Aquafeed Market

Aquafeed Market Size (2023 – 2028)

The global aquafeed market was valued at USD 7.5 billion in 2023. The market size is expected to grow at a CAGR of 7.2% during the forecast period. 

Aquafeed Market Overview:

Aquafeeds are primarily said to be meals for aquatic animals made by mixing different raw materials and seasonings. These blends are made to meet the unique needs of each type of animal and its age. Aquafeed has become very important to aquaculture because it provides nutrients, protects against disease, and helps fish grow. In addition, because it is adjusted and made to meet specific needs, high-quality aquafeed is much better for fish, mollusks, crustaceans, and other aquatic animals than farm-made animals. 

The aquafeed market is growing because people eat more seafood and are more aware of the quality of seafood goods. Also, a rise in per-head income, specifically in developing countries, should keep the aquaculture and aquafeed industries growing. However, in the long term, rising prices of raw materials are expected to slow down the aquafeed market's growth because most high-quality feed is made from fish meal and fish oil. 

Aquafeed Market Drivers:

The rise in seafood trade will be a key part of market growth- Aquaculture production is expected to rise, which is expected to help the market grow. This is because more people are eating seafood and spending more on fish and fish goods like fish oil, fish meal, and fish silage. In addition, the aquafeed market is also anticipated to grow in the coming years because there is more demand for animal protein in well-established Western economies and more trade of fish in many different economies around the world. 

Aquafeed Market Restraints:

Price changes in raw materials could slow market growth- The rise of the market can be slowed down by the high price volatility of the raw materials used to make feed. For example, a big rise in the price of soybeans, maize, or other raw materials can directly affect the end price of the product, which could hurt sales. Also, more and more people are choosing meatless diets that don’t include meat which is expected to lower the demand for fish which could hurt the market. 

Aquafeed Market Opportunities:

Increasing Investments in R&D Activities to open more market opportunities- The growth of the market should be helped by the fact that market players and associations are investing more in research and development of new goods. For example, the Milkfish Aquafeeds Research, Development, and Extension Project started in Guluan in August 2020. The goal of this new project is to find ingredients for fish food that can be used instead of the expensive ingredients that are already on the market. Plant-based proteins can be used as a key ingredient in fish food which is a new alternative. 

Impact of COVID-19 on the Aquafeed Market:

The spread of the COVID-19 pandemic has reverberated through almost every market. It has messed up supply lines which has led to the closing of many factories around the world, major problems with air and sea traffic, and the closing of important air routes. All industrial activities were stopped, international travel was stopped, and only necessary business services were allowed to work. This had a big effect on feed production because factories had trouble getting supplies and finding workers. 

The growth of the aquafeed market depends on marine products, most of which are brought in from other countries. Because of the pandemic, it has been hard to find cargos or aircraft to ship raw materials, which has caused problems in the supply chain. Even though the number of trucks and other logistical steps is getting better over time, there are still some places where there aren’t as many as there were before the COVID-19 pandemic outbreak. Because of this, companies should start to grow their number of retailers by using the many digital platforms that offer promotion and sales services. 

Key Developments in the Aquafeed Market:

• In June 2021, The Aquaculture Stewardship Council (ASC) released a new Aquafeed standard to deal with any practices in the business that were not responsible or sustainable. 
• In August 2021, The Central Institute of Fisheries Technology (CIFT) developed a new technology to mitigate the risk of fisheries refuse being converted into fish feeds and to create viable income opportunities. 
• In February 2020, Aller Aqua A/S declared the introduction of a new line of functional aquafeeds containing ingredients that promote growth and survival in a variety of fish species. 

REPORT COVERAGE:

The Aquafeed Market is segmented and sub-segmented into the following categories:

By Type-

• Fish 
• Crustaceans 
• Mollusks 
• Others 

During the forecast period, the fish segment is leading the dominant shares of the market. 

In 2023, the fish segment made up the biggest part of the aquafeed market around the world; Fish feed sales should go up more because fish farming is growing a lot to meet the demand for fish that isn’t being met by the supply. Good quality fish feed is a good way to support the bottom of the food chain and keep a healthy fish community going. This could crease increase the need for fish food in the coming years. Some of the most well-known fishes that eat feed are tilapia and carp. Carps are a good source of energy, and they are also used a lot in fish farming and rice farming. Because of this, the desire for carp is likely to be growing in the coming years, which can drive the market for them, 

At the moment, the mollusks segment is next in leading the shares of the market. People are eating more oysters and clams because they are a good source of protein. This has led to a rise in claim and oyster production, which is expected to increase the need for fish feed from mollusk farmers. 

By Ingredient- 

• Soybean 
• Corn
• Fishmeal
• Fish Oil 
• Additives 

The soybean market segment will be the most important market segment during the forecast period. Soybeans are a good and cheap source of protein and omega-3 fatty acids that don’t come from fish. So it is commonly used to make feed for marine species to help them grow and develop as a whole. Soy cake and meal are being used more and more to make organic feed which is likely to increase the demand for soybeans in the business. 

The area of the global market that is expected to grow at the fastest rate is the one for additives. Aquafeed additives, especially amino acids, are important proteins that are needed for aquaculture to grow, develop and stay healthy. Manufacturers are likely to make more chemicals because fish growers are becoming more interested in using high-quality feed. 

By Application- 

• Carp
• Rainbow Trout 
• Salmon 
• Crustaceans 
• Tilapia 
• Catfish 
• Sea Bass 
• Grouper 
• Others 

In 2023, the carp application segment was the most important part of the global business. It made up more than 25% of the total revenue. The high share of this segment is because more and more people are eating this species because it is good for your health, boosts your immune system, makes your heart healthier, lowers your risk of getting chronic diseases, and protects the functions of the digestive system. 

The catfish segment is anticipated to have the highest CAGR in the coming years. Catfish is high in vitamin D and omega-6 fatty acids which are likely to make more people want to buy it. This will help the segment grow; Tilapia is a fish that lives in freshwater. It is raised in aquaculture because it grows quickly and can be fed cheap veggie food. It grows faster than fish that eat other animals. The rising production of tilapia species that grow quickly tastes good, has a high protein content, and get big is likely to make aquafeed even more important in this application segment. 

By Additives- 

• Antibiotics 
• Vitamins & Minerals
• Antioxidants 
• Amino Acids 
• Enzymes 
• Probiotics & Prebiotics 
• Others

Among additives, the amino acids segment is expected to lead the aquafeed market over the next few years. Amino acids are crucial for animal nutrition as they act like the founding stone of protein in animals. Protein is a key part of aquatic animal growth, reproduction, and general health. Amino acids give muscles and bones the energy they need to grow, move, digest food, and move blood around the body. Because of all these factors, amino acids are the most popular addition in the aquafeed market. 

By Form- 

• Dry 
• Wet 
• Moist 

The demand for aquafeed market products in the dry form will be high until 2028. The dry version of the product has brought in a lot of money in the last few years, and this segment is projected to grow at a fast rate over the next few years. The aquaculture business all over the world has a high demand for pellet feed because it can help fish eat more of the food they eat. Fish feed that comes in a dry form is becoming more popular because it tastes great and works well to improve fish performance. Also, the product will likely sell well because it is easy to store and transport and because dry products have a longer shelf life than wet or moist goods. 

By Lifecycle- 

• Starter Feed 
• Grower Feed 
• Finisher Feed 
• Brooder Feed 

In 2023, grower feed was the most important part of the industry and made up more than 34.25% of the total income. It has a high share because more and more animals between the ages of 6 and 20 weeks are using it to meet their nutritional needs. The animal eats this kind of food until it is ready to start having babies and laying eggs. It is important to switch from starting feed to grower feed because too much protein can cause liver or kidney problems in the long run. Also, after grower feeds, finisher feeds are used quite a lot. 

By Region- 

• Asia Pacific 
• Europe 
• North America 
• Latin America 
• MEA 

Asia Pacific is a big market for aquafeed right now, and it is projected to hold a large share of the aquafeed market over the next few years. In the last ten years, the Asia Pacific market has grown quickly, with developing nations like China and India making up more than half of all sales in the area. An increase in the rate of fish production is escalating the demand for the aquafeed market in the Asia Pacific. 

The North American aquafeed market is likely to hit the highest growth rate during the forecast period. The growing economy and rapid urbanization are fueling the growth rate of the market in North America. 

Key Players:

• Cargill 
• Archer Daniels Midland Company 
• Altech 
• Purina Animal Nutrition 
• Nutreco N.V. 
• Ridley Corporation Ltd.