The global sinking fish feed market is estimated to be valued at US$ 10.76 billion in 2023 and is expected to exhibit a CAGR of 4.5% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
The sinking fish feed market provides essential nutrition to the growing aquaculture industry. Fish farming or aquaculture has gained significant traction in recent years to meet the growing global demand for seafood. Sinking fish feed is a crucial component of aquaculture, as it offers a balanced diet to the fish and promotes their growth and development. Sinking fish feed is available in various forms, including pellets, granules, and crumble, and contains essential nutrients such as proteins, vitamins, minerals, and omega-3 fatty acids. These feeds are specifically designed to meet the dietary requirements of different fish species at various stages of their life cycle.
1. Driver: Increasing Aquaculture Industry
The demand for seafood has witnessed substantial growth due to factors such as population expansion, changing dietary habits, and the rising preference for protein-rich diets. As a result, the aquaculture industry has experienced significant expansion to meet this growing demand. Sinking fish feed plays a crucial role in sustaining the aquaculture industry by providing the necessary nutrition to the farmed fish. The increasing adoption of fish farming across the globe is driving the demand for sinking fish feed.
For example, according to the Food and Agriculture Organization (FAO), globally, aquaculture production reached 114.5 million tons in 2018, contributing to almost 52% of the total quantity of fish consumed for direct human consumption. This increasing production volume of farmed fish necessitates the use of sinking fish feed, thereby driving market growth.
2. Opportunity: Expanding Global Population
The global population is rapidly expanding, leading to an increased demand for protein-rich food sources. With the growing awareness about the health benefits of fish consumption, the demand for seafood is expected to surge in the coming years. Sinking fish feed plays a vital role in meeting this rising demand by enabling the sustainable growth and development of farmed fish. As the global population continues to increase, the demand for seafood is projected to rise, thereby presenting an opportunity for market growth.
The sinking fish feed market can be segmented based on product type and fish species. On the basis of product type, the market can be categorized into pellets, granules, and crumble. Pellets are the dominating segment in the sinking fish feed market due to their ease of handling, long shelf life, and better nutrition distribution. Pellets provide a balanced diet to fish and promote their growth. On the basis of fish species, the market can be classified into carp, salmon, tilapia, catfish, and others. Carp is the dominating sub-segment within the fish species segment due to their high demand in various regions, particularly Asia.
Political: The government regulations and policies related to fish farming and aquaculture significantly impact the sinking fish feed market. Regulatory frameworks and policies have a direct effect on the farming practices, fish health, and feed quality, thereby influencing market dynamics.
Economic: Economic factors such as GDP growth, income levels, and consumption patterns play a vital role in shaping the sinking fish feed market. As disposable incomes rise, consumers tend to shift towards protein-rich diets, driving the demand for seafood and consequently, the sinking fish feed market.
Social: Changing dietary habits, increasing health consciousness, and the rising preference for sustainable food sources are social factors contributing to the growth of the sinking fish feed market. Consumers are increasingly seeking healthy and ethically produced seafood, leading to the adoption of aquaculture practices and the use of sinking fish feed.
Technological: Advancements in technology have revolutionized the aquaculture industry, enabling higher efficiency, improved nutritional value, and better quality of sinking fish feed. Technological innovations such as automated feeders, computer-controlled feeding systems, and the development of specialized feeds for specific fish species are driving market growth.
The global Sinking Fish Feed Market Share is expected to witness high growth, exhibiting a CAGR of 4.5% over the forecast period, due to increasing aquaculture industry and expanding global population.
Asia Pacific is the fastest-growing and dominating region in the sinking fish feed market, owing to the high demand for seafood and the presence of major aquaculture producers in countries like China, India, and Indonesia. Key players operating in the global sinking fish feed market include Cargill Aqua Nutrition, Skretting (Nutreco), Biomar, Alltech, Ridley Corporation Limited, CP Group, Charoen Pokphand Foods (CPF), Nutriad International, BioMar Group, Nutra Blend LLC, Guangdong Haid Group Co., Ltd., Tongwei Group, Avanti Feeds Limited, Nutrivet, and BRF S.A.
In conclusion, the sinking fish feed market is witnessing robust growth due to the increasing aquaculture industry and the expanding global population. The demand for seafood, driven by changing dietary habits and rising health consciousness, is expected to fuel the growth of the sinking fish feed market. Pellets dominate the market due to their convenience and nutritional benefits, while carp remains the dominating sub-segment within the fish species category. The Asia Pacific region is the fastest-growing and dominating market, supported by the presence of major aquaculture producers. Key players in the market are actively involved in product innovation and expansion strategies to maintain their market position.