Global Aquafeed Market is segmented By Species (Fish, Crustaceans, Mollusks, Others), By Additives (Amino acids, Vitamins, and Minerals, Prebiotics and Probiotics, Enzymes, Antibiotics, Antioxidants, Others), By Ingredient (Soybean, Corn, Fishmeal, Fish oil, Additives, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031
Aquafeed Market Size
Global Aquafeed Market reached USD 71.5 billion in 2022 and is expected to reach USD 98.6 billion by 2031 growing with a CAGR of 4.1% during the forecast period 2024-2031. Aquaculture has been experiencing significant growth worldwide as a means to meet the rising demand for seafood.
Aquafeed is commercially produced to feed numerous aquatic animals. This feed is compounded meals prepared for aquatic by mixing different additives and materials. It contains various ingredients, including pulses, corn, wheat, and oilseeds, in which different feed additives are applied to improve the functionality of the aquafeed. It has become vital to the aquaculture industry owing to its immune resistance, nutritional content, and growth-promoting properties. Superior quality aquafeed is very beneficial to mollusks, fishes, crustaceans & other aquatic species than farm feed on account of their balanced and specific composition.
As a result, the demand for aquafeed has been steadily increasing to support the expanding aquaculture industry. For instance, according to the Ministry of Fisheries, Animal Husbandry & Dairying, for the continuation of the "Blue Revolution Scheme" during the fiscal year 2020–21, the Government of India has budgeted USD 73.84 million.
| Metrics | Details |
| CAGR | 4.1% |
| Size Available for Years | 2022-2031 |
| Forecast Period | 2024-2031 |
| Data Availability | Value (US$) |
| Segments Covered | By Species, By Additives, By Ingredients |
| Regions Covered | North America, Europe, Asia-Pacific, South America, and Middle East & Africa |
| Fastest Growing Region | Asia-Pacific |
| Largest Region | North America |
| Report Insights Covered |
Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and Acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, Porter’s Analysis, Pricing Analysis, Regulatory Analysis, Supply-Chain Analysis, and Other key Insights. |
To Get a Free Sample Click Here
Aquafeed Market Dynamics
An Increase in Consumption of Seafood is Driving the Aquafeed Market Growth
Consumers' growing appetite for seafood can be observed by examining global consumption trends. According to the Food and Agriculture Organization (FAO) of the United Nations, global per capita fish consumption has been steadily increasing over the years. In 1961, the average annual per capita fish consumption stood at around 9.9 kilograms. By 2019, this figure had risen to approximately 20.9 kilograms, showcasing a remarkable growth rate.
Additionally, the FAO's "The State of World Fisheries and Aquaculture 2020" report reveals that global fish production from aquaculture surpassed wild-caught fish production for the first time in 2018. This shift is indicative of the increasing reliance on aquaculture to meet the rising seafood demand. With aquaculture's growing prominence, the demand for aquafeed as a vital input in the sector has witnessed a simultaneous surge.
Expansion of the Aquaculture Industry is Expected to Drive The Market Growth
The rapid expansion of the aquaculture industry has emerged as a powerful driver of market growth in the aquafeed sector. As the global population burgeons and consumer preferences shift towards healthier protein sources, the demand for seafood has soared, leading to increased reliance on aquaculture as a sustainable solution. This burgeoning industry necessitates a robust supply of nutritious and balanced aquafeed to support the health and growth of farmed aquatic species.
According to Food and Agriculture Organization (FAO) of the United Nations substantiates the remarkable growth of the aquaculture industry. According to the FAO's "The State of World Fisheries and Aquaculture 2022" report, global aquaculture production has been steadily rising over the years. In 2000, the total global aquaculture production was around 32.4 million metric tons. By 2022, this figure had surged to a staggering 184.1 million metric tons, signifying a staggering increase of over 17%.
The Price Volatility Nature of Raw Material is Restraining the Aquafeed Market
The aquafeed market faces a significant restraint in the form of price volatility of raw materials. The fluctuating prices of key ingredients pose challenges to the stability and profitability of the aquafeed industry. The nature of price volatility disrupts production planning, increases costs, and hampers the ability of feed manufacturers to maintain consistent pricing strategies.
The impact of raw material price volatility extends beyond fishmeal and fish oil. Other ingredients, such as plant proteins, grains, and specialty ingredients, can also be subject to price fluctuations influenced by factors like weather conditions, global supply and demand, and commodity market dynamics.
Aquafeed Market Segmentation Analysis
The global aquafeed market is segmented based on species, additives, ingredients, and region.
The Amino Acids Segment Holds the Largest Market Share in the Aquafeed Market
The amino acids segment holds a substantial market share in the aquafeed market, making it a key component of feed formulations for farmed aquatic species. The inclusion of amino acids in aquafeed is crucial for meeting the specific nutritional requirements of aquatic organisms and promoting optimal growth, health, and performance.
The importance of amino acids in aquafeed can be understood by considering the specific nutritional requirements of different species. For instance, fish species have varying amino acid requirements based on factors such as their growth rate, life stage, and metabolic functions. The inclusion of balanced and appropriate levels of amino acids in aquafeed formulations helps to meet these specific requirements and supports healthy growth and development.
Global Aquafeed Market Geographical Share
The Asia Pacific Region Held the Largest Market Share of the Aquafeed Market
The Asia Pacific region has emerged as a dominant player in the aquafeed market, holding the largest market share. The region's strong position can be attributed to various factors, including its extensive aquaculture industry, increasing seafood consumption, and robust economic growth. According to the World Bank, East Asia & Pacific accounted for approximately 139,592,229 metric tons of global fisheries production in 2021. The region's growing population and changing dietary preferences towards healthier protein sources have stimulated the demand for aquaculture products, driving the need for aquafeed.
China, in particular, plays a pivotal role in the aquafeed market. The country is the world's largest producer and consumer of aquaculture products. Its vast coastline, favorable climatic conditions, and extensive freshwater resources provide ideal conditions for aquaculture. The aquaculture industry in China has experienced tremendous growth, driven by increasing demand for seafood and government support. This growth has propelled the demand for aquafeed in the region.
Aquafeed Companies and Competitive Landscape
The major global players in the market include Cargill Inc, Archer Daniels Midland Company, Purina Animal Nutrition, Caltech, Ridley Corporation Ltd., Nutreco N.V., Aller Aqua A/S, Nutriad, Jinan Jinda Agricultural Development Co., Ltd., Shouguang Futailai Bio Co., Ltd., and Jinan Tiantianxiang Co., Ltd.
COVID-19 Impact on Aquafeed Market
Global Recession/Ukraine-Russia War/COVID-19, and Artificial Intelligence Impact Analysis:
Covid-19 Impact
The aquafeed industry faced challenges due to disruptions in the global supply chain caused by restrictions on transportation and trade during the pandemic. Lockdown measures, border closures, and logistical constraints led to delays in the delivery of raw materials and finished products, affecting the availability and production of aquafeed. The aquaculture industry was impacted by the pandemic, resulting in reduced production and demand for aquafeed. Aquaculture facilities faced difficulties in maintaining operations due to labor shortages, movement restrictions, and market uncertainties. Reduced production levels led to a decline in the demand for aquafeed.
Key Developments
- In June 2022, Cargill, a leading consumer brand in refined oils, food ingredients, grain and oilseeds, cotton etc acquired Delacon, a privately-owned agriculture and feed additives company to create a leading plant-based phytogenic feed additive.
- In April 2023, Innovad acquired Swiss-based Herbonis, its affiliates. The acquisition aims to strengthen Innovad’s portfolio of natural specialty feed ingredients and align with its strategy of expanding into primary ingredients.
- In September 2022, Roquette, a global leader in plant-based ingredients and a leading provider of pharmaceutical and nutraceutical excipients, announced its complete acquisition of India-based excipient manufacturer, Crest Cellulose.
Why Purchase the Report?
- To visualize the global aquafeed market segmentation based on species, additives, ingredients, and region, as well as understand key commercial assets and players.
- Identify commercial opportunities in the market by analyzing trends and co-development.
- Excel data sheet with numerous data points of aquafeed market-level with all segments.
- The PDF report consists of cogently put-together market analysis after exhaustive qualitative interviews and in-depth market study.
- Product mapping is available as Excel consists of key products of all the major market players.
The global aquafeed market report would provide approximately 61 tables, 63 figures and 190 Pages.
Target Audience 2024
- Manufacturers/ Buyers
- Industry Investors/Investment Bankers
- Research Professionals
- Emerging Companies
