PUBLISHER: IMARC | PRODUCT CODE: 1753960
PUBLISHER: IMARC | PRODUCT CODE: 1753960
The global aquafeed market size reached USD 183.0 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 376.0 Billion by 2033, exhibiting a growth rate (CAGR) of 7.46% during 2025-2033. The rising global seafood demand, significant advancements in sustainable aquaculture practices, innovations in feed formulations, government support for aquaculture development, and increasing investments in research for production efficiency are some of the major factors driving the growth of the market.
Rising Global Seafood Demand
The increasing population and growing health consciousness boost the demand for seafood, thus driving the need for efficient and high-quality aquafeed. According to the data from the United Nations report, the world's population is more than three times larger than it was in the mid-twentieth century. The global human population reached 8.0 billion in mid-November 2022 from an estimated 2.5 billion people in 1950, adding 1 billion people since 2010 and 2 billion since 1998. The world's population is expected to increase by nearly 2 billion persons in the next 30 years, from the current 8 billion to 9.7 billion in 2050 and could peak at nearly 10.4 billion in the mid-2080s. This is further influencing the aquafeed market statistics significantly.
Advancements in Aquaculture Practices
Innovations in sustainable farming techniques and feed formulations enhance production efficiency, fish growth, and health, propelling market growth. For instance, in July 2023, The Kerala University of Fisheries and Ocean Studies (Kufos) launched an experimental project to produce fish meal from organic waste. The project aims to produce the protein required for fish feed from organic waste using black soldier fly larvae. Organic waste will be separated at the source for the purpose. Similarly, in March 2024, SalMar launched an ambitious innovation and R&D initiative, Salmon Living Lab, calling upon industry leaders, NGOs, academia, and other people who live by and with salmon to come together to share and learn. Cargill has been the first partner to sign up. This is likely to fuel the aquafeed market forecast over the coming years.
Government Support and Investment
Government initiatives supporting aquaculture development and increased investments in research and development foster market expansion and innovation. For instance, the study, Fish Consumption in India: Patterns and Trends, unveiled by the Indian Council of Agricultural Research, Ministry of Agriculture and Farmers' Welfare, Government of India, and WorldFish also found that 72.1% of the Indian population, equivalent to 967 million individuals, incorporate fish into their diet. The study used primary data from various Government sources, including National Family Health Survey reports, over the last 15 years. The research was conducted as a collaborative effort of the Indian Council of Agricultural Research (ICAR) and WorldFish, along with the International Food Policy Research Institute, Government of India institutions, including the National Fisheries Development Board of the Ministry of Fisheries, Animal Husbandry & Dairying and the Marine Products Export Development Authority, and other leading organizations.
Carps accounts for the majority of the market share
Carps are omnivorous and can adapt to a variety of feed types. Their aquafeed often includes plant-based ingredients like soybean meal, along with a moderate amount of protein and fats. Tilapia feed is generally plant-based with a balanced protein-to-fat ratio. Ingredients like corn, wheat, and soybean meal are common, and the protein content is usually moderate to match their herbivorous dietary needs. For instance, in February 2024, Aquasoja unveiled a new feed for tilapia and carp. The new aquafeed fulfills the nutritional requirements of both species, maintaining a focus on high-quality protein ingredients and fish health conditions.
Soybean holds the largest share of the industry
Soybean is a widely used plant-based protein source that is driving the market segment. It is rich in essential amino acids and is often included as an alternative or supplement to fishmeal. It is highly digestible and commonly used in feeds for herbivorous and omnivorous fish. Fish meal is made from processed fish or fish waste and is a high-quality source of animal protein and essential amino acids. It is commonly used in feeds for carnivorous and omnivorous fish, such as salmon and trout.
Vitamins and minerals represents the leading market segment
Vitamins and minerals are essential nutrients that are added to aquafeed to promote health, growth, and development. Vitamins like A, D, and E, and minerals like zinc and selenium, are often included. These are crucial for metabolic processes, immune function, and bone development. Feed enzymes, such as protease, amylase, and phytase, are added to improve the digestibility of nutrients. They help break down complex molecules like proteins, carbohydrates, and phytate, thereby enhancing nutrient absorption and reducing waste.
Pellets exhibits a clear dominance in the market
Pelleted feed is made by compressing a mixture of ingredients into small, cylindrical shapes. These pellets are easy to handle and can be made to float or sink, depending on the feeding habits of the species. Pellets are often used for larger fish and come in various sizes to match the size of the fish being farmed. Liquid feeds are nutrient-rich solutions used primarily for larval stages and filter-feeding species. They can be administered directly into the water or applied to another feed substrate. Liquid feeds are easier for small aquatic species to consume.
Asia Pacific leads the market, accounting for the largest aquafeed market share
The market research report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, Argentina, Colombia, Chile, Peru, and others), and Middle East and Africa (Turkey, Saudi Arabia, Iran, the United Arab Emirates, and others). According to the report, Asia Pacific represents the largest regional market for aquafeed.
The increasing seafood consumption is driving the market growth across the Asia Pacific region. This is primarily due to population growth and rising health awareness, which is boosting the growth of the market. The rapid expansion of aquaculture industries in countries like China, India, and Vietnam boosts the demand for high-quality feed. Favorable government initiatives supporting sustainable aquaculture practices and substantial investments in research and development (R&D) further fuel market growth. Advancements in feed technology and the adoption of alternative protein sources like insect meal and algae enhance production efficiency and sustainability.