Delray Beach, FL, Sept. 26, 2024 (GLOBE NEWSWIRE) -- A research report titled "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," published by MarketsandMarkets, reveals that the global aquafeed market, valued at USD 59.0 billion in 2024, is expected to reach USD 84.2 billion by 2029. This represents a significant compound annual growth rate (CAGR) of 7.4% over the forecast period.
The Growing Importance of Aquafeed in Sustainable Aquaculture Production
As aquaculture production expands, aquafeed plays an increasingly vital role in supporting its growth. Feed costs are often the largest expense in farming most fish and crustacean species, making innovations in aquatic animal nutrition and the development of extruded feeds essential for the industry's sustainability. High-value species like salmon, seabass, and shrimp require protein-rich diets traditionally based on fishmeal and fish oil, sourced from wild pelagic fish, critical for global food security. According to "The State of World Fisheries and Aquaculture 2022," aquaculture is projected to nearly double by 2050, creating a significant demand for feed rich in affordable protein, essential amino acids, omega-3 fatty acids, key minerals, vitamins, and energy sources.
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Report Coverage & Details
| Report Metric | Details |
| Market size estimation | 2024–2029 |
| No. of Pages in Report | 297 |
| Drivers |
|
| CAGR | 7.4% |
| Segments Covered | By Ingredient, Species, Function, Lifecycle, Form and Region |
| Regions covered | North America, Europe, South America, Asia Pacific, and RoW |
Dry Form Leads the Aquafeed Market Share
In the aquafeed market, the dry form encompasses pellets, crumbles, and powders. Dry feeds are particularly popular due to their convenience and ease of use compared to other forms. They are simpler to store, handle, and transport than wet or liquid feeds, which require more careful management to prevent spoilage or contamination. This characteristic is especially beneficial for large-scale aquaculture operations, where logistical efficiency is crucial.
Pelleted dry feeds are favored by many aquaculturists because they provide a stable and precisely formulated nutritional profile. These feeds are specifically designed to meet the dietary requirements of various aquatic species, ensuring they receive balanced nutrition for optimal growth. Companies like ADM (US) and Cargill Incorporated (US) manufacture pelletized feeds for species such as salmon and shrimp, carefully blending proteins, fats, vitamins, and minerals in precise proportions.
Asia Pacific Aquafeed Industry: Fastest-Growing Region
According to the FAO, Asia produced 119.7 million tons of aquaculture in 2022, accounting for 91.4% of global production. China led this output with 40%, followed by Indonesia at 10% and India at 7%. This substantial production highlights Asia's dominance in global aquaculture, driven by high seafood demand resulting from a growing population and increasing per-capita incomes.
As reported by the National Bureau of Statistics of China in 2023, the country is both the largest producer and consumer of seafood in the world, consuming approximately 63.4 million metric tons annually. Producers are under pressure to expand and improve their offerings to meet the nutritional needs of aquaculture farms. Government policies in the region support this growth; for instance, China's 14th Five-Year Plan emphasizes sustainable aquaculture and technological innovation to enhance production efficiency. Similarly, India's National Fisheries Policy focuses on expanding aquaculture and investing in infrastructure, further stimulating market growth.
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Shrimp Sub-Type Category Set to Dominate Crustacean Species Market Share
According to the World Wildlife Fund, farmed shrimp constitutes 55% of global shrimp production, with over 90% of this output originating from China, followed by Thailand, Indonesia, India, Vietnam, Brazil, Ecuador, and Bangladesh.
Shrimp farming has thrived due to well-established and efficient production systems, where breeding techniques and feed formulation have been highly developed to ensure optimal growth rates and disease resistance. For example, innovations in shrimp feed, including the use of probiotics and high-quality protein sources, enhance feed conversion rates and overall yield.
- 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)
Aquafeed Market Update: Recent Developments Shaping the Industry
- In June 2024, Nutreco launched its innovative "Garden of the Future," marking a significant advancement in phytotechnology. This groundbreaking initiative focuses on developing cutting-edge phytotechnology solutions designed to enhance the performance, health, and welfare of aquatic species, as well as farm and companion animals. The "Garden of the Future" represents a forward-thinking approach, leveraging advanced plant-based technologies to improve animal nutrition and overall well-being.
- In January 2024, the joint venture between ADM and Vitafort opened a new state-of-the-art feed mill in Hungary that is poised to achieve full production capacity. This reflects ADM's steadfast commitment to ushering in a new era of modernization in the region's production infrastructure.
- In July 2023, Charoen Pokphand Foods PCL partnered with the Thai Sustainable Fisheries Roundtable (TSFR) to promote the conservation and protection of the ecosystem and resources in the Gulf of Thailand through the Fishery Action Plan (FAP), a crucial component of the Fishery Improvement Project (FIP). This determination is strengthening the company’s commitment to a responsible aquafeed raw material supply chain.
Industry Trends Unveiled: The Latest Reports to Watch
- Starter Feed Market
- Feed Pigment Market
- Feed Yeast Market
- Feed Additives Market
- Probiotics in Animal Feed
- Fishmeal & Fish Oil Market
- Feed Industry Outlook
- Plant based Foods Market
