Aquafeed Market Trend, Share, Growth, Size, Analysis and Forecast 2030

Aquafeed Market: Overview

The global Aquafeed market size accounted for USD 126.8 Billion in 2020 and is expected to reach USD 240.4 Billion by 2028, growing at a CAGR of around 7.9% between 2021 and 2028.

Aquafeed is compounded meal intended for consumption by aquatic animals, which is produced by mixing various raw materials and additives. These aquafeeds are prepared consistent with the specific requirements of the aquatic animals and the age of the animal. High-quality aquafeed is useful to fish, mollusks, crustaceans & other aquatic animals than farm-made feed due to its balanced and wish-specific composition.

Increasing demand for aqua products along with Growth indirect human consumption of seafood is expected to fuel the industry growth over the forecast period. The market is anticipated to be driven by ascending demand for animal by-products, like fish meals, shrimp meals, and squid meals, in feed applications, especially within the emerging economies of Asia Pacific, including India, China, and Vietnam. Moreover, growth within the developed economies is often attributed to gradual technological advancements in feed formulation. Such factors have bolstered the aquafeed demand on an outsized scale.

COVID-19 Impact Analysis

The impacts of COVID-19 on the fisheries and Aquafeed food systems vary, and therefore the situation is rapidly evolving. The lockdowns implemented by nations have resulted in logistical difficulties in the seafood trade, particularly in transportation and border restrictions. The salmon industry, especially, suffered from increased air freight costs and the cancellation of flights. Some shortages of seed feeds and related aquaculture items (e.g. vaccines) have also been reported, owing to restrictions on transportation and travel of personnel, with particular impacts on the aquaculture industry.  As a result of the drop by demand, and resulting price drops, capture fishery production in some countries has been delivered to a halt or significantly reduced, which can positively influence wild fish stocks within the short term.

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Aquafeed Market: Growth Factors

The Aquafeed market has been witnessing growth in terms of rushing urbanization and growing the income of people which has led to a rise in the consumption of protein-rich meats. Moreover, fish may be a rich source of vitamins and proteins, therefore it's primarily used for direct human consumption. Fish consumption has observed a rise on account of several factors, like increasing availability of a spread of fishes within the retail market and consumers’ preference for a spread of flavors. The aforementioned factors have resulted in a boost in the demand for fish and fish products, which, in turn, is anticipated to boost the industry.

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Source Segment Analysis Preview

Soybean is among the non-fish sources of omega-3 fatty acids, proteins, and unsaturated fats. Soy protein is fed to farm-reared fish and shellfish to reinforce their overall growth and development. A number of the commonly used soybean products in aquafeed include heat-processed full-fat soybean, mechanically extracted soybean cake, solvent-extracted soybean flour, and dehulled solvent-extracted soybean flour. Since soybean flour is priced significantly lesser than fishmeal, the consumption of soybean flour is high.

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End-User Segment Analysis Preview

The market, by species, is segmented into fish, crustaceans, mollusks, et al. (turtles and sea urchins). Fish farming in ponds, lakes, rivers, and coastal waters is increasing to fill the gap between demand and provide. The rise in fish farming activities and aquaculture has led to the increased demand for fish feed. Among fish, carp and tilapia are high consumers of aquafeed. Also, carps are being extensively reared, due to their adaptability to changing climates, while Tilapia culturing has increased in recent years thanks to the growing supply of high-quality protein tilapia species at lower prices.

Regional Segment Analysis Preview

The marketplace for aquafeed in Asia-Pacific registered a share of over 60% of the general consumption in 2016. This growth is especially attributed to increasing aquaculture production and growing seafood consumption during this region. Europe is anticipated to point out noticeable growth due to the presence of favorable regulations and rules. In 2015, Norway constitutes large chunk market share the entire European aquafeed market thanks to high demand for salmon fish feed. Latin America is another key important regional market and is predicted to witness substantial growth within the forecast period.

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Aquafeed Market: Key Players & Competitive Landscape

Key players present in this market include Alltech Inc, Biomar, Ridley, Aller Aqua, Dibaq Aquaculture, Nutreco N.V., Addcon Group GmbH, Cargill Incorporated, Cermaq ASA and Biomin. 

The global Aquafeed Market is segmented as follows:

By Source

• Soybean
• Fishmeal
• Fish oil
• Corn 
• Additives
• Others 

By End User

• Crustaceans
• Carp
• Tilapia
• Catfish
• Salmon
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of the Middle East & Africa