Dublin, Sept. 19, 2024 (GLOBE NEWSWIRE) -- The "Aquafeed Market by Ingredient (Soybean, Corn, Fishmeal, Fish Oil, Additives), Species (Fish, Crustaceans, Mollusks), Function (Nutrition, Growth Promoters, Immunity, Texture & Palatability), Lifecycle, Form and Region - Global Forecast to 2029" report has been added to ResearchAndMarkets.com's offering.
The global aquafeed market is estimated to be valued at USD 59 billion in 2024 and is projected to reach USD 84.2 billion by 2029 at a CAGR of 7.4%.
Due to the ever-growing global population, there is an increase in demand for food & beverage products, where seafood also holds a significant position, which drives the need for more efficient aquaculture practices and higher-quality feeds for aquatic animals. According to the FDA Dietary Guidelines for Americans, healthy adults are advised to consume 8 to 10 ounces of fish per week as part of a balanced diet. The quality of aquafeed directly impacts the nutritional value of the seafood produced. As fish consumption increases, aquaculture farms require more feed to support the growing number of farmed fish. This drives up the demand for aquafeed, which provides the necessary nutrients for fish growth, health, and optimal production.
Moreover, recent technological advancements are revolutionizing the aquafeed industry, driving efficiency, sustainability, and productivity to new heights. Technologies such as precision nutrition, IoT sensors, among others, are being explored to create feeds tailored to the specific nutritional needs of various species, enhancing growth and health outcomes. In response to growing demand, leading firms are adopting innovations such as precision feeding systems, automated feeding robots, and advanced feed formulations to optimize their operations.
A notable example is BioMar Group's (Denmark) acquisition of AQ1 Systems in April 2022, which creates synergies between farming technologies and feed solutions. AQ1's SF200 Sound Feeding System, a key product, uses acoustic and optical sensing technology to determine the precise amount of feed needed by fish, minimizing waste, enhancing growth performance, and improving the quality of the final product. These innovations enable the sector to position itself as a crucial player in the future of sustainable aquaculture.
Disruptions in the Aquafeed Market
Aquafeeds are critical in aquaculture, which is expected to supply a significant portion of future aquatic feed needs. Sustainability is a key concern. As demand for more high-trophic species like salmon increases, there is a push to make aquafeeds more sustainable to minimize environmental impacts. Innovations in aquafeed formulations aim to improve feed conversion ratios, reduce waste, and support the health and growth of farmed aquatic species.
The push for sustainable aquafeeds is significant, with many companies and research institutions focusing on improving feed efficiency and reducing the environmental footprint. For example, feed conversion ratios (FCRs) have improved over the years, with modern feeds requiring less input to achieve the same growth outcomes in farmed fish.
Asia Pacific is the dominant region in the aquafeed market
The dominance of the Asia Pacific region in the aquafeed market will likely be retained as the sector grows and continues to develop. Key drivers include a growing emphasis on sustainability, advancements in feed formulations, and a rising demand for higher value-added, nutritionally balanced feeds.
According to USDA's 2024 China Fishery Products Report, China's aquaculture sector is experiencing a notable shift towards industrialization and intensification, which is projected to boost feed demand across the region substantially. It also states that soybean meal constitutes up to 28 percent of the feed for certain species. This heightened demand for soybean meal and other feed components directly contributes to the overall growth of the aquafeed market in Asia Pacific.
Moreover, sustainability certification plays a crucial role in advancing responsible aquaculture practices and ensuring that aquafeed production meets high environmental and social standards. Several prominent certification programs help guide and validate these efforts, promoting sustainability across the diverse and rapidly growing aquaculture sector in the region.
The Aquaculture Stewardship Council (ASC) certification is one of the leading standards for sustainable aquaculture in Asia Pacific. ASC's certification program features reach, including environmental impacts, social responsibility, and feed sustainability. As such, for example, ASC certification requires farms and feed manufacturers to have practices that lessen such impacts as reducing pollution and conserving the local ecosystem. For instance, in Thailand, Vietnam, and Indonesia, ASC certification is fast becoming the norm in responsible aquaculture, shifting producers to more responsible feed and farming practices.
Other Market Highlights
- Soybean is expected to have a significant share in the ingredients segment, throughout the forecast period
- Amino Acids, by additive application, is the dominant segment in the aquafeed market
Research Coverage
This research report categorizes the Aquafeed Market by Ingredient (Soybean, Fish Meal, Corn, Fish Oil, Additives, and Other Ingredients), Form (Dry, Wet, and Moist), Lifecycle (Grower Feed, Finisher Feed, Starter Feed, and Brooder Feed), Species (Fish, Crustaceans, Mollusks, and Other Species), Function (Nutritional Support, Growth Promoters, Immunity Support, Texture & Palatability, and Other Functionalities), and Region (North America, Europe, Asia Pacific, South America, and Rest of the World).
The report covers information about the key factors, such as drivers, restraints, opportunities, and challenges impacting the growth of the aquafeed market. It also provides a detailed analysis of the major players in the market, including their business overview, products offered; key strategies; partnerships, new product launches, expansions, and acquisitions. Competitive benchmarking of upcoming startups in the aquafeed market is covered in this report.
Prominent companies include ADM (US), Cargill, Incorporated (US), dsm-firmenich (Switzerland), Nutreco (Netherlands), Alltech (US), Ridley Corporation Limited (Australia), Purina Animal Nutrition LLC (US), Adisseo (France), Aller Aqua Group (Denmark), Avanti feeds Limited (India), The Waterbase Limited (India), JAPFA LTD. (Singapore), Charoen Pokphand Foods PCL (Thailand), BioMar Group (Denmark), and Norel Animal Nutrition (Spain) among others.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 353 |
| Forecast Period | 2024-2029 |
| Estimated Market Value (USD) in 2024 | $59 Billion |
| Forecasted Market Value (USD) by 2029 | $84.2 Billion |
| Compound Annual Growth Rate | 7.4% |
| Regions Covered | Global |
Market Dynamics
- Drivers
- Growth in Aquaculture Industry
- Rise in Seafood Trade to Propel Demand
- Increase in Consumption of Fish
- Restraints
- Stringent Safety Regulations
- High Cost of Feed Ingredients
- Opportunities
- Growth in Support from Governments
- Development of Innovative Products as Source of Protein
- Challenges
- Lack of Awareness About Modern Feeding Methods in Developing Countries
- Growth in Environmental and Human Health Concerns
- Disease Outbreaks and Disease Prevention Measures
Impact of Gen AI on Animal Nutrition
- Use of Gen AI in Animal Nutrition
- Case Study Analysis
- Startup Integrates Advanced Computer Vision and Machine Learning Technologies to Revolutionize Fish Farming
- Powered Portable Feeder
- Impact of Gen AI on Aquafeed Market
- Adjacent Ecosystem Working on Gen AI
Supply Chain Analysis
Value Chain Analysis
- Research and Development
- Raw Material Sourcing
- Manufacturing/Production
- Quality Control & Safety
- Distribution
- Marketing and Sales
- End-user
Trade Analysis
- Export Scenario of Animal Feeding Related to Aquafeed
- Import Scenario of Animal Feeding Related to Aquafeed
Technology Analysis
- Key Technologies
- Precision Nutrition
- Nutrient Encapsulation
- Complementary Technologies
- Water Quality Monitoring Systems
- IoT Sensors
- Automated Recirculating Aquaculture Systems (RAS)
- Digital Aquaculture Platforms
- Adjacent Technology
- Bioreactor Technology
Pricing Analysis
- Average Selling Price Trend of Aquafeed Among Key Players, by Aquafeed Products
- Average Selling Price Trend, by Ingredient
- Average Selling Price Trend, by Region
Ecosystem/Market Map
- Supply Side
- Demand Side
Trends/Disruptions Impacting Customer Business
Patent Analysis
- List of Major Patents
Key Conferences and Events, 2024-2025
Tariff & Regulatory Landscape
- Tariff Related to Aquafeed
- Regulatory Bodies, Government Agencies, and Other Organizations
Regulatory Framework
- North America
- US
- Canada
- Mexico
- Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South America
- Brazil
Case Study Analysis
- Avanti Feeds Limited: Revolutionizing Aquafeed Industry in India
- Pichia Guilliermondii in Aquafeed by ADM
Companies Profiled in the Report
- ADM
- Cargill, Incorporated
- DSM-Firmenich
- Nutreco
- Alltech
- Ridley Corporation Limited
- Purina Animal Nutrition LLC
- Adisseo
- Aller Aqua Group
- Avanti Feeds Limited
- The Waterbase Limited
- Japfa Ltd.
- Charoen Pokphand Foods PCL
- BioMar Group
- Norel Animal Nutrition
- De Heus Animal Nutrition
- Novus International, Inc.
- Biostadt
- Marubeni Nisshin Feed Co. Ltd.
- Kent Nutrition Group
- Marvesa
- Beneo
- Growel
- Sonac
- Life Circle Nutrition
For more information about this report visit https://www.researchandmarkets.com/r/rl2fst
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