Global AquaFeed Market Size By Type (Mash Feed, Pellet Feed), By Application (Fish Feed, Shrimp Feed), By Region, And Segment Forecasts, 2023 to 2032

The Global AquaFeed Market, valued at USD 77 billion in 2023, is projected to surpass USD 134 billion by 2031, expanding at a CAGR of 7.1% during the forecast period from 2023 to 2031. This market growth is primarily driven by the rising demand for seafood, coupled with the increasing focus on high-quality and sustainable aquaculture practices. AquaFeed plays a crucial role in improving the health, growth rate, and nutritional value of farmed fish and shrimp, aligning with the broader demand for sustainable food sources.

Drivers

Rising Demand for Seafood: The global appetite for seafood continues to rise, driven by population growth and the nutritional benefits of fish as a protein source. AquaFeed enables optimal growth and health for aquaculture species, supporting the supply chain.

Advances in Feed Nutrition: Technological advances in feed formulation, including the use of enzymes, probiotics, and amino acids, are enhancing the growth efficiency and immunity of farmed aquatic species, significantly contributing to market growth.

Growth of the Aquaculture Industry: With wild fish stocks under pressure, aquaculture is expanding as a sustainable alternative. This growth translates into increased demand for high-quality feed products.

Restraints

High Cost of Raw Materials: Ingredients such as fishmeal and soy protein are costly, and price fluctuations can impact feed prices, challenging producers' profit margins.

Environmental Concerns: AquaFeed production and usage face scrutiny regarding the environmental impact of certain feed ingredients and practices, influencing regulatory policies.

Opportunity

Increased Investment in Sustainable AquaFeed: Developing sustainable and alternative feed ingredients, such as algae, insect-based proteins, and plant-based sources, presents significant growth opportunities.

Expansion in Emerging Markets: Growing aquaculture in regions like Southeast Asia and Africa offers substantial potential for AquaFeed producers aiming to expand their presence and meet increasing demand.

Market by System Type Insights

By system type, Extruded Feed accounted for the largest market share in 2023. This feed type is preferred for its stability and controlled nutrient release, which enhances feed efficiency and reduces waste. As demand for efficient feed solutions grows, extruded feed is expected to remain dominant, especially for high-value aquaculture species such as salmon and shrimp.

Market by End-use Insights

The Fish Segment leads the market based on end use, with a notable demand from species like salmon, trout, and carp. Fish farming has become central to meeting global seafood needs, driving the demand for nutritious and growth-enhancing AquaFeed. The shrimp segment is also expanding, particularly in Asian and Latin American markets, owing to the increasing popularity of shrimp in global diets.

Market by Regional Insights

In terms of geography, Asia-Pacific dominated the AquaFeed market in 2023, with countries like China, India, and Vietnam leading in aquaculture production. The region's established aquaculture industry and favorable environmental conditions position it as a crucial market. North America and Europe are also important markets, especially as sustainable feed practices gain traction.

Competitive Scenario

Prominent players in the Global AquaFeed Market include Cargill, Inc., Skretting, BioMar Group, Alltech, ADM, Nutreco, and Ridley Corporation. These companies focus on innovation, strategic alliances, and sustainability initiatives to strengthen their market presence. Key developments include the introduction of sustainable feed ingredients and partnerships with aquaculture companies to enhance feed efficiency and minimize environmental impact.

Scope of Work – Global AquaFeed Market

Key Market Developments

2023: Cargill, Inc. introduced a new range of algae-based AquaFeed products, focusing on sustainable alternatives to fishmeal.

2024: BioMar Group expanded its production facility in Asia-Pacific, aimed at meeting the growing demand in emerging markets.

2025: Skretting partnered with a major aquaculture firm to develop specialized feeds for high-value species, enhancing feed efficiency and environmental sustainability.

FAQs

What is the current market size of the Global AquaFeed Market?

The market size of the Global AquaFeed Market is valued at USD 77 billion in 2023.

What is the major growth driver of the Global AquaFeed Market?

The primary growth driver is the rising demand for seafood, complemented by advances in AquaFeed nutrition.

Which is the largest region during the forecast period in the Global AquaFeed Market?

Asia-Pacific holds the largest market share, driven by robust aquaculture production.

Which segment accounted for the largest market share in the Global AquaFeed Market?

The Fish segment leads the market by end use, with significant demand from species such as salmon and trout.

Who are the key market players in the Global AquaFeed Market?

Key players include Cargill, Inc., Skretting, BioMar Group, Alltech, ADM, Nutreco, and Ridley Corporation.

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