Aquafeed Market

The global Aquafeed Market is valued at USD 62.2 Billion in 2022 and is projected to reach a value of USD 111.7 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 7.60% between 2023 and 2030.

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Aquafeed refers to feeds that are made with a diverse range of ingredients and then provided to animals. Aquafeeds are primarily meant to provide nutritional requirements for the animals to perform their normal physiological activities. These include the maintenance of a highly effective natural immune system, reproduction, and growth. The Aquafeed has a limited shelf life and requires specific treatment. These feeds must be handled with extreme caution. Aquafeeds are prepared meals for seagoing animals by combining various basic ingredients and additives. These mixtures are organized based on the specific essentials of the species and the age of the animal. Aquafeed has become critical to the aquaculture sector due to its nutritional, safe, and growth-promoting features.

• The global market is expected to be driven by an increase in seafood commerce due to rising global fish consumption.
• The dry segment leads the segment globally throughout the forecast period 2023 to 2030.
• In 2022, Asia-Pacific demonstrated its market leadership, attaining the greatest revenue share of 45.20%.
• The North American region is primed for exceptional growth, with a notable Compound Annual Growth Rate (CAGR) between 2023 and 2030.

Top Market Trends

1. Organic fish farming's growing popularity is expected to open up significant market expansion potential. Even though organic fish farming is still in its infancy, rising consumer demand will most certainly drive industry expansion. The global Aquafeed industry is expected to expand because of increased demand for animal protein in major Western countries and the expanding global seafood trade. The world's rising population helps to expand the fish industry, which eventually drives increased demand for Aquafeed.
2. Increased investments in R&D of novel goods by market participants and industry groups will benefit market growth. To tackle the present market's high feed prices, this new research intends to develop alternatives to the materials currently used in fish feed. The companies have decided to pursue mergers and acquisitions in order to broaden their consumer product and service offerings.
3. The aquaculture industry's fast expansion has emerged as a significant driver of market growth in the Aquafeed sector. To sustain the health and growth of farmed aquatic species, this booming business requires a steady supply of nutritious and balanced Aquafeed.
4. The sector is predicted to grow rapidly due to increased fish farming activities. Manufacturers are increasingly preferring natural and organic feed products, which has now become the current industry trend. This is expected to propel the plant-based Aquafeed industry in the future years.
5. Furthermore, a number of government initiatives and schemes have been put in place to encourage farmers to use high-quality feed. For example, the Indian government has set aside USD 73.84 million for the continuance of the 'Blue Revolution Scheme' during the fiscal year 2020-21. This plan is responsible for a number of ongoing fisheries development activities, such as marine fishery, mariculture, and aquaculture.
6. As a result, with an increasing population aware of the health benefits of eating fish, as well as government initiatives and the factors described above, the market is expected to develop over the study period. However, various constraints are impeding market growth.

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Economic Insights

Tariffs on imported or exported commodities might result from trade wars. This can raise the cost of Aquafeed for both enterprises that import raw materials and those that export aquaculture products. Currency fluctuations might also have an impact on the growth of the Aquafeed market. If the value of the local currency falls, imported Aquafeed may become more expensive. It may be difficult for Aquafeed companies to invest in new equipment and technology as a result of this. The price of raw materials used in Aquafeed, such as fishmeal and fish oil, might vary according to economic situations. If the cost of these ingredients rises, Aquafeed will become more expensive, reducing demand for these goods.

Market Segmentation

Aquafeed The global Aquafeed market can be categorized into Ingredient, Additives, Species, Form, Lifecycle, Region. The Aquafeed market can be categorized into Soybean, Corn, Fishmeal, Fish Oil, Additives, Other type based on Ingredient. The Aquafeed market can be categorized into Antibiotics, Vitamins & minerals, Antioxidents, Amino Acids, Enzymes, Probiotics & prebiotics, Others based on Additives. The Aquafeed market can be categorized into Fish, Crustaceans, Crustaceans, Others based on Species. The Aquafeed market can be categorized into Dry, Moist, Wet based on Form. The Aquafeed market can be categorized into Starter feed, Grower feed, Finisher feed, Brooder feed, Brooder feed based on Lifecycle. The Aquafeed market can be categorized into North America, Europe, Asia Pacific, Latin America, Middle East & Africa based on Region.

Based on Additives

Amino Acids to Lead Maximum Market Share Due To The Nutritional Requirements Of Various Species

The amino acids category has a sizable market share in the Aquafeed market, making it an important component of feed formulations for farmed aquatic species. The addition of amino acids in Aquafeed is critical for addressing the particular dietary requirements of aquatic species and encouraging optimal growth, health, and performance. The value of amino acids in Aquafeed can be appreciated by studying the nutritional requirements of various species. Fish species, for example, have variable amino acid requirements dependent on parameters such as growth rate, life stage, and metabolic functions. The incorporation of balanced and adequate levels of amino acids in Aquafeed compositions helps to meet these particular requirements and promotes healthy growth and development. Antibiotics, in addition to amino acids, are commonly utilized as Aquafeed additives. They encourage growth by increasing general health and are utilized to increase productivity and efficiency.

Based on Form

Dry form Segment Expects Dominion due to its Extremely Appealing Nature

In 2022, the dry-form segment will dominate the Aquafeed market. Pellet feed is in high demand in the aquaculture business around the world, owing to their ability to boost fish feed conversion ratios. Fish feed in dry form is gaining popularity due to its great palatability and effectiveness in improving fish performance. Furthermore, the convenience of storage and transportation of the product, as well as the longer shelf life of dry products compared to wet or moist products, are expected to impact product sales positively and also due to its capacity to boost the fish feed conversion ratio. Because dry-form feed is extremely appealing, the category is expected to develop at the highest rate and maintain its leadership position during the projection period.

Based on Region

Asia Pacific To Dominate Global Sales Owing to Increasingly Urban Population

In 2022, the Asia Pacific region emerged as the dominant player in the Aquafeed market. The surge in Asian fish consumption is being driven by a significant, rising, and increasingly urban population. According to a new World Bank prediction, Asian countries would account for 70% of world fish consumption by 2030. China and other Asian countries are investing in the aquaculture industry's development. It has the potential to increase demand for Aquafeed. The regional market is expected to grow at the quickest rate during the projection period, retaining its dominant position. This is due to the significant growth of the area's aquaculture sector. Furthermore, the existence of natural resources in the region, as well as the availability of cheap labor, will stimulate the rise of aquaculture.

The Aquafeed industry in North America is rapidly growing in popularity. Because of the increased consumption of seafood such as salmonids, oysters, mollusks, hard clams, and mussels, the aquaculture sector in North America is expected to grow rapidly over the projection period.

Competitive Landscape

The global Aquafeed market is highly competitive, with various key players operating in the industry. Some of the major companies in the market include BioMar Group; Cargill, Inc.; Ridley Corp. Ltd.; BENEO; Aller Aqua; Alltech; Aker Biomarine; Skretting; Purina Animal Nutrition LLC; Charoen Pokphand Foods PCL; Dibaq Aquaculture; Avanti Feeds Ltd.; INVE Aquaculture; Biostadt India Ltd.; The Waterbase Ltd. These companies are concentrating their efforts on research and development in order to create unique and long-lasting products. In addition, strategic alliances, mergers, or acquisitions are prevalent in the industry as groups strive to extend their product offerings and competitive edge.

The key players in the global Aquafeed market include - 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. among others.

Recent Market Developments

• In November 2022, Hima Seafood, a Norwegian RAS trout farmer, secured a five-year deal with Skretting Norway to be the major feed source for the trout production that will begin in Rjukan, Telemark, in 2023.
• In November 2022, Lotus II will be Skretting's latest fish feed plant in Vietnam. The fish feed facility has two independent lines with a combined capacity of 100,000 tons per year.
• In November 2022, De Heus established its fourth feed factory in Indonesia. The feed mill is located on five hectares in PIER Pasuruan, East Java, and has an annual production capacity of 300,000 MT.

Segmentation of the Global Aquafeed Market