According to a recent research report by Future Market Insights (FMI), the global market for marine feed is poised for substantial growth, with sales projected to reach a value of US$ 63,056.3 million by 2033. The market is expected to surge at a robust Compound Annual Growth Rate (CAGR) of 6.9% during the forecast period from 2023 to 2033. In 2023, the market is estimated to be valued at around US$ 37,311.4 million.
The increasing interest in fish farming and the growing trend of seafood consumption are driving significant growth in the global marine feed market. As the demand for sustainable sources of protein rises and wild fisheries face depletion, aquaculture emerges as a crucial solution to meet the growing protein needs of the population.
“With the depletion of wild fisheries and the rising demand for sustainable protein sources, aquaculture has become instrumental in addressing the protein resource gap,” says a by Future Market Insights. “This presents a significant opportunity for producers in the marine feed market to provide essential nourishment to farmed fish, contributing to sustainable seafood production.”
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Consumers are increasingly aware of the impact of seafood on the ecosystem, leading to a preference for fish aquaculture that utilizes environmentally friendly methods. This trend provides an opportunity for innovation in marine animal nutrition, with a focus on using environmentally beneficial and traceable components. By emphasizing sustainability and quality, the marine feed sector can capitalize on the growing demand for transparent seafood supply chains.
It is imperative for marine feed manufacturers to prioritize sustainable seafood production and develop feeds tailored to meet the dietary needs of aquatic creatures. By supporting nutrition in aquatic ecosystems, the marine feed market not only drives its own growth but also provides a sustainable solution to meet the world’s increasing seafood demand.
Key Takeaways from the Marine Feed Market Study-
- The global marine feed sales grew at a CAGR of 6.0% from 2018 to 2022.
- China’s marine feed industry is poised to exhibit a CAGR of 5.8% during the assessment period.
- Marine feed demand in India is anticipated to rise at a steady CAGR of 4.9% during the forecast period from 2023 to 2033.
- The United States marine feed industry is expected to reach a valuation of around US$ 3,139.8 million by 2033.
- The fish species segment is projected to reach a valuation of US$ 28,442.5 million in 2033.
“The feed production landscape is expected to undergo significant change in the next five years due to the introduction of novel ingredients, data-guided formulations, and cutting-edge technologies. Aquaculture methods will increasingly align with sustainability goals by implementing precision nutrition, ecologically friendly sourcing, and responsible aquaculture.” – says Nandini Roy Choudhury (client Partner for Food and Beverages at Future Market Insights, Inc.)
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Competitive Landscape
The competitive landscape of the marine feed industry is intricate, marked by the presence of international industry leaders such as Cargill and Nutreco. Alongside them, regional suppliers catering to specialized markets and sustainability-driven enterprises contribute to the diverse landscape.
Research and development pioneers, coupled with the influence of vertical integration and participation from governmental and academic entities, enhance the intricacy. Additionally, emerging start-ups and entrepreneurial initiatives are bringing new perspectives, rendering the market dynamic.
A handful of the leading companies offering marine feed are Cargill, Inc., Archer Daniels Midland, Zeigler Bros., Inc., Skretting AS, Aller Aqua A/S, Alltech Inc., Sonac B.V., Nutreco N.V., BioMar Group, Biomin Holding GmbH, Ridley Corp. Ltd.
For instance,
- In July 2023, to create fish meals from organic waste, the Kerala University of Fisheries and Ocean Studies (Kufos) started an experimental study. Using black soldier fly larvae, the initiative seeks to produce the protein needed for a marine feed from organic waste.
Get More Valuable Insights into the Marine Feed Market
Future Market Insights (FMI), in its new offering, provides an unbiased analysis of the marine feed market, presenting historical demand data (2018 to 2022) and forecast statistics for the period from 2023 to 2033.
The study incorporates compelling insights on the marine feed market by species (fish, crustaceans, mollusks, and others (squid)), by ingredients (soybean meal, wheat and corn, fish meal, fish oil, krill meal, shrimp meal, squid meal, algae and microalgae, seaweed and seagrass, and others (spirulina, yeast)), form (pellets, powder, granules, and flakes), distribution channel (business-to-business and business-to-consumer), and region.
Key Companies Profiled in Marine Feed Market
- Cargill, Inc.
- Zeigler Bros., Inc.
- Archer Daniels Midland
- Alltech Inc
- Skretting AS
- Aller Aqua A/S
- Sonac B.V.
- BioMar Group
- Nutreco N.V.
- Biomin Holding GmbH
- Ridley Corp.Ltd
- Other Players
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Marine Feed Market Outlook by Category
By Species:
- Fish
- Crustaceans
- Mollusks
- Others (Squid)
By Ingredients:
- Soybean Meal
- Wheat and Corn
- Fish Meal
- Fish Oil
- Krill Meal
- Shrimp Meal
- Squid Meal
- Algae and Microalgae
- Seaweed and Seagrass
- Others (Spirulina, Yeast)
By Form:
- Pellets
- Powder
- Granules
- Flakes
By Distribution Channel:
- Business-to-Business
- Business-to-Consumer
- Hypermarkets/Supermarkets
- Specialty Stores
- Agricultural and Aquatic Supply Stores
- Online Retailers
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Middle East & Africa
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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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