Market Size of Asia Pacific Aqua Feed Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 8.67 Billion |
| Market Size (2029) | USD 11.33 Billion |
| CAGR (2024 - 2029) | 5.50 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Asia Pacific Aqua Feed Market Analysis
The Asia Pacific Aqua Feed Market size is estimated at USD 8.67 billion in 2024, and is expected to reach USD 11.33 billion by 2029, growing at a CAGR of 5.5% during the forecast period (2024-2029).
- In the long term, seafood is anticipated to play a major role in the dietary habits of various Asian countries, such as Thailand, Vietnam, Indonesia, India, etc. With the increasing incomes and rising health consciousness, the dietary habits of people in the region are witnessing a transition from a high carbohydrate-based diet to one that is rich in protein, which is catalyzing the growth of the market in the region.
- Countries like India, Indonesia, the Philippines, Thailand, and Vietnam are some of the leading players in the aquaculture and aqua feed markets. The main driver for the market is the increased aquaculture and fisheries production, coupled with the growth in the per capita consumption of aquaculture products. These regions are expected to witness huge growth during the forecast period. The aqua feeds prepared from plants, such as cereals (majorly wheat), soybean meal, peanut meal, cottonseed meal, etc., are popular in the rural regions of India, Vietnam, and China. Fishmeal, fish oil, and trash fish accounted for a considerable share of aqua feed in Asia during the study period.
- Few countries in the region have already begun their initiatives to create a self-sufficient aquaculture system. In addition, various government initiatives to increase the production of certified sustainable seafood are further accelerating the requirement for aqua feed in the region. According to the national plan for 2022, Vietnam's total export revenue of shrimp products is expected to hit USD 10 billion by 2025. The accumulated brackish water shrimp farming area is set at 750,000 ha, while total shrimp output is over 1.15 million metric ton, as mentioned by the Vietnam Association of Seafood Exporters and Producers (VASEP). To hit this target, the government is focusing on improving the production of black tiger shrimp, primarily due to the higher price compared to white leg shrimp. This is expected to augment the demand while expanding the customer base for black tiger shrimp feed over the forecast period.
