Taiwan's aquatic feed market is expected to grow at a compound annual growth rate of 3.19% over the forecast period to reach US$84.889 million by 2027, from US$68.161 million in 2020. Aquatic food, or simply Aquafeed, commonly refers to a food formulated for aquatic animals. They are prepared with a vast array of ingredients to provide the animal with a sufficient supply of proteins and nutrients necessary to perform normal physiological functions. Some of the most commonly used aquatic feeds are fishmeal, fish oil, soy protein, wheat, peas, and wheat gluten. Aquaculture has a strong history in the country. It ranks in the top 15 in terms of aquaculture productivity globally, according to the recent statistical data released by the UN FAO (Food and Agriculture Organisation of the United Nations) 2020 publication. The Taiwanese government operates six fisheries and aquaculture research institutes. With the rising advancements in technology in the 21st century, Taiwan's aquaculture market is also advancing. The rising Taiwan aquaculture sector is also bound to drive the aquafeed market.
Increasing seafood production, local consumption, and exports are expected to increase the size of the aquafeed market in Taiwan in the forecasted period.
Seafood occupies a major part of people's diets in Taiwan. According to the statistics reported by the US Department of Agriculture, the Taiwanese consume about 35 kilograms of seafood and related products every year. As per Taiwan's Council of Agriculture, the islands are typically the main exPorter's of fish production due to the robust local ecosystem and production capacity. The production value was reported to have reached 2.9 billion US dollars in 2019, a 0.1 percent increase over the previous year. The top five major species produced in Taiwan are skipjack tuna, saury, tilapia, yellowfin tuna, and milkfish. They are reported to represent about 45% of Taiwanese seafood production volume. In 2018, 2,980 acres were added to the Taiwanese aquaculture area, expanding it to 108,680 acres, which resulted in an increase in the production of aquaculture species in 2019. Seafood production from aquaculture occupies about 30% of the country's overall production.
The government institutes' technological advancements, research, and development in the Taiwanese aquaculture field are expected to propel aquaculture and related markets during the forecasted period.
In recent years, the increase in pollution, be it air or water, has attracted public attention from across the globe and caused several government organizations, institutions, industries, and companies to step forward to tackle the issue. For instance, in the past few years, the increase in marine plastic particles and Japan's intention to release wastewater polluted with tritium from Fukushima into the ocean have drawn the public's attention to the safety of seafood. In 2021, to tackle this issue and guard the aquatic ecosystems in the coastal water bodies around Taiwan, Fishery Researcher 01, a fishing patrol vessel, sailed into the water bodies near Taiwan and conducted an exhaustive study for more than three weeks in April. Various research teams from the National Taiwan University, Fisheries Research Institute, and National Chung Hsing University participated in this voyage. Furthermore, the Fisheries Research Institute and academic institutions have jointly collaborated to form research teams to integrate research results across the fields of fishery resources and marine conservation, thereby facilitating the medium and long-term development of sustainable fishery resources. The three research vessels related to these projects will be finished by 2024.
The leap in innovative advancements is another factor propelling the growth of the aquaculture market. The upgraded version of the aquaponic system developed by the Fisheries Research Institute is the best example of this. This newly developed innovative aquaponic system can simultaneously produce ornamental shrimp, snails, and freshwater shrimps. In this eco-friendly system, even crops could be planted by adding customized cultivated bacteria and algae. The bacteria, algae, and other microbes can completely absorb and assimilate the nutrients in aquaculture water. Then these algae and microbes can become bait for snails and ornamental shrimps, thereby effectively recycling the water by 90%. With this, even the output could be doubled effectively.
Furthermore, several research developments have also been made in the direction of improving the quality of aquatic feed and using it effectively. In recent years, the Fisheries Research Institute has conducted extensive research to improve seafood quality while lowering prices. The subsequent amazing results led to an improvement in the grouper's utilization rate of alternative protein sources. The results lowered the usage of feed by 70%, decreased the aquafeed production cost by 10%, and simultaneously enriched the quality and flavour of the meat. Such advancements in research and development are expected to increase the sales volume of the market in the forecasted period.
COVID-19 has disrupted the seafood and related markets of Taiwan. However, unlike many others, Taiwan was more successful in managing the global pandemic than many others. According to the 2021 Global Alltech Feed Survey, the Asia Pacific, which is home to many of the top ten global feed-producing countries, experienced the greatest growth, with a 2% growth factor amidst the global pandemic. In particular, the aquafeed industry showed steady, impressive growth and increased by 3% in the Asia Pacific. The increasing prevalence of RAS (Recirculating Aquaculture System) and the rising consumer demand for fish are factors responsible for significant growth in the sector. About 65% of the survey’s respondents remarked that the steady development of RAS was ongoing within their countries.
MARKET TRENDS
Increasing seafood production, local consumption, and exports are expected to increase the size of the aquafeed market in Taiwan in the forecasted period.
Seafood occupies a major part of people's diets in Taiwan. According to the statistics reported by the US Department of Agriculture, the Taiwanese consume about 35 kilograms of seafood and related products every year. As per Taiwan's Council of Agriculture, the islands are typically the main exPorter's of fish production due to the robust local ecosystem and production capacity. The production value was reported to have reached 2.9 billion US dollars in 2019, a 0.1 percent increase over the previous year. The top five major species produced in Taiwan are skipjack tuna, saury, tilapia, yellowfin tuna, and milkfish. They are reported to represent about 45% of Taiwanese seafood production volume. In 2018, 2,980 acres were added to the Taiwanese aquaculture area, expanding it to 108,680 acres, which resulted in an increase in the production of aquaculture species in 2019. Seafood production from aquaculture occupies about 30% of the country's overall production.
The government institutes' technological advancements, research, and development in the Taiwanese aquaculture field are expected to propel aquaculture and related markets during the forecasted period.
In recent years, the increase in pollution, be it air or water, has attracted public attention from across the globe and caused several government organizations, institutions, industries, and companies to step forward to tackle the issue. For instance, in the past few years, the increase in marine plastic particles and Japan's intention to release wastewater polluted with tritium from Fukushima into the ocean have drawn the public's attention to the safety of seafood. In 2021, to tackle this issue and guard the aquatic ecosystems in the coastal water bodies around Taiwan, Fishery Researcher 01, a fishing patrol vessel, sailed into the water bodies near Taiwan and conducted an exhaustive study for more than three weeks in April. Various research teams from the National Taiwan University, Fisheries Research Institute, and National Chung Hsing University participated in this voyage. Furthermore, the Fisheries Research Institute and academic institutions have jointly collaborated to form research teams to integrate research results across the fields of fishery resources and marine conservation, thereby facilitating the medium and long-term development of sustainable fishery resources. The three research vessels related to these projects will be finished by 2024.
The leap in innovative advancements is another factor propelling the growth of the aquaculture market. The upgraded version of the aquaponic system developed by the Fisheries Research Institute is the best example of this. This newly developed innovative aquaponic system can simultaneously produce ornamental shrimp, snails, and freshwater shrimps. In this eco-friendly system, even crops could be planted by adding customized cultivated bacteria and algae. The bacteria, algae, and other microbes can completely absorb and assimilate the nutrients in aquaculture water. Then these algae and microbes can become bait for snails and ornamental shrimps, thereby effectively recycling the water by 90%. With this, even the output could be doubled effectively.
Furthermore, several research developments have also been made in the direction of improving the quality of aquatic feed and using it effectively. In recent years, the Fisheries Research Institute has conducted extensive research to improve seafood quality while lowering prices. The subsequent amazing results led to an improvement in the grouper's utilization rate of alternative protein sources. The results lowered the usage of feed by 70%, decreased the aquafeed production cost by 10%, and simultaneously enriched the quality and flavour of the meat. Such advancements in research and development are expected to increase the sales volume of the market in the forecasted period.
COVID-19 Insights
COVID-19 has disrupted the seafood and related markets of Taiwan. However, unlike many others, Taiwan was more successful in managing the global pandemic than many others. According to the 2021 Global Alltech Feed Survey, the Asia Pacific, which is home to many of the top ten global feed-producing countries, experienced the greatest growth, with a 2% growth factor amidst the global pandemic. In particular, the aquafeed industry showed steady, impressive growth and increased by 3% in the Asia Pacific. The increasing prevalence of RAS (Recirculating Aquaculture System) and the rising consumer demand for fish are factors responsible for significant growth in the sector. About 65% of the survey’s respondents remarked that the steady development of RAS was ongoing within their countries.
Market Segmentation:
By Raw Material
- Corn
- Wheat
By Feed Type
- Fish feed
- Others
Table of Contents
1. INTRODUCTION
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
5. TAIWAN AQUATIC FEED MARKET, BY RAW MATERIAL
6. TAIWAN AQUATIC FEED MARKET, BY FEED TYPE
7. COMPETITIVE INTELLIGENCE
8. COMPANY PROFILES
Companies Mentioned
- Wen’s Group
- East Hope group
- Alltech
- Cargill
- Uni-president Enterprises Corp.
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 80 |
| Published | June 2022 |
| Forecast Period | 2020 - 2027 |
| Estimated Market Value ( USD | $ 68.16 million |
| Forecasted Market Value ( USD | $ 84.89 million |
| Compound Annual Growth Rate | 3.1% |
| Regions Covered | Taiwan |
| No. of Companies Mentioned | 5 |
