PUBLISHER: Persistence Market Research | PRODUCT CODE: 1442692
PUBLISHER: Persistence Market Research | PRODUCT CODE: 1442692
Persistence Market Research has recently published an in-depth analysis of the global Marine Feed Market, offering a comprehensive overview of key market dynamics, growth drivers, challenges, and emerging trends. This report provides valuable insights into the Marine Feed Market, presenting exclusive data and statistics that forecast the market's growth trajectory from 2023 to 2030.
The marine feed market is anticipated to grow at a Compound Annual Growth Rate (CAGR) of 7.2%, projecting an increase from US$37.1 billion in 2023 to reach US$60.2 billion by the conclusion of 2030.
Marine Feed Market Size (2023E): US$37.1 Bn
Projected Market Value (2030F): US$60.2 Bn
Global Market Growth Rate (CAGR 2023 to 2030): 7.2%
Historical Market Growth Rate (CAGR 2018 to 2022): 6.4%
Marine Feed Market- Report Scope:
Marine feed, commercially produced to meet aquatic animals' nutritional needs, includes ingredients like fish oil, vegetable protein, and marine life. Providing a balanced diet rich in nutrients, it supports healthy fish growth and reproduction. The global marine feed market is growing due to increased seafood consumption, interest in fish farming, and the need for sustainable protein sources. Rising demand for organic fish oil across various industries and the health benefits of seafood contribute to market expansion.
Rising Fish and Seafood Consumption: Increased awareness of the nutritional benefits of fish, including premium protein, omega-3 fatty acids, and vitamins, drives higher consumption. Fish is perceived as a healthier protein source with less saturated fat than red meat. Concerns about environmental impacts of livestock production also contribute to the popularity of fish as a sustainable protein source.
Insufficient Knowledge About Modern Feeding Techniques in Developing Nations: Lack of awareness about contemporary feeding methods limits the marine feed market in undeveloped nations. Despite the growth of aquaculture, outdated feeding practices prevail in many regions, leading to subpar nutrition for farmed fish. This results in slower growth rates, higher mortality, and reduced production in aquaculture operations.
Rising Concerns About Environment and Public Health: Intensive aquaculture practices contribute to water contamination, leading to nutrient overabundance and potential eutrophication. Unconsumed feed and fish waste exacerbate freshwater and marine pollution. Establishment of fish farms can result in the loss of important habitats, such as coastal areas and wetlands, impacting biodiversity. Delicate ecosystems like seagrass beds, coral reefs, and mangroves may also be harmed by aquaculture structures, raising concerns about environmental degradation.
Increasing Government Support for Aquaculture: Global government initiatives are fostering the growth of the aquaculture industry. In countries like India, centrally supported programs by the Ministry of Agriculture are fueling domestic aquaculture development. Governments also promote capacity building and education through training programs, enhancing the skills of aquaculture farmers. Initiatives such as the National Aquaculture Development Strategy, supported by organizations like the European Union and the Food and Agriculture Organization, encourage innovation and collaboration, contributing to the expansion of the marine feed market.
Key Questions Answered in the Report:
Competitive Intelligence and Business Strategy:
Increasing Government Support for Aquaculture: Global government initiatives are fostering the growth of the aquaculture industry. In countries like India, centrally supported programs by the Ministry of Agriculture are fueling domestic aquaculture development. Governments also promote capacity building and education through training programs, enhancing the skills of aquaculture farmers. Initiatives such as the National Aquaculture Development Strategy, supported by organizations like the European Union and the Food and Agriculture Organization, encourage innovation and collaboration, contributing to the expansion of the marine feed market.
Marine Feed Market Segmentation: