According to FMI, fish feed market is expected to reach US$ 116,480 million by 2023. It is estimated that the market is poised to reach US$ 163,530 million between 2023 and 2033, representing a CAGR of 3.5%.
Fish feed demand may vary depending on consumer preferences for sustainable seafood products and healthy seafood. Aquaculture practices may have to adapt their feed formulations and production methods as consumers become more aware of their environmental and health impacts.
Advances in aquaculture technology, such as automated feeding systems, precision feeding, and data-driven management, could influence the demand for specialized fish feed products in the market. The demand for specific types of fish feed can be affected by the type of fish farmed. Dietary requirements for different species can influence fish feed composition and formulation.
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Feed formulations that are more efficient and cost-effective have been the result of ongoing research and development in fish nutrition and feed technology. As farmers pursue improved production outcomes and cost-saving measures, demand will increase.
Sustainable aquaculture practices are becoming increasingly important to minimize environmental impact. The ecological footprint of fish farming operations can be reduced by using feed ingredients that are sourced responsibly.
Different species of fish require different levels of nutrition. Creating specialized feeds to meet the dietary needs of farmed fish, including salmon, tilapia, catfish, shrimp, and carp, is driving the demand for fish feed.
Key Takeaways from the Market Study
- By 2032, the global market for fish feed is predicted to reach US$ 1,58,000 million.
- In 2022, the United States held 25.8% of the global fish feed market.
- According to industry estimates, fish feed demand is expected to rise at an average CAGR of 8% between 2022 and 2032.
- In 2022, the market for fish feed grew by 6.7% in China.
- Towards the end of 2022, Japan was responsible for 4.4% of the global market.
- Germany accounted for 13.1% of the global fish feed market in 2022.
- The fish feed market recorded a CAGR of 1.6% between 2018 and 2022.
“Plant-based fish feed will continue to be popular as the market for sustainable and organic fish feed grows in the market. Intensified fish farming practices and growing awareness of health and nourishing foods to grow the market.” says an FMI analyst.
Competitive Landscape
A growing number of companies are collaborating with other companies and forming strategic partnerships in order to grow their fish feed businesses. A growing number of fish feed market players are investing heavily in research and development, developing new products, expanding their geographical reach, and forming strategic partnerships.
- On April 2023, ICAR-Central Inland Fisheries Research Institute, Barrackpore signed an agreement with Glaucus Agrochem Pvt Ltd for the usage of the floating fish feed “CIFRI Cagegrow”. For a period of five years, ICAR-CIFRI has granted a nonexclusive license for manufacturing and selling its floating fish feed Cagegrow in India. ICAR’s commercial arm, Agrinnovate India Ltd, completed the commercialization process.
- On August 2023, Kerala varsity produced fish feed from organic waste. As part of its experimental fish meal production project, Kerala Fisheries and Ocean Studies University (KUFOS) is using organic waste to produce fish meals. A black soldier fly larvae-based project is being developed to produce the organic waste protein needed for fish feed production.
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Know More about What the Fish Feed Market Report Covers
Future Market Insights offers an unbiased analysis of the global fish feed market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the fish feed market, the market is segmented based on product type, form, end-use application, and distribution channel industry type across six major regions.
Market Segmentation
Product Type:
- Plant Based
- Fish & Fish Products
- Microorganism
Form:
- Pellet
- Granules
- Flakes
- Sticks
- Powder
End Use Application:
- Commercial
- Household
Distribution Channel:
- B2B
- B2C
- Store based
- Online retail
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- Middle East and Africa
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization, and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel, and End Use over the next 10 years.
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