Japan Aquafeed Market to Reach 6.3 Million Tons by 2032, Stimulated by High Consumption of Seafood

According to the latest report by IMARC Group, titled “Japan Aquafeed Market Report by End-User (Molluscs, Fishes, Crustaceans and Others), Ingredient (Soybean, Fish Meal, Wheat Flour and Wheat Products, Rice Products, Corn, Additives, and Others), Product Form (Pellets, Extruded, Powdered, Liquid) 2024-2032,” the Japan aquafeed market size reached 3.4 Million Tons in 2023. Aquafeed is commercially prepared for providing balanced nutrition to farmed fishes and other aquatic animals. It is made using plants, fish oil, fish meal, marine animals, grain products, vegetable protein and terrestrial-based live feeds. It is generally available in the form of pellets, extruded bits or granules, and is a rich source of proteins, carbohydrates, vitamins, minerals, lipids and fats, and fiber. As these nutrients help aquatic animals in growing to their full potential, aquafeed is extensively utilized by aquafarmers in Japan to improve farm yields.

Japan Aquafeed Market Trends:

Japan has the highest average lifespan for both men and women, which can be accredited to the traditional Japanese diet that includes a large portion of seafood. This, in confluence with the increasing awareness among individuals about the health benefits of consuming seafood as compared to animal meat, is strengthening the aquafeed market in the country. Apart from this, the Government of Japan is undertaking initiatives to boost aquaculture output. For instance, it recently launched a ‘Fast Fish’ campaign to support the modernization of the fishing sector and increase the production of certified sustainable seafood in the country. Some of the other factors that are projected to fuel the market growth are rising fish mass production, increasing intensive farming, and improving stock and feed densities and feed management practices. Looking forward, the market volume is projected to reach 6.3 Million Tons by 2032, expanding at a CAGR of 7.1% during the forecast period (2024-2032).

Market Summary:

• Based on the end user, the market has been segmented into molluscs (Japanese scallop and Pacific oyster); fishes (yellowtail, red seabream, grater amberjack, bluefin tuna and others); and crustaceans and others. Amongst these, fishes exhibit a clear dominance in the market.
• On the basis of the ingredient, the market has been segregated into soybean; fish meal; wheat flour and wheat products; rice products; corn; additives (vitamins and minerals, amino acids, feed acidifiers, antibiotics, and others); and others. At present, soybean accounts for the majority of the total market share.
• The market has been analyzed on the basis of the product form into pellets, extruded, powdered and liquid, wherein pellets hold the largest market share.
• The competitive landscape of the market has been examined, with some of the key players being Marubeni Nisshin Feed Co. Ltd., Nosan Corporation (Mitsubishi Corporation) and Skretting (Nutreco N.V.).
   

Report Scope:

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