The global aquafeed market size is expected to be valued at USD 8.04 billion in 2024 and reach USD 11.38 billion by 2029, growing at a CAGR of 7.2% from 2024 to 2029.
The investments to conduct R&D Activities around aquafeed are on the rise. For instance, 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.
Global Aquafeed Market Drivers:
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.
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.
Global 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.
Impact of COVID-19 on the global 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 cargo 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.
Market Size Available
2023 to 2029
2024 to 2029
By Type, Ingredient, Application, Additives, Form, Lifecycle and Region
Various Analyses Covered
Global, Regional, and Country Level Analysis, Segment-Level Analysis, DROC. PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities
North America, Europe, APAC, Latin America, Middle East & Africa
Market Leaders Profiled
Cargill, Archer Daniels Midland Company, Altech, Purina Animal Nutrition, Nutreco N.V. and Ridley Corporation Ltd
This research report on the global aquafeed market has been segmented and sub-segmented based on type, ingredient, application, additive, form, lifecycle and region.
Global Aquafeed Market - By Type:
During the forecast period, the fish segment is leading the dominant share 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 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 market share. 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.
Global Aquafeed Market - By Ingredient:
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.
Global Aquafeed Market - By Application:
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 taste good, have a high protein content, and get big is likely to make aquafeed even more important in this application segment.
Global Aqua Feed Market - By Additives:
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 additions to the aquafeed market.
Global Aquafeed Market - By Form:
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.
Global Aquafeed Market - By Lifecycle:
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.
Global Aquafeed Market - By Region:
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 MARKET PLAYERS:
Cargill, Archer Daniels Midland Company, Altech., Purina Animal Nutrition, Nutreco N.V., Ridley Corporation Ltd. Some of the market players dominate the global aquafeed market.
RECENT DEVELOPMENTS IN THE MARKET:
The global aquafeed market size is expected to be valued at USD 8.04 billion in 2024.
Asia Pacific and Europe currently hold the largest market share for aquafeed production, driven by the significant aquaculture industry presence in countries like China, India, Norway, and Chile.
In Asia Pacific, the increasing consumption of seafood, rising aquaculture production, and advancements in aquafeed technology are driving the growth of the aquafeed market.
In North America, the adoption of alternative protein sources such as insect meal, single-cell proteins, and algae-based ingredients in aquafeed formulations is driving innovation and market growth.
Companies such as Cargill, Archer Daniels Midland Company, and Nutreco N.V. are among the key players dominating the aquafeed market in Europe.
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