Fish & Shrimp, Fish Feed & Shrimp Feed and Additives Market Size

Aquatic Feed & Additives Market Analysis

The Fish & Shrimp, Fish Feed & Shrimp Feed and Additives Market size is estimated at USD 49.93 billion in 2024, and is expected to reach USD 63.09 billion by 2029, growing at a CAGR of 4.80% during the forecast period (2024-2029).

• The growing demand for livestock products has been driving significant changes on the supply side to improve livestock product yields. New capital-intensive technologies have made poultry and pig meat production in industrial-style production facilities possible across regions, such as North America, Europe, and Asia-Pacific, especially in countries where arable land is limited.
• According to FAO, the global cattle population has grown upward over the past four years. In 2020, the cattle population was 1,523 million heads, which increased to 1,529 million heads in 2021, demonstrating that cattle production has been rising to meet the accelerating demand for meat. Thus, the inflating demand for meat is expected to boost the need for feed additives during the study period.
• Asia-Pacific and European regions produce more than 70% of the world's fish and shrimp. Fish is the largest aquaculture sector, accounting for 66% of the market. The most popular varieties of fish produced globally are salmon, trout, and sea bass. The demand for seafood and the annual fall in the quantity of captured wild fish are expected to drive exponential growth in fish and shrimp production. The adoption and advancement of technology and automation are expected to impact the market positively.
• The market for fish and shrimp feed and feed additives is proliferating, owing to the increase in production and consumption of fish and shrimp. The rise in demand for high-quality fish and shrimp and the development of processed and innovative value-added products are anticipated to drive the feed and feed additive market.
• The key players are involved in several inorganic and organic growth tactics, such as new product introduction and acquisitions, to increase their market share in the global aquaculture industry. For instance, Orffa expanded its aquaculture portfolio by introducing three product lines: ingredients, specialties, and veterinarian pharma products in 2021. This product consists of a unique blend of branded additives. Small-scale aquaculture farming is adopted by developing regions to increase the productivity of several commercial species and to create substantial growth opportunities in the global aquaculture market.