Chicago, Aug. 04, 2023 (GLOBE NEWSWIRE) -- The Aquafeed Market refers to the global industry involved in the production and supply of feed specifically formulated for aquatic animals, including fish, crustaceans, and mollusks, reared in aquaculture farms. Aquafeed is an essential component of modern aquaculture practices as it provides the necessary nutrients for optimal growth, health, and reproduction of aquatic species. The market encompasses a wide range of ingredients and formulations tailored to meet the specific nutritional requirements of various aquatic species at different stages of their life cycle.
Aquafeed market in terms of revenue is valued at $61.8 billion in 2023 and is anticipated to reach $88.0 billion by 2028, growing at a CAGR of 7.3% from 2023-2028 according to a latest report published by MarketsandMarkets™. The increasing awareness of health & wellness among the consumers and tailored products according to the needs of the targeted audience are driving factors for the growth of the nutraceutical ingredients market.
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Aquafeed Market Scope:
| Report Metric | Details |
| Market valuation in 2023 | USD 61.8 billion |
| Revenue forecast in 2028 | USD 88.0 billion |
| Progress rate | CAGR of 7.3% by 2028 |
| Forecast period | 2023-2028 |
| Report Coverage | Company ranking, driving factors, Competitive benchmarking, and analysis |
| Segments covered | By Species, By Additives, By Form, By Lifecycle, By Ingredients and By Region |
| Regions covered | North America, Europe, Asia Pacific, South America and RoW |
| Major driving factors | Increase in consumption of fish |
| Opportunities | Growth in support from governments |
Major players covered in the report, such as:
- 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)
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The research report categorizes the market into the following segments:
Aquafeed Market by Ingredient
- Soybean
- Corn
- Fishmeal
- Fish Oil
- Additives
- Other types
Aquafeed Market by Additives
- Antibiotics
- Vitamins & minerals
- Antioxidants
- Amino acids
- Enzymes
- Probiotics & prebiotics
- Other types
Aquafeed Market by Species
- Fish
- Tilapia
- Salmon
- Carp
- Trout
- Others
- Crustaceans
- Crabs
- Krill
- Shrimp
- Others
- Crustaceans
- Oysters
- Mussels
- Others
- Others
Aquafeed Market by Form
- Dry
- Moist
- Wet
Aquafeed Market by Lifecycle
- Starter feed
- Grower feed
- Finisher feed
- Brooder feed
Aquafeed Market by Region
- North America
- Europe
- Asia Pacific
- South America
- Rest of the World
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The key stakeholders in the Aquafeed Market include:
- Aquafeed Manufacturers: Companies that specialize in the production of aquafeed, including feed mills and aquafeed formulation companies. They develop and produce nutritionally balanced and species-specific feeds for various aquatic species, considering their nutritional requirements at different life stages.
- Aquaculture Farmers: Fish and seafood farmers utilize aquafeed as a primary source of nutrition for their aquatic animals. They rely on high-quality aquafeed to promote the growth, health, and productivity of their farmed species.
- Aquaculture Industry Associations: Organizations that represent the interests of aquaculture farmers and aquafeed manufacturers. These associations advocate for policies that support sustainable aquaculture practices and facilitate knowledge sharing within the industry.
- Raw Material Suppliers: Companies involved in the supply of raw materials used in aquafeed production, such as fishmeal, fish oil, plant-based proteins, grains, vitamins, and minerals.
- Feed Additives Manufacturers: Companies that produce feed additives, such as vitamins, minerals, probiotics, prebiotics, enzymes, and pigments, which are incorporated into aquafeed to enhance its nutritional value, palatability, and digestibility.
- Regulatory Authorities: Government agencies responsible for regulating and monitoring the aquafeed industry to ensure compliance with feed safety standards, labeling requirements, and the proper use of feed additives.
- Research and Development (R&D) Institutions: Academic and private research institutions that conduct studies to improve aquafeed formulations, enhance feed efficiency, and explore alternative and sustainable feed ingredients.
- Distributors and Retailers: Entities involved in the distribution and retail sale of aquafeed products to aquaculture farmers and other end-users.
- Seafood Processors and Suppliers: Companies that process and supply farmed seafood to consumers, restaurants, and retailers. The quality and nutritional content of aquafeed can influence the final product's quality and sustainability.
- Consumers: End-users who indirectly influence the aquafeed market by demanding sustainably sourced and nutritious seafood products, which can be influenced by the type and quality of aquafeed used in aquaculture.
- Non-Governmental Organizations (NGOs) and Advocacy Groups: Organizations focused on promoting sustainable aquaculture practices and responsible seafood consumption. They advocate for environmentally friendly aquafeed sourcing and responsible aquaculture practices.
- Government and Trade Associations: Government bodies and industry trade associations that work to develop policies and regulations to support the growth and sustainability of the aquafeed industry.
Aquafeed Market Frequently Asked Questions (FAQs):
Q1. Which are the major companies in the Aquafeed market? What are their major strategies to strengthen their market presence?
Q2. What are the drivers and opportunities for the Aquafeed market?
Q3. Which region is expected to hold the highest market share?
Q4. Which are the key technology trends prevailing in the Aquafeed market?
Q5. What is the total CAGR expected to be recorded for the aquafeed market during 2023-2028?
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This report provides insights on the following pointers:
- Growth of Aquaculture Industry: The aquafeed market is closely tied to the growth of the aquaculture industry. As the global demand for seafood increases, aquaculture has become a significant source of fish and seafood production. This growth has driven the demand for high-quality aquafeed to support the nutritional needs of farmed aquatic species.
- Diverse Aquaculture Species: The aquafeed market caters to a wide range of aquatic species, including fish (e.g., salmon, tilapia, carp), crustaceans (e.g., shrimp, prawns), and mollusks (e.g., mussels, oysters). Different species have varying nutritional requirements, leading to the development of specialized aquafeed formulations.
- Nutrition and Health: Nutrition plays a crucial role in aquaculture productivity and animal health. Aquafeed manufacturers focus on formulating feeds that provide balanced nutrition, promote growth, enhance disease resistance, and improve overall well-being of farmed species.
- Sustainable and Alternative Ingredients: Environmental concerns and the sustainability of aquafeed ingredients have become important considerations for industry. There is increasing interest in using alternative protein sources (e.g., insect meal, single-cell proteins, algae) and reducing reliance on fishmeal and fish oil derived from wild-caught fish.
- Feed Additives and Functional Feed: The use of feed additives, such as probiotics, prebiotics, immunostimulants, and enzymes, has gained popularity in aquafeed formulations. These additives aim to improve feed efficiency, digestion, and disease resistance, leading to more efficient and sustainable aquaculture practices.
- Technological Advancements: The aquafeed industry has seen technological advancements in feed processing, pelletizing techniques, and the use of precision feeding technologies. These innovations help optimize feed utilization and reduce wastage.
- Regulatory Landscape: The aquafeed industry is subject to various regulations and quality standards, which differ across countries and regions. Compliance with these regulations is essential to ensure the safety and quality of aquafeed products.
- Regional Market Dynamics: The demand for aquafeed varies significantly by region, influenced by factors such as aquaculture practices, cultural preferences for seafood, and economic conditions.
- Market Consolidation: The aquafeed industry has experienced consolidation, with major players acquiring smaller companies and expanding their global presence.
- Consumer Awareness: There is growing consumer awareness of sustainable seafood production and the importance of responsibly sourced aquafeed. This awareness has prompted aquaculture companies to focus on sustainability and transparency in their practices.
- Research and Development: Ongoing research and development efforts are directed towards improving feed formulations, reducing environmental impacts, and finding innovative solutions for sustainable aquaculture.
Related Reports:
Company Information
- Detailed analyses and profiling of additional market players
Geographic Analysis
Further breakdown of the Rest of European aquafeed market, by key country
