The Global Aquafeed Market is valued at approximately USD 62.4 billion in 2023 and is anticipated to grow with a healthy growth rate of more than 4% over the forecast period 2024-2032. Aquafeed plays an essential role in the sustainable development of aquaculture by providing nutritionally balanced and efficient feed solutions for various farmed aquatic species. With the rising global demand for seafood, fueled by population growth and increasing consumer preference for protein-rich diets, the aquaculture industry is expanding rapidly. This expansion necessitates the adoption of advanced feed technologies and formulations, which are critical in enhancing the productivity and health of farmed aquatic animals. Aquafeed, available in various forms such as dry, moist, and wet, caters to the specific dietary requirements and feeding behaviors of species like carp, salmon, and tilapia, among others, ensuring optimal growth and sustainability.
The global aquafeed market is witnessing robust growth, driven by several key factors. The increasing global appetite for seafood, coupled with the expanding aquaculture sector, propels the demand for specialized aquafeed that enhances growth, health, and production efficiency in farmed aquatic species. Technological advancements in aquaculture practices, including species diversification and improved farming techniques, further fuel the market, leading to continuous innovations in feed formulation. These innovations focus on optimizing nutritional balance, digestibility, and cost-effectiveness, thereby ensuring the long-term sustainability of aquaculture operations. However, environmental concerns pose significant challenges to the aquafeed market. The use of fishmeal and fish oil, sourced from wild fisheries, raises sustainability issues due to overfishing and resource depletion. These environmental concerns have led to increased scrutiny and regulatory pressures on feed manufacturers to adopt more sustainable practices. Balancing environmental sustainability with economic viability remains a critical challenge for the industry.
Opportunities abound in the aquafeed market, particularly in the development of sustainable feed solutions. Manufacturers that embrace alternative protein sources, such as plant-based meals, insect protein, and microalgae, are well-positioned to capitalize on the growing demand for eco-friendly aquafeed. These sustainable alternatives not only address environmental concerns but also offer potential cost benefits, contributing to the overall growth and diversification of the aquafeed industry.
The Asia Pacific region dominated the global aquafeed market in 2023, accounting for over 44.10% of the total market share. The region's dominance is attributed to its substantial aquaculture sector, supported by favorable natural resources, cost-effective labor, and conducive growth conditions. The region is expected to maintain its leading position throughout the forecast period, driven by the continuous expansion of aquaculture activities. In contrast, the North American market is also poised for significant growth, fueled by the increasing demand for seafood and the expansion of the aquaculture industry in the region.
Major market players included in this report are:
Cargill, Inc.
BioMar Group
Ridley Corp. Ltd.
Aller Aqua
BENEO
Alltech
Aker Biomarine
Charoen Pokphand Foods PCL
Skretting
Purina Animal Nutrition LLC
Dibaq Aquaculture
INVE Aquaculture
Avanti Feeds Ltd.
Biostadt India Ltd.
The Waterbase Ltd.
The detailed segments and sub-segments of the market are explained below:
By Form:
Dry
Moist
Wet
By Additives:
Amino Acids
Antibiotics
Vitamins & Minerals
Feed Acidifiers
Antioxidants
Enzymes
Anti-parasitic
Probiotics & Prebiotics
Others
By Feed:
Starter Feed
Grower Feed
Finisher Feed
Brooder Feed
By Application:
Carp
Rainbow Trout
Salmon
Crustaceans
Tilapia
Catfish
Sea Bass
Grouper
Others
By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
RoLA
Middle East & Africa
Saudi Arabia
South Africa
RoMEA
Years considered for the study are as follows:
Historical year - 2022
Base year - 2023
Forecast period - 2024 to 2032
Key Takeaways:
Market Estimates & Forecast for 10 years from 2022 to 2032.
Annualized revenues and regional level analysis for each market segment.
Detailed analysis of geographical landscape with Country level analysis of major regions.
Competitive landscape with information on major players in the market.
Analysis of key business strategies and recommendations on future market approach.
Analysis of competitive structure of the market.
Demand side and supply side analysis of the market.
