Market Size of Aquafeed Industry
| 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
*Disclaimer: Major Players sorted in no particular order |
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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.
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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.
Aquafeed Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.3 Market Restraints
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1.4 Porter's Five Forces Analysis
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1.4.1 Bargaining Power of Suppliers
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Threat of New Entrants
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Type
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2.1.1 Fish Feed
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2.1.1.1 Carp Feed
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2.1.1.2 Salmon Feed
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2.1.1.3 Tilapia Feed
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2.1.1.4 Catfish Feed
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2.1.1.5 Other Fish Feed
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2.1.2 Mollusk Feed
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2.1.3 Crustacean Feed
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2.1.3.1 Shrimp Feed
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2.1.3.2 Other Crustacean Feed
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2.1.4 Other Aquafeed
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2.2 Geography
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2.2.1 North America
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2.2.1.1 United States
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2.2.1.2 Canada
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2.2.1.3 Mexico
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2.2.1.4 Rest of North America
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2.2.2 Europe
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2.2.2.1 Spain
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2.2.2.2 United Kingdom
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2.2.2.3 France
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2.2.2.4 Germany
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2.2.2.5 Russia
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2.2.2.6 Italy
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2.2.2.7 Rest of Europe
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2.2.3 Asia-Pacific
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2.2.3.1 China
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2.2.3.2 India
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2.2.3.3 Japan
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2.2.3.4 Thailand
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2.2.3.5 Vietnam
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2.2.3.6 Australia
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2.2.3.7 Rest of Asia-Pacific
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2.2.4 South America
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2.2.4.1 Brazil
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2.2.4.2 Argentina
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2.2.4.3 Rest of South America
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2.2.5 Middle-East and Africa
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2.2.5.1 South Africa
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2.2.5.2 Egypt
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2.2.5.3 Rest of Middle-East and Africa
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Aquafeed Market Size FAQs
How big is the Aquafeed Market?
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.
What is the current Aquafeed Market size?
In 2024, the Aquafeed Market size is expected to reach USD 52.05 billion.
