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.
Fish feeds, available in the form of pellets or granules, play a crucial role in providing essential nutrients to fish, enabling them to achieve their maximum potential. Plant-based fish feed, crafted from sources like soybean, canola oil, lipids from algae, and supplemented with amino acids, holds significant growth potential in the market.
The composition of plant-based fish feed encompasses ingredients such as cottonseed meal, distillers dried grain with soluble, sunflower meal, canola meal, cornmeal, wheat bran, and rice bran. These ingredients, rich in protein and easily digestible, contribute to the substantial growth prospects of the market. Fish feed is utilized for both commercial and domestic purposes, available in various forms such as granules, pellets, powder, and flakes. The increasing preference for organic and natural ingredients within the aquafeed industry further accelerates the potential growth of the plant-based fish feed market.
Currently, North America, Europe, and East Asia stand as pivotal regional markets for vegetable and fish feed producers, with this trend anticipated to persist in the coming decade. The research attributes this regional dominance to heightened investments in research and development efforts. Notably, East Asia emerges as one of the most lucrative marketplaces, driven by factors like a growing middle class and increased disposable income, particularly in nations such as China, South Korea, Vietnam, and Japan.
In a bid to fortify their market positions, businesses are embracing strategies like mergers and acquisitions, alongside a focus on innovation. The East Asian market, in particular, benefits from these efforts, positioning itself as a highly profitable arena.
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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.
“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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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
- OceaniaAbout 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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