Aquafeed Market Soars Driven by Rising Fish Consumption, Aquaculture Growth, and Sustainable Protein Demand. Predicted 6.8% CAGR, Valued at $90.9 Billion by 2033. U.S. Leads in 2022; Germany, Japan, and India Show Significant Market Share. Top Players Include Cargill, BioMar, Aller Aqua. Strategies Focus on R&D, Global Expansion,
Aquafeed Market is vital to aquaculture, is in great demand due to the increase in fish consumption, the growth of aquaculture, and the hunt for environmentally friendly protein sources. The market is driven by consumer awareness of the health benefits of seafood, while fluctuating raw material costs may have an effect on industry profitability.
The aquafeed market has grown significantly over the last ten years, and this expansion is expected to continue. Numerous factors, such as the declining wild fish stocks, growing health consciousness, and an expanding global population, are responsible for this increase. Aquaculture is therefore starting to be recognised as a crucial strategy to satisfy the rising demand for seafood.
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The aquafeed market is predicted to grow at a robust rate of 6.8% CAGR over the next ten years, reaching a valuation of US$ 90.9 billion by 2033. It is expected to rise significantly from its initial value of US$ 46.8 billion in 2023.
Aqua feed, often known as fishmeal or fishfeed, is an essential component of the aquaculture industry. It is essential for providing aquatic animals raised for aquaculture with essential nutrients, such as fish, prawns, and other crustaceans. The need for aqua feed has been steadily increasing as a result of the rise in global fish consumption, the development of the aquaculture industry, and the search for sustainable protein sources.
There are many reasons why the aqua feed market has expanded significantly. Growing consumer understanding of seafood’s health advantages is one of the main causes. The profitability of producers in the aqua feed industry may be impacted by fluctuating costs for raw materials including fish meal, fish oil, and soybean oil.
Market Opportunities In aqua feed market, there are many opportunities as the demand for seafood is increasing day by day. There are many technological advancements are seen, such as the development of feed ingredients and formulations. From this also, the demand for acquiring seafood is increasing
Compared to traditional fishing, this method of producing seafood is extremely sustainable. Since aqua feed contains protein, minerals, lipids, carbohydrates, and vitamins, it is in high demand since people are becoming more health concerned.
Key Takeaways
- The aqua feed market is expected to grow consistently from 2023 to 2033, with a projected US $90.9 billion value by 2033.
- In 2022, the United States emerged as the dominant force in the aqua feed market, commanding a significant market share of 31.2%.
- Germany showcased impressive progress in 2022, attaining a market share of 8.5% and signaling a rising interest in the aqua feed sector.
- The aqua feed market in Japan witnessed substantial expansion in 2022, securing a significant market share of 4.8% and demonstrating its increasing market potential.
- India made a main entry into the aqua feed market in 2022, capturing a market share of 8.0% and showcasing its active involvement and influence within the industry.
Competitors Winning Strategies
Competitors of the aqua feed market are applying many strategies to become a leading company. Companies are focusing on research and development to develop new ingredients which help enhance the health and growth of fish and other aquatic animals. They are opening new feed factories all over the world to meet the growing demand for aqua feed in their regions.
They are making partnerships with other industries as well to accelerate the development of new ingredients also, they get more new customers from other industries.
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Top 15 Key Players in Aqua Feed Market
- Cargill, Incorporated
- Charoen Pokphand Foods PCL
- BioMar Group
- Ridley Corporation Limited
- Aller Aqua
- Biostadt India Limited
- BENEO
- Alltech
- INVE Aquaculture
- AKER BIO MARINE
- Skretting
- Purina Animal Nutrition LLC
- Dibaq Aquaculture
- Avanti Feeds Limited
- The Waterbase Limited
Recent Developments:
- Aller Aqua: Aller Aqua revealed its relationship with the Bayrise fish farm in Kenya to its long-term development with high-quality goods that will enhance aquaculture in Kenya.
- BioMar: BioMar and Mols Bjerge mutually started an effort to repair eelgrass ecosystems. The project, referred to as “Havets Grønne Enge”, will contribute to the sea environment and lower CO2 from the atmosphere.
- Cargill: Cargill confirmed the official launch of its newest fish feed plant, Lotus II, in Vietnam. The fish feed plant includes two lines with an output of approximately 100,000 tons annually.
Aquafeed Industry by Category
By Species:
- Crustaceans
- Fish
- Others
By Form:
- Extruded
- Powder
- Liquid
- Pellets
By Function:
- Health
- Digestion
- Palatability
- Special Nutrition
By Ingredients:
- Marine
- Land Animal
- Veg/Grain
- Carotenoid
- Nutrients
- Others
By Sales Channel:
- Direct Sales
- Indirect Sales
- Hypermarket
- Supermarket
- Wholesalers
- Speciality Stores
- Online
- Other Retail Formats
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa (MEA)
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