The global aquaculture feed market reached a volume of 49.70 million tonnes in 2023. The market is projected to reach 78.93 million tonnes by 2032, growing at a healthy CAGR of 5.3% during the forecast period of 2024-2032.
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Aquaculture feed is defined as a commercially manufactured food for aquatic animals to fulfil their nutritional requirements. It is made up of various raw materials and additives, including plants, marine animals, grain products, terrestrial-based live feeds, vegetable protein, and fish oil. The feed offers a balanced diet, which is essential for rearing healthy fishes. Also, it is rich in nutrients like protein, minerals, vitamins, carbohydrates, and lipids, thus helps in promoting effective growth and reproduction of aquatic animals.
Factors supporting aquaculture feed market expansion are the growth of aquaculture industry, increasing health consciousness, increasing mass production of fish, and surging consumption of seafood. As people become more aware of the nutritional benefits of fish, such as its high-quality protein, omega-3 fatty acids, vitamins, and minerals, the demand for aquaculture feed has increased significantly. Additionally, the recognition of fish as a healthier alternative to red meat due to its lower saturated fat content has further fuelled the growth of the market.
Rising demand for green aquafeed, growing use of natural additives, adoption of advanced technologies to produce quality aquafeed are all factors impacting the aquaculture feed market development
There is a need for aquafeed that is produced using eco-friendly methods and has a lower carbon footprint. Companies like Cargill and Nutreco are already investing in sustainable aquafeed production by sourcing fishmeal and fish oil from certified sustainable fisheries.
The use of natural resources and additives in aquafeed is becoming increasingly popular as they provide optimal nutrition for farmed fish. Companies like Alltech and Ridley Corporation are using additives made from vitamins and minerals, which is expected to propel the aquaculture feed market growth.
The adoption of advanced technologies in aquafeed production is increasing as companies look to improve nutritional value of feed and reduce costs. For example, BioMar uses a precision feeding system that allows for real-time monitoring of fish growth and feed intake, which helps optimise feed production.
Fish feed consumption has shifted from unorganised retail channels (like wet markets) to organised retail channels (such as supermarkets) due to rising disposable incomes, health consciousness, and improved cold chain facilities.
As per industry reports, the global aquaculture production increased to 122.6 million tonnes in 2020, comprising 87.5 million tonnes of aquatic animals and 35.1 million tonnes of algae. This showcases the rising production levels of aquaculture. Moreover, the consumption of seafood has increased in recent years, which in turn has shaped aquaculture feed market outlook.
In addition to this, consumers have become more aware of the benefits offered by high-quality seafood products, creating a positive influence on the supply of improved aquaculture feed across the globe. Moreover, it is estimated that 73.15 million tonnes of aquafeed will be needed by 2025 to meet production levels for fed species. This can further propel market’s expansion.
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The EMR’s report titled “Aquaculture Feed Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:
Market Breakup by Species
Market Breakup by Ingredients
Market Breakup by Additives
Market Breakup by Product Form
Market Breakup by Region
Soybean is the largest segment, followed by corn, fish meal, fish oil, and additives, driven by increasing demand for natural aquafeed
Based on the ingredients, the soybean segment is estimated to dominate the market, followed by corn, fish meal, fish oil, additives, and others. Since the soybean meal price is relatively less expensive than fishmeal and has a higher protein content, it is highly used as a feed for fish and other aquatic organisms.
The corn segment is the second-largest segment in the aquaculture feed market report as it is often used as a source of energy in aquafeed and is also a common ingredient in fish feed. Fish meal is another high-quality protein source used in aquafeed and acts as a binding agent in fish feed.
Meanwhile, fish oil is used because it is a rich source of omega-3 fatty acids and is used as a nutritional supplement in aquafeed. Additives, in contrast, have a growing market share as they are being used to enhance the nutritional value of aquafeed and include vitamins, amino acids, and antioxidants.
Based on the product form, the pellet segment is projected to hold the leading share
As per aquaculture feed market analysis, pellets are a popular choice among aquaculture farmers due to their ease of use and high nutritional value. They are made by extruding a mixture of ingredients such as soybean meal, corn, fishmeal, and fish oil through a die to create a uniform pellet.
Powdered feed, on the other hand, is made by grinding a mixture of ingredients such as soybean meal, corn, fishmeal, and fish oil into a fine powder. This process helps to improve the digestibility and nutritional value of the feed.
Market players are focused on expanding their market presence and partnering with channel partners to cater to consumers across the globe Was founded in 1898 and is headquartered in Illinois, United States. Its products include food and beverage ingredients, feed ingredients, industrial ingredients, and biofuels. The company also offers grain origination services, oilseed processing, and animal nutrition. Was founded in 1865 and is headquartered in Minnesota, United States. The company is a leading global provider... Was founded in 1884 and is headquartered in Victoria, Australia. The company is a leading provider of premium ... Was founded in 1994 and is headquartered in Amersfoort, Netherlands. The company is a leading global provider ... *Please note that this is only a partial list; the complete list of key players is available in the full report. Additionally, the list of key players can be customized to better suit your needs.*
Archer Daniels Midland Company
Cargill, Incorporated
Ridley Corporation Limited
Nutreco N.V.
Other key players in the global aquaculture feed market include Alltech, among others.
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The aquaculture sector in North American and APAC regions is driven by the presence of leading producers, processors, and consumers of aquaculture products
The North American aquaculture sector is projected to witness rapid growth due to the rising consumption of seafood, such as salmonids, mollusks, hard clams, oysters, and mussels. Moreover, the region is home to several major aquafeed companies, including Cargill, Nutreco, and Alltech, which is expanding its aquaculture feed market share.
In January 2018, Cargill opened its first feed factory in India, Vijayawada to provide farmers with aqua feed solutions that are both safe and of superior quality. In June 2018, Nutreco announced a joint venture with the Mumbai-based West Coast Group to service the expanding Indian aquaculture business. These developments are expected to further strengthen the position of North America in the aquaculture feed market.
The Asia-Pacific region is also witnessing an increase in fish population, driven by growing demand for meat and aquaculture products, which directly impacts the aquafeed market. In APAC, India is the primary market for aquaculture feed due to its diverse aqua species, which also helps in escalating the export business. Additionally, market players like BioMar are expanding their operations in Asia Pacific to cater to the growing demand for aquafeed in the region.
Aquaculture Feed Market Growth
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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In 2023, the aquaculture feed market reached an approximate volume of 49.70 million tonnes.
The market is expected to grow at a CAGR of 5.3% between 2024 and 2032.
By 2032, the market is estimated to reach 78.93 million tonnes.
The major market drivers include rising disposable incomes, the increasing health consciousness, growing mass production of fish, and surging consumption of seafood.
Key trends aiding market expansion include the rising use of natural resources and sustainable raw materials to produce aquaculture feed by manufacturers, rising aquaculture production in EU and APAC, and adoption of advanced technologies to produce quality aquafeed.
Regions considered in the market are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
Based on species, the market is divided into carp, marine shrimps, tilapias, catfishes, marine fishes, salmons, freshwater (FW) crustaceans, and trouts, among others.
Soybean, corn, fish meal, fish oil, and additives are commonly used ingredients in aquaculture feed.
The significant product forms of aquaculture feed are pellets, extruded, powdered, and liquid.
Key players in the market are Archer Daniels Midland Company, Cargill, Incorporated, Ridley Corporation Limited, Nutreco N.V., and Alltech, among others.
Explore our key highlights of the report and gain a concise overview of key findings, trends, and actionable insights that will empower your strategic decisions.
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Species |
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| Breakup by Ingredients |
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| Breakup by Additives |
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| Breakup by Product Form |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61-448-061-727
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63-287-899-028, +63-967-048-3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84-865-399-124
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