Overview and Scope
Shrimp feed refers to specially formulated diets designed to meet the nutritional requirements of farmed shrimp. These feeds typically contain a balanced mix of proteins, carbohydrates, fats, vitamins, and minerals to ensure optimal shrimp growth, health, and reproduction.
Sizing and Forecast
The shrimp feed market size has grown strongly in recent years. It will grow from $4.24 billion in 2023 to $4.51 billion in 2024 at a compound annual growth rate (CAGR) of 6.4%. The growth in the historic period can be attributed to increased aquaculture production, technological advancements in feed production, high investments in shrimp farming, sustainability initiatives in feed production, and enhanced research and development.
The shrimp feed market size is expected to see strong growth in the next few years. It will grow to $5.83 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%. The growth in the forecast period can be attributed to high global shrimp demand, expansion of shrimp farming, regulatory changes, growing demand for seafood, and technological advancements. Major trends in the forecast period include increased demand for sustainable feeds, rising animal feed ingredient costs, advancement in aquaculture technology, shifts towards plant-based proteins, and stricter environmental regulations.
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Segmentation & Regional Insights
The shrimp feed market covered in this report is segmented –
1) By Type: Starter Grade, Grower Grade, Finisher Grade
2) By Shrimp Species: Pacific Whiteleg Shrimp, Black Tiger Shrimp, Other Shrimp Species
3) By Ingredients: Fish-Meal Based Feeds, Plant-Based Feeds, Soybean-Meal Based Feeds, Wheat-Based Feeds, Corn-Based Feeds, Other Ingredients
4) By Additives: Vitamins And Proteins, Antioxidants, Antibiotics, Fatty Acids, Feed Enzymes, Other Additives
Asia-Pacific was the largest region in the shrimp feed market in 2023. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the shrimp 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 shrimp feed market going forward. Seafood refers to any edible aquatic animal or plant harvested from freshwater or saltwater environments for human consumption. The increasing demand for seafood can be attributed to health consciousness, cultural preferences, convenience, sustainability concerns, and globalization. The use of high-quality shrimp feed supports the sustainable expansion of shrimp aquaculture, helping to meet the growing global demand for seafood while minimizing environmental impact and maintaining the health of aquatic ecosystems. For instance, in February 2024, according to the National Oceanic and Atmospheric Administration, a US-based scientific and regulatory agency, per capita consumption of seafood products (including canned, fresh, frozen, and cured) reached 20.5 pounds per person in 2021, an increase of 1.5 pounds from 2020. Therefore, the increasing demand for seafood is driving the growth of the shrimp feed market.
Key Industry Players
Major companies operating in the shrimp feed market are Cargill Incorporated, The Archer-Daniels-Midland Company, Tongwei Co Ltd, Evonik Industries AG, Charoen Pokphand Food Public Company Limited, Nutreco Holding N.V., Novozymes AS, Alltech Inc., Virbac Corp, Guangdong Yuehai Feeds Group Co Ltd, Ridley Corporation, Avanti Feeds Ltd, Aller Aqua A/S, Rangen Inc, Zeigler Bros Inc, BioMar Ltd, INVE Aquaculture, Growel Feeds Pvt. Ltd, Blue Aqua International Pte Ltd, Bern Aqua NV, ACI Godrej Agrovet Pvt, Guangdong Evergreen Feed Industry Co. Ltd., Thai Union Feedmill Public Company Limited
The shrimp feed market report table of contents includes:
1. Executive Summary
2. Shrimp Feed Market Characteristics
3. Shrimp Feed Market Trends And Strategies
4. Shrimp Feed Market – Macro Economic Scenario
5. Global Shrimp Feed Market Size and Growth
…..
32. Global Shrimp Feed Market Competitive Benchmarking
33. Global Shrimp Feed Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Shrimp Feed Market
35. Shrimp Feed Market Future Outlook and Potential Analysis
36. Appendix
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