Catching up with latest developments in the aquaculture sector
With many new strategic shifts and innovative ventures, the global aquaculture industry is witnessing pivotal movements.
Driven by rising demand and the need for more sustainable practices, the global aquaculture sector is undergoing many rapid changes. PETS International explores some of the latest happenings in this industry, including acquisitions, initial public offerings (IPOs) and new product launches from North America and India to Africa, the Middle East and Europe.
The North America scene
One of the latest developments in the field happened last February when pharmaceutical company Elanco Animal Health Incorporated announced its intentions to sell its aqua business to Merck Animal Health for $1.3 billion (€1.2B) – 7.4 times its estimated revenue in 2023.
The Indiana-based firm wants to refocus on pet health and livestock sustainability while accelerating its debt payments. For Merck, the acquisition means cementing its position as a “leading” aqua health business.
Interest in Indian business
In the same month, Indian fish processing firm Mukka Proteins made its initial public offering (IPO) debut. The fish oil exporter’s IPO opened to strong demand and was subscribed 2.47x on the first day of bidding. The company manufactures fish protein products and supplies fishmeal, fish oil and fish soluble paste – an essential ingredient in the manufacturing of aquafeed and pet food.
South African perspective
South African biotechnology company Maltento announced its plans to focus on the pet food and aquaculture sectors following its $3.3 million (€3M) fundraiser in July last year.
“We believe that our functional ingredients that are derived from black soldier fly (BSF) add value to the wellness of pets and pet/aquaculture fish species,” the company’s Commercial Director Dominic Malan tells PETS International.
Malan highlights that the company has developed a palatability enhancer that “improves the feed response for companion animals and elicits a more aggressive feed response from fish”.
“We have seen good growth in the pet food market by improving our palatant formulation, inspired by insects, and our trial results in the aquaculture segment are nothing short of amazing,” he adds.
Founded in 2018, the Cape Town-based firm is now looking to breed BSF on agricultural waste to create proteins that can be used in pet food and aquaculture feed.
Manufacturing in the Middle East
Early in 2023, Oman established the country’s first aquafeed manufacturing facility to capitalize on the country’s fish wealth and produce fishmeal and fish oil for further use in the pet food market.
The $20 million (€18.3M) project, Aqua Feed, is funded by 2 of the country’s largest fish processing companies. It is part of Oman’s 2040 vision to diversify and grow its economy sustainably.
The facility is in the Special Economic Zone at Duqm (SEZAD), which is the biggest in the region, and is expected to be fully operational in late 2025.
European investment
CropEnergies, a European ethanol producer, invested over €100 million ($108.9M) last year in the production site of its subsidiary, Ensus UK.
A major part of the investment, to be deployed over the next few years, has been earmarked for the construction of a new unit to produce high-protein animal feed.
This new high-protein product, marketed under the brand name EnPro, will target the UK and European aquafeed and pet food markets. The total investment is approximately €75 million ($81.6M), and commissioning is scheduled for 2025.
The company qualified this as an “important” development in diversifying its product range. Ensus UK Chairman Grant Pearson pointed out that it will also help address the country’s protein shortage.
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