The aquafeed market size is projected to reach USD 88.0 billion by 2028 from USD 61.8 billion by 2023, at a CAGR of 7.3% during the forecast period in terms of value. Due to diminishing wild fish stocks and the limited availability of seafood, aquaculture has grown significantly. A greater need for aquafeed products has been generated by the expansion of aquaculture operations, particularly in nations like China, India, Vietnam, and Norway, in order to support the rising production of aquatic animals raised for food. The improvement of feed conversion ratios, growth rates, and overall productivity in aquaculture can be attributed to the creation of sophisticated aquafeed formulations. Specialized feeds increase feed efficiency and lower production costs since they are created to specifically address the nutritional needs of various species and life stages. These premium feeds are being used by aquaculture farmers more frequently to boost productivity and profitability.
Aquafeed Market Growth Drivers
The growth of the aquafeed market can be attributed to several key drivers:
- Increasing Demand for Aquaculture Products: As the global population continues to grow, there’s a rising demand for seafood products. Aquaculture serves as a sustainable solution to meet this demand, driving the need for quality aquafeed.
- Technological Advancements in Aquafeed Production: Advancements in aquafeed technology, such as improved formulations, processing techniques, and ingredient sourcing, have led to the development of more efficient and nutritionally balanced feeds. This enhances the growth and health of aquatic species, boosting the demand for aquafeed.
- Rising Awareness of Sustainable Practices: Consumers are becoming more conscious of the environmental impact of their food choices. Sustainable aquafeed production, which minimizes resource use, reduces waste, and mitigates environmental degradation, is gaining traction among consumers, driving the demand for eco-friendly aquafeed options.
- Government Initiatives and Regulations: Governments around the world are implementing regulations and policies to promote sustainable aquaculture practices. This includes guidelines for feed composition, quality standards, and environmental sustainability measures. Compliance with these regulations fuels innovation in the aquafeed industry.
- Increased Investment in Aquaculture: Growing investments in the aquaculture sector, both from public and private sectors, are fueling the expansion of aquafeed production facilities and research and development activities. This influx of capital drives innovation and the adoption of advanced technologies in aquafeed production.
- Growing Awareness of Health Benefits: Seafood is recognized for its nutritional benefits, such as being a rich source of protein, omega-3 fatty acids, and various vitamins and minerals. As consumers become more health-conscious, the demand for seafood products, and consequently aquafeed, continues to rise.
- Expansion of Aquaculture Industry in Emerging Markets: Emerging economies are witnessing rapid growth in their aquaculture industries due to factors like increasing disposable income, changing dietary preferences, and government support for aquaculture development. This expansion drives the demand for aquafeed in these regions.
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By ingredients, the soybean segment is projected to have the largest share during the forecast period.
Soybeans are a valuable non-fish source of omega-3 fatty acids, proteins, and unsaturated fats. They play a crucial role in enhancing the growth and development of farm-reared fish and shellfish when incorporated into their feed. Various soybean products are commonly utilized in aquafeed, including heat-processed full-fat soybean, mechanically extracted soybean cake, solvent-extracted soybean meal, and dehulled solvent-extracted soybean meal. Additionally, soybean isolates and genetically modified soybean varieties are being introduced as substitutes for fishmeal, which is renowned for its rich amino acid content.
By species, fish segment is projected to have fastest growth rate during the forecast period.
The growth of the fish segment within the aquafeed market is propelled by several factors. This expansion is fueled by a rising global demand for fish protein, depletion of wild fish stocks, and the expanding aquaculture industry. To support the sector’s optimal development, health, and sustainability, specialized feeds tailored to various fish species and leveraging established farming practices are essential.
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Asia Pacific is expected to have the fastest growth rate during the forecast period.
The Asia Pacific aquafeed market is experiencing significant growth due to several factors. These include the region’s expanding population, increasing demand for seafood, favorable environmental conditions for aquaculture, advancements in technology, and support from governments. This expansion in the aquaculture sector is being driven by economic development, changing dietary preferences, and the imperative for sustainable protein sources. Consequently, there is a corresponding increase in the demand for aquafeed products.
The key players in this include ADM (US), Cargill, Incorporated (US), Ridley Corporation Limited (Australia), Nutreco (Netherlands), Alltech (US), Purina Animal Nutrition (US), Adisseo (Belgium), Aller Aqua A/S (Denmark), Biomin (Austria), Biomar (Denmark), Norel Animal Nutrition (Spain), Avanti Feeds Limited (India), De Heus Animal Nutrition B.V. (Netherlands), Novus International (US), and Biostadt India Limited (India). These companies have been focusing on expanding their market presence, enhancing their solutions, and partnering with many channel partners and technology companies to cater to consumers across the globe. The deep roots of these players in the market and their robust offerings are among the major factors that have helped them achieve major sales and revenues in the global aquafeed market.
