Plant-based Fish Feed Market

Plant-Based Fish Feed Market Snapshot (2022 to 2032)

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	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.

How The Market Progressed Till June 2022?

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

• Better Nature, a food technology firm located in the United Kingdom, has received a £350,000 grant from Innovate United Kingdom, the country's innovation agency. The funds will be used to fund the creation of an all-natural, plant-based fish feed derived from leftover food.
• The first commercial feed with microalgae products, including AlgaPrime DHA, was introduced to the market by the feed expert BioMar.
• As investors and stakeholders concentrate on the positive opportunities and potential in the plant-based fish industry, particularly in North America and Europe, investment in the development of new plant-based aquarium feeds is anticipated to rise.

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.

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Growth Trajectory

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.

Ever-Rising Seafood Consumption Points to New Opportunities

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.

Technological Advances Merging with Innovations

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.

Country Wise Analysis

Which Countries Will Show Significant Growth In the Plant-Based Fish Feed Market?

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.

Which region dominates the plant-based fish feed market around the world?

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.

Scope Of The Report

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

Key Segment

By Product Type:

• Soybean Meal
• Cottonseed Meal
• Corn Meal
• Distillers Dried Grains with Soluble
• Wheat Bran
• Rice Bran
• Other Product Types (Canola Meal, Sunflower Meal, etc.)

By Nature:

• Organic
• Conventional

By End-Use Application:

• Commercial
• Household

By Form:

• Pellet
• Powder
• Granule
• Flake

By Sales Channel:

• Direct Sales
• Indirect Sales
  • Modern Trade
  • Convenience Stores
  • Specialty Stores
  • Online Retailers
  • Other Sales Channels

By Region:

• North America
• Latin America
• Europe
• Middle East and Africa
• East Asia
• South Asia
• Oceania

Frequently Asked Questions

How much is the Plant Based Fish Feed Market current worth?

Currently Plant Based Fish Feed Market is worth more than USD 6.8 Billion.

At what CAGR is the market expected to grow?

Plant Based Fish Feed consumption is expected to grow at a CAGR of around 6.0% during the period 2022 to 2032.

How was the performance in the last five years?

In terms of revenue, the Plant Based Fish Feed Market grew at a CAGR of around 5.5% from 2017 to 2021

How are market players reacting to the new developments in the market?

Market players are opting for technological advancement, new product developments, and production capacity expansion.

How many shares do the top 5 companies hold?

The top 5 producers of Plant Based Fish Feed hold more than 30% of the market share.