Aquafeed Market 2022 – Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Market Size & Forecast 2030

The global aquafeed market size is expected to expand at a CAGR of 5.6% during the forecast period of 2022-2030.

Aquafeeds are compounded meals formulated for aquatic animals by mixing various additives, raw materials and other supplements sourced from either synthetic or natural sources, depending upon the age of the animal and requirements of the species. High-quality aquafeeds offer a variety of benefits, including immune-resistance, growth, and nutrition to various aquatic animals than farm-made feed due to their need-specific and balanced composition.

 

GROWTH DRIVERS

Factors such as the rapidly surging direct seafood consumption due to the growing need for protein-rich diets among consumers around the globe, the expanding seafood trade and aquaculture production across different parts of the world, the rising demand for aquatic animal by-products in feed applications, especially in the developing economies, the increasing number of technological advancements in feed formulation and the increasing consumer awareness regarding quality of seafood products are primarily driving the growth of the global aquafeed market.

 

The consumption of seafood is witnessing a steep rise all across the globe, majorly due to the rising awareness regarding the potential health benefits associated with fish and other aquaculture species. Fishes have low-fat content compared to other forms of meat, are rich sources of proteins, vitamins, minerals, amino acids, and essential fats, which help maintain a nutrient diet. The soaring population and disposable incomes along with rapid urbanization in the developing nations are also leading to a worldwide growth in fish and aquaculture production. Fisheries and aquaculture are progressively becoming a predominant source of protein, well-being and livelihood of a major portion of the population around the world. This rise in the consumption of seafood and the overall seafood business is giving a major thrust to the global aquacultural activities, aiding in the growth of supply and the overall market for aquafeed across the globe.

 

Additionally, the implementation of stringent regulatory frameworks for fishing industry production, usage, and marketing from various authorities and organizations across different regions is also growing, making the aquafeed market highly organized and modern. Few years back, the U.S. put a ban on the use of antibiotics as growth promoters in feed additives for aquatic animals. Consequently, the demand for aquafeed has grown, which is aiding in fueling the growth of the overall market significantly.

 

Furthermore, other factors such as the emergence of new species in aquaculture, the escalating fish farming, the expanding aquaculture industry, the availability of vast arable area to cultivate the main ingredients used for the production of aquafeed and the limited accessibility of marine feed resources are expected to further augment the growth of the global aquafeed market during the forecast period.

However, the increasing raw material costs is expected to hamper the growth of the market up to certain extent during the period of forecast.

 

AQUAFEED MARKET SEGMENTATION

By Species

·         Fish

·         Crustaceans

·         Mollusks

·         Others

 

By Form

·         Dry

·         Wet

·         Moist

·         Others

 

By Feed Type

·         Starter Feed

·         Grower Feed

·         Finisher Feed

·         Brooder Feed

 

By Ingredient

·         Soybean

·         Corn

·         Fishmeal

·         Fish oil

·         Additives

o    Amino Acids

o    Antibiotics

o    Antioxidants

o    Enzymes

o    Vitamins

o    Feed Acidifiers

o    Anti-parasitics

o    Others

·         Others

 

By Region

·         North America

·         Europe

·         Asia Pacific

·         Latin America

·         Middle East and Africa

 

Based on species, the fish segment is predicted to attain the highest CAGR in the market during the forecast period.  Factors such as the proliferating demand for fish products and the rising direct human consumption of farm-raised catfish due to surging income levels and upsurge in demand for protein-rich healthy food products globally are majorly contributing to the growth of the market.

 

Based on form, the dry segment captured the largest share in the aquafeed market in 2021, and the trend is expected to remain unchanged over the forecast period. The availability of a variety of feed sizes, advantages such as easy manufacturing, storing and transporting associated with dry form of feeds, and the production of specialized feed with such form are the major factors propelling the segment's growth.

 

Based on feed type, the grower feed segment dominated the global aquafeed market in 2021 by acquiring a market share of 36.0% and is estimated to further retain its position in the market during the forecast period. The high capacity and flexibility in terms of protein deposition and formulations and the better feed conversion rates associated with grower feed are key factors driving the segment's growth.

Based on ingredient, the soybean segment accounted for the largest share in the aquafeed market in 2021 and is anticipated to further retain its dominance in the market during the forecast period. The segment's growth can be attributed to high consumption of soybean meal due to its relatively cost-effective price compared to fishmeal.

 

REGIONAL OUTLOOK

The Asia Pacific region dominated the global aquafeed market by capturing a market share of 43.0% in 2021. The region is projected to further retain its dominance and also emerge as the fastest growing regional market for the aquafeed market during the forecast period of 2022-2030. The growth of the market in the region can be attributed to various factors such as the rapidly expanding aquaculture industry, the high production of aquafeed, the rapid transformation of the processed seafood market in the region in response to the growing urbanization and diet diversification, the surging demand for seafood, the soaring awareness demand for aquafeed products, especially in India and the growth in salmon farming owing to easy farming technologies in the region. China along with India are the major contributors to the growth of the market in the region.

 

The European region accounted for the second largest share in the global aquafeed market in 2021 and is expected to further retain its position in the market during the forecast period. The growth of the market in the region can be attributed to the increasing production and demand for salmon in almost all countries in the region, the escalating demand for seafood and the increasing government-based initiatives and spending in the region.

 

The North American region held a prominent market share of the global aquafeed market in 2021. The region is projected to witness robust growth in the upcoming years on account of the ever-rising aquaculture industry, the surging consumption of seafood, the increasing disposable incomes of the middle-class population, the growing support from the government for aquaculture, the escalating trade of fish and fishery products and the burgeoning demand for tilapia and catfish feed in the region. U.S., along with Canada are the major contributors to the growth of the market in the region.

 

KEY COMPANIES IN AQUAFEED MARKET

·         Archer Daniels Midland Company

·         Cargill Incorporated

·         Alltech

·         Purina Animal Nutrition

·         Nutreco N.V.

·         Ridley Corporation Ltd.

·         Avanti Feeds Limited

·         Biostadt India Limited

·         Nutriad

·         Aller Aqua A/S

·         Beneo GmbH

·         Cermaq

·         Norel Animal Nutrition

·         Biomin Holding GmbH

·         BioMar A/S

·         Charoen Pokphand Foods PCL

·         Other Players