Aquafeed includes compounded aquatic feeds given to farmed fish and shellfish. They provide proper nutrition to farmed aquatic species which helps in their overall growth and health. Aquafeed ensures optimum productivity of fish and shellfish farming.
The global Aquafeed Market is estimated to be valued at US$ 61.8 Bn in 2023 and is expected to exhibit a CAGR of 7.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The rising demand for aquaculture products and increased focus on sustainable feed ingredients are some of the key trends in the aquafeed market. There is a growing preference for aquafeeds containing ingredients that do not compromise the health of farmed species or the environment. Industries are increasingly investing in research to develop sustainable and antioxidant-rich aquafeeds using algal and plant-based proteins to reduce their dependence on fishmeal. Such innovations are expected to support the market growth over the forecast period.
SWOT Analysis
Strength: The Global Aquafeed Market Size enjoys high growth prospects due to rising global seafood demand and aquaculture production. Advancements in aquafeed formulations help improve fish health and sustainability.
Weakness: Fluctuations in raw material prices negatively impact aquafeed production costs. Diseases in aquaculture farms can reduce fish yield.
Opportunity: Growing awareness about benefits of consuming seafood supports the market. Adoption of precision nutrition practices and alternative protein sources create new opportunities.
Threats: stringent regulations regarding aquaculture farming and antibiotic usage pose challenges. Climate change impact on aquatic ecosystems affects market.
Key Takeaways
The global aquafeed market is expected to witness high growth, exhibiting CAGR of 7.3% over the forecast period, due to increasing seafood consumption and expansion of aquaculture industry. Superior aquafeed formulations help address issues of fish health and environmental sustainability.
Regional analysis: Asia Pacific dominates the aquafeed market led by countries like China, India, Vietnam, and Thailand. China alone produces over 60% of the world’s aquaculture and demand for sustainable and nutritious aquafeed continues to rise rapidly. North America and Europe are other major markets driven by advancing technologies in aquaculture.
Key players operating in the aquafeed market are ADM (US), Cargill, Incorporated (US), Ridley Corporation Limited (Australia), Nutreco (Netherlands), Alltech (US), Purina Animal Nutrition (US), Adisseo (Belgium), Aller Aqua A/S (Denmark), Biomin (Austria), Biomar (Denmark), Norel Animal Nutrition (Spain), Avanti Feeds Limited (India), De Heus Animal Nutrition B.V. (Netherlands), Novus International (US), and Biostadt India Limited (India). Leading companies focus on new product launches using plant-based and single-cell proteins.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it