North America Aquatic Feed Market - Forecasts from 2022 to 2027

North America aquatic feed market is expected to grow at a compound annual growth rate of 2.01% over the forecast period to reach a market size of US$287.437 million in 2027, from US$250.089 million in 2020.

Aquafeed is a type of aquaculture feed that can be used to feed aquatic species, as the name implies. Aquafeed typically contains vital vitamins and minerals, which serve to meet the dietary needs of various aquatic species, improving their health and productivity. Although aquaculture production in North American countries like the United States and Canada is still minimal, it has been steadily increasing for the past decade. The market in North America is being driven by rising aquaculture and increasing seafood demand. The fish farming trend is predicted to rise as a result of the limited availability of marine feed resources and the growing demand for fish, creating an opportunity for the aquafeed market. Increased exports, strong government backing, developments in feed manufacturing technology, rising knowledge about the adoption of modern feeding techniques, and so on are some of the key factors boosting the market. Existing manufacturers in the country have extended their production capacity due to the rising demand, and several new players have just entered the market.

Market Trend

The aquaculture business in North America continues to service domestic and international markets. The region's availability of locations, technology, and financing all point to the continent playing a prominent role as a source of aquatic protein in the decades ahead. Rising consumer demand for seafood generated by aquaculture is predicted to result not just from a shortage in wild fisheries supply but also from increased consumer demand for seafood in North American diets.

Finfish, notably Atlantic salmon in Canada, channel catfish in the United States, and trout in both nations, dominate aquaculture in North America. A minor portion of the industry is dedicated to producing bivalve molluscan shellfish, primarily oysters, mussels, and clams. Due to significant imports of aquafeeds from different countries, the US government has granted federal financing of USD 9.3 million for research to enhance its aquaculture business through the National Oceanic and Atmospheric Administration (NOAA) as part of its push to lower the trade imbalance. This program is in accordance with the US government's America First agenda, which aims to cut the country's import costs while also creating more jobs at home. This government project is expected to aid the growth of the aquaculture business and, as a result, the aquafeed industry in the United States.

Growth Factors

• Rising production drives the market

Over the last 35 years, the aquaculture business in North American countries such as the United States and Canada has grown significantly. The need for fish is the main reason for the region's continual expansion in aquaculture. In terms of aquaculture output and seafood demand in North America, the United States and Canada are the leading countries. As a result, rising seafood consumption has boosted aquaculture production in the region, which in turn has boosted the aquafeed industry.

• US dominates the market

The aquafeed market in North America is dominated by the United States. The country's dominance is due to a well-developed aquaculture industry combined with increased seafood consumption. The aquafeed market is expected to proliferate in the near future, as the country's aquaculture production has been rising quickly. United Nations tops the chart for large imports of live fish, meat, mollusks, and other aquatic invertebrates.

Restraint

• Feeding Strategies and Feeding Costs

Aquafeed is a major challenge for small-scale farmers in North America, where aquaculture predominantly depends on intensive, semi-intensive, and traditional feeding systems. Aquafeed produced on the farm is used by the majority of inland farmers. Inland farmers supplement their feed with crop leftovers, fish waste, and cornmeal since feed supplies like fish meal are expensive, lowering total aquaculture output and increasing water usage and pollution. Producers are looking for cheaper alternatives to expensive raw materials like fishmeal and fish oil. The lower cost of feeds is projected to increase farmer acceptance of these products.

Impact of COVID-19 Pandemic:

The United States had the most confirmed COVID-19 cases, followed by Mexico and Canada. The aquaculture sector in the region has suffered due to the crisis, which has resulted in supply chain interruptions, industrial unit closures, and border restrictions, among other things. New advancements in the aquaculture business were hampered by disruptions in manufacturing processes and research and development efforts. However, the situation is far better than during the original pandemic. Governments have indicated that limitations will be eased, and manufacturers have begun operations at full capacity. Furthermore, demand for packaged fish products increased dramatically across the region, indicating that the North American aquaculture business will have profitable potential in the coming years.

Segmentation:

• By Raw Material

Corn

Wheat

Others

• By Feed Type

Fish Feed

Others