Asia-Pacific aquafeed market was valued at USD 41.94 billion in 2023 and is anticipated to reach USD 47.18 billion in 2024 from USD 121.06 billion by 2032, growing at a CAGR of 12.50% from 2024 to 2032.
Aquafeeds are compounded meals arranged for aquatic animals by combining several raw materials and additives. These blends are prepared according to the specific requirements of the species and age of the animal. Aquafeed has become vital to the aquaculture industry due to its nutritional, immune-resistant, and growth-encouraging properties. High-quality aquafeed is exponentially more valuable to fish, mollusks, crustaceans & other aquatic animals than farm-made feed due to their well-adjusted and specific composition.
The growth of the Asia-Pacific Aquafeed market is mainly due to the increase in fish consumption, growing population, increase in mass production of fish, and limited availability of marine feed resources. Volatile economies and increasing costs of raw materials are the key factors obstructing the growth of the market in this region.
The Asia-Pacific region is geographically segmented into China, India, Japan, South Korea, and Australia. This region offers substantial opportunities for the Aquafeed market, with China and India being the most populous countries in this region, contributing to the increasing demand. China dominates the market with a share of more than 60%. Other key markets in this region are Vietnam, Thailand, Japan, and Indonesia.
Cargill, Inc., Nutreco N.V, Alltech Inc., AllerAqua A/S, Beneo GmbH, Biomar A/S, Charoen Pokphand Foods Public Company Limited, Coppens International B.V. are some of the market players dominating the Asia Pacific aquafeed market.
Frequently Asked Questions
The Asia Pacific aquafeed market is valued at USD 47.18 billion in 2024.
China, India, Vietnam, and Indonesia are leading in terms of market share for aquafeed production in Asia Pacific due to their large aquaculture industries.
In Southeast Asia, the increasing demand for seafood, rising aquaculture production, and advancements in aquafeed technology are driving the growth of the aquafeed market.
In Japan, the aquafeed market is witnessing increased demand for sustainable aquafeed ingredients such as fishmeal alternatives and plant-based proteins to support environmentally friendly aquaculture practices.
In India, factors such as limited availability of raw materials, high production costs, and regulatory challenges are hindering the growth of the aquafeed market.
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