The Plant-based Fish Feed Market is valued at USD 6.8 Billion in 2021. It is set to grow at 6% CAGR through 2032 at a value of USD 12.2 Billion.
| Attribute | Details |
|---|---|
| Market Size Value in 2022 | USD 6.8 Billion |
| Market Forecast Value in 2032 | USD 12.2 Billion |
| Global Growth Rate (2022 to 2032) | 6.0% |
| Forecast Period | 2022 to 2032 |
The aquaculture industry accounts for more than 50% of the global edible seafood supply. North America and East Asia are at the forefront in terms of investment in the development of innovative and novel plant-based fish feed. Collectively, Latin America, and Middle East, and Africa(MEA) are expected to account for a major revenue share in the plant-based fish feed industry, by the end of 2029.
Latin America is expected to account for a major consumption share of plant-based fish feed in the forecast period due to the changing patterns of the feed industry for aqua animals.
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| Market Statistics | Details |
|---|---|
| H1,2021 (A) | 5.9% |
| H1,2022 Projected (P) | 6.0% |
| H1,2022 Outlook (O) | 6.6% |
| BPS Change : H1,2022 (O) - H1,2022 (P) | (+) 60 ↑ |
| BPS Change : H1,2022 (O) - H1,2021 (A) | (+) 66 ↑ |
The growth rates of the global market and its potential for future expansion are compared and evaluated by FMI every six months. Certain demographic and innovative elements of the market are dominant as a result of the subjective effects of macro- and industry-level variables.
The market for plant-based fish feed contains environmental risks, which has made sustainable aquaculture development vital. The market for plant-based fish feed will experience explosive expansion as a result of the growing demand for fish feed with minimal environmental impact.
The market for plant-based fish feed will thus have tremendous growth potential as a result of the rising aquaculture sector's enormous demand for sustainable fish feed.
New changes that have occurred in these markets include
The global Plant-based Fish Feed Market expanded by 5.9% during the first half of 2021. However, not all areas have seen this rise equally; the developing markets have seen a rate of growth of 6.6% (H1 2022 Expected). As a result, there will be a 1 66 BPS point difference between H1 2022's expected growth and predicted growth.
Over the evaluation period, the market for plant-based fish feed in North America may experience extraordinary growth. Growing investments in research and development efforts for plant-based fish feed could act as a powerful growth pillar. In Asia Pacific, the market for plant-based fish feed may experience profitable growth between 2020 and 2030 as a result of the region's increasing aquaculture sector.
Due to their improved digestibility, ideal protein content, and high omega-3 levels, soybean and corn meals have demonstrated significant potential during the past few years. The expert predicts that cutting-edge soy products, like fermented soy and soybean protein concentrate (SPC), would become effective substitutes for fish feed.
The vegetable fish feed market is expected to reach 6.6% growth during the projected period from 2022 to 2032. The growing need for alternative fish feeds, coupled with growing interest in the reliability of aquaculture and the reliability of fish and shellfish and fish lubricants and oils, is overwhelming this area.
For vegetable ingredients. Plant-based fish and seafood have achieved remarkable demand in modern times due to factors such as omega-3 content, protein content, and increased digestibility.
These are the factors driving the growth of the vegetable and fish and shellfish market during the forecast period 2022 to 2032.
Probiotics are beneficial microorganisms essential for the germination of the vertebrate immune system. When taken properly, it can bring some improvements to your health. This promotes the organic processes and conditions of the fish and, accordingly, reduces the survival of invertebrates and excessive dependence on antibiotics, especially in water.
The germination of aquaculture will have an immediate impact on the development of the vegetable fish market, as the cost of fish oil and fishmeal will still be incurred. The fate of the Vegetable Fish Food Syndicate depends primarily on modernization and the introduction of unusual technologies.
Increasing individual seafood spending will also be an essential challenge in expanding the vegetable fish feed market, as it creates immense potential for market opponents engaged in the production of vegetable fish feed.
Limited availability of seafood and fish species will sustain market growth for the projected year, especially for the need for supplies with less environmental impact. The frequency of losses exceeds the production rate of fish, and these factors impede market growth.
In recent years, global seafood consumption has shown remarkable growth. Mass consumption of seafood in recent years has created favorable opportunities for the vegetable and fish feed market as farmers have high expectations for alternative feeds.
In the current scenario, soybeans and cornmeal dominate the vegetable and fish feed market in terms of market share and value, and this trend is expected to continue over the forecast period.
Soybeans and cornmeal have shown great potential in recent years and are very popular due to their improved digestibility, optimal protein content, and omega-3 content. According to analysts, the latest soy products such as soy protein concentrate (SPC) and fermented soy should be a good alternative to fish feed in the coming years.
Another important factor influencing the increased acceptance of soybeans and cornmeal is price. The above botanical fish dishes are inexpensive and reproduce the desired nutritional value of the fish.
As the demand for plant-based fish feed is expected to increase over the next decade, existing players are looking forward to innovation and Research and Development to establish a solid position in the market. Several companies around the world are investing heavily in adopting new technologies to find alternatives to affordable plant-based fish and shellfish foods to meet the global demand for seafood.
Production of alternative, feeds are still in its infancy, but large companies are procuring raw materials from these alternatives to develop aquarium feeds tailored to different species based on nutritional needs.
Investment in the development of new plant-based aquarium foods is expected to increase as investors and stakeholders focus on favorable opportunities and potential in the plant-based fish market, especially in North America and Europe.
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North America, Europe, and East Asia are currently major regional markets for players in the vegetable and fish feed market, but this trend is expected to continue for the next decade. The report believes this trend is due to increased investment in Research and Development activities in these regions.
A report from the FMI suggests that changes in investment patterns in North America will impact regional market growth during the forecast period. In addition to innovation, companies are also working on inorganic growth strategies such as mergers and acquisitions to build a stronger foothold in the market.
However, East Asia has become one of the most profitable markets due to the growing middle class and rising disposable income in countries such as China, South Korea, Vietnam, and Japan.
The Asia-Pacific region will open the vegetable fish feed market in the projected period from 2020 to 2027 due to increased demand for fish oil and fish-based household and commercial products in the region and the growing urbanization of the region.
Prominent players in the plant-based fish feed market are Cargill Incorporated., Skretting, Alltech, BioMar Group, Nutreco N.V., Ridley Corporation Limited, ADM, Hanpel Tech Co. LTD, and Adisseo among others.
| Attribute | Details |
|---|---|
| Market Size Value in 2022 | USD 6.8 Billion |
| Market Forecast Value in 2032 | USD 12.2 Billion |
| Global Growth Rate | 6.0% |
| Forecast Period | 2022 to 2032 |
| Historical Data Available for | 2017 to 2021 |
| Market Analysis | MT for Volume and USD Million for Value |
| Key Regions Covered | North America; Latin America; Europe; Asia Pacific; and Middle East & Africa (MEA) |
| Key Countries Covered | USA, Canada, Mexico, Brazil, Germany, Italy, France, United Kingdom, Spain, Russia, BENELUX, China, Japan, South Korea, India, ASEAN, Australia & New Zealand, GCC, Turkey, Northern Africa, and South Africa |
| Key Market Segments Covered | Product Type, Application, Sales Channel, Nature, Form, and Regions |
| Key Companies Profiled | Cargill Incorporated.; Skretting; Alltech.; BioMar Group; Nutreco N.V.; Ridley Corporation Limited; ADM; Hanpel Tech Co. LTD; Adisseo |
| Pricing | Available upon Request |
Currently Plant Based Fish Feed Market is worth more than USD 6.8 Billion.
Plant Based Fish Feed consumption is expected to grow at a CAGR of around 6.0% during the period 2022 to 2032.
In terms of revenue, the Plant Based Fish Feed Market grew at a CAGR of around 5.5% from 2017 to 2021
Market players are opting for technological advancement, new product developments, and production capacity expansion.
The top 5 producers of Plant Based Fish Feed hold more than 30% of the market share.
| Estimated Industry Size (2025E) | USD 771.2 million |
|---|---|
| Projected Industry Value (2035F) | USD 1,560.2 million |
| Value-based CAGR (2025 to 2035) | 7.3% |
| Estimated Market Size (2024E) | USD 10,401.5 million |
|---|---|
| Projected Market Value (2034F) | USD 24633 million |
| Value-based CAGR (2024 to 2034) | 9% |
| Market Value (2023) | USD 496.30 million |
|---|---|
| Market Expected Value (2033) | USD 828.90 million |
| Market Projected CAGR (2023 to 2033) | 16.7% |
| Market Size (2022E) | USD 38.0 Million |
|---|---|
| Market Projected Size (2032F) | USD 87.6 Million |
| Value CAGR (2022 to 2032) | 8.7% |
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