Aquafeed

Global aquafeed will have a boosting in coming years. According to the WK Research, “Global Aquafeed Professional Survey Report 2024, Forecast to 2029”, the increasing support from governments for fish farming activities and the development of innovative products as a source of protein are some of the factors that are boosting the growth of the global aquafeed market. The compound annual growth rate (CAGR) for the 2024-2029 period is projected to be 9.71% base on WK Research regression analysis model.

Analysts’ Viewpoint:
“The competition in the global market is highly dependent on the product portfolio, geographical location, and the number of sellers. The aquafeed producers are engaged in constant R&D activities to develop numerous natural and organic aquafeed to be used in the cultivation of various species. These feed manufacturers should work on improving their product portfolios as well as undertake several activities including the production of poultry products, farming, feeding, and marketing to cut down their operational costs and produce feed with higher nutritional value”, said Kevin Rose, Senior analyst, in WK Research.


Market insight:
The increasing consumption of seafood and rising consumer spending on fish and fish products such as fish oil, fish meal, and fish silage are anticipated to escalate aquaculture production, which are predicted to boost the market growth. In addition, the increased demand for animal protein in well-established western economies and increasing trade of seafood across several global economies are expected to further propel the market growth in the forthcoming years.
The growth of the global aquafeed market is being driven by rapid growth in the aquaculture industry. The fish has low fat and is a rich source of proteins and vitamins. Fish consumption is increasing owing to its easy availability and increasing consumer preference. Furthermore, the increase in seafood trade is fueling the growth of the global aquafeed market.
Favorable government standards and regulations, such as the acceptance of insect protein use in aquafeed, are anticipated to boost market expansion. For the aquafeed and aquaculture industries, insects offer a natural and sustainable source of high-quality protein.
However, some restraints are limiting the growth of the global aquafeed market. The prices associated with the raw materials are always fluctuating and hence may negatively affect the growth of the global aquafeed market. Also, the concerns related to environmental and human health are hampering the growth of the global market.
One of the main factors influencing the demand for aquafeed is the positive results of using insect proteins as a feed additive for aquaculture in terms of growth and quality.
The COVID-19 outbreak has sent shock waves across nearly every industry vertical. It has disturbed supply chains, leading to the shutdown of numerous manufacturing facilities worldwide, severe air and sea traffic disruption, and closure of vital air routes. With all industrial activities paused, international travel stopped, and only essential business services permitted to function; these actions significantly affected feed production as factories faced supply chain interruptions and labor scarcities.

Competition Landscape:
Neovia (previously InVivo NSA) (France) was purchased by ADM in January 2019 for USD 1.82 billion (Euro 1.54 billion). ADM's future expansion would have a solid foundation thanks to this acquisition. This WK Research market report is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading aquafeed companies that include: Cargill, Incorporated, BioMar Group, Ridley Corporation Limited, Aller Aqua, BENEO, Alltech, AKER BIOMARINE, Charoen Pokphand Foods PCL, Skretting, Purina Animal Nutrition LLC, Dibaq Aquaculture, INVE Aquaculture, Avanti Feeds Limited, Biostadt India Limited, The Waterbase Limited.

Segmentation of Aquafeed Market:
According to the source type, the market for aquafeed is divided into: Soybean, Fishmeal, Fish Oil, Corn, Additives, and Others. Soybean has the largest market share. Soybean is one of the beneficial and cheapest non-fish sources of protein and omega-3 fatty acids. Henceforth, it is widely used in feed preparation to enhance aquatic species' overall growth and development. The increasing utilization of soybean cake and soybean meal in the preparation of organic feed is anticipated to boost the demand for soybean in the industry.

According to the application, the market for aquafeed is divided into: Carp, Rainbow Trout, Salmon, Crustaceans, Tilapia, Catfish, Sea Bass, Grouper and Others. Carp has the largest market share. Carp dominated the market application. Its high share is attributable to the rising consumption of this species because of the associated health benefits such as immunity booster, improves heart health, control of chronic diseases, and protects gastrointestinal functions.

Aquafeed Market: Regional Analysis
In terms of geography, the global aquafeed market has been segmented into: North America, Asia Pacific, Europe, South America, and the Middle East and Africa. Asia Pacific region dominated the aquafeed market with a revenue share. This is attributed to the substantial growth of the regional aquaculture sector. This growth is because of the availability of cheap labor, inducing conditions to promote the growth of aquaculture, and the presence of natural resources in the region.
The aquaculture sector is growing significantly across European countries, especially the UK, France, Italy, and Spain. Improvements in environment management, along with a significant increase in feed efficiency and nutrient consumption by aquatic species, have further fueled the growth of market in Europe.
Apart from the Asia Pacific and Europe, the region of North America has also witnessed a high growth rate in the aquafeed market. The aquaculture sector in North America is projected to witness significant growth over the forecast period owing to the rising consumption of seafood such as salmonids, mollusks, hard clams, oysters, and mussels.

Frequently Asked Questions