Aquafeed refers to feed given to farmed fish and other aquatic animals and includes processed feed that contains protein, fat and essential vitamins and minerals. It is made from ingredients such as soybean meal, maize, fishmeal, wheat and non-organic additives. The aquafeed market has shown substantial growth due to rising aquaculture industry across the globe. Aquaculture involves farming of aquatic organisms such as fish, crustaceans, shellfish and aquatic plants. It plays an important role in providing food and employment. Aquafeed enables efficient production of aquatic animals and maximizes the yield of aquaculture farms. Moreover, it ensures the optimal growth and health of the aquatic stock.
The global Aquafeed Market is estimated to be valued at US$ 61.8 Bn in 2023 and is expected to exhibit a CAGR of 7.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the aquafeed market is the rise in production of high-quality aquafeed. Feed manufacturers are focusing on research and development activities to develop aquafeed that effectively meet the nutritional requirements of various species of aquatic animals. Moreover, they are incorporating quality ingredients and additives to enhance the growth, survival and feed conversion ratio of aquatic livestock. Additionally, the growth of organic aquafeed is gaining traction as consumers are increasingly demanding chemical-free and sustainably sourced aquacultured seafood. Organic aquafeed made from natural ingredients assure high animal welfare standards and environmental protection. Leading players are launching certified organic aquafeed products to cater to the changing consumer preferences.
Threat of new entrants: The aquafeed market poses medium threat to new entrants due to high capital investment required for research, production and supply chain management.
Bargaining power of buyers: The bargaining power of buyers is high due to presence of many established manufacturers and formulations variety provided by them.
Bargaining power of suppliers: The bargaining power of suppliers is medium as major raw material suppliers include corn, soybean and fishmeal producers.
Threat of new substitutes: Threat from substitutes is low as aquafeed has limited substitutes for meeting nutritional requirements of farmed aquatic species.
Competitive rivalry: Fierce competition exists among major players to enhance market share through product innovation.
The Global Aquafeed Market Size is expected to witness high growth, exhibiting CAGR of 7.3% over the forecast period, due to increasing fish production globally.
Asia Pacific dominates the market holding more than half of the global market share due to large aquaculture industry in China and other countries.
The global aquafeed market size for 2023 is US$ 61.8 Bn. The market is expected to grow at a robust pace due to rising fish consumption worldwide. Increased awareness about health benefits of seafood and expansion of aquaculture industry are some of the key factors driving the demand for aquafeed.
Key players operating in the aquafeed market are 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). Major players are focusing on new product launches and geographic expansion to consolidate their market position.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it