Selbyville, Delaware , March 06, 2024 (GLOBE NEWSWIRE) -- Shrimp Feed Market size could reach USD 6.7 billion by 2032, as per a recent study by Global Market Insights Inc.
The growing government support for amplifying the shrimp feed production through investments in technology, infrastructure, and research is propelling the market growth. With increased focus on sustainable aquaculture, major players are also ramping up their shrimp production. Due to the rising focus on meeting the growing global demand for shrimp, the need for high-quality feed is intensifying. For instance, in February 2024, fisheries and shrimp-feed stocks saw an increase of up to 9% following Finance Minister Nirmala Sitharaman's announcement of five integrated aquaparks in the interim budget. Furthermore, the ongoing R&D efforts in the aquafeed industry have led to significant advancements in shrimp feed formulations.
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Plant based meals to gain prominent share
Shrimp feed market share from the plant-based meals segment may exhibit a decent growth rate over 2024-2032. As consumers are seeking more sustainable and environmentally friendly dietary choices, there is a rising interest in plant-based alternatives for both human consumption and animal feed. In response to this trend, manufacturers are developing innovative shrimp feed formulations that incorporate plant-based ingredients as sustainable protein sources. The shift towards plant-based shrimp feed not only aligns with consumer preferences but also contributes to reducing the environmental footprint of shrimp farming operations.
Rising interest in grower feeds
The grower feeds product segment in the shrimp feed market will register a noteworthy CAGR from 2024 to 2032. Grower feeds play a crucial role in supporting optimal growth rates, enhancing health, and maximizing yields in shrimp farming operations. With shrimps reaching the grower stage, their dietary requirements evolve, necessitating feed formulations that are tailored to meet the changing nutritional needs. Consequently, the demand for specialized grower feeds is rising as farmers are prioritizing the health and productivity of their shrimp stocks.
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Europe to witness lucrative growth
Europe shrimp feed market size will register a robust CAGR from 2024 to 2032. With the growing appetite for seafood and a preference for sustainably sourced products, European consumers are augmenting the demand for high-quality shrimp feed. Additionally, stringent regulations and standards in the European Union are promoting responsible aquaculture practices, further boosting the need for specialized shrimp feed formulations. With shrimp farming continuing to gain momentum, the demand for nutritious and sustainable feed options is rising, further contributing to the regional market growth.
Shrimp Feed Market Players
Charoen Pokphand Foods Public Company Limited (CP Foods), Nutreco N.V., BioMar Group, Biomin Holding GmbH, Alltech, Thai Union Group PCL, Rangen, Inc., Cargill, Incorporated, Avanti Feeds Ltd. are some of the major shrimp feed industry contenders. These companies are focusing on growth initiatives to capitalize on market opportunities. They are also investing in R&D activities to innovate new feed formulations to meet the evolving nutritional needs of shrimp at different growth stages.
For instance, in February 2024, Avanti Feeds Ltd, a prominent manufacturer of shrimp feeds, announced that it boasted a production capacity of 775,000 tonnes alongside being a shrimp processor and exporter with a capacity of 22,000 tonnes.
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Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
