The Aquafeed Market size was estimated at USD 65.41 billion in 2023 and expected to reach USD 70.04 billion in 2024, at a CAGR 7.67% to reach USD 109.78 billion by 2030.
The aquafeed market is defined as the sector encompassing the production and sale of feed products specifically crafted for aquatic species such as fish, crustaceans, and mollusks, which are bred in aquaculture environments. This market is essential to the aquaculture industry, as aquafeed provides the necessary nutrients for optimal growth, health, and yield of farmed aquatic organisms. The application of aquafeed is primarily in commercial aquaculture operations and specific hobbyist settings, where it is used to support diverse end-user segments like farmers of fish, shrimp, trout, salmon, carp, and other species. As the demand for seafood continues to rise, aquafeed plays a pivotal role in enhancing production efficiencies and meeting global protein needs.
A key growth driver for the aquafeed market is the rising demand for seafood in conjunction with the depletion of wild fish stocks, thereby compelling a shift towards aquaculture. This has opened new opportunities in formulating nutritionally rich, sustainable, and cost-effective aquafeeds. Furthermore, advancements in biotechnology, such as the development of probiotics, enzymes, and genetically modified ingredients, present opportunities to augment feed efficiency and reduce aquatic pollution. However, the market faces challenges, including fluctuating raw material prices and the environmental repercussions of intensive aquaculture, which can inhibit growth. Regulatory constraints and the need for sustainable sourcing of feed ingredients also present hurdles.
Innovation is critical for market expansion, with promising areas including the development of plant-based and insect-derived protein sources, precision nutrition, and sustainable feed technologies. Advances in aquafeed formulations, targeting fish health and reduced feed conversion ratios, stand out as beneficial innovations. The market is inherently dynamic, driven by technological advancements and evolving consumer preferences. It remains competitive, with substantial investment potential in R&D for enhancing feed quality and sustainability. Firms can capitalize on these factors by investing in innovative feed technologies and adopting sustainable practices to better align with regulatory standards and consumer demands, securing a competitive edge in the growing aquaculture industry.
Ask ResearchAI anything
World's First Innovative Al for Market Research
Market Dynamics
The market dynamics represent an ever-changing landscape of the Aquafeed Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.
- Market Drivers
- Trends toward high-protein diets boost the commercial success of aquafeed solutions
- Increasing global demand for aquatic protein complements the growth in aquafeed market
- Technological advancements in aquafeed production processes reduce costs and enhance quality
- Market Restraints
- Competition from plant-based and alternative protein sources reducing traditional aquafeed demand
- Changing consumer preferences and dietary trends exerting pressure on aquafeed manufacturers
- Impact of aquaculture diseases on the demand and formulation of aquafeed affecting production decisions
- Market Opportunities
- Growing demand for specialty aquafeed catering to specific species such as shrimp and exotic fish varieties
- Meeting the demand for aquafeed that can withstand varying water conditions and temperature changes
- Development of high-performance aquafeed for open water and offshore aquaculture projects
- Market Challenges
- Impact of international trade restrictions on aquafeed market distribution and expansion opportunities
- Challenges in conveying clear transparency and traceability within the aquafeed supply chain
- Difficulty in predicting fish meal and fish oil availability impacts the aquafeed industry's planning efforts
Market Segmentation Analysis
Additives: Growing usage of amino acids in additives for protein synthesis
Additives play a crucial role in optimizing feed quality and ensuring the health and growth of aquatic species. Amino acids are vital for protein synthesis, tissue repair, and nutrient absorption, enhancing growth performance and feed efficiency. Anti-parasitic additives are essential for controlling infestations, improving fish health, and reducing mortality. Antibiotics prevent and treat bacterial infections, ensuring fish health, but are subject to stringent regulations due to resistance concerns. Antioxidants prevent oxidative damage to feed, enhancing stability and fish health. Feed acidifiers improve nutrient digestibility and gut health, with Biomin and Novus International launching new products for enhanced efficacy.
Feed enzymes boost the digestibility of complex feed components, improving nutrient utilization and growth rates. Probiotics and prebiotics promote a healthy gut microbiome, enhancing disease resistance and nutrient absorption. Lallemand Animal Nutrition and ADM Animal Nutrition provide effective strains and formulations. Vitamins and minerals support metabolic processes, immune function, and growth. DSM Nutritional Products and Trouw Nutrition have advanced their product lines with improved bioavailability and precision dosing technologies. Understanding and appropriately using these additives is critical to achieving sustainable and profitable aquaculture operations. Continuous innovations by leading manufacturers enhance additive effectiveness, helping the industry meet global seafood demand.
Application :Significant usage of additives in immune systems application for health management plans
Growth promoters in aquafeed enhance the growth rate of aquatic species by optimizing feed efficiency and nutritional uptake, ensuring faster growth cycles crucial for commercial aquaculture. Commercial aquaculture farms demand these promoters to achieve rapid growth and turnover, while research institutions use them to study fish growth under different conditions. Recent innovations from Nutriad combine growth promoters with gut health support for sustainable practices, while Biomin's probiotic system enhances growth and health. Commercialization activities focus on collaborations between feed additive companies and large aquaculture operations, with increasing investments in eco-friendly growth enhancers. Immunity support additives maintain aquatic species' health by boosting their immune systems and reducing reliance on antibiotics. Aquaculture farms demand these additives during disease-prone seasons or in pathogen-risk areas, and veterinary services often recommend them for health management plans. Commercialization includes expanded product lines with natural boosters and tailored immune support for specific species.
Nutritional support additives ensure balanced aquafeed formulations, which are essential during broodstock, larviculture, and grow-out phases for optimal health and growth. They focus on alternative protein sources like insect meal and micronutrient-optimized formulations. Local commercialization activities include new region-specific products and blockchain tracing initiatives for ingredient quality. Texture and palatability enhancers make aquafeed appealing, encouraging intake and reducing wastage. These additives are crucial for transition diets, high-value species, and feed wastage reduction. Innovations include biotechnology to mimic natural diet flavors and texture modifiers using novel gelatin techniques. Marketing campaigns emphasize reduced feed costs and new products catering to freshwater and marine species. Comparatively, growth promoters focus on accelerating growth, while nutritional support ensures comprehensive health. Immunity support and growth promoters together foster robust, fast-growing aquaculture. Texture and palatability support nutritional enhancements by making feeds more appealing.
Porter’s Five Forces Analysis
The porter's five forces analysis offers a simple and powerful tool for understanding, identifying, and analyzing the position, situation, and power of the businesses in the Aquafeed Market. This model is helpful for companies to understand the strength of their current competitive position and the position they are considering repositioning into. With a clear understanding of where power lies, businesses can take advantage of a situation of strength, improve weaknesses, and avoid taking wrong steps. The tool identifies whether new products, services, or companies have the potential to be profitable. In addition, it can be very informative when used to understand the balance of power in exceptional use cases.
PESTLE Analysis
The PESTLE analysis offers a comprehensive tool for understanding and analyzing the external macro-environmental factors that impact businesses within the Aquafeed Market. This framework examines Political, Economic, Social, Technological, Legal, and Environmental factors, providing companies with insights into how these elements influence their operations and strategic decisions. By using PESTLE analysis, businesses can identify potential opportunities and threats in the market, adapt to changes in the external environment, and make informed decisions that align with current and future conditions. This analysis helps companies anticipate shifts in regulation, consumer behavior, technology, and economic conditions, allowing them to better navigate risks and capitalize on emerging trends.
Market Share Analysis
The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Aquafeed Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
FPNV Positioning Matrix
The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Aquafeed Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
Recent Developments
Guangdong Yuehai Feed Group to acquire 51% stake in Thailand's I&V Bio Asia for USD 25.5 million to enhance global market reach and feed quality
Guangdong Yuehai Feed Group Co. plans to acquire a 51 percent stake in Thailand-based I&V Bio Asia Co. for USD 25.5 million. The acquisition promises synergies between Yuehai's production capabilities and I&V Bio Asia's hatchery feed expertise, resulting in improved products and operational efficiencies. Leveraging I&V Bio Asia's established presence will help Yuehai expand into international aquaculture markets. [Published On: August 16, 2024]
Skretting introduces AmiNova, a revolutionary aquafeed concept for salmon and trout that enhances sustainability and nutrient retention, set to debut in Chile Q3 2024
Skretting introduced AmiNova, an innovative feed formulation concept to enhance fish nutrition precision. This breakthrough focuses on creating feed based on an ideal digestible amino acid profile rather than just crude or digestible protein levels. By evaluating and adjusting the amino acids that fish digest, Skretting meets fish nutritional needs more accurately, improving fish health and growth, increasing feed efficiency, and benefiting the environment. [Published On: June 17, 2024]
ADB provides USD 16M debt facility and grant to ABIS Exports for micro-aquafeed plant and farmer training in India, aiming to improve efficiency and sustainability
The Asian Development Bank (ADB) partnered with ABIS Exports India to create a sustainable micro-aquafeed plant supported by a USD 16 million debt facility. This initiative aims to improve aquaculture productivity with specialized feed, enhance farmer skills in climate-smart practices, and promote financial literacy, benefiting up to 6,000 farmers. The partnership is expected to reduce carbon emissions and conserve water, fostering sustainable farming practices. [Published On: February 12, 2024]
Strategy Analysis & Recommendation
The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Aquafeed Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.
Key Company Profiles
The report delves into recent significant developments in the Aquafeed Market, highlighting leading vendors and their innovative profiles. These include Aller Aqua A/S, Archer Daniels Midland Company, Avanti Feeds Limited, BENEO, Bern Aqua NV, BioMar Group, Biomin by Koninklijke DSM N.V., Biostadt India Limited, Cargill, Inc., Charoen Pokphand Foods PLC, Charoen Pokphand Group, China National Bluestar Group, Darling Ingredients Inc., Erber Group by Erber Group, Godrej Agrovet Limited, Growel Feeds Pvt. Ltd., Higashimaru Co., Ltd., Kemin Industries, Inc., Novus International, Inc., Purina Animal Nutrition LLC, Skretting, The Scoular Company, Uni-President Enterprises Corporation, Wilbur-Ellis Company, and Zeigler Bros., Inc..
Market Segmentation & Coverage
This research report categorizes the Aquafeed Market to forecast the revenues and analyze trends in each of the following sub-markets:
- Ingredient Type
- Additives
- Amino Acids
- Antioxidants
- Binders
- Enzymes
- Corn Gluten Meal
- High-Protein Corn Gluten
- Low-Protein Corn Gluten
- Fish Meal
- Fish Trimmings Meal
- Whole Fish Meal
- Soybean Meal
- Conventional Soybean Meal
- Organic Soybean Meal
- Certified Organic
- Non-GMO Organic
- Additives
- Form
- Dry Feed
- Crumbles
- Pellets
- Wet Feed
- Moist Pellets
- Wet Mash
- Dry Feed
- Application
- Commercial Aquaculture
- Pond Aquaculture
- Recirculating Aquaculture Systems
- Domestic Household Consumption
- Livestock Feed
- Integrated Livestock Systems
- Commercial Aquaculture
- End User
- Crustaceans
- Crabs
- Shrimps
- Whiteleg Shrimp
- Fish Species
- Carps
- Common Carp
- Grass Carp
- Catfishes
- Salmonids
- Atlantic Salmon
- Trout
- Tilapia
- Nile Tilapia
- Carps
- Mollusks
- Mussels
- Oysters
- Crustaceans
- Production System
- Closed System
- Aquaponic Systems
- Biofloc Systems
- Open System
- Cage Culture
- Net Pen Culture
- Closed System
- Product Type
- Breeder Feed
- Hatchery Feed
- Grower Feed
- Starter Feed
- Crumbs
- Breeder Feed
- Region
- Americas
- Argentina
- Brazil
- Canada
- Mexico
- United States
- California
- Florida
- Illinois
- New York
- Ohio
- Pennsylvania
- Texas
- Asia-Pacific
- Australia
- China
- India
- Indonesia
- Japan
- Malaysia
- Philippines
- Singapore
- South Korea
- Taiwan
- Thailand
- Vietnam
- Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom
- Americas
This research report offers invaluable insights into various crucial aspects of the Aquafeed Market:
- Market Penetration: This section thoroughly overviews the current market landscape, incorporating detailed data from key industry players.
- Market Development: The report examines potential growth prospects in emerging markets and assesses expansion opportunities in mature segments.
- Market Diversification: This includes detailed information on recent product launches, untapped geographic regions, recent industry developments, and strategic investments.
- Competitive Assessment & Intelligence: An in-depth analysis of the competitive landscape is conducted, covering market share, strategic approaches, product range, certifications, regulatory approvals, patent analysis, technology developments, and advancements in the manufacturing capabilities of leading market players.
- Product Development & Innovation: This section offers insights into upcoming technologies, research and development efforts, and notable advancements in product innovation.
Additionally, the report addresses key questions to assist stakeholders in making informed decisions:
- What is the current market size and projected growth?
- Which products, segments, applications, and regions offer promising investment opportunities?
- What are the prevailing technology trends and regulatory frameworks?
- What is the market share and positioning of the leading vendors?
- What revenue sources and strategic opportunities do vendors in the market consider when deciding to enter or exit?
- Preface
- Research Methodology
- Executive Summary
- Market Overview
- Market Insights
- Aquafeed Market, by Ingredient Type
- Aquafeed Market, by Form
- Aquafeed Market, by Application
- Aquafeed Market, by End User
- Aquafeed Market, by Production System
- Aquafeed Market, by Product Type
- Americas Aquafeed Market
- Asia-Pacific Aquafeed Market
- Europe, Middle East & Africa Aquafeed Market
- Competitive Landscape
- How big is the Aquafeed Market?
- What is the Aquafeed Market growth?
- When do I get the report?
- In what format does this report get delivered to me?
- How long has 360iResearch been around?
- What if I have a question about your reports?
- Can I share this report with my team?
- Can I use your research in my presentation?