PUBLISHER: The Business Research Company | PRODUCT CODE: 1435666
PUBLISHER: The Business Research Company | PRODUCT CODE: 1435666
Aquafeed is the essential sustenance given to aquatic creatures reared for consumption in aquaculture. For optimal growth and health, fish, whether cultivated or wild, require a well-balanced combination of crucial elements such as vitamins, fatty acids, and amino acids. Comprising specific lipids, vitamins, minerals, and amino acids, which serve as protein's foundational building blocks, aquafeed integrates a range of constituents such as fishmeal, fish oil, plant-based sources, and animal trimmings to ensure the necessary nutrients for aquatic organisms.
Aquafeed comprises various types of essential nutrients such as vitamins, antioxidants, amino acids, enzymes, acidifiers, and binders, available in dry, wet, or moist forms. These products are distributed through diverse channels, including direct sales, indirect sales, hypermarkets, supermarkets, wholesalers, online platforms, and other retail avenues.
The aquafeed market research report is one of a series of new reports from The Business Research Company that provides aquafeed market statistics, including aquafeed industry global market size, regional shares, competitors with an aquafeed market share, detailed aquafeed market segments, market trends and opportunities, and any further data you may need to thrive in the aquafeed industry. This aquafeed market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future state of the industry.
The aquafeed market size has grown strongly in recent years. It will grow from $91.05 billion in 2023 to $99.02 billion in 2024 at a compound annual growth rate (CAGR) of 8.8%. Historical growth can be attributed to the expansion of aquaculture, a rise in seafood consumption, growing awareness of health benefits associated with seafood, the global demand for protein, and the adoption of sustainable aquaculture practices.
The aquafeed market size is expected to see strong growth in the next few years. It will grow to $138.75 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%. Forecasted growth is due to aquaculture intensification, expanding middle-class, disease prevention, climate change adaptation, and quality assurance. Major trends include precision feeding, specialized feeds, traceability via blockchain, biofortified feeds, and digital technology integration.
The rising consumption of seafood is anticipated to drive the expansion of the aquafeed market. With aquaculture playing a substantial role in meeting the growing demand for fishery products, reports by the Organization for Economic Co-operation and Development (OECD) and the Food and Agriculture Organization (FAO) project a significant rise in human consumption of fish, estimated to reach 180 Mt by 2029. This surge in demand for seafood is expected to necessitate high-quality aquafeed to uphold the standards of these products, thereby fueling the growth of the aquafeed market.
The burgeoning aquaculture sector is set to be a key driver for the expansion of the aquafeed market. Aquaculture, the controlled cultivation of aquatic organisms for commercial purposes, relies significantly on aquafeed to provide essential nutrients, proteins, and energy crucial for the optimal growth and well-being of farmed aquatic organisms. Reports from the Food and Agriculture Organization's State of World Fisheries and Aquaculture (SOFIA) 2022 series reveal a projected 14% growth in aquatic animal production by 2030, with the total expected production reaching 202 million metric tons. This robust growth in aquaculture is a significant factor propelling the expansion of the aquafeed market.
The aquafeed market is witnessing a surge in technological advancements as companies strive to innovate and enhance their products. Secma Cabon Solution Vide, a France-based equipment design and construction company, introduced MultyWays in September 2022, a novel aquafeed delivery system. This system integrates patented inventions such as CleanPipe, DosAir, and Multiways valves, working synergistically to maximize output and profitability. MultyWays facilitates increased yield, enabling more frequent daily feedings while affording farmers additional time for other essential tasks. Moreover, it curtails labor costs, minimizes manual handling, and reduces the likelihood of accidents associated with frequent feeding operations.
Major players in the aquafeed market are prioritizing product innovation, such as the development of omega-3 dry powder, to elevate the nutritional quality and health advantages of feed for farmed aquatic species, promoting their growth and sustainability. Omega-3 dry powder typically contains concentrated omega-3 fatty acids derived from fish oil or algae, serving as a nutritional supplement in various food products, including aquafeed. This supplement enhances health benefits in aquatic organisms. MiAlgae, a US-based biotech company, introduced NaturAlgae in April 2023, a dry powder rich in DHA and other oils. This product serves as an ingredient in aquafeeds, offering the well-known health benefits of omega-3. Additionally, it serves as a component in fish feeds and pet foods, reducing the reliance on wild-caught fish, the conventional source of omega-3.
In March 2021, BioMar, a Denmark-based producer of fish feed products, acquired a majority stake in Vietnam-Uc, with the transaction's financial details remaining undisclosed. This strategic move aimed to bolster BioMar's presence in the market for premium feed products, emphasizing sustainability, traceability, quality, and performance. Furthermore, the acquisition positioned BioMar to expand its aquafeed business in Vietnam, a global leader in shrimp production, yielding nearly 500,000 tons of shrimp annually. Vietnam-Uc, the acquired company, specializes in aquafeed operations, focusing on shrimp hatchery, nurturing, and incubation across multiple developmental stages.
Major companies operating in the aquafeed market report are Cargill Incorporated, Archer Daniels Midland Company, Marubeni Nisshin Feed Co. Ltd., Evonik Industries AG, Charoen Pokphand Foods Public Company Limited, Royal De Heus B.V., Nutreco N.V., ForFarmers N.V., PT Japfa Comfeed Indonesia Tbk, BioMar A/S, Adisseo, Alltech Inc., Ridley Corporation Limited, Skretting USA, Wilbur-Ellis Nutrition LLC, Purina Animal Nutrition LLC, Aller Aqua A/S, Biomin GmbH, Biostadt India Limited, Growel Feeds Private Limited, Norel Animal Nutrition, Sonac B.V., Coppens International B.V., EnviroFlight LLC, Beneo GmbH, Nutriad International NV, Dibaq Aquaculture S.L., Melick Aquafeed, Rangen Inc.
Asia-Pacific was the largest region in the aquafeeds market in 2023. North America is expected to have the highest CAGR in aquafeeds market. The regions covered in the aquafeed market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the aquafeed market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The aquafeed market consists of sales of bloodworms, mealworms, blackworms, tubifex. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Aquafeed Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on aquafeed market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for aquafeed ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The aquafeed market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
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The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.