Aquafeed Market

Aquafeed Market Size:

The global aquafeed market size reached US$ 169.3 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 341.3 Billion by 2032, exhibiting a growth rate (CAGR) of 7.9% during 2024-2032. The rising global seafood demand, significant advancements in sustainable aquaculture practices, innovations in feed formulations, government support for aquaculture development, and increasing investments in research for production efficiency are some of the major factors driving the growth of the market.

Aquafeed Market Analysis:

• Major Market Drivers: The increasing global demand for seafood, propelled by population growth and rising health consciousness represents the major driver of the market. Advancements in aquaculture practices, such as sustainable farming techniques, enhance the need for specialized feed to optimize growth rates and improve fish health.
• Key Market Trends: The rising shift towards sustainable and environmentally friendly feed ingredients represents the key trend of the market. There is a growing emphasis on reducing the environmental impact of aquaculture using alternative protein sources like insect meat and algae.
• Geographical Trends: Asia Pacific accounts for the largest region in the aquafeed market growth. The growing seafood demand, expanding aquaculture industry, government support for sustainable practices, and advancements in feed technology are driving the growth of the market across the Asia Pacific region.
• Competitive Landscape: The report has also provided a comprehensive analysis of the competitive landscape in the market. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.
• Challenges and Opportunities: The market faces various challenges including fluctuating raw material prices, environmental concerns regarding fish farming, and the need for sustainable feed ingredients. However, the market also faces several opportunities such as technological advancements in feed production, including the use of alternative proteins like insect meal and algae, which reduce reliance on traditional fishmeal.

Aquafeed Market Trends:

Rising Global Seafood Demand

The increasing population and growing health consciousness boost the demand for seafood, thus driving the need for efficient and high-quality aquafeed. According to the data from the United Nations report, the world’s population is more than three times larger than it was in the mid-twentieth century. The global human population reached 8.0 billion in mid-November 2022 from an estimated 2.5 billion people in 1950, adding 1 billion people since 2010 and 2 billion since 1998. The world’s population is expected to increase by nearly 2 billion persons in the next 30 years, from the current 8 billion to 9.7 billion in 2050 and could peak at nearly 10.4 billion in the mid-2080s. This is further influencing the aquafeed market statistics significantly.

Advancements in Aquaculture Practices

Innovations in sustainable farming techniques and feed formulations enhance production efficiency, fish growth, and health, propelling market growth. For instance, in July 2023, The Kerala University of Fisheries and Ocean Studies (Kufos) launched an experimental project to produce fish meal from organic waste. The project aims to produce the protein required for fish feed from organic waste using black soldier fly larvae. Organic waste will be separated at the source for the purpose. Similarly, in March 2024, SalMar launched an ambitious innovation and R&D initiative, Salmon Living Lab, calling upon industry leaders, NGOs, academia, and other people who live by and with salmon to come together to share and learn. Cargill has been the first partner to sign up. This is likely to fuel the aquafeed market forecast over the coming years.

Government Support and Investment

Government initiatives supporting aquaculture development and increased investments in research and development foster market expansion and innovation. For instance, the study, Fish Consumption in India: Patterns and Trends, unveiled by the Indian Council of Agricultural Research, Ministry of Agriculture and Farmers’ Welfare, Government of India, and WorldFish also found that 72.1% of the Indian population, equivalent to 967 million individuals, incorporate fish into their diet. The study used primary data from various Government sources, including National Family Health Survey reports, over the last 15 years. The research was conducted as a collaborative effort of the Indian Council of Agricultural Research (ICAR) and WorldFish, along with the International Food Policy Research Institute, Government of India institutions, including the National Fisheries Development Board of the Ministry of Fisheries, Animal Husbandry & Dairying and the Marine Products Export Development Authority, and other leading organizations.

Aquafeed Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the global, regional, and country levels for 2024-2032. Our report has categorized the market based on species, ingredients, additives, and product form.

Breakup by Species:

• Carps
• Marine Shrimps
• Tilapias
• Catfishes
• Marine Fishes
• Salmons
• Freshwater Crustaceans
• Trout
• Others
   

Carps accounts for the majority of the market share

The report has provided a detailed breakup and analysis of the market based on the species. This includes carps, marine shrimps, tilapias, catfishes, marine fishes, salmons, freshwater crustaceans, trout, and others. According to the report, carps represented the largest segment.

Carps are omnivorous and can adapt to a variety of feed types. Their aquafeed often includes plant-based ingredients like soybean meal, along with a moderate amount of protein and fats. Tilapia feed is generally plant-based with a balanced protein-to-fat ratio. Ingredients like corn, wheat, and soybean meal are common, and the protein content is usually moderate to match their herbivorous dietary needs. For instance, in February 2024, Aquasoja unveiled a new feed for tilapia and carp. The new aquafeed fulfills the nutritional requirements of both species, maintaining a focus on high-quality protein ingredients and fish health conditions.

Breakup by Ingredients:

• Soybean
• Corn
• Fish Meal
• Fish Oil
• Additives
• Others 
   

Soybean holds the largest share of the industry

A detailed breakup and analysis of the market based on the ingredients has also been provided in the report. This includes soybean, corn, fish meal, fish oil, additives, and others. According to the report, soybean accounted for the largest market share.

Soybean is a widely used plant-based protein source that is driving the market segment. It is rich in essential amino acids and is often included as an alternative or supplement to fishmeal. It is highly digestible and commonly used in feeds for herbivorous and omnivorous fish. Fish meal is made from processed fish or fish waste and is a high-quality source of animal protein and essential amino acids. It is commonly used in feeds for carnivorous and omnivorous fish, such as salmon and trout.

Breakup by Additives:

• Vitamins and Minerals
• Antioxidants
• Feed Enzymes
• Others
   

Vitamins and minerals represents the leading market segment 

The report has provided a detailed breakup and analysis of the market based on the additives. This includes vitamins and minerals, antioxidants, feed enzymes, and others. According to the report, vitamins and minerals represented the largest segment.

Vitamins and minerals are essential nutrients that are added to aquafeed to promote health, growth, and development. Vitamins like A, D, and E, and minerals like zinc and selenium, are often included. These are crucial for metabolic processes, immune function, and bone development. Feed enzymes, such as protease, amylase, and phytase, are added to improve the digestibility of nutrients. They help break down complex molecules like proteins, carbohydrates, and phytate, thereby enhancing nutrient absorption and reducing waste.

Breakup by Product Form:

• Pellets
• Extruded
• Powdered
• Liquid
   

Pellets exhibits a clear dominance in the market 

A detailed breakup and analysis of the market based on the product form has also been provided in the report. This includes pellets, extruded, powdered, and liquid. According to the report, pellets accounted for the largest market share.

Pelleted feed is made by compressing a mixture of ingredients into small, cylindrical shapes. These pellets are easy to handle and can be made to float or sink, depending on the feeding habits of the species. Pellets are often used for larger fish and come in various sizes to match the size of the fish being farmed. Liquid feeds are nutrient-rich solutions used primarily for larval stages and filter-feeding species. They can be administered directly into the water or applied to another feed substrate. Liquid feeds are easier for small aquatic species to consume.

Breakup by Region:

• North America
  • United States
  • Canada
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Colombia
  • Chile
  • Peru
  • Others 
• Middle East and Africa
  • Turkey
  • Saudi Arabia
  • Iran
  • United Arab Emirates
  • Others
     

Asia Pacific leads the market, accounting for the largest aquafeed market share

The market research report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, Argentina, Colombia, Chile, Peru, and others), and Middle East and Africa (Turkey, Saudi Arabia, Iran, the United Arab Emirates, and others). According to the report, Asia Pacific represents the largest regional market for aquafeed.

The increasing seafood consumption is driving the market growth across the Asia Pacific region. This is primarily due to population growth and rising health awareness, which is boosting the growth of the market. The rapid expansion of aquaculture industries in countries like China, India, and Vietnam boosts the demand for high-quality feed. Favorable government initiatives supporting sustainable aquaculture practices and substantial investments in research and development (R&D) further fuel market growth. Advancements in feed technology and the adoption of alternative protein sources like insect meal and algae enhance production efficiency and sustainability.

Competitive Landscape:

• The report has also provided a comprehensive analysis of the competitive landscape in the market. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.
• The competitive landscape of the aquafeed market is highly competitive with major players such as Nutreco, Cargill, and Alltech dominating. These players focus on innovative feed formulation and sustainable practices to maintain their market position. Emerging players like Biomar and Skretting are gaining traction through advanced research and development (R&D) and regional expansion. For instance, in February 2023, Norway-based global leader in aquafeed and nutrition, Skretting inaugurated its state-of-the-art aquafeed factory in Mangrol, Surat, Gujarat on India’s west coast. The new facility will further enhance its support for customers and the Indian aquaculture sector. Skretting is the global aquafeed division of Nutreco.

Aquafeed Market News:

• In February 2024, NEOM, an urban project in north-western Saudi Arabia, announced the establishment of an aquaculture joint venture with Tabuk Fisheries Company. Endorsed by the Ministry of Environment, Water and Agriculture (MEWA), the joint venture, Topian Aquaculture, aims to support the National Livestock and Fisheries Development Programme in achieving its ambitious goal of producing 600,000 tons of fish products annually by 2030.
• In February 2023, Fishery scientists and experts from India and the UK called for an Indo-UK partnership to achieve the 'One Health Aquaculture' concept in the country. One Health Aquaculture approach implies achieving optimal health for the people, aquatic animals and plants, and the environment.
• In June 2023, the European Commission is launching the Energy Transition Partnership for fisheries and aquaculture at the high-level conference ‘Joining forces for the energy transition in EU fisheries and aquaculture’. The Partnership will provide a central platform for all actors of the sea to share knowledge and solutions, and coordinate efforts to achieve a climate-neutral sector by 2050, as set out in the Communication on the energy transition in EU fisheries and aquaculture.

Aquafeed Market Report Scope:

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the aquafeed market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the global aquafeed market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the aquafeed industry and its attractiveness.
• The competitive landscape allows stakeholders to understand their competitive environment and provides insight into the current positions of key players in the market.