According to Future Market Insights, the global aquafeed market is expected to increase at a CAGR of 6.8% through 2033. The market value is projected to expand from US$ 46.8 billion in 2023 to US$ 90.9 billion by 2033.
The aquafeed market has expanded dramatically over the previous decade, and this trend is projected to continue. This growth can be attributed to a variety of factors, including dwindling wild fish stocks, increased health consciousness, and an expanding world population. As a result, aquaculture is becoming more regarded as a critical approach for meeting expanding seafood demand.
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The aquafeed market is witnessing an unprecedented surge, propelled by the escalating demand for sustainable protein sources, the flourishing aquaculture sector, and the global appetite for fish consumption. With an anticipated robust Compound Annual Growth Rate (CAGR) of 6.8%, the aquafeed market is set to achieve a valuation of US$ 90.9 billion by 2033, showcasing significant growth from its initial worth of US$ 46.8 billion in 2023.
Key Points:
1. Global Growth Trajectory:
- The aquafeed market is projected to grow steadily, reaching an estimated value of US$ 90.9 billion by 2033, driven by a compelling 6.8% CAGR over the next decade.
2. Impact of COVID-19:
- The COVID-19 pandemic has prompted shifts in market dynamics, influencing consumer behavior, and the industry’s response to fluctuating raw material costs, thereby impacting profitability.
3. Sustainability and Seafood Demand:
- Rising consumer awareness about the health benefits of seafood, coupled with concerns over declining wild fish stocks, is fueling the demand for aquafeed. Aquaculture is emerging as a crucial strategy to meet the surging demand for seafood sustainably.
4. Market Opportunities and Technological Advancements:
- The aquafeed market presents numerous opportunities as seafood consumption continues to rise. Technological advancements, especially in feed ingredients and formulations, contribute to the market’s growth.
Key Takeaways:
1. Consistent Market Growth:
· The aquafeed market is poised for consistent growth, targeting a valuation of US$ 90.9 billion by 2033.
2. Global Market Landscape:
· In 2022, the United States emerged as a dominant force in the aquafeed market, commanding a substantial market share of 31.2%.
3. Regional Progress:
· Germany exhibited impressive growth in 2022, securing a market share of 8.5%, while Japan and India demonstrated substantial market potential with shares of 4.8% and 8.0%, respectively.
4. Competitors’ Winning Strategies:
· Leading players such as Cargill, Charoen Pokphand Foods, BioMar Group, and others are employing strategies like research and development, new ingredient development, and global expansion to maintain a competitive edge.
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.
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
1. Cargill, Incorporated
2. Charoen Pokphand Foods PCL
3. BioMar Group
4. Ridley Corporation Limited
5. Aller Aqua
6. Biostadt India Limited
7. BENEO
8. Alltech
9. INVE Aquaculture
10. AKER BIO MARINE
11. Skretting
12. Purina Animal Nutrition LLC
13. Dibaq Aquaculture
14. Avanti Feeds Limited
15. The Waterbase Limited
Recent Developments:
- Aller Aqua’s collaboration with Bayrise fish farm in Kenya aims to enhance aquaculture in the region.
- BioMar’s joint effort with Mols Bjerge focuses on repairing eelgrass ecosystems, contributing to environmental well-being.
- Cargill’s launch of Lotus II fish feed plant in Vietnam underscores the company’s commitment to expanding production capacity.
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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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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