Marine Feed Market

Marine Feed Market Outlook from 2023 to 2033

The global marine feed market size is projected to witness significant growth, with its sales estimated to increase from US$ 37,311.4 million in 2023 to US$ 63,056.3 million by 2033. In the assessment period from 2023 to 2033, global marine feed sales are expected to experience a robust CAGR of 6.9%.

Market Trends in Marine Animal Nutrition

• Sustainable sourcing of ingredients experiences a rising trend to match sustainability needs
• Advancements in precision feeding to increase feed efficiency
• Rising adoption of eco-friendly packaging gaining momentum
• Growing focus on the prevention of diseases in the marine feed industry
• Pelletized form to continue its dominance, offering accurate nutrient delivery and convenience at the same time
• Increasing focus on traceability and quality assurance in feed production of crustaceans to meet the norms associated with the safety of products.
• Rising focus on specialty aquaculture stores to serve the unique requirements of aquaculture manufacturers.

Marine Feed Market Overview

The marine feed market across the globe is expanding as more and more individuals are turning toward fish farming. The surging preference for seafood is another crucial factor augmenting marine feed demand.

The rising demand for protein sources that are obtained through sustainable means is also projected to drive growth. This increasing demand has led to the depletion of wild fisheries.

To overcome this issue, aquaculture has showcased a vital solution to reduce this widening gap in protein resource availability. Simultaneously, this presents a considerable opportunity for manufacturers in the marine feed market. They are expected to offer essential nutrition to cultivated fish.

Individuals are becoming conscious of how seafood has an impact on the environment. Hence, they prefer fish farming that is conducted by eco-friendly means. This provides an opportunity for players in the marine animal nutrition industry to come up with unique ways to use traceable and eco-friendly ingredients. By focusing on quality and sustainability, the marine feed market can expand as consumers seek transparency in the seafood supply chain.

Marine feed manufacturers are expected to help in ensuring the production of sustainable seafood. They would specialize in manufacturing marine feeds tailored to the unique nutritional requirements of aquatic species. Their aim to promote nutrition in aquatic ecosystems not only drives the market’s expansion but also offers a path to responsibly meet the surging global seafood demand.

2018 to 2022 Marine Feed Sales Outlook Compared to 2023 to 2033 Forecast

The global marine feed sales grew at a CAGR of 6.0% from 2018 to 2022. In the forecast years, the market for marine feed is predicted to progress at a 6.9% CAGR.

Before 2022, the marine feed market revolved around traditional feeding methods that lacked accuracy and eco-awareness. Aquaculture heavily depended on feeds extracted from wild fish populations, raising worries about overfishing and environmental harm.

The marine peptide market grappled with fulfilling the constantly rising worldwide craving for seafood, with limited recognition of the significance of sustainability. Marine feed producers adhered to standard practices and components with minimal visibility in the supply chain. Quality assurance and traceability were not central.

In the estimated time frame, cutting-edge technologies, data-guided formulations, and innovative ingredients will be responsible for the changing landscape of feed production. Aquaculture practices will increasingly harmonize with sustainability objectives, adopting environmentally friendly sourcing, precise nutrition, and responsible aquaculture.

Consumers are projected to gain access to seafood that is both transparent and ethically sourced. They are set to motivate marine feed producers to implement quality assurance measures and guarantee traceability across the supply chain. This situation highlights an industry that is forward-looking and prepared to meet the growing demand for seafood while maintaining environmental and ethical values.

Nandini Roy Choudhury

Principal Consultant

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Overview of Adjacent Marine Feed Markets

The global marine feed market will likely be impacted by the peer or tangential markets in the food and beverage sector. These include other markets, such as the fish feed and fish protein markets. The global sales outlook of the marine feed market can provide deeper insights that can help develop unique differentiating strategies to pursue growth and opportunity.

The marine feed market is projected to attain a valuation of around US$ 37,311.4 million in 2023. The fish feed and fish protein markets are expected to reach valuations of US$ 116,480 million and US$ 1 billion, respectively, in 2023.

Marine Feed Market:

Fish Feed Market:

Fish Protein Market:

Country-wise Insights

In the United States, a resilient marine feed market has flourished, predominantly nurtured by the continually expanding aquaculture sector, with a particular focus on catfish and salmon farming. Also, China, being the predominant global consumer of marine feed, would assume a pivotal role in this industry.

Its well-established aquaculture market faces formidable challenges of sustainable sourcing and ecological responsibility, thereby embarking on a path of innovation and the fostering of environmentally responsible practices. In parallel, India is now witnessing substantial growth in its marine feed sector, primarily propelled by the flourishing shrimp farming industry.

China's Booming Aquaculture Industry Fuels Demand for Marine Feed

China’s marine feed market is poised to exhibit a CAGR of 5.8% during the assessment period. By 2033, the country’s market size is expected to reach US$ 12,674.7 million.

China's aquaculture industry is currently undergoing a notable upswing owing to the nation's high interest in seafood consumption. As more individuals demand fish and seafood, aquaculture becomes important in making sure there's enough. It is set to be a key piece in meeting the growing demand for fish and seafood.

There is also a growing necessity for top-tier marine feed to bolster the well-being and efficiency of cultivated fish. This evolving landscape highlights the significance of marine feed sales as a vital aspect across China's aquaculture supply chain, driving substantial market growth.

Manufacturers of marine feed operating in China would soon employ precision-tailored strategies to attain success. A paramount focus is directed toward ensuring the superior quality and safety of their products. It is mainly complemented by the customization of offerings to align with the diverse dietary inclinations of consumers.

Diversification of India's Aquatic Farming Surges Sales of Marine Feed

Marine feed demand in India is anticipated to rise at a steady CAGR of 4.9% during the forecast period from 2023 to 2033. By 2033, India will likely hold a marine feed market share of 23.1% in South Asia.

India's aquaculture industry is currently experiencing a significant diversification trend, particularly in the cultivation of species such as shrimps and prawns. To ensure the well-being and productivity of these farmed aquatic species, there is an escalating demand for premium marine feed. This phenomenon has acted as a catalyst, giving rise to substantial demand for marine feed products to meet the unique nutritional requirements of multiple aquatic species.

The government of India has been actively overseeing the aquaculture sector, raising the adoption rate of sustainable practices. This is further exerting a notable influence on the marine feed market, putting emphasis on the significance of ecologically sound and nutritionally optimized feed alternatives.

The United States Showcases High Demand for Eco-friendly Marine Feed

The United States marine feed market is expected to reach a valuation of around US$ 3,139.8 million by 2033. It is anticipated to witness a considerable CAGR of 4.8% in the global market through 2033.

The marine feed market in the United States has consistently grown over several years. This growth is attributed to the rising population and more people realizing the benefits of eating seafood. As a result, the demand for fish and seafood has gone up steadily.

To meet this demand, marine feed has become increasingly important to help farmed fish stay healthy and productive. In the past, the market mainly had a traditional feed, but slowly, it started including more sustainable and eco-friendly options.

While considering the futuristic outlook, the marine feed market in the United States is set for big changes. Individual consciousness about the environment and demand for healthy seafood are expected to drive these changes.

The market will likely move toward new, eco-friendly marine feed options that can help fish and other aquatic creatures stay healthy while also being better for the environment. Technologies, such as precision farming and smart feed planning, are expected to help make the market more efficient and productive.

Shift toward Healthy Diets in the United Kingdom Pushes Demand

In the United Kingdom, there is an increasing trend toward more sustainable and healthful meals. Seafood and fish are seen as healthy dietary options, and the aquaculture sector, which depends on marine feed, is growing to fulfill the rising demand as consumers look for more protein sources.

Worries over overfishing and the decline of wild fish populations in the seas of the United Kingdom have led to a change in aquaculture operations toward sustainable and ethical methods. The market is depending more on marine feed that is designed to use as little wild-caught fish as possible as a feed ingredient to lessen the strain on marine ecosystems. This means that meeting sustainability goals and standards is crucial in the country.

Growing Export of Seafood in Japan Creates New Avenues

Japan boasts a rich culinary heritage that is firmly anchored in the eating of seafood. As people become more aware of the health advantages of seafood around the world, the demand for seafood and fish products is rising rapidly. As aquaculture grows in importance as an avenue of seafood production to fulfill the demands of Japan’s market, the surging consumption of seafood is an important factor driving the demand for marine feed.

The robust export-driven seafood industry in Japan contributes to the increased need for marine feed. The demand for seafood products is strong, and to sustain and enhance these overseas sales, the aquaculture industry needs consistent, superior marine feeds to ensure the health and growth of fish raised for food. As a result, in addition to domestic consumption, the requirement to guarantee a steady supply of seafood items for export markets drives demand in Japan.

Category-wise Insights

The table below highlights the demand for marine feed by species, ingredients, form, and distribution channels. Under species, the fish segment will likely remain dominant in the assessment period, with a share of 49.5%. The soybean meal segment, while smaller, is set to hold a significant share of 18.9% by 2033 in the global marine feed market.

Fish-based Feed is the Preferred Choice due to its High Protein Content

Based on species, the demand for fish is expected to remain high during the assessment period due to its high nutritional profile and palatability. As per the report, with a market share of around 49.5%, the fish species segment is projected to reach a valuation of US$ 28,442.5 million in 2033.

Fish species are mainly preferred for marine feed as they are a natural powerhouse of great nutrients. They have got high content of proteins, omega-3 fatty acids, key vitamins, and minerals. These nutrients not only bolster the well-being of aquatic organisms but also enhance their growth potential.

Fish-based feed is a preferred choice due to its universal appeal to a broad spectrum of aquatic species. Its distinctive taste and aroma would make it a captivating option, stimulating the consumption of feed among diverse farmed species. This inherent palatability assures that both fish and other aquatic organisms receive the essential nutrition they need.

Soybean Meal Emerges as the Leading Ingredient in Marine Feed Formulations

The soybean meal segment is anticipated to thrive at a 4.0% CAGR during the projection period. The segment is projected to reach a market valuation of US$ 9,872.6 million in 2033.

The increasing popularity of soybean meal in marine feed can be attributed to a combination of factors. First and foremost, soybean meal stands out due to its easy availability. This readily accessible ingredient ensures a stable supply chain for the aquaculture industry, supporting consistent feed production.

Another key driver of its growing use is the high protein content found in soybean meal. This protein is of excellent quality, providing the essential amino acids necessary for the health and growth of aquatic species. The nutritional richness of soybean meal makes it a top choice for feed formulations, enhancing the overall well-being of marine life.

Need for Well-rounded Nutritional Profiles to Expand Demand for Pellets

The pellets form segment is expected to register a CAGR of 5.5% from 2023 to 2033. The target segment will likely reach a market value of US$ 31,114.0 million by the end of 2033.

The widespread preference for pellet-based marine feed is mainly due to their exceptional convenience. Pellets offer an easy and practical solution for storage, handling, and distribution, making them a favored choice among aquaculture producers and distributors. Their compact and manageable characteristics play a pivotal role in minimizing the potential for feed wastage and spillage, thereby enhancing cost-effectiveness in the market.

Aquatic feeding is enhanced by the use of pellets, which provide consistent size, shape, and nutrient composition. This consistency helps aquatic species thrive and maintain good health by guaranteeing that every feeding provides a consistent and well-rounded nutritional profile. This reliability is of significant advantage to aquaculture operations, streamlining the feeding process and guaranteeing a regulated and optimal diet for marine organisms.

Consumers Choose Business-to-business Channels to Buy Fish Feed

By distribution channel, the business-to-business segment registered a CAGR of 3.8% from 2018 to 2022. It is estimated to witness a CAGR of 4.3% from 2023 to 2033.

The predominant channel for marine feed distribution is through business-to-business (B2B) transactions. This trend is attributed to the inherent characteristics of the aquaculture and fisheries sector, where commercial enterprises constitute the primary clientele for marine feed products.

Business-to-business (B2B) sales facilitate the tailoring of feed formulations to suit the distinct requirements of multiple aquatic species. Suppliers commonly offer technical guidance, aiding commercial clients in fine-tuning feed compositions to achieve peak productivity.

Competitive Landscape

The competitive landscape of the marine feed market is intricate, marked by the presence of international industry leaders such as Cargill and Nutreco. Alongside them, regional suppliers catering to specialized markets and sustainability-driven enterprises contribute to the diverse landscape.

Research and development pioneers, coupled with the influence of vertical integration and participation from governmental and academic entities, enhance the intricacy. Additionally, emerging start-ups and entrepreneurial initiatives are injecting new perspectives, rendering the market dynamic. The market is continuously evolving with a strong emphasis on sustainability, innovation, and quality assurance.

For instance,

• In July 2023, to create fish meals from organic waste, the Kerala University of Fisheries and Ocean Studies (Kufos) started an experimental study. Using black soldier fly larvae, the initiative seeks to produce the protein needed for a marine feed from organic waste.
• In March 2023, for fish development in its early stages, ADM launched its new premium feed. It has been demonstrated that the formulation supports a range of marine fish species, such as barramundi, meager, seabass, and seabream.
• In May 2022, the DNA TRACEBACK Fisheries platform was launched by MSD Animal Health. It would help assist governments and fishery agencies in determining the sustainable yield of wild fish stocks. It would also enable customers to more precisely identify the total allowable catch for fishermen in their locality.

Scope of the Marine Feed Market Report

Marine Feed Market Outlook by Category

By Species:

• Fish
• Crustaceans
• Mollusks
• Others (Squid)

By Ingredients:

• Soybean Meal
• Wheat and Corn
• Fish Meal
• Fish Oil
• Krill Meal
• Shrimp Meal
• Squid Meal
• Algae and Microalgae
• Seaweed and Seagrass
• Others (Spirulina, Yeast)

By Form:

• Pellets
• Powder
• Granules
• Flakes

By Distribution Channel:

• Business-to-Business
• Business-to-Consumer
  • Hypermarkets/Supermarkets
  • Specialty Stores
  • Agricultural and Aquatic Supply Stores
  • Online Retailers

By Region:

• North America
• Latin America
• Europe
• East Asia
• South Asia
• Middle East & Africa