Global Aqua Feed Market By Type (Premix,High-end extruded feed,Aquatic feed), By Application (Fish feed,Shrimp feed), By Region, And Segment Forecasts, 2023 to 2029
Report Id: 44313 | Published Date: Aug 2024 | No. of Pages: 200 | Base Year for Estimate: Aug 2024 | Format:
The Global Aqua Feed Market was valued at USD 65 billion in 2023 and is projected to grow beyond USD 98 billion by the end of 2031, registering a CAGR of 5.2% during the forecast period of 2023-2031. The growth of the global aqua feed market is primarily driven by the increasing demand for seafood, advancements in aquaculture practices, and the rising awareness of the benefits of high-quality aqua feed. Aqua feed is essential for the growth and health of aquatic animals, providing them with the necessary nutrients for optimal development and production efficiency.
Global Aqua Feed Market Dynamics
Drivers:
Rising Demand for Seafood: The growing global population and increasing consumer preference for seafood as a healthy protein source are significant drivers for the aqua feed market. The demand for fish and seafood products is increasing, boosting the need for high-quality feed.
Advancements in Aquaculture Practices: The adoption of modern aquaculture practices and technologies is driving the demand for specialized aqua feed formulations that enhance growth rates and improve feed conversion ratios.
Increasing Awareness of Nutritional Benefits: The rising awareness among aquaculture farmers about the nutritional benefits of using high-quality aqua feed is driving market growth. Premium feed products contribute to improved health and productivity of aquatic animals.
Restraints:
High Cost of Feed Ingredients: The high cost of raw materials and feed ingredients, such as fishmeal and fish oil, can be a barrier to market growth. Price volatility of these ingredients affects the overall cost of aqua feed production.
Environmental Concerns: Environmental concerns related to aquaculture practices, such as water pollution and overfishing for feed ingredients, can hinder market growth. Sustainable sourcing and production practices are essential to address these concerns.
Opportunities:
Development of Alternative Protein Sources: The development of alternative protein sources, such as plant-based proteins and insect meals, offers opportunities for aqua feed manufacturers to reduce costs and improve sustainability.
Expansion into Emerging Markets: The increasing demand for seafood and aquaculture products in emerging markets presents significant growth opportunities for aqua feed manufacturers. Expanding distribution networks and developing tailored products can drive market growth.
Innovations in Feed Formulations: Innovations in feed formulations, such as the incorporation of probiotics and functional ingredients, can enhance the nutritional profile of aqua feed and support market growth.
Market by Species Insights:
Fish: The fish segment emerged as the largest revenue contributor in 2023 and is expected to maintain its dominance during the forecast period. The demand for fish feed is driven by the increasing production of species such as salmon, tilapia, and carp in aquaculture systems.
Crustaceans: The crustaceans segment is also significant, driven by the demand for shrimp and prawn feed in aquaculture. High-quality feed formulations are essential for the growth and health of crustaceans, enhancing their marketability.
Mollusks: The mollusks segment is expected to witness substantial growth, driven by the increasing production of species such as mussels, clams, and oysters. Aqua feed formulations for mollusks are designed to enhance their growth and nutritional value.
Market by Ingredient Insights:
Fishmeal & Fish Oil: The fishmeal and fish oil segment accounted for the largest market share in 2023, with more than 40%. These ingredients are rich in essential nutrients and omega-3 fatty acids, making them crucial components of aqua feed formulations.
Plant-based Ingredients: The plant-based ingredients segment is expected to grow, driven by the demand for sustainable and cost-effective alternatives to traditional feed ingredients. Soybean meal, corn, and wheat are commonly used plant-based ingredients.
Others: Other ingredients, such as probiotics, vitamins, and minerals, are incorporated into aqua feed formulations to enhance the nutritional profile and support the health and growth of aquatic animals.
Market by Regional Insights:
Asia-Pacific: Asia-Pacific holds a significant market share, driven by high levels of aquaculture production and the demand for seafood in countries such as China, India, and Vietnam. The region is a major consumer of aqua feed, with a focus on enhancing production efficiency and sustainability.
Europe: Europe is a major market for aqua feed, particularly in countries with strong aquaculture industries, such as Norway and Scotland. The demand for high-quality feed formulations supports market growth in the region.
North America: The North American region is expected to grow at a significant CAGR, driven by the increasing demand for seafood and the adoption of advanced aquaculture practices. The United States and Canada are key markets for aqua feed in the region.
Competitive Scenario:
Major players in the Global Aqua Feed Market include Cargill, Inc., Nutreco N.V., BioMar Group, Alltech, Inc., Ridley Corporation Limited, Skretting, Charoen Pokphand Group, Archer Daniels Midland Company, Avanti Feeds Limited, and Aller Aqua Group. These companies are focusing on product innovation, expanding production capacities, and strategic partnerships to enhance their market presence.
Scope of Work – Global Aqua Feed Market Report Metric Details
Key Market Developments:
September 2023: Cargill, Inc. announced the launch of a new range of sustainable aqua feed formulations incorporating alternative protein sources, aiming to reduce the environmental impact and improve feed efficiency in aquaculture.
June 2023: Nutreco N.V. introduced a new line of functional aqua feed products enriched with probiotics and omega-3 fatty acids, targeting the growing demand for health-promoting and high-performance feed solutions.
March 2023: BioMar Group entered into a strategic partnership with a leading aquaculture company to develop customized feed formulations for specific fish species, aiming to enhance growth rates and feed conversion efficiency.
Frequently Asked Questions:
Q. What is the current market size of the Global Aqua Feed Market?
A. The global aqua feed market size was estimated at USD 65 billion in 2023 and is expected to reach USD 98 billion by 2031, registering a CAGR of 5.2% during the forecast period of 2023-2031.
Q. What are the major growth drivers of the Global Aqua Feed Market?
A. The growth of the Global Aqua Feed Market is mainly driven by the rising demand for seafood, advancements in aquaculture practices, and increasing awareness of the nutritional benefits of high-quality aqua feed.
Q. Which region holds the largest market share in the Global Aqua Feed Market?
A. Asia-Pacific holds a significant market share, driven by high levels of aquaculture production and the demand for seafood in countries such as China, India, and Vietnam.
Q. Which segment accounted for the largest market share in the Global Aqua Feed Market?
A. The fish segment accounted for the largest market share in 2023, driven by the increasing production of species such as salmon, tilapia, and carp in aquaculture systems.
Q. Who are the key market players in the Global Aqua Feed Market?
A. Key players include Cargill, Inc., Nutreco N.V., BioMar Group, Alltech, Inc., Ridley Corporation Limited, Skretting, Charoen Pokphand Group, Archer Daniels Midland Company, Avanti Feeds Limited, and Aller Aqua Group.
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