Global Fish Feed Market Size, Share, Growth Analysis, By Type(Fish feed), By Ingredient(Corn, soya bean), By Additive(Vitamins, antibiotics), By End User - Industry Forecast 2023-2030

Fish Feed Market size was valued at USD 107 billion in 2021 and is poised to grow from USD 122 billion in 2022 to USD 261.8 billion by 2030, growing at a CAGR of 9.9% in the forecast period (2023-2030).

The fish feed market is experiencing significant growth driven by several key factors, including the increasing global population, rapid urbanization, and rising incomes of people. With higher disposable incomes and a growing interest in diverse international cuisines, there is a surge in demand for various fish dishes, leading to an increased need for fish feed worldwide.

The consumption of fish has witnessed a substantial rise in recent years due to its numerous benefits, such as a lower carbon footprint, higher per-unit yield, and a unique protein content. These factors are contributing to the expansion of the fish feed market in the foreseeable future. Manufacturers are customizing fish feed ingredients for different markets, such as the aquarium and ornamental markets, which helps them broaden their consumer base.

Top-down and bottom-up approaches were used to estimate and validate the size of the Fish Feed Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Fish Feed Market Segmental Analysis

The global fish feed market is segmented into types, ingredients, additive, end user, and region. In terms of type, the market is categorized into fish feed, molluscs feed, crustaceans feed, and other types. Subcategories of fish feed include ray-finned fish feed, mackerel feed, ribbon fish feed, cuttlefish feed, catfish feed, and other fish feeds. Based on ingredients, the global market is segmented into corn, soya bean, fish oil, fish meal, additives, and other ingredients. Based on additives, the global market is segmented into vitamins, antibiotics, amino acids, antioxidants, feed acidifiers, feed enzymes, and other additives. Based on end user, the global market is segmented into fish, molluscs, crustaceans, and others. Sub segments of fish include salmon feed, carp feed, tilapia feed, and catfish. Sub segments of molluscs include oyster feed, and mussel feed. The crustacean's segment is again bifurcated into shrimp feed and crab feed. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America, MEA.

Driver

The market for seafood is expected to witness significant growth due to the increasing demand for seafood products and higher consumer spending on fish and fish-related items. Particularly, well-established western countries show a high demand for animal protein, as health-conscious consumers opt for seafood as a healthy dietary choice. This growing trend towards seafood consumption in global economies is a major driving force behind the anticipated market growth in the upcoming years.

Restraints

The main obstacle to the growth of the fish feed market is the volatility in raw material prices used in its production. Fluctuations in prices of ingredients like soya bean, corn, and other raw materials can directly influence the final price of the product, potentially leading to a decline in product sales. Additionally, the increasing number of individuals opting for a vegetarian lifestyle and food choices is also expected to impede market growth.

Market Trends

A critical issue in the aquaculture industry is that most fish species require omega-3 fatty acids for survival, but they cannot produce them on their own. The current practice of larger fish obtaining omega-3 by consuming smaller fish, which in turn get it from aquatic plants, is unsustainable and provides limited benefits. However, a viable solution to this problem is feeding fish with microalgae oil as an alternative to traditional fishmeal. This switch to microalgae oil offers several advantages, benefiting both the aquaculture business and the environment. By providing a sustainable source of omega-3, it creates new business opportunities for the fish feed market, while also contributing to the overall ecological balance in the aquaculture industry.