Aquaculture Feed Market Demand and Trends 2024: Comprehensive Market Report

Overview and Scope
Aquaculture feed refers to the food provided to aquatic species in a controlled environment to ensure their growth, health, and productivity. Aquaculture feed’s objective is to provide dietary requirements for the species to maintain a highly effective natural immune system and breeding.

Sizing and Forecast
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  growth in the historic period can be attributed to increase in seafood consumption, research and development initiatives, regulatory support, economic viability of aquaculture, globalization of aquaculture operations.

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 growth in the forecast period can be attributed to sustainable aquaculture practices, alternative protein sources, climate change adaptation, health and disease management, e-commerce and supply chain optimization. Major trends in the forecast period include sustainable and alternative protein sources, functional feeds for health and performance, precision feeding and technology integration, customized and specialty feeds, aquafeed innovation for niche species.

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Segmentation & Regional Insights
The aquaculture feed market covered in this report is segmented –

1) By Product Type: Pellets, Extruded, Powdered, Liquid
2) By Ingredient Type: Soybean, Corn, Fishmeal, Fish Oil, Additives, Other Ingedients
3) By Species Type: Carp, Marine Shrimps, Tilapias, Catfishes, Marine Fishes, Salmons, Freshwater (FW) Crustaceans, Trouts, Other Species
4) By Distribution Channel: Store Based, Online
5) By End User: Commercial, Household

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

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Major Driver Impacting Market Growth
The increasing demand for seafood is expected to propel the growth of the aquaculture feed market going forward. Seafood refers to aquatic creatures and fish that can be eaten by humans, such as fish, shrimp, and even octopuses. Seafood is harvested or farmed for human consumption and is a significant source of protein and nutrients. Aquaculture feed is one of the most effective ways to develop high-quality seafood for human consumption. For instance, in July 2022, according to the Organization for Economic Cooperation and Development (OECD), a US-based intergovernmental organization, 90% of fish production is anticipated to be used as food by 2029. Fish for human consumption is expected to increase by 16.3%, or an additional 25 Mt, to 180 Mt by 2029 on a global scale. Therefore, the demand for seafood and frozen seafood of high quality is driving the aquaculture feed market.

Key Industry Players
Major companies operating in the aquaculture feed market are adopting strategic partnerships to develop a new range of feed products to gain a competitive edge in the market. Such collaborations involve alliances between feed manufacturers, industry experts, research organizations, and other stakeholders to enhance the development, production, and distribution of aquaculture feeds. For instance, in May 2023, Aller Aqua, a Denmark-based producer of fish feed, partnered with VDS NV, a Belgium-based producer of animal feed specialties, to launch a range of feed products that are specifically designed for use in shrimp RAS (Recirculating Aquaculture System) farms. These land-based systems are used to allow for the production of high-quality, fresh shrimp products with short distances to market. The new feed products provide rapid feed availability and high feed performance. This could lead to an increase in the productivity and profitability of shrimp farming operations.

The aquaculture feed market report table of contents includes:

1. Executive Summary
2. Aquaculture Feed Market Characteristics
3. Aquaculture Feed Market Trends And Strategies
4. Aquaculture Feed Market – Macro Economic Scenario
5. Global Aquaculture Feed Market Size and Growth
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32. Global Aquaculture Feed Market Competitive Benchmarking
33. Global Aquaculture Feed Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Aquaculture Feed Market
35. Aquaculture Feed Market Future Outlook and Potential Analysis
36. Appendix

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