Asia Pacific Aquafeed Market to Reach 89.6 Million Tons by 2032, Impelled by Increasing Consumption of Seafood

March 24, 2023 | Food & Beverages

According to the latest report by IMARC Group, titled "Asia Pacific Aquafeed Market Report by End User (Carps, Shrimp, Tilapia, Mollusks, Catfish, Salmon, Lobsters, and Others), Ingredient (Soybean, Fish Meal, Corn, Fish Oil, Additives, and Others), Additives (Amino Acids, Antibiotics, Vitamins, Feed Acidifiers, and Others), Product Forms (Pellets, Extruded, Powdered, Liquid), and Country 2024-2032," the Asia Pacific aquafeed market size reached 48.3 Million Tons in 2023. Aquafeed refers to the feed given to aquatic farmed animals, which is composed of proteins, carbohydrates, fats, and micronutrients. It is considered essential for the growth and development of aquatic animals as it helps in mitigating the effects of stress, decreasing susceptibility to disease, and improving immunity levels. At present, key market players operating in the Asia Pacific region are introducing more sustainable and environment-friendly aquafeed formulations and focusing on improving the efficiency and profitability of the feed.

Asia Pacific Aquafeed Market Trends:

At present, changing dietary patterns, rising awareness about the benefits of consuming seafood, and the increasing number of pescatarians are among the key factors positively influencing the market in the Asia Pacific region. In addition, the incorporation of advanced technologies, such as artificial intelligence (AI) and machine learning (ML), for improved packaging, feed safety compliance monitoring, transparent supply chain management, and effective cleaning, coupled with the advancement in methods for measuring the quality of aquafeeds throughout the manufacturing process, are strengthening the market growth in the region. Apart from this, the easy availability of seafood through online and offline distribution channels, coupled with secured payment gateways is creating a favorable market outlook. Furthermore, the growing awareness about the environmental impacts of aquaculture is resulting in increasing demand for aquafeed made from sustainable and natural ingredients, which is stimulating the market growth. On account of the aforementioned factors, the market is anticipated to reach a volume of 89.6 Million Tons by 2032, exhibiting a CAGR of 6.9% during 2024-2032.

Market Summary:

  • On the basis of the ingredient, the market has been segmented into soybean, fish meal, corn, fish oil, additives, and others. At present, soybean holds the largest share of the market.
  • Based on the additives, the market has been segregated into amino acids, antibiotics, vitamins, feed acidifiers, and others. Vitamins represent the most commonly used additives in the aquafeed.
  • On the basis of the product form, the market has been classified into pellets, extruded, powdered, and liquid. Pellets currently account for the biggest market share.
  • Based on the end user, the market has been divided into carps, shrimp, tilapia, mollusks, catfish, salmon, lobsters, and others. At present, carps exhibit a clear dominance in the market.
  • Region-wise, the market has been segmented into China, Indonesia, Japan, Bangladesh, Thailand, Vietnam, India, Malaysia, South Korean and others. Amongst these, China enjoys the leading position in the market.
  • The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of the key players include Charoen Pokphand Group, BioMar, Aller Aqua, Tongwei Group Co., Ltd., Cargill Inc., Ridley Corp. Ltd., Alltech Coppens B.V., and Nutreco N.V., etc.

Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units Million Tons, US$ Million
End User Covered Carps, Shrimp, Tilapia, Mollusks, Catfish, Salmon, Lobsters, Others
Ingredient Covered Soybean, Fish Meal, Corn, Fish Oil, Additives, Others
Additives Covered Amino Acids, Antibiotics, Vitamins, Feed Acidifiers, Others
Product Forms Covered Pellets, Extruded, Powdered, Liquid
Countries Covered China, Indonesia, Japan, Bangladesh, Thailand, Vietnam, India, Malaysia, South Korea, Others
Companies Covered Charoen Pokphand Group, BioMar, Aller Aqua, Tongwei Co. Ltd, Cargill, Ridley Corporation, Alltech Coppens B.V., and Nutreco N.V
Customization Scope 10% Free Customization
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Asia Pacific Aquafeed Market to Reach 89.6 Million Tons by 2032, Impelled by Increasing Consumption of Seafood
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