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Aquafeed Market To Reach USD 112.04 Billion By Year 2032

Global Aquafeed market size was valued at USD 61.82 Billion in 2023, and is projected to reach USD 112.04 Billion by 2032, registering a CAGR of 6.83% from 2024 to 2032.

02-07-2024
Prashant
Chemical and Materials
Pristine Intelligence LLP

According to a new report published by Pristine Intelligence LLP, titled, “Aquafeed Market by Type, Ingredients, Lifecycle, Additives, Form, And Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2024–2032,” the Global Aquafeed market size was valued at USD 61.82 Billion in 2023, and is projected to reach USD 112.04 Billion by 2032, registering a CAGR of 6.83% from 2024 to 2032. Aquafeed is a specialized food given to aquatic animals in aquaculture to fulfill the nutritional needs of fish, shrimp, and other aquatic species. Its goal is to offer well-rounded nutrition by using fishmeal, plant proteins, grains, vitamins, minerals, and additives.

Aquafeed is formulated with essential nutrients, proteins, fats, vitamins, and minerals necessary for optimal growth and development of aquatic animals. Aquafeeds that are properly formulated improve the conversion of feed into body mass, resulting in aquaculture practices that are both more cost-effective and sustainable.

With the rise in global population comes an increase in the need for seafood, such as fish, as an important source of animal protein and essential nutrients. Aquaculture fulfills this requirement by offering regulated and effective fish farming, but adequate nutrition is crucial for the fish to prosper. Aquafeed is essential for fulfilling the specific nutritional requirements of farmed fish, guaranteeing they get the essential proteins, fats, carbs, vitamins, and minerals for their development, well-being, and breeding. Aquafeed provides an affordable option for fish farmers, promoting the sustainability of the aquaculture sector by sourcing sustainable ingredients and decreasing dependence on fishmeal and fish oil.

The growing preference for organic and sustainably sourced seafood among consumers is driven by concerns for health, the environment, and animal welfare. This trend has generated a demand for specific organic fish feed formulations to assist organic fish farming practices globally. These formulations have to be original, well-balanced in nutrients, and customized to fulfill the particular needs of various fish species and their organic farming methods. Organic fish farms support sustainability by using responsibly sourced ingredients and reducing dependence on wild-caught fishmeal and fish oil. Following strict organic regulations leads to higher prices and profits, making the aquafeed sector appealing to manufacturers wanting to support its sustainable development.

Global Aquafeed Market, Segmentation

The Aquafeed market is segmented based on Type, Ingredients, Lifecycle, Additives, Form, Distribution Channel, and region.

Type:

The aquaculture market is experiencing rapid growth with fish farming being the largest sector, leading to an increased demand for fish feed parallel to the rising demand for fish and seafood worldwide. Fish farming involves a wide variety of fish species, each with different nutritional needs and eating behaviours. Hence, there is a large market opportunity in the fish feed sector for creating custom and specialized feed mixes that cater to the unique requirements of various types of fish.

The advanced technologies assist fish farmers in improving feed conversion rates, decreasing wastage, and reducing the environmental impact of fish farming. These aid in offering fish feed products that are of high quality, nutritious, and cost-effective.

Lifecycle:

Formulations of feed for aquatic species are thoughtfully developed to satisfy exact nutritional requirements and enhance growth. These feeds are made up of proteins, fats, vitamins, and minerals that help promote growth and increase weight.

Manufacturers concentrate on improving nutritional composition to boost efficiency, lower costs, and optimize feed conversion rates for better overall performance. Grower feeds cater to a variety of needs with offerings such as fish, shrimp, and different marine creatures. Continual progress and studies are focused on enhancing the quality, digestibility, and appeal of feed, which is fueling growth in the aquafeed industry.

Region:

China, India, Indonesia, Vietnam, and Thailand play a significant role in aquaculture production in the Asia Pacific region because of the high demand for seafood and favorable conditions. The high population in the area leads to a preference for diets high in protein, increasing the demand for aquaculture items. Governments aid the industry by implementing policies, offering subsidies, and providing incentives to encourage investment. Asia Pacific nations ship out fish and shrimp items and need sustainable aquafeed to uphold their image as dependable providers.

Some of The Active Market Players Are-

  • SCHOUW & Co. (Denmark)
  • Biomin GmbH (Austria)
  • BENEO GmbH (SUEDZUCKER GROUP) (Germany)
  • NUTRECO N.V. (Netherlands)
  • Charoen Pokphand Foods Public Company Limited (Thailand)
  • Avanti Feeds Limited (India)
  • ALLTECH, INC. (United States)
  • Cargill Incorporated (United States)
  • Coppens International B.V. (Netherlands)
  • ALLER AQUA A/S (Denmark)
  • Ridley Corporation Limited (Australia)
  • AKER BIOMARINE (Norway)
  • Skretting (Norway)
  • Purina Animal Nutrition LLC (United States)
  • Dibaq Aquaculture (Spain), and Other Active Players.

Key Industry Developments

  • March 2024: A new risk assessment tool is launched by the Global Salmon Initiative and the World Wildlife Fund. This promises increased visibility into the environmental and social impacts of aquafeed ingredient supply chains.
  • February 2024: Aquafeed producer BioMar announced the release of ‘Calm’ - a salmon feed supplement designed to reduce the impacts of stress on fish development and growth. Throughout the production process, farmed salmon are subjected to numerous stress events, including crowding and general handling, as well as treatments for sea lice and other parasites. The introduction of Calm can alleviate some of these production pains.
  • February 2024: Skretting launched "Cosmos" - a new barramundi (Asian sea bass) specific feed to cater to the needs of the industry. As barramundi practices are scaled up, there is a rise in demand for barramundi-specific feed.

Key Findings of the Study 

  • Aquafeed is formulated to provide essential nutrients, proteins, fats, vitamins, and minerals necessary for the optimal growth and development of aquatic animals.    
  • There is a growing consumer demand for organic and sustainably produced seafood due to people becoming more conscious about health, environmental impact, and animal welfare.
  • Fish farming is the largest and fastest-growing sector in the global aquaculture market and as the demand for fish and seafood continues to increase worldwide, the demand for fish feed also escalates.
  • Countries like China, India, Indonesia, Vietnam, and Thailand are major contributors to aquaculture production in the Asia Pacific region.
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