Aquafeed Market Research Report 2024
Aquafeed Market Global Industry Analysis And Forecast (2024-2032) By Type (Fish Feed, Crustacean Feed, Mollusk Feed), Ingredients (Soybean, Corn, Fish Meal, Fish Oil, Additives), Lifecycle (Starter Feed, Grower Feed, Finisher Feed, Brooder Feed), Additives (Vitamins and Minerals, Antioxidants, Feed Enzymes, Others {Amino Acids, Antibiotics, Prebiotics, Probiotics}), Form (Extruded, Powdered, Pellets, Liquid), Distribution Channel (Supermarkets/ Hypermarkets, Wholesale Stores, Online Retail Stores, Specialty Stores), And Region
Aquafeed Market Synopsis
Aquafeed Market Size Was Valued at USD 61.82 Billion in 2023 and is Projected to Reach USD 112.04 Billion by 2032, Growing at a CAGR of 6.83% From 2024-2032.
Aquafeed refers to the specialized food provided to aquatic animals raised in aquaculture systems which is designed to meet the nutritional requirements of various aquatic species, such as fish, shrimp, and other aquatic organisms. It aims to provide balanced nutrition with ingredients like fishmeal, plant proteins, grains, vitamins, minerals, and additives.
Aquafeed is formulated to provide essential nutrients, proteins, fats, vitamins, and minerals necessary for the optimal growth and development of aquatic animals. Efficiently formulated aquafeeds help improve the conversion of feed into body mass more effectively, resulting in economical and sustainable aquaculture practices. Aquafeed can contain immunity-enhancing additives and ingredients that help boost the immune system of aquatic animals. Aquafeed is formulated to optimize nutrient utilization and minimize nutrient waste which results in efficient feed utilization by the animals and reducing the environmental impact of aquaculture operations. Properly balanced aquafeed supports the overall health and well-being of the aquatic animal and ensures their reproductive capacity, survival rates, and general vitality.
The volume of global fish production amounted to 186.6 million metric tons in 2023, up from 184.6 million metric tons in 2022. Fish is one of the most widely consumed foods in the world, and it is only becoming more popular over time.
Top Active Players Involved Are:
“SCHOUW & Co. (Denmark), Biomin GmbH (Austria), BENEO GmbH (SUEDZUCKER GROUP) (Germany), NUTRECO N.V. (Netherlands), Charoen Pokphand Foods Public Company Limited (Thailand), Avanti Feeds Limited (India), ALLTECH, INC. (United States), Cargill Incorporated (United States), Coppens International B.V. (Netherlands), ALLER AQUA A/S (Denmark), Ridley Corporation Limited (Australia), AKER BIOMARINE (Norway), Skretting (Norway), Purina Animal Nutrition LLC (United States), Dibaq Aquaculture (Spain), INVE Aquaculture (Belgium), Biostadt India Limited (India), The Waterbase Limited (India), Growel Feeds (India), Kent Feeds (US), Adisseo(Belgium), De Heus Animal Nutrition B. V (Netherlands), CPF PLC (Thailand), Tongwei Co., Ltd. (China), Zeigler Bros., Inc. (United States) and other active players.”
Aquafeed Market Trend Analysis
Rising Consumption of Fishes
- With the growing global population, the need for seafood, such as fish, is also on the rise. Fish is viewed as a valuable source of animal protein and key nutrients which increases the demand for aquaculture products to satisfy this increasing requirement.
- Aquaculture enables controlled and efficient fish production, unlike wild fish. Nevertheless, captive fish need the right nutrition in order to develop and prosper. Aquafeed is tailored for various types of fish to offer essential nutrients, vitamins, and minerals required for their best growth, health, and reproduction.
- Aquafeed is essential for fulfilling the unique nutritional needs of cultured fish. Aquafeed guarantees that fish receive proper amounts of proteins, lipids, carbohydrates, vitamins, and minerals by creating and providing well-balanced diets. This also enhances development, immunity, and overall health.
- The aquafeed offers a cost-efficient option for fish farmers, which helps sustain the economic feasibility of the aquaculture sector. Aquafeed producers are placing more emphasis on sustainable ingredient sourcing, incorporating alternative protein sources, and lessening reliance on fishmeal and fish oil.
Opportunity
Organic Fish Farming
- There is a growing consumer demand for organic and sustainably produced seafood due to people becoming more conscious about health, environmental impact, and animal welfare. This creates a need for specialized organic aquafeed formulations.
- With the increasing number of organic fish farms worldwide, there is a need for innovative and nutritionally balanced organic aquafeed formulations which can meet the specific requirements of different fish species and their organic production systems.
- Organic fish farming practices promote sustainability by minimizing chemical inputs, reducing pollution, and preserving water quality and focuses on using natural, responsibly sourced ingredients, reducing reliance on fishmeal and fish oil derived from wild-caught fish.
- Organic fish farms must adhere to strict organic standards and regulations, which naturally gives it premium pricing and makes them profitable. The aquafeed manufacturers develop and supply high-quality organic feed formulations, they can contribute to the sustainable growth of the organic fish farming industry.
Aquafeed Market Segment Analysis:
Aquafeed market is segmented on the basis of Type, Ingredients, Lifecycle, Additives, Form, And Distribution Channel.
By Type, Fish Feed Segment Is Expected to Dominate the Market During the Forecast Period
There are three segments by type such as Fish Feed, Crustacean Feed, Mollusk Feed. Among these, the Fish feed segment Is Expected to Dominate the Market During the Forecast Period.
- Fish farming is the largest and fastest-growing sector in the global aquaculture market and as the demand for fish and seafood continues to increase worldwide, the demand for fish feed also escalates.
- Fish farming comprises a broad range of fish species, each with varying nutritional requirements and feeding habits. Therefore, the fish feed segment offers a vast market potential for customized and specialized feed formulations tailored to the specific needs of different fish species.
- The innovative technologies help fish farmers achieve better feed conversion rates, reduce wastage, and minimize the environmental impact of fish farming. These help to provide high-quality, nutritious, and cost-effective fish feed products.
By Lifecycle, Grower Feed Segment Held the Largest Share In 2023
There are four segments by lifecycle such as starter feed, grower feed, finisher feed, and brooder feed. Among these, the grower feed segment held the largest share in 2023.
- During the grower phase, aquatic species require specific nutritional profiles to support their physiological needs and optimize growth rates. Grower feed formulations are designed to provide the right balance of proteins, fats, vitamins, and minerals that support healthy development and weight gain.
- Grower feed formulations are developed to enhance feed conversion rates and improve overall performance in terms of growth. Aquafeed manufacturers concentrate on optimizing the nutritional composition of grower feeds to maximize feed efficiency, reduce production costs, and promote faster growth rates in aquatic species.
- The grower feed segment caters to a diverse range of aquatic species, including fish, shrimp, and other marine organisms catering to different requirements of different species.
- Ongoing advancements in aquafeed technology and extensive research aim to enhance the nutritional quality, digestibility, and palatability of grower feeds, ultimately boosting the market share of this segment.
Aquafeed Market Regional Insights:
Asia Pacific is Expected to Dominate the Market Over the Forecast Period
- Countries like China, India, Indonesia, Vietnam, and Thailand are major contributors to aquaculture production in the Asia Pacific region. The increasing demand for seafood, favorable climatic conditions, and availability of water resources make Asia Pacific a thriving region for aquaculture.
- The Asia Pacific region has a large population with a high appetite for seafood consumption and dietary preferences shift towards more protein-based diets. This drives the demand for aquaculture products.
- Governments in the Asia Pacific region have taken proactive steps to promote and support the growth of the aquaculture sector by implementing various policies, subsidies, and incentives to encourage investment in aquaculture and provide a conducive business environment.
- Countries in the Asia Pacific region are major exporters of fish and shrimp products who demand for high-quality and sustainable aquafeed to meet the export requirements and maintain the reputation of the region as a reliable seafood supplier.
Aquafeed Market Active Players
- SCHOUW & Co. (Denmark)
- Biomin GmbH (Austria)
- BENEO GmbH (SUEDZUCKER GROUP) (Germany)
- NUTRECO N.V. (Netherlands)
- Charoen Pokphand Foods Public Company Limited (Thailand)
- Avanti Feeds Limited (India)
- ALLTECH, INC. (United States)
- Cargill Incorporated (United States)
- Coppens International B.V. (Netherlands)
- ALLER AQUA A/S (Denmark)
- Ridley Corporation Limited (Australia)
- AKER BIOMARINE (Norway)
- Skretting (Norway)
- Purina Animal Nutrition LLC (United States)
- Dibaq Aquaculture (Spain)
- INVE Aquaculture (Belgium)
- Biostadt India Limited (India)
- The Waterbase Limited (India)
- Growel Feeds (India)
- Kent Feeds (US)
- Adisseo(Belgium)
- De Heus Animal Nutrition B. V (Netherlands)
- CPF PLC (Thailand)
- Tongwei Co., Ltd. (China)
- Zeigler Bros., Inc. (United States) and Other Active Players.
Key Industry Developments in the Aquafeed Market:
- In March 2024, A new risk assessment tool is launched by the Global Salmon Initiative and the World Wildlife Fund. This promises increased visibility into the environmental and social impacts of aquafeed ingredient supply chains.
- In February 2024, Aquafeed producer BioMar announced the release of ‘Calm’ - a salmon feed supplement designed to reduce the impacts of stress on fish development and growth. Throughout the production process, farmed salmon are subjected to numerous stress events, including crowding and general handling, as well as treatments for sea lice and other parasites. The introduction of Calm can alleviate some of these production pains.
- In February 2024, Skretting launched "Cosmos" - a new barramundi (Asian sea bass) specific feed to cater to the needs of the industry. As barramundi practices are scaled up, there is a rise in demand for barramundi-specific feed.
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Aquafeed Market |
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Base Year: |
2023 |
Forecast Period: |
2024-2032 |
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Historical Data: |
2017 to 2023 |
Market Size in 2023: |
USD 61.82 Bn. |
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Forecast Period 2024-32 CAGR: |
6.83 % |
Market Size in 2032: |
USD 112.04 Bn. |
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Segments Covered: |
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By Ingredients |
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By Lifecycle |
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By Additives |
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By Form |
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By Distribution Channel |
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By Region |
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Key Market Drivers: |
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Key Market Restraints: |
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Companies Covered in the report: |
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Chapter 1: Introduction
1.1 Scope and Coverage
Chapter 2:Executive Summary
Chapter 3: Market Landscape
3.1 Market Dynamics
3.1.1 Drivers
3.1.2 Restraints
3.1.3 Opportunities
3.1.4 Challenges
3.2 Market Trend Analysis
3.3 PESTLE Analysis
3.4 Porter's Five Forces Analysis
3.5 Industry Value Chain Analysis
3.6 Ecosystem
3.7 Regulatory Landscape
3.8 Price Trend Analysis
3.9 Patent Analysis
3.10 Technology Evolution
3.11 Investment Pockets
3.12 Import-Export Analysis
Chapter 4: Aquafeed Market by By Type
4.1 Aquafeed Market Snapshot and Growth Engine
4.2 Aquafeed Market Overview
4.3 Fish Feed
4.3.1 Introduction and Market Overview
4.3.2 Historic and Forecasted Market Size in Value USD and Volume
Frequently Asked Questions
What would be the forecast period in the Aquafeed Market research report?
The forecast period in the Aquafeed Market research report is 2024-2032.
Who are the key players in the Aquafeed Market?
SCHOUW & Co. (Denmark), Biomin GmbH (Austria), BENEO GmbH (SUEDZUCKER GROUP) (Germany), NUTRECO N.V. (Netherlands), Charoen Pokphand Foods Public Company Limited (Thailand), Avanti Feeds Limited (India), ALLTECH, INC. (United States), Cargill Incorporated (United States), Coppens International B.V. (Netherlands), ALLER AQUA A/S (Denmark), Ridley Corporation Limited (Australia), AKER BIOMARINE (Norway), Skretting (Norway), Purina Animal Nutrition LLC (United States), Dibaq Aquaculture (Spain), INVE Aquaculture (Belgium), Biostadt India Limited (India), The Waterbase Limited (India), Growel Feeds (India), Kent Feeds (US), Adisseo(Belgium), De Heus Animal Nutrition B. V (Netherlands), CPF PLC (Thailand), Tongwei Co., Ltd. (China), Zeigler Bros., Inc. (United States) and other active players.
What are the segments of the Aquafeed Market?
The Aquafeed Market is segmented into Type, Ingredients, Lifecycle, Additives, Form, Distribution Channel, and region. By Type, the market is categorized into Fish Feed, Crustacean Feed, and Mollusk Feed. By Ingredients, the market is categorized into Soybean, Corn, Fish Meal, Fish Oil, and Additives. By Lifecycle, the market is categorized into Starter Feed, Grower Feed, Finisher Feed, and Brooder Feed. By Additives, the market is categorized into Vitamins and Minerals, Antioxidants, Feed Enzymes, Others {Amino Acids, Antibiotics, Prebiotics, Probiotics}. By Form, The Market Is Categorized Into Extruded, Powdered, Pellets, Liquid. By Distribution Channel, the market is categorized into Supermarkets/ Hypermarkets, Wholesale Stores, Online Retail Stores, Specialty Stores. By region, it is analyzed across North America (U.S.; Canada; Mexico), Eastern Europe (Bulgaria; The Czech Republic; Hungary; Poland; Romania; Rest of Eastern Europe), Western Europe (Germany; UK; France; Netherlands; Italy; Russia; Spain; Rest of Western Europe), Asia-Pacific (China; India; Japan; Southeast Asia, etc.), South America (Brazil; Argentina, etc.), Middle East & Africa (Saudi Arabia; South Africa, etc.).
What is the Aquafeed Market?
Aquafeed refers to the specialized food provided to aquatic animals raised in aquaculture systems which is designed to meet the nutritional requirements of various aquatic species, such as fish, shrimp, and other aquatic organisms. It aims to provide balanced nutrition with ingredients like fishmeal, plant proteins, grains, vitamins, minerals, and additives.
How big is the Aquafeed Market?
Aquafeed Market Size Was Valued at USD 61.82 Billion in 2023, and is Projected to Reach USD 112.04 Billion by 2032, Growing at a CAGR of 6.83% From 2024-2032.
