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Aquafeed Market

Aquafeed Market: Information by Form (Dry, Moist), Additives (Amino Acids, Antibiotics), and Region — Forecast till 2030

Published At : 08 Aug, 2022
Updated At : 09 Aug, 2022
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Market Snapshot
Base Year:
2021
Study Period:
2020-2030
CAGR:
5.2 %
Fastest Growing Market:
North America
Largest Market:
Asia Pacific

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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Market Dynamics

Global Aquafeed Market Drivers

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.

Global Aquafeed Market Restraint

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.

 

Segmental Analysis of the Global Aquafeed Market

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.

 

Regional Analysis of the Global Aquafeed Market

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.

 

Competitive Analysis of the Global Aquafeed Market

  • Cargill, Incorporated
  • BioMar Group
  • Ridley Corporation Limited
  • Aller Aqua
  • BENEO
  • Alltech
  • AKER BIOMARINE
  • Charoen Pokphand Foods PCL
  • Skretting
  • Purina Animal Nutrition LLC
  • Dibaq Aquaculture
  • INVE Aquaculture
  • Avanti Feeds Limited
  • Biostadt India Limited
  • The Waterbase Limited

 

Recent Developments

  • In April 2022: Kames Fish Farming Ltd. and Salmones Aysén joined Cargill's SeaFurther™ Sustainability initiative to raise more sustainable seafood with less environmental impact. Trout farmers, Kames Fish Farming Ltd. in Scotland, and salmon farmers, Salmones Aysén in Chile, have long been dedicated to caring for the waters where they raise their high-quality fish. Now, they are leading the way to improve their operations further to meet sustainability goals by joining Cargill's SeaFurther Sustainability initiative.
  • In April 2022: Cargill expanded the nutrient research and development capabilities of its Global Animal Nutrition Innovation Center to serve agriculture and food industry customers. To help customers respond more quickly in this dynamic environment, Cargill expanded and renovated its Global Animal Nutrition Innovation Center in Elk River.
  • In May 2022: BENEO Acquired Meatless B.V. to Expand its Portfolio of Plant-based Solutions. BENEO, one of the leading manufacturers of functional ingredients, has announced the acquisition of Dutch company, Meatless B.V., ensuring it becomes a significant player in plant-based texturizing solutions for meat and fish alternatives.

 

Global Aquafeed Market: Segmentation

By Form

  • Dry
  • Moist
  • Wet

By Additives

  • Amino Acids
  • Antibiotics
  • Vitamins & Minerals
  • Feed Acidifiers
  • Antioxidants
  • Enzymes
  • Anti-parasitic
  • Probiotics and Prebiotics

By Feed

  • Starter Feed
  • Grower Feed
  • Finisher Feed
  • Brooder Feed

By Application

  • Carp
  • Rainbow Trout
  • Salmon
  • Crustaceans
  • Tilapia
  • Catfish
  • Sea Bass
  • Grouper

By Region 

  • North America
  • Europe
  • Asia-Pacific
  • LAMEA
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