Aquafeed Market Size by Additives (Vitamins, Antioxidants, Amino Acids, Enzymes), By End Consumption (Fish, Mollusks, Crustaceans), & Region for 2024-2031

Aquafeed Market Valuation – 2024-2031

The emphasis on sustainable and nutritious aquafeed is driving the market ahead.  Producers are creating new feeds that enhance efficient growth while minimizing environmental effects. This emphasis on responsible methods is consistent with the increased customer demand for ethically sourced seafood. With these trends in motion, the aquafeed market is primed for ongoing growth, providing exciting potential for businesses that can innovate and meet the changing needs of this dynamic market. According to the analyst of Market Research, the aquafeed market is estimated to reach a valuation of USD 322.47 Billion by 2031 over the forecast period subjugating around USD 153.76 Billion valued in 2024.

Also, Aquaculture provides a sustainable alternative to address the growing demand for seafood.  Fish and prawn aquaculture becomes ever more important as wild fish populations decline. It enables the market to grow at a CAGR of 9.7% from 2024 to 2031.

Aquafeed MarketDefinition/ Overview

Aquafeed is a specialized diet designed specifically for aquatic creatures like fish, shrimp, and other marine species to promote maximum growth, health, and productivity. It contains a variety of critical nutrients, including proteins, vitamins, minerals, and lipids. Aquafeed is used in a variety of settings, including commercial aquaculture farms and ornamental fish breeding, to promote sustainable aquaculture practices, increase growth rates, improve disease resistance, and ensure the nutritional quality of seafood for human consumption.

What are the Key Trends Driving Growth in the Aquafeed Market?

The growing demand for seafood is one important component driving the market. The world’s population is growing, and with it, people’s disposable incomes, and their seafood consumption. Aquaculture, or the process of producing aquatic creatures, is being promoted as a sustainable option to fulfill this expanding demand. This translates into greater aquafeed production to feed the growing quantity of farmed fish and shrimp.

The depletion of wild fish stocks is another significant driver of expansion. Overfishing has significantly diminished the populations of many economically valuable fish species. As a result, aquaculture is playing an increasingly important role in closing the seafood supply-demand gap. This translates into an increased demand for high-quality, efficient aquafeeds to support aquaculture expansion and maintain a steady supply of farmed fish.

Furthermore, sustainability is also an important driver in the aquafeed market. Consumers are becoming increasingly worried about the environmental impact of food production, particularly aquaculture. This has resulted in an increased demand for sustainable practices throughout the aquaculture value chain. Aquafeed companies are responding by creating feeds with less environmental footprints. Examples include using plant-based proteins and insect meal as substitutes for traditional fishmeal, which relies on wild fish populations.

What are the potentially disruptive technologies that could impact the global aquafeed market?

The global aquafeed market is on the verge of being significantly altered by several disruptive technologies. One such technology is cellular agriculture, which involves the cultivation of animal cells in a controlled environment. This essentially allows for the production of meat or seafood in a laboratory setting. While still in its early stages, cellular agriculture has the potential to be offered as a sustainable and potentially more efficient way to produce protein for aquafeed. This significantly reduces reliance on traditional ingredients like fishmeal, which currently contributes to pressure on wild fish populations and limits the market growth.

Microbial protein production is another technology with the potential to disrupt the market. Microbes such as bacteria, fungi, and yeast can be cultivated to produce high-quality protein with a minimal environmental footprint. Advancements in this field lead to the development of cost-effective and sustainable protein sources for aquafeed. This further diversifies ingredient options and promotes a more eco-friendly approach to fish farming.

The world of genetics is also poised to impact the aquafeed industry. Genome editing, a technology that allows for precise modification of an organism’s DNA, holds both promise and ethical concerns. Theoretically, genome editing could be used to develop fish strains with faster growth rates, improved disease resistance, or enhanced nutrient utilization. This could potentially lead to a reduction in overall feed needs, resulting in a more efficient and sustainable aquaculture system.

Category-Wise Acumens

How Does Amino Acids Drives the Demand for Aquafeed?

The amino acids segment is estimated to dominate the aquafeed market during the forecast period. Amino acids are the building elements of protein, which are required for muscular growth, immunological function, and overall fish health. Supplementation with specific amino acids in addition to those found in the standard feed optimizes protein use, resulting in quicker growth rates and higher feed conversion efficiency. This translates into increased fish production and revenue for aquaculture companies.

Fish can be stressed in aquaculture environments due to variables such as crowding, fluctuating water quality, and disease outbreaks. Amino acids help to mitigate these stresses. Specific amino acids can boost the immune system, increase resistance to environmental stressors, and improve overall fish health.

Furthermore, consumers’ desire for healthful and tasty seafood is increasing the demand for high-quality fish. Certain amino acids alter the flavor and texture of fish fillets. Strategic supplementation can help companies increase the market value of their products by making them more appealing.

What are the Drivers that Propel the Demand for Fish in the Aquafeed Market?

The fish segment is estimated to dominate the market during the forecast period. Global seafood consumption is increasing due to population growth, rising disposable income, and the health advantages of fish protein. This expanding need necessitates increased fish output, which fuels the demand for aquafeed specifically designed for fish.

The fish segment includes a wide range of commercially farmed fish species, such as tilapia, carp, salmon, and shrimp (albeit shrimp is classified as a crustacean). This diversity serves various consumer preferences and dietary needs, necessitating a broader range of aquafeed formulations than other segments such as mollusks or crustaceans.

Furthermore, modern aquaculture operations use high stocking densities in ponds or cages. This intensive farming method involves the use of prepared aquafeed to ensure the fish’s nutrition, growth, and health. Compared to mollusks or crustaceans, which may graze naturally or have lesser dietary requirements, fish in intensive aquaculture rely extensively on prepared aquafeed for optimal performance.

Gain Access to Aquafeed Market Report Methodology

Country/Region-wise Acumens

How Do Aquafeed Producers Drive the Demand in the Asia Pacific Region?

The Asia Pacific region is estimated to dominate the market during the forecast period. The region is a hub of aquaculture, with China, Vietnam, and India leading the way. Growing populations and rising disposable incomes in these countries drive up demand for marine protein. This translates into an ongoing demand for high-quality aquafeed to serve the thriving aquaculture market.

Several Asian governments actively support aquaculture growth through subsidies, infrastructural projects, and research activities. Also, there is an increasing emphasis on sustainable seafood production, driving aquafeed makers to use environmentally friendly procedures and responsible procurement for raw materials in aquafeed formulations.

Furthermore, the Asia Pacific region is home to a large number of leading aquafeed manufacturers. This strong industry presence encourages innovation and competition, resulting in a broader choice of aquafeed options to cater to the diverse range of fish, shrimp, and other aquatic species produced in the region.

How Do Regulations Related to Sustainability and Environmental Impact Shape the Market in Europe?

Europe region is estimated to exhibit substantial growth during the forecast period. European customers are becoming more health-conscious and emphasize ecologically friendly behaviors. This correlates to an increase in demand for seafood that is sustainably obtained and reared. Aquafeed makers in Europe are responding by developing feeds with alternative ingredients such as fish wastes or insect meal, reducing the dependency on fishmeal and fish oil, which are traditionally used in aquafeed. This emphasis on sustainability entices consumers and positions the European aquafeed market for future expansion.

Furthermore, the European Union has stronger controls on aquaculture techniques than some other regions. These rules frequently encourage sustainable practices and responsible ingredient sourcing for aquafeed. Furthermore, government policies may include incentives or support programs for aquaculture enterprises, thereby benefiting the aquafeed market by increasing overall aquaculture production.

Competitive Landscape

The aquafeed market is a dynamic landscape teeming with established players, innovative startups, and specialized ingredient suppliers. These diverse players cater to the aquaculture industry’s evolving needs, focusing on sustainability and efficiency. Key players differentiate themselves through a combination of factors.

Some of the prominent players operating in the aquafeed market include

• Cargill
• Purina Animal Nutrition
• Archer Daniels Midland Company
• Ridley Corporation Limited
• Biomin
• Nutreco
• Alltech
• Charoen Pokphand Foods PCL
• Skretting
• Purina Animal Nutrition LLC
• Dibaq Aquaculture
• INVE Aquaculture
• Avanti Feeds Ltd.
• Biostadt India Ltd.
• The Waterbase Ltd.
• BENEO

Latest Developments

• In March 2023, Cargill and CUBIQ FOODS signed product co-development and commercial go-to-market agreements to develop and accelerate CUBIQ FOODS’s innovative fat technologies’ wide-scale commercialization.
• In January 2023, BASF, and Cargill announced their expanded cooperation, adding the United States (US) to their existing feed enzymes development and distribution agreement. The two companies are committed to bringing innovative enzyme-based solutions to the market, generating distinctive value for animal feed customers. By combining the enzyme research and development strengths of BASF with Cargill’s know-how in the application and broad market reach, the partners will form a joint innovation pipeline for animal protein producers.
• In November 2022, Norwegian RAS trout farmer Hima Seafood signed a five-year contract with Skretting Norway to be the primary feed supplier for the trout production that will start at Rjukan in Telemark in 2023.
• In November 2022, Skretting opened its new fish feed factory, Lotus II, in Vietnam. The fish feed factory consists of two independent lines with a yearly production capacity of 100,000 tons.

Report Scope

Aquafeed Market, By Category

Additive

• Vitamins
• Antioxidants
• Amino Acids
• Enzymes
• Acidifiers
• Binders

End Consumption

• Fish
• Mollusks
• Crustaceans
• Others

Geography

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

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• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes in-depth analysis of the market from various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support

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