Aquafeed Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Report Covers Global Aquafeed Market Companies and it is Segmented by Type (fish feed (carp feed, salmon feed, tilapia feed, catfish feed, and other fish feed), mollusk feed, crustacean feed (shrimp feed and other crustacean feed), and other aquafeed) and Geography (North America, Europe, Asia-Pacific, South America, and Middle-East and Africa). The report offers the market size and forecasts in value (USD million) for all the above segments.

Aquafeed Market Size

Aquafeed Market Summary
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Study Period 2019 - 2029
Market Size (2024) USD 52.05 Billion
Market Size (2029) USD 63.34 Billion
CAGR (2024 - 2029) 4.00 %
Fastest Growing Market North America
Largest Market Asia Pacific

Major Players

Aquafeed Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Aquafeed Market Analysis

The Aquafeed Market size is estimated at USD 52.05 billion in 2024, and is expected to reach USD 63.34 billion by 2029, growing at a CAGR of 4% during the forecast period (2024-2029).

  • Aquafeeds are compounded meals prepared for aquatic animals by mixing various raw materials and additives. These mixtures are designed according to the species' specific requirements and the animal's age.
  • Aquafeed is essential to aquaculture due to its immune-resistant, nutritional, and growth-promoting properties. High-quality aquafeed is exponentially more beneficial to mollusks, fish, crustaceans, and other aquatic animals than farm-made feed due to its balanced and need-specific composition.
  • Furthermore, there is an increase in direct human consumption of fish compared to other types of meat, such as cattle and poultry. This increase is due to the availability of various fish in the retail market and several health benefits associated with it, such as enhancing cognitive development in children, lowering the fat level in the body, and assisting in reducing the threat of cardiovascular diseases. Likewise, a rise in per capita income, especially in developing nations, is expected to maintain the growth of the aquafeed industry.
  • Moreover, several government initiatives and schemes have been implemented to encourage farmers to utilize high-quality feed. For instance, the government of India allocated USD 73.84 million for the continuation of the 'Blue Revolution Scheme' during the financial year 2020-21. This scheme undertakes various ongoing fisheries development programs, including marine fishery, mariculture, and aquaculture.
  • Therefore, with the rising population aware of the health benefits of consuming fish, along with initiatives taken by the government and considering the factors mentioned above, the market is projected to grow during the study period. However, some restraints are limiting the growth of the market. The prices associated with the raw materials are constantly fluctuating and hence may negatively affect the development of the Aquafeed Market.

Aquafeed Market Trends

This section covers the major market trends shaping the Aquafeed Market according to our research experts:

Increase in Fisheries and Aquaculture Consumption

Population growth, rising incomes in developing nations, and urbanization have led to a surge in global fisheries and aquaculture production. The revenue level and animal protein consumption is positively related to the increasing consumption of fish and other seafood at the expense of staple foods. Driven by higher incomes and urbanization, global fish consumption is growing faster than the global population.

Fisheries and aquaculture are increasingly becoming a primary source of protein, foreign exchange, livelihoods, and well-being of the population globally. For instance, according to FAO, the total fisheries and aquaculture consumption was 156.8 million tons in 2018, which increased and reached 157.4 million tons in 2020.

Furthermore, the increasing support from governments and private organizations for fish farming activities and the development of new technologies are boosting the aquafeed market globally. For instance, in August 2021, the Central Institute of Fisheries Technology (CIFT) built a new technology to support the aquafeed market's growth. The technology developed will aid in converting fish waste into aqua feeds. It was created to meet the high requirement for fish feed in the aquaculture sector while eliminating unsanitary fish waste management practices.

Thus, due to the rising demand for fisheries and aquaculture, its cultivation increased tremendously, which boosted the aquafeed market revenue growth in the past few years. Also, many small-scale industries have started their own aquaculture industry due to rapid market growth. This factor is further anticipated to generate substantial aquafeed market share growth in the forecast period.

Aquafeed Market - Fisheries and Aquaculture Consumption in Million Metric Ton, Global, 2018-2020

Asia-Pacific dominates the Aquafeed Market

The rise in fish consumption in Asian countries is driven by a combination of a large, growing, and increasingly urban population. According to a new forecast by the World Bank, by 2030, Asian countries are likely to account for 70% of global fish consumption. China is one of the rapidly developing economies, which is anticipated to provide 38% of the worldwide seafood. China and other Asian countries are investing in developing the aquaculture industry. It may create demand for aquafeed.

Aquaculture production in the region is generally characterized by being intensive and technically advanced. In recent years, increasing investments in the aquaculture sector and government initiatives to promote sustainable aquaculture have aided the Asian market in adopting scientific aquaculture management practices (SAMP). For instance, according to SEAFDEC, the Vietnamese government is aiming to transform the country into a leading global seafood exporter under the country's fisheries development strategy plan in 2020. Under this plan, the seafood industry is expected to contribute 30-35% to the country's agro-forestry and fisheries GDP. The government is also planning to launch fish processing centers to create employment.

Furthermore, more than half of the domestic production in countries like Vietnam, Thailand, the Philippines, India, and Indonesia is destined only for the European and North American markets. The aquafeed industry in the region is driven by expanding aquaculture and increased demand for seafood. China is one of the largest compound feed producers globally, with production valued at around 240 million metric tons in 2020, of which aquaculture accounted for 22.2 million tons. Moreover, the market in the region consists of several feed manufacturers, both local and global, competing for market shares.

Therefore, with the rise in fish consumption along with initiatives taken by the government to boost the aquafeed market in the region and considering the aforementioned factors, the market is projected to grow during the study period.

Aquafeed Market : Growth Rate by Region (2022-27)

Aquafeed Industry Overview

The aquafeed market is relatively consolidated, with major players holding a significant market share. Cargill Incorporated, Charoen Pokphand Group, Aller Aqua A/S, BioMar A/S, and Nutreco NV are the major players in the market. The players are investing in new products and improvisation of products, partnerships, expansions, and acquisitions for business expansions.

Aquafeed Market Leaders

  1. BioMar A/S

  2. Aller Aqua A/S

  3. Cargill Inc.

  4. Nutreco NV

  5. Charoen Pokphand Foods PCL.

*Disclaimer: Major Players sorted in no particular order

Aquafeed Market Concentration
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Aquafeed Market News

  • November 2022: Norwegian RAS trout farmer, Hima Seafood, signed a five-year contract with Skretting Norway to be the primary feed supplier for the trout production that will start up at Rjukan in Telemark in 2023.
  • November 2022: Skretting opened its new fish feed factory, Lotus II, in Vietnam. The fish feed factory consists of two independent lines with a production capacity of 100,000 tons per year.
  • November 2022: De Heus opens its fourth feed facility in Indonesia. The feed mill is on an area of five hectares in PIER Pasuruan, East Java, with an annual production capacity of 300,000 MT.

Aquafeed Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

    3. 4.3 Market Restraints

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Buyers/Consumers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 Type

      1. 5.1.1 Fish Feed

        1. 5.1.1.1 Carp Feed

        2. 5.1.1.2 Salmon Feed

        3. 5.1.1.3 Tilapia Feed

        4. 5.1.1.4 Catfish Feed

        5. 5.1.1.5 Other Fish Feed

      2. 5.1.2 Mollusk Feed

      3. 5.1.3 Crustacean Feed

        1. 5.1.3.1 Shrimp Feed

        2. 5.1.3.2 Other Crustacean Feed

      4. 5.1.4 Other Aquafeed

    2. 5.2 Geography

      1. 5.2.1 North America

        1. 5.2.1.1 United States

        2. 5.2.1.2 Canada

        3. 5.2.1.3 Mexico

        4. 5.2.1.4 Rest of North America

      2. 5.2.2 Europe

        1. 5.2.2.1 Spain

        2. 5.2.2.2 United Kingdom

        3. 5.2.2.3 France

        4. 5.2.2.4 Germany

        5. 5.2.2.5 Russia

        6. 5.2.2.6 Italy

        7. 5.2.2.7 Rest of Europe

      3. 5.2.3 Asia-Pacific

        1. 5.2.3.1 China

        2. 5.2.3.2 India

        3. 5.2.3.3 Japan

        4. 5.2.3.4 Thailand

        5. 5.2.3.5 Vietnam

        6. 5.2.3.6 Australia

        7. 5.2.3.7 Rest of Asia-Pacific

      4. 5.2.4 South America

        1. 5.2.4.1 Brazil

        2. 5.2.4.2 Argentina

        3. 5.2.4.3 Rest of South America

      5. 5.2.5 Middle-East and Africa

        1. 5.2.5.1 South Africa

        2. 5.2.5.2 Egypt

        3. 5.2.5.3 Rest of Middle-East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Most Adopted Strategies

    2. 6.2 Market Share Analysis

    3. 6.3 Company Profiles

      1. 6.3.1 Aller Aqua AS

      2. 6.3.2 Alltech Inc.

      3. 6.3.3 Archer Daniels Midland Co.

      4. 6.3.4 BioMar AS

      5. 6.3.5 Cargill Incorporated

      6. 6.3.6 Charoen Pokphand Group

      7. 6.3.7 Coppens International BV

      8. 6.3.8 Hanpel Tech Co. Ltd

      9. 6.3.9 Kemin Industries Inc.

      10. 6.3.10 Inve Aquaculture Inc.

      11. 6.3.11 Nutreco NV

      12. 6.3.12 Nutriad International NV

      13. 6.3.13 Ridley Corporation Ltd

  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

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Aquafeed Industry Segmentation

Aquafeed is a mixture of raw materials, additives, and other supplements, sourced from natural or synthetic sources and fed to farmed fish. The Aquafeed Market is segmented by type (fish feed (carp feed, salmon feed, tilapia feed, catfish feed, and other fish feed), mollusk feed, crustacean feed (shrimp feed and other crustacean feed), and other aquafeed) and geography (North America, Europe, Asia-Pacific, South America, and Middle-East and Africa). The report offers the market size and forecasts in value (USD million) for all the above segments.

Type
Fish Feed
Carp Feed
Salmon Feed
Tilapia Feed
Catfish Feed
Other Fish Feed
Mollusk Feed
Crustacean Feed
Shrimp Feed
Other Crustacean Feed
Other Aquafeed
Geography
North America
United States
Canada
Mexico
Rest of North America
Europe
Spain
United Kingdom
France
Germany
Russia
Italy
Rest of Europe
Asia-Pacific
China
India
Japan
Thailand
Vietnam
Australia
Rest of Asia-Pacific
South America
Brazil
Argentina
Rest of South America
Middle-East and Africa
South Africa
Egypt
Rest of Middle-East and Africa
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Aquafeed Market Research FAQs

The Aquafeed Market size is expected to reach USD 52.05 billion in 2024 and grow at a CAGR of 4% to reach USD 63.34 billion by 2029.

In 2024, the Aquafeed Market size is expected to reach USD 52.05 billion.

BioMar A/S, Aller Aqua A/S, Cargill Inc., Nutreco NV and Charoen Pokphand Foods PCL. are the major companies operating in the Aquafeed Market.

North America is estimated to grow at the highest CAGR over the forecast period (2024-2029).

In 2024, the Asia Pacific accounts for the largest market share in Aquafeed Market.

In 2023, the Aquafeed Market size was estimated at USD 50.05 billion. The report covers the Aquafeed Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Aquafeed Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Aquafeed Industry Report

Statistics for the 2024 Aquafeed market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Aquafeed analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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Aquafeed Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)