Global Aquafeed Market - 2023-2030

Market Overview

Global Aquafeed Market reached US$ 71.5 billion in 2022 and is expected to reach US$ 98.6 billion by 2030 growing with a CAGR of 4.1% during the forecast period 2023-2030.

Various types of farmed aquatic organisms, including fish and shrimp, require specialized feed formulations, which are referred to as aquafeed. It is essential for giving these animals in aquaculture environments the nutrients they require for growth, health, and development. The two main types of aquafeed are fish feed and shrimp feed. The nutritional needs of different fish species are precisely met by fish feed, whereas different shrimp species are fed with shrimp feed. Both kinds of feed strive to give the target species a balanced diet that promotes optimum development, reproduction, and general performance.

The use of functional substances and feed additives in aquafeed is becoming more popular. These additives include probiotics, prebiotics, immunostimulants, enzymes, organic acids, and essential nutrients, which aim to improve animal health, disease resistance, and overall performance. Additionally, functional ingredients like natural pigments are used to enhance the coloration of fish species.

Market Dynamics

Sustainable and Eco-friendly Practices of Aquaculture are Driving the Aquafeed Market

The negative environmental impacts associated with traditional aquaculture practices have led to increased regulations and consumer demand for sustainable alternatives. Unsustainable fishmeal and fish oil production, habitat degradation, water pollution, and excessive use of antibiotics have raised environmental concerns. To address these issues, the aquaculture industry has shifted toward sustainable practices, driving the demand for eco-friendly aquafeed.

Sustainable aquaculture practices have driven innovation in feed formulations, focusing on optimizing nutrition and resource efficiency. Feed manufacturers are exploring novel ingredients, waste byproducts, and microalgae-based formulations to reduce reliance on traditional feed sources. These innovations enhance the sustainability of aquafeed while maintaining the nutritional requirements of farmed aquatic species.

Research and Development Initiatives are Expected to Foster the Aquafeed Market

R&D initiatives focus on optimizing the nutritional content of aquafeed to meet the specific dietary requirements of different aquatic species. Through extensive research, scientists and feed formulators work to identify and understand the nutritional needs of farmed aquatic organisms at various life stages. For instance, according to the Food and Agriculture Organization (FAO) of the United Nations, wild catch cannot fulfill the rising demand for fresh and canned seafood across the world. Hence, aquaculture has to be encouraged to meet the rising demand for sea/aqua foods. This factor directly influences the production of aqua feed.

R&D efforts are aimed at finding alternative and sustainable protein sources to reduce reliance on fishmeal and fish oil in aquafeed. Researchers explore the use of plant-based proteins, such as soybean meal, as well as novel ingredients and byproducts from other industries. By identifying viable alternatives, R&D initiatives contribute to the development of more sustainable and cost-effective aquafeed formulations.

Dependency on Marine Resources is Holding Back the Aquafeed Market

Significant issues include overfishing and the decline of wild fish populations. A large number of tiny pelagic fish species, including sardines and anchovies, which are frequently used to make fishmeal, are being overfished. Because fishmeal is a crucial component of aquafeed, the availability and price of these fish species are in jeopardy.

Environmental harm results from the extraction of marine resources for the production of fishmeal and fish oil. It modifies food chains, impacts biodiversity, and disturbs marine ecosystems. The overall sustainability of aquatic environments may be affected by the imbalances in the ecosystem caused by this depletion of marine resources.

COVID-19 Impact Analysis

The COVID-19 Analysis includes Pre-COVID Scenario, COVID Scenario, and Post-COVID Scenario along with Pricing Dynamics (Including pricing change during and post-pandemic comparing it with pre-COVID scenarios), Demand-Supply Spectrum (Shift in demand and supply owing to trading restrictions, lockdown, and subsequent issues), Government Initiatives (Initiatives to revive market, sector or Industry by Government Bodies) and Manufacturers Strategic Initiatives (What manufacturers did to mitigate the COVID issues will be covered here).

Segment Analysis

The global aquafeed market is segmented based on species, additives, ingredients, and region.

By Ingredient, the Soybean Segment is Estimated to Have Significant Growth During the Forecast Period

The soybean ingredient accounted for the largest market share in the aquafeed industry. Soybean is among the non-fish sources of omega-3 fatty acids, unsaturated fats, and proteins. Soy protein is fed to farm-reared fish and shellfish to improve their overall development and growth. Some of the commonly used soybean products in aquafeed include mechanically extracted soybean cake, heat-processed full-fat soybean, de-hulled solvent-extracted soybean meal, and solvent-extracted soybean meal. As soybean meal prices are relatively lesser than fishmeal, the consumption of soybean meal is high.

Soybeans are widely cultivated globally, making soybean meal readily available in the market. The abundance of soybean production and its processing into soybean meal contributes to its cost-effectiveness compared to other protein sources, such as fishmeal. According to Food and Agricultural Organization, the total production of soybean in 2021 was 28697 g/ha. The availability and affordability of soybean meal make it an attractive choice for aquafeed manufacturers.

Geographical Analysis

North America is the Fastest Growing Market in the Aquafeed Market

The regulatory climate in North America is favorable, supporting sustainable aquaculture methods and promoting the growth of the aquafeed sector. Governmental organizations and regulatory authorities offer policies and programs to support ethical aquaculture practices, including the use of high-quality, sustainable aquafeed.

In North America, there has been a steady increase in demand for seafood as a result of shifting consumer preferences, a greater understanding of the health advantages, and the rising acceptance of seafood-based diets. For instance, the World Bank estimates that the total amount of fisheries produced in North America was 5,677,001 metric tonnes in 2021. The increase in demand has given aquaculture the chance to fill the gap in the supply, which has increased the demand for aquafeed.

Competitive Landscape

The major global players in the market include: Cargill Inc., Archer Daniels Midland Company, Purina Animal Nutrition, Caltech, Ridley Corporation Ltd., Nutreco N.V., Aller Aqua A/S, Nutriad, Jinan Jinda Agricultural Development Co., Ltd., Shouguang Futailai Bio Co., Ltd., and Jinan Tiantianxiang Co., Ltd

Why Purchase the Report?

• To visualize the global aquafeed market segmentation based on species, additives, ingredients, and region, as well as understand key commercial assets and players.
• Identify commercial opportunities in the market by analyzing trends and co-development.
• Excel data sheet with numerous data points of aquafeed market-level with all segments.
• The PDF report consists of cogently put-together market analysis after exhaustive qualitative interviews and in-depth market study.
• Product mapping is available as Excel consists of key products of all the major market players.

The global aquafeed market report would provide approximately 61 tables, 63 figures and 190 Pages.

Target Audience 2023

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies