PUBLISHER: The Business Research Company | PRODUCT CODE: 1409200
PUBLISHER: The Business Research Company | PRODUCT CODE: 1409200
“Aquaculture Feed Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on aquaculture feed market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for aquaculture feed? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The aquaculture feed market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Aquaculture feed is a specialized food product designed for controlled environments to support the optimal growth, health, and productivity of aquatic species. The primary goal of aquaculture feed is to provide the necessary dietary elements that contribute to the natural immune system and reproductive success of the species.
The main categories of aquaculture feed products include pellets, extruded formulations, powdered varieties, and liquid formulations. Pellets, characterized by their small, cylindrical, rounded, or spherical shapes, consist of ingredients such as soybeans, corn, fishmeal, fish oil, and various additives. These feeds cater to a diverse range of aquatic species, including carp, marine shrimp, tilapia, catfish, marine fish, salmon, freshwater crustaceans, trout, among others. Aquaculture feed products are distributed through various channels, including both physical stores and online platforms, serving the needs of both commercial enterprises and individual households.
The aquaculture feed market research report is one of a series of new reports from The Business Research Company that provides aquaculture feed market statistics, including aquaculture feed industry global market size, regional shares, competitors with a aquaculture feed market share, detailed aquaculture feed market segments, market trends and opportunities, and any further data you may need to thrive in the aquaculture feed industry. This aquaculture feed market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The aquaculture feed market size has grown strongly in recent years. It will grow from $59.14 billion in 2023 to $64.11 billion in 2024 at a compound annual growth rate (CAGR) of 8.4%. The historical growth in the aquaculture feed sector can be attributed to the growing demand for seafood, supported by research and development efforts, favorable regulatory environments, the economic viability of aquaculture practices, and the globalization of operations within the aquaculture industry.
The aquaculture feed market size is expected to see strong growth in the next few years. It will grow to $86.19 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%. The forecasted growth in the aquaculture feed sector is expected to be driven by the adoption of sustainable practices, the exploration of alternative protein sources, efforts to adapt to climate change, advancements in health and disease management, and the optimization of e-commerce and supply chain processes. Key trends in the forecast period include the emphasis on sustainable and alternative protein sources, the development of functional feeds to enhance health and performance, the integration of technology for precision feeding, the customization of feeds for specific needs, and innovative solutions for aquafeed targeting niche species.
The escalating demand for seafood is anticipated to be a significant driving force behind the expansion of the aquaculture feed market. Seafood, encompassing a range of aquatic species such as fish, shrimp, and octopuses, constitutes a vital protein and nutrient source for human consumption. To meet this demand, aquaculture feed stands as a pivotal mechanism for producing high-quality seafood. According to the Organization for Economic Cooperation and Development (OECD) in July 2022, an estimated 90% of fish production is projected to be utilized for human consumption by 2029. On a global scale, fish consumption for human consumption is anticipated to surge by 16.3%, representing an additional 25 million tons, reaching 180 million tons by 2029. This surge in demand for superior-quality seafood, including frozen options, underscores the driving force behind the burgeoning aquaculture feed market.
The burgeoning growth in aquaculture production stands as a significant catalyst propelling the expansion of the aquaculture feed market. Aquaculture production involves the controlled cultivation of various aquatic organisms under controlled or semi-natural conditions, encompassing fish, crustaceans, mollusks, algae, and other valuable organisms. Aquaculture feed plays a pivotal role in this production by providing essential nutrients crucial for the growth and development of farmed aquatic organisms. For instance, in September 2023, Eurostat reported that aquaculture farming within the European Union (EU) yielded approximately 1.1 million tons of aquatic organisms in 2021, valued at about $4.6 billion (€4.2 billion). This significant production volume underscores the increasing reliance on aquaculture feed, driving its growth trajectory in tandem with the expansion of aquaculture activities.
The trend of product innovation is gaining substantial traction within the aquaculture feed market, with major industry players focusing efforts on introducing novel products to maintain their market positions. For example, in December 2021, INVE Aquaculture, a Belgium-based aquaculture feed producer, introduced the Natura pRo and ExL feed lines, pioneering rotifer substitution diets. These innovative feed lines enable hatcheries to halve their rotifer requirements, thereby enhancing fry quality and survival rates. The Natura pRo formulation emphasizes ingredient selection to ensure optimal nutritional digestion and palatability, enhancing larval feeding from the inception of exogenous feeding. Moreover, it offers comprehensive technical and nutritional support throughout the feeding and weaning phases, highlighting the industry's commitment to advancing feed quality and sustainability.
Major companies within the aquaculture feed sector are strategically leveraging partnerships to introduce innovative feed products, thereby gaining a competitive edge in the market. These collaborations entail alliances between feed manufacturers, industry experts, research entities, and various stakeholders, aiming to advance the development, production, and distribution of aquaculture feeds. For instance, in May 2023, Aller Aqua, a Denmark-based fish feed producer, forged a partnership with VDS NV, a Belgium-based producer of specialized animal feeds. This collaboration aims to introduce a new line of feed products tailored explicitly for application in shrimp RAS (Recirculating Aquaculture System) farms. These land-based systems facilitate the production of high-quality fresh shrimp products while minimizing transport distances to market. The novel feed products promise swift feed availability and superior feed performance, potentially augmenting the productivity and profitability of shrimp farming operations.
in November 2022, Cooke Aquaculture Inc., a Canada-based aquaculture feed producer, completed the acquisition of Tassal Group of Australia for $1.5 billion. This acquisition marked Cooke Aquaculture Inc.'s entry into the Tasmanian aquaculture sector, welcoming Tassal Group's workforce comprising 1,700 employees. This strategic acquisition stands as Cooke Aquaculture's largest-ever purchase, positioning the company strategically within the Australian seafood industry. Tassal Group of Australia is a prominent seafood producer based in Australia, and this acquisition is poised to fortify Cooke Aquaculture's presence and operations in the region.
Major companies operating in the aquaculture feed market report are Alltech Inc., The Archer-Daniels-Midland Company, Land O'Lakes Inc., Nutreco N.V., Charoen Pokphand Foods PCL, Aller Aqua AS Schouw & Co. AS, Avanti Feeds Limited, Ocean Star International Inc., Ridley Corporation Limited, Guangdong Haid Group Co. Ltd., Tongwei Group Co. Ltd., Betagro Group, De Heus Vietnam LLC, Schouw & Co. AS, BioMar A/S, Cargill Inc., Coppens International BV, Hanpel Tech Co. Ltd., Inve Aquaculture Inc., Nutriad International NV, Biomin, Bluestar Adisseo, Wilbur-Ellis Nutrition LLC, New Hope Group, Grobest Holdings Limited, NovoNutrients, EniferBio, Archer Daniels Midland Company, Norel Animal Nutrition, Zeigler Bros.Inc
Asia-Pacific was the largest region in the Aquaculture feed market in 2023. The regions covered in the aquaculture feed market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the aquaculture feed market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The aquaculture feed market consists of sales of wet feeds, moist feeds, dry feeds, larval feeds, and wet feeds. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.