According to a recent report by Future Market Insights, market research and competitive intelligence provider, sales of Plant-Based Fish Feed are estimated to reach a value of US$ 12.2 Bn by 2032, surging at 6.0% CAGR through the decade.
The global aquaculture landscape is undergoing a profound transformation, with the plant-based fish feed market emerging as a key player in sustainable seafood production. As of June 2022, the aquaculture sector accounts for over 50% of the world’s edible seafood supply, with North America and East Asia leading the charge in innovative plant-based feed development.
Investments in the sector have been robust, particularly in North America and East Asia, where pioneering efforts in the development of novel plant-based fish feed are reshaping the industry. Latin America and the Middle East and Africa (MEA) are poised to claim a significant revenue share in the plant-based fish feed industry by the end of 2029, driven by evolving feed industry patterns for aqua animals in the region.
“Due to environmental dangers, proliferating demand for fish feed with reduced environmental impact, and developing aquaculture industry with enormous demand for sustainable fish feed, the plant-based fish feed market will see expansive growth potential. Long-term benefits have been demonstrated for plant-based fish feed made from canola oil and soybean. As a result, the market for plant-based fish feed will see potential growth”, – Nandini Roy Choudhury, Client Partner at Future Market Insights
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Environmental considerations loom large in the plant-based fish feed market, making sustainable aquaculture development a top priority. The market is expected to experience explosive growth, fueled by the increasing demand for fish feed with minimal environmental impact. The rising demand for sustainable fish feed in the booming aquaculture sector presents immense growth potential for the plant-based fish feed market.
Noteworthy developments, such as increased investments in North America and Europe, signal a positive shift in focus towards the potential opportunities within the plant-based fish industry. With investors and stakeholders recognizing the significance of sustainable practices, the future of plant-based aquarium feeds looks promising.
Key takeaways from market study
- The aquaculture industry accounts for more than 50% of the global edible seafood supply.
- The plant-based fish feed market is predicted to be dominated by Latin America and the Middle East and Africa (MEA).
- In terms of investment in the creation of creative and revolutionary plant-based fish feed, East Asia is at the forefront.
- Due to features such as omega 3 content, protein content, and enhanced digestibility, plant-based fish and seafood have seen a surge in popularity in recent years.
- The Vegetable Fish Food Syndicate’s fate is largely determined by modernization and the introduction of novel technology.
- The enhanced digestibility and excellent protein content of the soybeans and cornmeal have shown significant potential in recent years and have become highly popular.
- The Asia-Pacific region will show growth in the vegetable fish feed market from 2020 to 2027 due to increased demand for fish oil and fish-based household and commercial products.
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Competitive landscape
As demand for plant-based fish feeds is expected to increase over the next decade, existing companies are eagerly awaiting innovation and R&D to establish a strong position in the market. . Several companies around the world are investing heavily in adopting new technologies to find affordable alternatives to fish and shellfish foods to meet the growing demand for seafood. Investment in the development of new plant-based feeds is expected to grow as investors and stakeholders focus on the favorable opportunities and potential of the fish-based market.
Some of the major companies in the market are market Cargill Incorporated., Skretting, Alltech, BioMar Group, Nutreco N.V., Ridley Corporation Limited, ADM, Hanpel Tech Co. LTD, and Adisseo among others.
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Key Segment
By Product Type:
- Soybean Meal
- Cottonseed Meal
- Corn Meal
- Distillers Dried Grains with Soluble
- Wheat Bran
- Rice Bran
- Other Product Types (Canola Meal, Sunflower Meal, etc.)
By Nature:
- Organic
- Conventional
By End-Use Application:
- Commercial
- Household
By Form:
- Pellet
- Powder
- Granule
- Flake
By Sales Channel:
- Direct Sales
- Indirect Sales
- Modern Trade
- Convenience Stores
- Specialty Stores
- Online Retailers
- Other Sales Channels
By Region:
- North America
- Latin America
- Europe
- Middle East and Africa
- East Asia
- South Asia
- Oceania
About Future Market Insights (FMI)Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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