According to Future Market Insights, the global aquafeed market is expected to increase at a CAGR of 6.8% through 2033. The market value is projected to expand from USD 46.8 billion in 2023 to USD 90.9 billion by 2033.
Due to the expansion of fish farming operations, the aquafeed market is anticipated to rise quickly. During the forecast period, the market for plant-based aquafeed is expected to be driven by manufacturers' growing desire for natural and organic feed products, which has now emerged as the latest industry trend.
| Attributes | Details |
|---|---|
| Aquafeed Market CAGR (2023 to 2033) | 6.8% |
| Aquafeed Market Size (2023) | USD 46.8 billion |
| Aquafeed Market Size (2033) | USD 90.9 billion |
Many governments looking to improve their nations' economic performance have welcomed aquaculture as a key component of the economic development of their nations. As a result, many policies have been introduced to encourage the aquafeed market share.
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Government Regulation
Favorable government standards and regulations, such as the acceptance of insect protein use in aquafeed, are anticipated to boost market expansion. For the aquafeed and aquaculture industries, insects offer a natural and sustainable source of high-quality protein.
One of the main factors influencing the demand for aquafeed is the positive results of using insect proteins as a feed additive for aquaculture in terms of growth and quality.
Organic Farming
Chemical-free, genetically modified, and pesticide-free items are prioritized in the manufacturing of organic fish. Lowering the stocking density also ensures animal well-being.
Aquatic creatures can be raised in a suitable and ethical way by using organic fish feed. The increase in the production of organic feed is anticipated to support the expansion of the sales of aquafeed, as it has been noted that consumers' preference for organic food has expanded dramatically in recent years.
The global market is expected to experience significant growth in North America. The nation's leadership is a result of a thriving aquaculture sector and rising seafood consumption.
The aquaculture industry in the USA generated 283 million kilograms of produce worth USD 1.4 billion in 2017. The demand for aquafeed is anticipated to expand quickly in the near future as a result of the nation's aquaculture production's recent rapid growth.
Currently, the Asia Pacific region is a large market for aquafeed and is anticipated to account for a sizable chunk of the worldwide market share over the forecast period. Over the past ten years, the Asia Pacific market has grown quickly, with China and India accounting for more than half of all sales of aquafeed.
Due to the enormous increase in fish production rate, the demand for aquafeed in China and India is anticipated to continue positive during the forecast period.
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Amino acids dominate the market, accounting for more than 32% of total revenue. This major proportion is due to its benefits, which include improving the body’s immune system, optimizing metabolic transformation, increasing tolerance to adverse environmental conditions, mediating breeding season efficiency and timing, and trying to improve filet taste and texture when introduced to aquafeed.
Antibiotics, in addition to amino acids, are commonly used in aquafeed. They are used to maximize efficiency and productivity, encourage good development, and improve overall health.
In 2020, the fish category accounted for the biggest share of the global aquafeed market. Fish feed sales could benefit from the enormous expansion of aquaculture to close the supply-demand gap for fish in general.
The base of the food chain and the maintenance of a thriving fish population can both be supported with high-quality fish feed. This may influence the need for fish feed in the coming years. Tilapia and carp are a couple of the more well-known fish that eat feed.
In order to link strategic and financial investors with specific investment possibilities across the aquaculture market, many startups are emerging with advanced technology.
An Indian biotech startup called String Bio has secured roughly USD 20 million in Series B funding. The business has developed cutting-edge technology to transform the energy in methane into a variety of value-added goods, including fish and animal feed.
A contract was also signed by the business and one of its major investors, Woodside Energy Technologies Pty Ltd.
Coastal farmers can benefit from real-time, tech-based farm monitoring systems, advice, aquaculture knowledge, and access to export markets through Aquaconnect, a full-stack aquaculture technology enterprise, and marketplace.
Up till this point, Aquaconnect has secured USD 17 million in capital through a combination of equity and debt.
Omnivore, Rebright Partners, Flourish Ventures, and Trifecta Capital are just a few of the investors in this startup.
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High intake has a favorable impact on aquaculture productivity; as a result, demand for aquafeed is predicted to grow at a higher rate. As the market grows, industry participants are being compelled to expand their product portfolios and distribution networks in order to expand their market presence and customer base.
Manufacturers of aquafeed are always doing research and development to offer a choice of natural and organic aquafeeds for use in the growth of various species.
Recent Developments
Companies like Guiuan and Nutreco are concentrating on adopting cutting-edge strategies and high-quality components for greater growth.
Historically, fishmeal and fish oil made up 70% of the diets of carnivorous fish. As new feed sources are developed, these percentages have drastically decreased. Scientists and fish farmers are discovering via research that alternative mixtures of components can balance the roughly 40 critical nutrients needed by fish.
Moreover, the addition of American soybeans and other grain crops, which are predominantly grown inland, boosts the effectiveness of aquafeeds and increases the financial prospects available to American farmers. 80% of the 89 million acres of soybeans grown in the United States in 2017 were used as animal feed.
These high-quality plant-based components' sourcing unites the heartland and the coasts, fostering home economic prospects and sustainable feed substitutes.
Using aquafeed enriched with taurine typically costs farmers less than half as much as using regular fishmeal. Taurine has long been a component of fish meals in other nations, notably those in the European Union and Canada.
The FDA approved the use of taurine for farmed fish feed in the United States in 2017 on the basis of multiple studies, including work by NOAA Fisheries. The inclusion of taurine levels the playing field for American farmers and expands the range of environmentally friendly, safe, and cost-effective aquafeed options available to producers.
The product portfolio, geographic location, and seller count are the primary determinants of market competition globally. For instance, Hi-Pro Feeds LP was acquired by Nutreco in June 2017. (Canada). Under Trouw Nutrition's global brand, the purchased company would conduct business.
The demand for aquafeed is anticipated to be positively impacted by the rising investments made by market participants and associations in the research and development of novel goods.
For instance, Guiuan hosted the official opening of the Milkfish Aquafeeds Research, Development, and Extension Project (RDEP) in August 2020. In order to combat the market's high feed costs, this new research intends to find alternatives for fish feed ingredients. The utilization of plant-based proteins as a main component of fish feed is a novel replacement.
| Attribute | Details |
|---|---|
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | USD billion for Value and Units for Volume |
| Key Regions Covered | North America; Latin America; Europe; Asia Pacific; Oceania; Middle East & Africa (MEA) |
| Key Countries Covered | The USA, Canada, Mexico, Germany, The UK, France, Italy, Spain, China, Japan, India, South Korea, Australia, Brazil, Argentina, South Africa, UAE |
| Key Segments Covered | Species, Form, Function, Ingredient, Sales Channel, Region |
| Key Companies Profiled | Cargill, Incorporated; BioMar Group; Ridley Corporation Limited; Aller Aqua; BENEO; Alltech; AKER BIOMARINE; Charoen Pokphand Foods PCL; Skretting; Purina Animal Nutrition LLC; Dibaq Aquaculture; INVE Aquaculture; Avanti Feeds Limited; Biostadt India Limited; The Waterbase Limited |
| Report Coverage | Market Forecast, Company Share Analysis, Competitive Landscape, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
The market is valued at USD 46.8 billion in 2023.
The top market players are Cargill, Incorporated, BioMar Group, and Ridley Corporation Limited.
The market is estimated to reach USD 90.9 billion by 2033.
Increasing production of organic feed drives aquafeed sales.
The fish segment is likely to remain preferred through 2033.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Species 5.1 Crustaceans 5.2 Fish 5.3 Others 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Form 6.1 Extruded 6.2 Powder 6.3 Liquid 6.4 Pellets 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Function 7.1 Health 7.2 Digestion 7.3 Palatability 7.4 Special Nutrition 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Ingredients 8.1 Marine 8.2 Land Animal 8.3 Veg/Grain 8.4 Carotenoid 8.5 Nutrients 8.6 Others 9. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Sales Channel 9.1 Direct Sales 9.2 Indirect Sales 9.3 Hypermarket 9.4 Supermarket 9.5 Wholesalers 9.6 Specialty Stores 9.7 Online 9.8 Others 10. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 10.1 North America 10.2 Latin America 10.3 Western Europe 10.4 Eastern Europe 10.5 South Asia and Pacific 10.6 East Asia 10.7 Middle East and Africa 11. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 16. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 17. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 18. Key Countries Market Analysis 19. Market Structure Analysis 20. Competition Analysis 20.1 Cargill, Incorporated 20.2 Charoen Pokphand Foods PCL 20.3 BioMar Group 20.4 Ridley Corporation Limited 20.5 Aller Aqua 20.6 Biostadt India Limited 20.7 BENEO 20.8 Alltech 20.9 INVE Aquaculture 20.10 AKER BIO MARINE 20.11 Skretting 20.12 Purina Animal Nutrition LLC 20.13 Dibaq Aquaculture 20.14 Avanti Feeds Limited 20.15 The Waterbase Limited 21. Assumptions & Acronyms Used 22. Research Methodology
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Aquafeed Market
