Scaling New Depths: Unlocking Business Opportunities in the Aquafeed Sector – Aquafeed Market is expected to grow at a robust CAGR of 6.8% till 2033, as projected by FMI
North America's global market is poised for substantial growth, driven by a thriving aquaculture sector and increasing seafood consumption. In 2017, the USA's aquaculture industry produced 283 million kilograms of goods valued at USD 1.4 billion. With rapid growth in aquaculture production, the demand for aquafeed is expected to surge in the coming years
NEWARK, Del, July 23, 2023 (GLOBE NEWSWIRE) -- The Aquafeed Market has experienced significant growth over the past decade and is projected to continue expanding. Factors driving this growth include a rising world population, increasing health consciousness, and the declining availability of wild fish stocks. As a result, aquaculture is becoming a key solution to meet the growing demand for seafood.
Aqua feed, also known as fishfeed or fishmeal, is a crucial component of the aquaculture industry. It plays a pivotal role in providing essential nutrients to farmed aquatic animals such as fish, shrimp, and other crustaceans. The demand for aqua feed has been steadily increasing due to the rise in global fish consumption, growing aquaculture industry, and the need for sustainable protein sources.
By 2033, aquafeed market is expected to reach a valuation of US$ 90.9 billion, with a strong CAGR of 6.8% over the next ten years. This significant growth is anticipated from its starting point of US$ 46.8 billion in 2023.
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The aqua feed market has grown greatly due to multiple factors. Key reasons include growing customer awareness about the health benefits of seafood.
In aqua feed market, manufacturers' profitability can impact as raw materials like fish meal, fish oil, and soya bean oil prices may fluctuate.
Market Opportunities
In aqua feed market, there are many opportunities as the demand for seafood is increasing day by day. There are many technological advancements are seen, such as the development of feed ingredients and formulations. From this also, the demand for acquiring seafood is increasing
This is a very sustainable way to produce seafood compared to traditional fishing. People are now becoming health conscious nowadays, so they are demanding aqua feed because it has many health benefits– it contains protein, minerals, fats, carbohydrates, and vitamins.
Key Takeaways
- The aqua feed market is expected to grow consistently from 2023 to 2033, with a projected US $90.9 billion value by 2033.
- In 2022, the United States emerged as the dominant force in the aqua feed market, commanding a significant market share of 31.2%.
- Germany showcased impressive progress in 2022, attaining a market share of 8.5% and signaling a rising interest in the aqua feed sector.
- The aqua feed market in Japan witnessed substantial expansion in 2022, securing a significant market share of 4.8% and demonstrating its increasing market potential.
- India made a main entry into the aqua feed market in 2022, capturing a market share of 8.0% and showcasing its active involvement and influence within the industry.
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Competitors Winning Strategies
Competitors of the aqua feed market are applying many strategies to become a leading company. Companies are focusing on research and development to develop new ingredients which help enhance the health and growth of fish and other aquatic animals. They are opening new feed factories all over the world to meet the growing demand for aqua feed in their regions.
They are making partnerships with other industries as well to accelerate the development of new ingredients also, they get more new customers from other industries.
Top 15 Key Players in Aqua Feed Market
- Cargill, Incorporated
- Charoen Pokphand Foods PCL
- BioMar Group
- Ridley Corporation Limited
- Aller Aqua
- Biostadt India Limited
- BENEO
- Alltech
- INVE Aquaculture
- AKER BIO MARINE
- Skretting
- Purina Animal Nutrition LLC
- Dibaq Aquaculture
- Avanti Feeds Limited
- The Waterbase Limited
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Recent Developments:
- Aller Aqua: Aller Aqua revealed its relationship with the Bayrise fish farm in Kenya to its long-term development with high-quality goods that will enhance aquaculture in Kenya.
- BioMar: BioMar and Mols Bjerge mutually started an effort to repair eelgrass ecosystems. The project, referred to as "Havets Grønne Enge", will contribute to the sea environment and lower CO2 from the atmosphere.
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Cargill: Cargill confirmed the official launch of its newest fish feed plant, Lotus II, in Vietnam. The fish feed plant includes two lines with an output of approximately 100,000 tons annually.
Aquafeed Market by Category
By Species:
- Crustaceans
- Fish
- Others
By Form:
- Extruded
- Powder
- Liquid
- Pellets
By Function:
- Health
- Digestion
- Palatability
- Special Nutrition
By Ingredients:
- Marine
- Land Animal
- Veg/Grain
- Carotenoid
- Nutrients
- Others
By Sales Channel:
- Direct Sales
- Indirect Sales
- Hypermarket
- Supermarket
- Wholesalers
- Speciality Stores
- Online
- Other Retail Formats
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa (MEA)
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Explore FMI’s related ongoing Coverage on Food and Beverage Domain
Aqua Feed Additives Market Size: The aqua feed additives market is likely to register a CAGR of 5.5% through 2032. The market is likely to be projected at US$ 2.7 Billion by 2032, up from its current valuation of US$ 1.6 Billion in 2022.
Animal Feed Market Forecast: The global animal feed market size is anticipated to cross a valuation of US$ 530.0 billion in 2023. It is estimated to reach a valuation of US$ 929.0 billion by 2033.
Animal Feed Additives Market Trends: The animal feed additives market size is projected to be valued at US$ 16,067 million in 2023 and is expected to rise to US$ 19,877.0 million by 2033.
Pet Food Market Overview: The global pet food market industry size is expected to reach US$ 1,17,691.2 million in 2023. During the forecast period 2023 to 2033, global pet food sales are likely to soar at 6.4% CAGR.
Animal Antimicrobials and Antibiotics Market Share: Global animal antimicrobials and antibiotics market is expected to grow at a CAGR of 5.0%. The market value is projected to increase to US$ 3.5 Billion by 2032.
Animal Digest Market Demand: The global animal digest market is anticipated to reach a value of US$ 112.1 billion in 2023. From 2023 to 2033, a moderate 5.1% CAGR is likely to accelerate the market and result in a US$ 184.6 billion in 2033.
Animal Feed Probiotics Market Value: The animal feed probiotics market value is expected to total US$ 3,594 million in 2023, according to Future Market Insights (FMI). The revenue from sales of animal feed probiotics is expected to reach US$ 6,784.3 million by 2033, growing at a CAGR of 7% during the forecast period.
Fish Feed Market Growth: The fish feed market is estimated to account for about USD 112 billion in 2022 and is projected to reach a value of about USD 158.5 billion by 2032, at a CAGR of 8.0%.
Fishmeal Market Analysis: The fish meal market is estimated to be valued at USD 8,000 Mn in the year 2022 and is estimated to grow at an unprecedented rate to achieve a value of USD 15,000 Mn by the year 2032 with a CAGR of 7.7% during the assessment period.
Fish Based Pet Food Market Sales: The fish based pet food market is capturing a valuation of US$ 1.4 billion in 2023 and is predicted to reach US$ 16.7 billion by 2033.
About Future Market Insights (FMI):
Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10 years.
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