Fairfield Market Research
Aquafeed Market

Aquafeed Market

Global Industry Analysis (2018 - 2021), Growth Trends, and Market Forecast (2022 - 2029)

Published Date: Upcoming | Format:

Industry: Food & Beverage | Author Name: Mohit

Increasing Investments in R&D by Companies to Give an Impetus to the Aquafeed Market Growth

Growing investments in research and development of new products continues to pave new opportunities of growth for the aquafeed market. Such activities have encouraged development of substitutes for ingredients in aquafeed in a bid to fight against price volatility of raw material. Also, using advanced research and development techniques, companies in the aquafeed market are developing new technologies to ensure reduced wastage and launch of new products. For instance, in 2020, Aller Aqua A/S developed new line of aquafeed with functional properties that include crucial ingredients which enhance survival and promote growth of a range of species of fish. Likewise, in 2021, CIFT (Central Institute of Fisheries Technology) introduced a new technology to overcome wastage and eliminate the inclusion of wastage in fish aquafeed. Same year, in June, ASC (Aquaculture Stewardship Council) launched new aquafeed standard that aims in tackling unsustainable and irresponsible practices. In 2020, in Guiuan, Milkfish Aquafeeds RDEP (Research, Development and Extension Project) was launched to develop new substitutes for ingredients of fish aquafeed.  

Study says that the global aquafeed market was valued at over US$ 50 billion in 2020 and is projected to grow at a rate of more than 4% in the next seven years to cross US$85 billion.

Fish Feed Likely to Reign Supreme in the Aquafeed Market

Aquafeed for fish, as compared to molluscs and crustaceans feed, is likely to account for major share in the market. This is mainly due to increasing production of fish and fish farming to fill the demand-supply gap worldwide. Growing sales and consumption of fish have translated in increased supply of aquafeed in order to provide quality fish to consumers. Aquafeed for various types of fish such as tilapia, carp, catfish and salmon is gaining high traction. Catfish feed among others is expected to account for significant share in the aquafeed market. On the other hand, demand for carp feed is also gaining momentum. Carp is a prominent fish species in the European and Asian countries and is farmed extensively in Indonesia and China due to its high cultivation profitability. In addition, a better management practice in carp cultivation has further influenced the sales of aquafeed. In this background, growing demand and sales of aquafeed for fish is poised to significantly contribute towards overall valuation of the market.

Asia Pacific’s Attractiveness to Drive Aquafeed Market Growth

Dominance of Asia Pacific in food consumption continues to influence fish production, consequently giving an impetus to the sales of different types of aquafeed. Since past decade, Asia Pacific held a significant share in the aquafeed market and is likely to maintain its status quo as a lucrative leading region. This can be attributed towards growing aquaculture production, increasing fish farming along with use of good quality water within the closed farm system and good durability of fish species.

In addition, growing consumer pool for fish coupled with an exponential increase in population across emerging economies such as China and India remain instrumental in driving fish production. According to World Bank, by end of 2030, consumption of fish across Asian countries is projected to rise at a higher rate, with them accounting for over 70% of the worldwide consumption. China is expected to reflect high market attractiveness apropos to demand of aquafeed.

Alternatively, various aquafeed manufacturers are eyeing Asia as a potential investment and a key revenue pocket. For instance, in 2021, LDC increased the capacity of its aquafeed production in China in order to meet increasing demand for proteins from customers. Likewise, in December 2021, Grobest China announced its plan to set up new aquafeed mill in South China. With an investment of over US$ 37 million in the project, Grobest aims to provide functional aquafeed to aquaculture farmers situated in Zhanjiang and neighbouring areas. That said, increasing investments in the aquafeed space in Asia Pacific has placed the market valuation at a greater level, making it a lucrative go-to-region for market growth.

Global Aquafeed Market: Competitive Landscape

Companies in the market are introducing new products alongside initiating collaborations, alliances and partnership agreements. For instance, in 2021, BioMar launched RAS feed under the name Larviva Orbit for marine nurseries. This new feed provides improved performance, profitability and efficiency by offering balanced nutrition formulations, reduction in fine solids and exceptional quality of physical pellets. This optimum supplementary packaging provides optimal functional nutrition along with minimizing production challenges. Same year, in September, Cargill and Freshwater Institute signed a multi-year agreement in a bid to evaluate and develop enhanced feeds for the aquaculture sector. Targeting the land-based aquaculture sector, this collaboration aims at improving economical and environmental performance using developed aquafeed. On the other hand, in December 2021, Nutreco NV launched Celero and Nutra Sprint to support aquaculture farms in reaching their potential.

Few of the players in the aquafeed market include BioMar A/S, Charoen Pokphand Foods PCL, Cargill Inc., Aller Aqua A/S, Nutreco NV, Ridley Corporation, and Avanti Feeds Ltd.

Global Aquafeed Market is Segmented as Below:

By Type

  • Fish
  • Carps
  • Catfish
  • Salmons
  • Others
  • Crustaceans
  • Mollusks
  • Others

By Ingredient

  • Soybean
  • Fish Oil
  • Fishmeal
  • Additives
  • Corn
  • Others

By Form

  • Dry
  • Wet

 By Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • UK
    • France
    • Germany
    • Russia
    • Rest of Europe
  • Asia Pacific
    • Japan
    • South Korea
    • India
    • China
    • Rest of Asia-Pacific
    • Latin America
    • Middle East
    • Africa

Key Elements Included In The Study: Global Aquafeed Market

  • Aquafeed Market by Product/Technology/Grade, Application/End-user, and Region
  • Executive Summary (Opportunity Analysis and Key Trends)
  • Historical Market Size and Estimates, Value and Volume, 2018 - 2021
  • Volume Consumption at Regional and Country Level, 2022 - 2029
  • Market Dynamics and Economic Overview
  • Market Size in Value and Volume, Growth Rates, and Forecast Figures, 2022 - 2029
  • Competitive Intelligence with Financials, Key Developments, and Portfolio of Leading Companies 
  • Regional and Product/Grade/Application/End-user Price Trends Analysis
  • Production Output Analysis (Major Producing Regions)
  • Value Chain and Five Force’s Analysis
  • Regional/Sub-region/Country Market Size and Trend Analysis
  • Company Market Share Analysis and Key Player Profiles

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