatory structure of the animal feeds industry that restricts the use of the antibiotics.

Product launches, mergers and acquisitions, joint ventures and R&D activities are key strategies adopted by players in the Africa Aquafeed market. In 2019, Africa Aquafeed market share is consolidated by the top ten players present in the market. Africa Aquafeed market top 10 companies are Skretting and Olam International, Cargill, Inc., Charoen Pokphand Foods Public Company Ltd., Nutreco N.V., AllerAqua A/S, Alltech Inc., Biomar A/S,Wen’s food group, Borregaard LignoTech and BioMar among others.