The North America aquafeed market was valued at USD 46.21 billion in 2023 and is anticipated to reach USD 50.74 billion in 2024 from USD 107.19 billion by 2032, growing at a CAGR of 9.80%, from 2024 to 2032.
Aquafeed delivers the required nutrition for aquatic animals. Aquafeed is generally in the form of granules or pellets. They provide nutrition in a steady and concentrated form, allowing the species to feed effectively and grow to their full capacity.
Aquatic animals are a vital source of high-quality protein and consist of several vitamins and minerals. Aquatic animals such as fish comprise of Omega-3 fatty acids, which are heart-friendly and can make enhancements in brain development and reproduction. They are an essential food source in several countries. Aquaculture has the capacity of creating large quantities for a comparatively lower cost when compared to ruminants, fowl, or swine.
The major growth drivers in the North American Aquafeed market are the increase in fish consumption, growing consumer awareness regarding the protein content in the fish food, and limited availability of marine feed resources. However, environmental regulations on wild, marine and inland fisheries have made it difficult to procure important raw materials like fish meal, fish oil for feeds. The regulatory structure of the animal feeds industry which restricts the use of certain materials such as antibiotics, and increasing costs of raw materials are the chief factors hindering the growth of this regional market.
Carp fish type has been observed to have the highest market share in the fish feed market. This is due to their abundant availability and popularity as common carp fish types are tolerant to most water conditions.
Amino acids are an essential component of aquafeed with a market share of almost 21% in the total of the aquafeed market in 2018.
The USA leads the market in this region and is also the major market for Aquafeed with a global share of almost 27%. This regional market is slowly growing, as massive investments are being thrust into the market, and various R&D systems and facilities have been started to enhance the market growth.
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. some of the market players dominating the global aquafeed market.
Frequently Asked Questions
The North American aquafeed market is expected to be valued at USD 50.73 billion in 2024
In North America, the aquafeed market is witnessing increased demand for eco-friendly and responsibly sourced aquafeed ingredients to meet consumer preferences for sustainable seafood products.
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.
In Canada, the aquafeed market is witnessing increased investments in research and development of sustainable feed ingredients and formulations to comply with evolving regulations for aquaculture practices.
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