The global fish feed market is expected to accumulate a valuation of USD 116,480 million in 2023 and is projected to expand at a CAGR of 3.5% from 2023 to 2033. According to Future Market Insights, fish feed revenue is expected to total USD 163,530 million in 2033.
In aquaculture feed, fish meal and fish oil percentages have decreased from 70 percent to 30 percent since 2000. Growing fish with corn or soy protein has become increasingly popular, but this leads to lower growth and higher mortality. The use of alternative feeds, however, has potential. A number of these are combined with fermented CO2, microalgae, and biotechnological single-cell proteins.
| Attribute | Details |
|---|---|
| Market Size Value in 2023 | USD 116,480 million |
| Market Forecast Value in 2033 | USD 163,530 million |
| Global Growth Rate (2023 to 2033) | 3.5% CAGR |
Fish feed is a mixture of basic materials, additives, and additional supplements acquired from natural or synthetic sources and fed to farmed fish. With the support of the UK Seafood Innovation Fund (SIF), Rare Earth Global, a grower of industrial hemp for sustainable products and the organization behind the initiative, has received funding of over £260,000 to conduct a two-month evaluation of feed quality as part of a research and development project. Scottish salmon farmers conducted a feasibility study last year on the use of hemp seeds in their diet.
Fish is thought to provide about 15% of the protein ingested per capita by individuals all over the world. Low carbon footprint, high per-unit yield, and unique protein content have increased fish consumption, which is helping to expand demand for fish feed because marine feed is in short supply.
The fish feed markets also include fish feed created for various purposes, such as aquarium fish feed, which is meant for ingestion by pet fish kept in aquariums or ponds. The market for ornamental fish feed, food for colorful fish is maintained as pets in a limited setting such as an aquarium. Hence, Fish feed manufacturers have varying compositions of fish feed ingredients for different markets to broaden their consumer base.
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According to FMI, the global fish feed market value increased at a CAGR of 1.6% between 2018 and 2022. According to the forecast, sales of Fish Feed are expected to accelerate at a CAGR of around 3.5% from 2023 to 2033.
The focus of research and development in the fish feeds industry is focused on improving the nutritional value and cost-effectiveness of the products. A sustainable sourcing of feed ingredients, like plant-based proteins, could also affect demand for fish feed in the future.
Aquaculture regulations, feed composition, and environmental standards can affect fish feed demand. For instance, The F3 Future of Fish Feed project aims to develop and commercialize innovative, sustainable alternatives to wild-caught fish as a replacement for wild-caught fish through a collaboration between NGOs, researchers, and private partnerships. This challenge was launched in 2015 as F3: Fish Free Feed. A bunch of countries submitted entries to accelerate the process, including Australia, Austria, Indonesia, China Myanmar, South Africa, Thailand, and the United States.
The aquaculture sector is fueled by reasons such as rising global fish consumption and an increase in processed seafood consumption due to rising middle-class affluence in developing countries. The demand for high-quality aqua feed has increased as the aquaculture sector has grown, as has the demand for feed additives and compound feed.
The Fish feed market is expected to grow because of the limited availability of marine feed resources as there is a growing demand for fish resulting in the growth of fish farming. The adoption of 'Scientific Aquaculture Management Practices' (SAMP) has also increased to find better ways to improve the quality of the feed., thus opening up an opportunity for the feed market to grow.
The fish feed market has gone through many changes, but the notion of protein, amino acids, and carbs in a fish meal is now widely used, keeping fish nutritional needs in mind. Hence Fish feed formulation has become essential for fish feed manufacturers as various other fish farming techniques are introduced every day. National Oceanic and Atmospheric Administration (NOAA) scientists are searching for new fish feed ingredients to craft a balanced diet for farmed fish with no fish products.
The factors such as Prices, availability, and legislation have all forced the substitution of marine ingredients with a variety of plant-based ingredients, animal by-products, and innovative feed additives. This shift to plant-based ingredients, combined with an increase in aquaculture output, could put further strain on vital agricultural resources, resulting in socio-economic and environmental consequences.
Principal Consultant
The consumption of fish has been growing steadily in countries with higher disposable income. Also, the high nutrition obtained from fish is the factor for high seafood consumption in the country. Seafood consumption in China accounts for 45% of the global volume. China consumes 65 million tons of seafood out of 144 million tons, the United States - 7.1 million tons, European Union - 13 million tons, Japan - 7.4 million tons, and India - 4.8 million tons.
As per ITC, China is also the highest exporter of seafood, and Japan, the USA, and South Korea are the destinations. Thus, there is a rising demand for domestic consumption and production of fish feed in the country. It also exports feed to other countries due to significant feed production. A 6.7% CAGR was recorded in China in 2022.
The Indian subcontinent has developed as an important aquaculture country, particularly in the freshwater environment, due to its vast biodiversity of fish species. Because India is the world's second-largest supplier of fish, fish feed makers have a huge chance to capitalize on the expanding demand for commercial fish feed. Furthermore, farmers are changing from traditional methods of feeding aquatic species to commercial feeding.
The demand for Indian shrimp in the global market is high. Shrimp farming in India is dependent on formulated feeds. There is a rise in shrimp farming due to increased exports and demand internationally for Indian shrimp. Hence the need for shrimp feed in the country is rising. A CAGR of 8.55% was projected for the market in 2022.
There is also aid from the government and the private sector, which not only provides a source of income for the fishermen but also helps the state generate cash. In addition, the government is establishing bilateral ties with foreign countries in order to bring technology know-how into the country.
The expanding demand for aquafeed in the region is being driven by rising seafood consumption in Japan, as well as increased consumer knowledge of the health advantages of seafood. In reality, the government's continual efforts to increase aquaculture output are hastening the aquafeed industry's growth. For example, the Japanese government has launched a 'Fast Fish' campaign to stimulate greater modernization of the country's fishing industry and increased production of certified sustainable seafood.
Based on 2022 estimates, the market accounted for 4.4% of the overall market. Furthermore, in Japan, current feed management practices are increasingly responsible for high feed consumption in numerous farming sectors. Furthermore, a boost in fish mass production, increased intensive farming, innovations in stocking and feeding densities, and feeding management procedures are some of the other reasons that have contributed to the fish feed industry growth.
The United States is in a fantastic situation, With the Pacific Ocean on the west and the Atlantic Ocean on the east. It has a long stretch of coastline. As aquatic items occupy a specific position in the market, the United States has a significant demand for seafood. As a result, market demand for fish feed is driven by population growth, rising income, and fast urbanization, and because fishing in the sea will not meet the people's needs, there is a strong need for fish feed for fish farming.
Despite the strong demand for fish food, nearly half of the raw materials necessary for fish feed are imported. The United States compensates for the high cost of importation by using a more efficient method of producing fish feed. A share of 25.8% was recorded for the fish feed market in the United States in 2022.
Brazil has the world's most diversified freshwater tropical fish biodiversity. The potential culture of some carnivorous species from the Amazon, Paraná-Paraguai, and So Francisco river basins is one of the most fascinating elements of Brazilian fish culture research.
Aquaculture in Brazil has been driven by the production of tropical freshwater fish, with numerous places around the country possessing the necessary features for the activity's long-term success. Another important part is marine shrimp culture, which is concentrated in the country's northeastern and northern regions.
There has been an increase in demand for meat substitutes as consumers become more concerned with the health risks of excessive meat consumption. As aquafarmers become more concerned about the environment, they are turning to plant-based fish feed as a means of providing nutrients for farmed fish while also minimizing the impact on wild fish populations and aquatic ecosystems.
Various research is being carried out to produce plant-based fish feed in the market. In accordance with research, plant-based feeds are capable of supporting fish growth and development in an environment where fish meal is in high demand and relatively scarce.
Through using plant-derived protein and lipid sources, plant-based fish feed seeks to address these issues. Aquaculture experts and researchers continue to research how to optimize feed formulations based on plants to meet the nutritional needs of farmed fish while enhancing sustainable farming practices.
For instance, the Food Safety and Standards Authority of India (FSSAI) outlined the requirements that plant-based products must comply with and how they can be labeled under sub-section (1) of Section 92 of the Food Safety and Standards Act 2006.
In the face of an ever-increasing global population, the demand for proteins, including seafood, is also on the rise. The aquaculture industry has grown significantly over the past few decades.
With wild fish stocks depleting and global seafood demand rising, aquaculture has become a vital source of seafood. Aquaculture is growing in popularity, increasing the demand for fish feed to sustain the farming of diverse varieties of fish.
To protect and enhance the health, growth, and well-being of farmed fish, high-quality fish feed is essential to the welfare of their farms. Nutritionally balanced commercial fish feeds provide the necessary vitamins, minerals, and nutrients for optimal growth rates as well as efficient feed conversion ratios.
The economy can influence demand for seafood and, therefore, fish feed in commercial aquaculture, such as population growth, income levels, and trade policies will grow demand in the market.
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The Asian- Pacific region is expected to grow, and other regions such as Europe and North America, which have shown a growing inclination toward salmon farming, have raised the demand for seafood, and governmental interest in the industry has led to a higher demand for aquafeed from aquaculture species.
The global aquafeed market is a vertically integrated business, with the major players accounting for 62 percent of the market and the rest for 38 percent. The key competitors battle for market share by launching new goods and engaging in various methods such as mergers and acquisitions. These key players are
On April 2023, In a technology license agreement signed with Glaucus Agrochem Pvt. Ltd., ICAR-Central Inland Fisheries Research Institute, Barrackpore, announced that "CIFRI Cagegrow" floating fish feed has been developed. A five-year non-exclusive license has been granted by ICAR-CIFRI to manufacture and sell ICAR-CIFRI Cagegrow floating fish feed in India. ICAR's commercial arm, Agrinnovate India Ltd, completed the commercialization process.
On August 2023, Aquaterra® Omega-3 oil was approved for use in fish feed by the Norwegian Food Safety Authority (NFSA). It has the benefits of reducing marine resource consumption while enhancing aquaculture growth, making it a more sustainable source of omega-3 oil. As part of the approval, Aquaterra® was found to meet the requirements set forth by the regulating agency. The feed is safe and is not harmful to humans or animals, nor does it alter the quality of animal-based food.
| Attribute | Details |
|---|---|
| Market Size Value in 2023 | USD 1,16,480 million |
| Market Forecast Value in 2033 | USD 1,63,530 million |
| Global Growth Rate | 3.5% CAGR |
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | MT for Volume and USD million for Value |
| Key Regions Covered | North America; Latin America; Western Europe; Eastern Europe; South Asia & Pacific; East Asia; Middle East & Africa |
| Key Countries Covered | United States, Canada, Brazil, Mexico, Germany, United Kingdom, France, Spain, Italy, Russia, Poland, Czech, Republic, Romania, India, Bangladesh, Australia, New Zealand, China, Japan, South Korea, GCC countries, South Africa, Israel |
| Kay Segments Covered | Product Type, Form, Application, Distribution Channel, Region |
| Key Companies Profiles | Cargill, Inc.; Zeigler Bros., Inc.; Archer Daniels Midland; Alltech Inc; Skretting AS; Aller Aqua A/S; Sonac B.V.; BioMar Group; Nutreco N.V.; Biomin Holding GmbH; Ridley Corp.Ltd |
| Customization & Pricing | Available Upon Request |
The global market valuation is likely to be around USD 116,480 million in 2023.
The global demand for fish feeds surged at 1.6% CAGR between 2018 and 2022.
China dominates having 45% of the global market share in 2022.
Federal push could drive sales of fish feed in India at 8.55% CAGR through 2033.
Plant-based fish feed produces commanded higher share of the total sales in 2022.
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 Product Type 5.1. Plant Based 5.2. Fish & Fish Products 5.3. Microorganism 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Form 6.1. Pellet 6.2. Granules 6.3. Flakes 6.4. Sticks 6.5. Powder 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By End Use Application 7.1. Commercial 7.2. Household 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Distribution Channel 8.1. B2B 8.2. B2C 8.2.1. Store based 8.2.2. Online retail 9. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 9.1. North America 9.2. Latin America 9.3. Western Europe 9.4. Eastern Europe 9.5. South Asia and Pacific 9.6. East Asia 9.7. Middle East and Africa 10. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 16. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 17. Key Countries Market Analysis 18. Market Structure Analysis 19. Competition Analysis 19.1. Cargill, Inc. 19.2. Zeigler Bros., Inc. 19.3. Archer Daniels Midland 19.4. Alltech Inc 19.5. Skretting AS 19.6. Aller Aqua A/S 19.7. Sonac B.V. 19.8. BioMar Group 19.9. Nutreco N.V. 19.10. Biomin Holding GmbH 19.11. Ridley Corp. Ltd. 20. Assumptions & Acronyms Used 21. Research Methodology
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