Global Shrimp Feed Market to Reach US$ 10.7 Billion by 2032, Propelled by Rapid Growth of the Aquaculture Industry

May 31, 2023 | Additives

The latest report by IMARC Group, titled "Shrimp Feed Market Report by Type (Grower, Finisher, Starter), Ingredients (Soybean Meal, Fish Meal, Wheat Flour, Fish Oil, and Others), Additives (Vitamins and Proteins, Fatty Acids, Antioxidants, Feed Enzymes, Antibiotics, and Others), and Region 2024-2032," finds that the global shrimp feed market size reached US$ 6.9 Billion in 2023. Shrimp feed refers to the specially formulated and nutritionally balanced diet provided to shrimp in aquaculture operations. It is designed to meet the specific nutritional requirements of shrimp at different stages of their growth and development, promoting optimal health, growth, and productivity. Shrimp feed typically consists of various ingredients, including marine and plant-based proteins, carbohydrates, lipids, vitamins, minerals, and other additives. The composition of the feed may vary, depending on the species of shrimp being cultured, their developmental stage, and the specific production goals. In recent years, shrimp feed has gained traction as it provides essential nutrients that support the growth and development of shrimp.

Global Shrimp Feed Market Trends:

One of the primary factors driving the market is the growth of the aquaculture industry. Furthermore, as the demand for shrimp products increases globally, shrimp farmers require a reliable and nutritionally balanced feed to support their production. As a result, the expansion of shrimp farming operations has escalated the demand for shrimp feed. Additionally, shrimp is a popular seafood worldwide due to the changing dietary preferences, rising disposable incomes, and the growth of the global middle class. This increases the adoption of high-quality shrimp feed to meet the growing production requirements. Other than this, there has been increasing awareness among shrimp farmers regarding the importance of proper nutrition for shrimp health and productivity. Owing to this, farmers are increasingly recognizing the role of balanced nutrition in disease prevention, improved growth rates, and enhanced marketable yields, leading to the adoption of specialized shrimp feed. Furthermore, governments of various nations have implemented regulations and policies related to aquaculture practices, environmental sustainability, and food safety, which often require the use of specific feed formulations, additives, and sustainable sourcing practices, thus accelerating the sales of shrimp feed products. Moreover, continuous advancements in the shrimp feed sector, such as the development of new feed formulations, improvement in ingredient quality, and enhancement of feed efficiency, offering improved growth performance, disease resistance, and environmental sustainability, are creating a positive market outlook.  Looking forward, IMARC Group expects the market value to reach US$ 10.7 Billion by 2032, exhibiting a CAGR of 4.9% during the forecast period (2024-2032). 

Market Summary:

  • On the basis of the type, the market has been segmented into grower, finisher, and starter. Currently, grower represents the most popular type.
  • Based on the ingredient insight, the market has been classified into soybean meal, fish meal, wheat flour, fish oil, and others. At present, soybean meal accounts for the majority of the market share.
  • On the basis of the additive, the market has been bifurcated into vitamins and proteins, fatty acids, antioxidants, feed enzymes, antibiotics, and others. Amongst these, vitamins and proteins hold the largest market share.
  • Region-wise, Asia Pacific exhibits a clear dominance in the market. Other major regions include Latin America, Europe, North America, and Middle East and Africa.
  • The competitive landscape of the market has been examined in the report, with some of the key players being Charoen Pokphand Group Company Ltd., Cargill Incorporated, Nutreco N.V., BioMar Group A/S, and Guangdong Yuehai Feeds Group Co. Ltd.

Report Coverage:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion, Million Tons
Segment Coverage Type, Ingredients, Additives, Region
Region Covered  Asia Pacific, Latin America, Europe, North America, Middle East and Africa
Companies Covered Charoen Pokphand Group Company, Ltd., Cargill, Incorporated, Nutreco N.V., BioMar Group A/S, and Guangdong Yuehai Feeds Group Co., Ltd.
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 3899
Five User License: US$ 4899
Corporate License: US$ 5899
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

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Global Shrimp Feed Market to Reach US$ 10.7 Billion by 2032, Propelled by Rapid Growth of the Aquaculture Industry
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