The global aquafeed market was valued at USD 67.5 million in 2021. It is projected to reach USD 106.52 million by 2030, growing at a CAGR of 5.2% during the forecast period (2022–2030).Aquaculture is fed aquafeed, a mixture of raw materials, additives, and other supplements derived from either natural or synthetic sources. Amino acids, vitamins, minerals, enzymes, probiotics, antibiotics, flavors, and colorants are the most common ingredients to formulate fish feed. Most of the world's fish production comes from Aquaculture and Capture. Fish includes Tilapia, Catfish, Carp, and Salmon, among others. Due to diminishing natural resources and other factors, the reliance on captured fisheries has decreased.
A large portion of fish production is directly consumed by humans, while only a small portion is used for animal feed. Aquafeed's final consumers are fish, mollusks, crustaceans, etc. Tilapia is the most farmed fish cultivated in 135 countries, while shrimp is the most significant aquaculture product. Aquaculture is an integral part of the economic development of several nations and has been positively received by many governments seeking to improve their nations' economic performance; some supportive policies have been implemented.
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Increasing Seafood Trade
The increasing popularity of organic fish farming is anticipated to create lucrative market expansion opportunities. Even though organic fish farming is still in its infancy, its growing consumer preference will likely stimulate market growth. The global aquafeed market's growth is anticipated to be bolstered by the rising demand for animal protein in major western nations and the escalating global seafood trade. The rising demand for seafood and consumer spending on fish & fish products, such as fish silage, fish meals, and fish oils, are anticipated to stimulate aquaculture production and market expansion. The world's growing population contributes to the expansion of the fish market, ultimately driving up demand for aquafeed.
Increasing Investments in R&D Activities
Increasing investments in the R&D of innovative products by market participants and industry associations will positively impact the market expansion. This new project aims to come up with alternatives to the ingredients currently used in fish feed to combat the current market's high prices for feed. Using plant-based proteins as a primary component of fish food is an innovative replacement option. The businesses have decided to pursue mergers and acquisitions to expand their product and service offerings to consumers.
The volatility of Raw Material Prices
The market's growth is restricted by the high price volatility associated with the raw materials used in the feed preparation. For example, a significant increase in the price of soybeans, corn, or any of the product's other raw materials can directly impact the product's final price. There is an increase in the people selecting vegetarian diets and excluding food that is not vegetarian. It is anticipated that this will reduce the demand for fish, which can harm the market. The regulatory system of the animal feeds industry restricts the use of certain substances such as antibiotics, and the rising cost of raw materials is the primary factor restraining market expansion.
The global aquafeed market is segmented by form, additives, feed, and application.
Based on form, the market is segmented into dry, moist, and wet.
The market is dominated by dry-type products with the highest revenue share. This is due to its capacity to increase the fish's feed conversion ratio. In addition, it is likely to gain traction in the coming years due to the high palatability of the dry feed-in form.
Based on additives, the market is divided into amino acids, antibiotics, vitamins and minerals, feed acidifiers, antioxidants, enzymes, anti-parasitic, probiotics, and prebiotics.
Amino acids dominate the market, accounting for most of the revenue. This high share is due to its benefits, which include improving immunity, increasing larval performance, optimizing fish's metabolic transformation efficiency, increasing tolerance to environmental stresses, and improving fillet taste and texture when added to aquafeed.
Based on feed, the market is categorized into starter, grower, finisher, and brooder.
With a significant revenue share, grower feed dominates the market. Its high market share can be attributed to its increasing use in animals aged 6 to 20 weeks to meet their nutritional needs. This food is given to the animal until it is ready to reproduce and lay eggs. Switching from starter to grower feed is essential because too much protein can cause long-term liver or kidney problems.
Based on application, the market is divided into carp, rainbow trout, salmon, crustaceans, tilapia, catfish, sea bass, grouper, and others.
The market application is dominated by carp during the forecast period. Its high consumption is due to the associated health benefits of this species, such as immunity booster, improved heart health, control of chronic diseases, and protection of gastrointestinal functions.
The global aquafeed market is segmented into North America, Europe, Asia Pacific, and LAMEA.
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Asia Pacific region will dominate the aquafeed market during the forecast period. This can be attributed to the regional aquaculture sector's rapid expansion. This development is attributable to the region's natural resources, affordable labor, and favorable conditions for aquaculture development. The aquaculture industry is booming in Europe, particularly in the United Kingdom, France, Italy, and Spain. Improvements in environmental management and an increase in feed efficiency and nutrient consumption by aquatic species have fueled the market's expansion in Europe.