Aquafeed Market Report and Forecast 2024-2032

Global Aquafeed Market Size

The global aquafeed market reached approximately USD 80.25 billion in 2023. The market is projected to grow at a CAGR of 5.9% between 2024 and 2032, reaching a value of around USD 134.43 billion by 2032.

Global Aquafeed Market Outlook

• Latin America stands as the world's second-largest aqua feed producer, with the region's countries collectively generating approximately 5.6 million tons of aqua feed in 2021.

• In 2022, the aquaculture feed tonnage in North America saw a 1.1% rise from the previous year, attributed to the surge in fish prices, favourable weather conditions, and the removal of size restrictions.

• The Asia Pacific holds the title of being the largest aqua feed producer globally, with a growth in production exceeding 2.6% in 2022.

Global Aquafeed Market Growth

Aqua feed makes up about 4.2% (52.9 million tons) of the global compound feed tonnage, which reached 1.266 billion metric tons in 2022. The aquaculture sector saw a total global aqua feed production growth of 2.7%. The top 5 aquaculture feed countries are China, Vietnam, India, Norway, and Indonesia. Significant increases were reported in China, Brazil, Ecuador, the Philippines, and the U.S. The aqua feed production of the Asia Pacific, which was 37.3 million tons in 2021, increased to 38.3 million tons in 2022. With the recovery of China’s economy and improvements in living standards in recent years, the demand for aquatic products has been increasing.

There is also feed production growth in the Philippines, Bangladesh, South Korea, Malaysia, and others. The increasing global population and the shift towards healthier dietary habits are driving the demand for seafood. The global aquafeed market is poised for robust growth, driven by the rising demand for seafood, the expansion of the aquaculture sector, advancements in feed formulation, and increased awareness of fish nutrition. Government support, environmental sustainability efforts, and technological innovations further enhance the market's potential. As aquaculture continues to evolve and expand, the demand for high-quality, sustainable aquafeed will continue to rise, creating significant opportunities for market players.

Global Aquafeed Industry Segmentation

“Global Aquafeed Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

Market Breakup by Ingredient

• Soybean

• Corn

• Fish Meal

• Fish Oil

• Additives

• Others

Market Breakup by Additives

• Amino Acids

• Antibiotics

• Vitamins

• Feed Acidifiers

• Others

Market Breakup by Product Form

• Pellets

• Extruded

• Powdered

• Liquid

Market Breakup End Use

• Carps

• Shrimp

• Tilapia

• Molluscs

• Catfish

• Salmon

• Lobsters

• Others

Market Breakup by Region

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East and Africa

Global Aquafeed Market Share

Based on ingredients, the market is segmented into soybean, corn, fish meal, fish oil, and additives, among others. Additives are projected to grow at a CAGR of 7.0% during the forecast period of 2024-2032. Additives in aquafeed play a vital role in improving the nutritional value, growth efficiency, health, and overall welfare of aquaculture species. Incorporating additives into aqua feed enhances gut health, promotes beneficial bacteria, eliminates opportunistic bacteria, boosts enzyme production, and stimulates appetite, leading to improved growth and immunity.

Leading Companies in the Global Aquafeed Market

Major market players are focusing on technological advancements in feed formulation and sustainable aquaculture practices to gain a competitive edge.

• Cargill Inc.

• Archer Daniels Midland Company

• Nutreco N.V.

• Aller Aqua Group

• Land O'Lakes, Inc.  

• DIBAQ DIPROTEG S.A.

• Charoen Pokphand Foods PCL

• De Heus Animal Nutrition

• Grobest Group Limited

• GREENFEED VIETNAM CORPORATION

• Others

Key Highlights of the Report