Aquafeed Market Size (2024 - 2029)

The aquafeed market is anticipated to experience growth over the forecast period, driven by the increasing demand for high-quality feed that supports the nutritional and growth needs of aquatic animals. This market expansion is supported by the rising consumption of fish due to its health benefits and the growing per capita income in developing countries. Government initiatives aimed at promoting the use of superior feed quality further contribute to the market's growth potential. However, fluctuations in raw material prices pose challenges that could impact the market's development.

Market Size of Aquafeed Industry

Aquafeed Market Summary
Study Period 2019 - 2029
Market Size (2024) USD 52.05 Billion
Market Size (2029) USD 63.34 Billion
CAGR (2024 - 2029) 4.00 %
Fastest Growing Market North America
Largest Market Asia Pacific

Major Players

Aquafeed Market Major Players

*Disclaimer: Major Players sorted in no particular order

Aquafeed Market Analysis

The Aquafeed Market size is estimated at USD 52.05 billion in 2024, and is expected to reach USD 63.34 billion by 2029, growing at a CAGR of 4% during the forecast period (2024-2029).

  • Aquafeeds are compounded meals prepared for aquatic animals by mixing various raw materials and additives. These mixtures are designed according to the species' specific requirements and the animal's age.
  • Aquafeed is essential to aquaculture due to its immune-resistant, nutritional, and growth-promoting properties. High-quality aquafeed is exponentially more beneficial to mollusks, fish, crustaceans, and other aquatic animals than farm-made feed due to its balanced and need-specific composition.
  • Furthermore, there is an increase in direct human consumption of fish compared to other types of meat, such as cattle and poultry. This increase is due to the availability of various fish in the retail market and several health benefits associated with it, such as enhancing cognitive development in children, lowering the fat level in the body, and assisting in reducing the threat of cardiovascular diseases. Likewise, a rise in per capita income, especially in developing nations, is expected to maintain the growth of the aquafeed industry.
  • Moreover, several government initiatives and schemes have been implemented to encourage farmers to utilize high-quality feed. For instance, the government of India allocated USD 73.84 million for the continuation of the 'Blue Revolution Scheme' during the financial year 2020-21. This scheme undertakes various ongoing fisheries development programs, including marine fishery, mariculture, and aquaculture.
  • Therefore, with the rising population aware of the health benefits of consuming fish, along with initiatives taken by the government and considering the factors mentioned above, the market is projected to grow during the study period. However, some restraints are limiting the growth of the market. The prices associated with the raw materials are constantly fluctuating and hence may negatively affect the development of the Aquafeed Market.

Aquafeed Industry Segmentation

Aquafeed is a mixture of raw materials, additives, and other supplements, sourced from natural or synthetic sources and fed to farmed fish. The Aquafeed Market is segmented by type (fish feed (carp feed, salmon feed, tilapia feed, catfish feed, and other fish feed), mollusk feed, crustacean feed (shrimp feed and other crustacean feed), and other aquafeed) and geography (North America, Europe, Asia-Pacific, South America, and Middle-East and Africa). The report offers the market size and forecasts in value (USD million) for all the above segments.

Type
Fish Feed
Carp Feed
Salmon Feed
Tilapia Feed
Catfish Feed
Other Fish Feed
Mollusk Feed
Crustacean Feed
Shrimp Feed
Other Crustacean Feed
Other Aquafeed
Geography
North America
United States
Canada
Mexico
Rest of North America
Europe
Spain
United Kingdom
France
Germany
Russia
Italy
Rest of Europe
Asia-Pacific
China
India
Japan
Thailand
Vietnam
Australia
Rest of Asia-Pacific
South America
Brazil
Argentina
Rest of South America
Middle-East and Africa
South Africa
Egypt
Rest of Middle-East and Africa
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Aquafeed Market Size Summary

The aquafeed market is poised for significant growth over the forecast period, driven by the increasing demand for high-quality feed tailored to the specific nutritional needs of aquatic animals. This demand is fueled by the rising consumption of fish, which is becoming a preferred source of protein due to its health benefits and the growing awareness of these advantages among the population. The market is further supported by government initiatives and schemes aimed at promoting the use of advanced aquafeed, such as India's Blue Revolution Scheme, which allocates substantial funds for fisheries development. The shift in dietary preferences towards fish, coupled with rising per capita incomes, particularly in developing nations, is expected to sustain the market's expansion.

In addition to dietary shifts, the aquafeed market is benefiting from technological advancements and increased investments in aquaculture, particularly in Asia. Countries like China and Vietnam are leading the charge, with significant investments in aquaculture infrastructure and practices aimed at boosting seafood production and export. The region's market is characterized by a mix of local and global feed manufacturers competing for market share, with major players like Cargill Incorporated and Charoen Pokphand Group holding significant positions. These companies are actively engaging in product innovation, partnerships, and expansions to strengthen their market presence. Despite challenges such as fluctuating raw material prices, the overall outlook for the aquafeed market remains positive, with substantial growth anticipated in the coming years.

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Aquafeed Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Overview

    2. 1.2 Market Drivers

    3. 1.3 Market Restraints

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Bargaining Power of Suppliers

      2. 1.4.2 Bargaining Power of Buyers/Consumers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitute Products

      5. 1.4.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Type

      1. 2.1.1 Fish Feed

        1. 2.1.1.1 Carp Feed

        2. 2.1.1.2 Salmon Feed

        3. 2.1.1.3 Tilapia Feed

        4. 2.1.1.4 Catfish Feed

        5. 2.1.1.5 Other Fish Feed

      2. 2.1.2 Mollusk Feed

      3. 2.1.3 Crustacean Feed

        1. 2.1.3.1 Shrimp Feed

        2. 2.1.3.2 Other Crustacean Feed

      4. 2.1.4 Other Aquafeed

    2. 2.2 Geography

      1. 2.2.1 North America

        1. 2.2.1.1 United States

        2. 2.2.1.2 Canada

        3. 2.2.1.3 Mexico

        4. 2.2.1.4 Rest of North America

      2. 2.2.2 Europe

        1. 2.2.2.1 Spain

        2. 2.2.2.2 United Kingdom

        3. 2.2.2.3 France

        4. 2.2.2.4 Germany

        5. 2.2.2.5 Russia

        6. 2.2.2.6 Italy

        7. 2.2.2.7 Rest of Europe

      3. 2.2.3 Asia-Pacific

        1. 2.2.3.1 China

        2. 2.2.3.2 India

        3. 2.2.3.3 Japan

        4. 2.2.3.4 Thailand

        5. 2.2.3.5 Vietnam

        6. 2.2.3.6 Australia

        7. 2.2.3.7 Rest of Asia-Pacific

      4. 2.2.4 South America

        1. 2.2.4.1 Brazil

        2. 2.2.4.2 Argentina

        3. 2.2.4.3 Rest of South America

      5. 2.2.5 Middle-East and Africa

        1. 2.2.5.1 South Africa

        2. 2.2.5.2 Egypt

        3. 2.2.5.3 Rest of Middle-East and Africa

Aquafeed Market Size FAQs

The Aquafeed Market size is expected to reach USD 52.05 billion in 2024 and grow at a CAGR of 4% to reach USD 63.34 billion by 2029.

In 2024, the Aquafeed Market size is expected to reach USD 52.05 billion.

Aquafeed Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)