Global Fish Feed Market 2024–2033

Reports Description

Global Fish Feed Market was valued at USD 3.9 Billion in 2023 and is expected to reach USD 7.2 Billion by 2032, at a CAGR of 4.5% during the forecast period 2023 - 2032.

Fish feed is a specific type of meal intended to provide farmed fish the nutrition. It usually consists of a well-balanced combination of vitamins, minerals, carbs, and proteins, designed to satisfy the nutritional needs of several fish species at different developmental stages.

Fish Feed Market Growth Factors

Expansion of the aquaculture industry and fish farming practices

The market for fish feed is mostly driven by the development of fish farming techniques and the growth of the aquaculture sector. The need for premium fish feed is growing at the same time as aquaculture output is expanding to fulfil the growing demand for seafood worldwide.

Specialized feeds are needed for advanced fish farming methods including offshore aquaculture and intensive recirculating aquaculture systems (RAS) to maximize the health of fish, growth rates, and feed conversion ratios.

Furthermore, the production of nutritious feeds customized for particular species and life stages is made possible by advances in feed formulation technology, which enhances the general sustainability and efficiency of aquaculture operations.

For instance, The State of World Fisheries and Aquaculture report states that worldwide production hit a record 122.6 million tonnes in 2020, accounting for an astounding 49.2% of aquatic animal production and solidifying its place as a vital link in the food chain.

In addition to being a dependable supply of omega-3 fatty acids, vitamins D and B12, selenium, iodine, iron, calcium, and zinc, fed fish species are also a nutritious and environmentally sustainable substitute for meats raised on land.

Increasing fish consumption and the rising affluence of the middle class

The market for fish feed is being driven by the rising middle class's wealth and the world's increasing fish consumption in several ways. As people's awareness of their health increases and the demand for seafood rises, aquaculture activities will grow.

Additionally, the increased income of the middle class, particularly in emerging nations, translates to better purchasing power and a larger predisposition towards protein-rich meals. This change in the population increases the demand for fish and therefore for high-quality fish feed.

Furthermore, with the growing industrialization and efficiency of aquaculture, there is an increased focus on customized feed formulas to maximize fish health and growth. Thus, rising fish consumption and middle-class wealth serve as major forces behind the global growth of the fish feed industry.

For instance, through primary enumeration, the NCAER household survey encompassed over 13,000 homes across 24 states and 105 districts. The NCAER survey's findings on per capita fish consumption offer valuable information about the extent and depth of fish eating in India. It has been noted that the population that consumes fish has increased dramatically, reaching around 13 kg per person annually in 2022–2023.

Fish Feed Market: Restraints

Rising cost of raw materials

The market for fish feed is severely hampered by the growing cost of raw materials in several ways. First off, it immediately affects fish feed producers' manufacturing costs, reducing their profit margins and perhaps raising consumer prices.

Second, changes in the price of raw materials can cause supply chain disruptions and shortages, which might impact the market's availability of fish feed. Costlier raw materials might encourage producers to economize or sacrifice quality, which could influence the feed's efficacy and nutritional content.

Overall, the stability and expansion of the fish feed industry are seriously threatened by the growing cost of raw materials, which calls for creative solutions and calculated changes to lessen the impact.

Fish Feed Market: Opportunities

Sustainable sourcing of feed ingredients

The market for fish feed is driven by the sustainable source of feed components, especially plant-based proteins. By reducing reliance on wild fish populations, using plant-based proteins helps to prevent overfishing and protect marine habitats.

By lowering the carbon footprint connected to the manufacturing of traditional fish meals, which frequently entails intense fishing and processing, it supports environmental sustainability. The marketplace for plant-based feeds for fish is being driven by aquaculture companies’ adoption of more ecologically friendly feed solutions in response to growing customer demand for seafood products obtained responsibly.

The move toward sustainable feed component procurement supports the long-term profitability of the aquatic feed industry and is consistent with the larger objectives of ethical aquaculture operations. For instance, according to the IUCN research, there has been a widespread tendency in aquaculture, especially in Europe, to substitute alternative substances for fish meal and fish oil in fish diets.

This works to preserve fisheries and their capacity to provide sustainable fish meal, while also making carnivorous species like salmon. In addition to plants like sunflower, rapeseed, and soybean that are already often used in fish feed in Europe, other potential source materials include algae, insects, and animal byproducts.

Fish Feed Market: Segmentation Analysis

Fish Feed market is segmented by type, form, end user and region. Based on type, the market is classified into plant based and microorganism. Plant based dominated market in 2022 with market share of 65% and is expected to keep its dominance during the forecast period 2024-2032.

Rise in environmentally friendly options due to sustainability worries about overfishing and environmental damage. Reduced dependency on wild-caught fish as a source of protein through the use of plant-based diets presents a sustainable approach.

Improvements in the nutrient content and solubility of plant-based components have made them competitive alternatives to traditional fishmeal due to breakthroughs in feed formulation technology. To fulfil the expanding needs of aquaculture, there is a need for alternate protein sources due to the combination of the declining marine resources and the growing demand for seafood.

Furthermore, the use of plant-based feeds is encouraged by the fact that they can save money and are less dependent on the unstable pricing of fishmeal.

Based on form, the market is classified into pellets, granules, flakes, sticks, and powder. Pellets segment dominated the market in 2022 with a market share of 45% and is expected to keep its dominance during the forecast period 2024-2032.

Pellets provide several benefits, including enhanced feed efficiency, less waste, convenience in handling, and accurate nutrient delivery. Because of these qualities, pellets are perfect for large-scale aquaculture projects where feeding efficacy and economics are critical.

To ensure ideal development and health, pellets may also be tailored to match the unique nutritional needs of different kinds of fish and life stages. To address certain nutritional shortfalls or health risks, pellets can also be supplemented with extra nutrients, drugs, or chemicals.

The aquaculture sector has widely adopted pellets because of their ease and effectiveness, which has greatly fuelled the development and evolution of the worldwide fish feed market.

Based on end users, the market is classified as specialty commercial and household. The commercial segment dominated the market in 2022 with a market share of 45% and is expected to keep its dominance during the forecast period 2024-2032.

The market for fish feed is mostly driven by commercial end users, who need high-quality feed to maximize fish health and growth in aquaculture operations. To enhance production and profitability, these end users which include fish farmers and aquaculture companies prioritize feed formulas that are suited to certain species and growth phases.

Furthermore, the world's growing seafood consumption is driving up demand for sustainable and effective aquaculture methods, which in turn is driving up the requirement for high-quality fish feed. Commercial end users also shape market trends by promoting development in environmentally friendly aqua feed components and production techniques and by looking for feed solutions that are obtained ethically and ecologically.

Report Scope

Fish Feed Market: Regional Analysis

By region, Fish Feed market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle East & Africa. North America dominated the global Fish Feed market in 2022 with a market share of 40% 2022 and is expected to keep its dominance during the forecast period 2024-2032.

There is a significant demand for feed to sustain the growth of different fish species, including salmon, trout, tilapia, and catfish, in the aquaculture business. Strict laws guarantee the safety and quality of fish meal, building customer confidence and promoting market expansion.

Furthermore, substantial investments in sustainable aquaculture methods and the presence of major companies in the aquafeed business support market development. The need for fish feed in North America is also being driven by technical developments that improve sustainability and efficiency in fish farming, such as the use of alternative materials and precision feeding methods.

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Fish Feed Market: Recent Developments

• In March 2022, Cargill opened its first feed factory in Vijayawada-based mill, which was purchased from Mulpuri Foods & Feeds, to provide farmers with aqua feed solutions that are both safe and of superior quality.

• In November 2021, Nutreco announced that to service the expanding Indian aquaculture business, it has established a joint venture with the Mumbai-based West Coast Group.

• In April 2022, Aller Aqua received USD 968,000 to produce fish feed using novel raw ingredients. The money will be used to investigate the addition of grass protein to the salmon diet.

List of the prominent players in the Fish Feed Market:

• Nutreco
• Cargill Incorporated
• BioMar Group
• Alltech Coppens
• Skretting (part of Nutreco)
• Ridley Corporation Limited
• Biomar (part of Schouw & Co.)
• Purina Animal Nutrition LLC
• EWOS (part of Cargill)
• Aller Aqua Group
• Archer Daniels Midland Company (ADM)
• Biomin Holding GmbH
• Marubeni Nisshin Feed Co. Ltd.
• Tongwei Co. Ltd.
• Nippon Formula Feed Manufacturing Company
• Charoen Pokphand Foods PCL (CP Foods)
• Guangdong Haid Group Co. Ltd.
• New Hope Group
• Avanti Feeds Limited
• CP Aquaculture (India) Pvt. Ltd.
• Others

These key players are adopting various growth strategies such as mergers & acquisitions, joint ventures, expansion, strategic alliances, new product launches, etc. to enhance their business operations and revenues.

The Fish Feed Market is segmented as follows:

By Type

• Plant Based
• Fish & Fish Products
• Microorganism

By Form

• Pellets
• Granules
• Flakes
• Sticks
• Powder

By End User

• Commercial
• Household

By Distribution Channel

• B2B
• B2C
  • Store based
  • Online retail

Regional Coverage:

North America

• U.S.
• Canada
• Mexico
• Rest of North America

Europe

• Germany
• France
• U.K.
• Russia
• Italy
• Spain
• Netherlands
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• New Zealand
• Australia
• South Korea
• Taiwan
• Rest of Asia Pacific

The Middle East & Africa

• Saudi Arabia
• UAE
• Egypt
• Kuwait
• South Africa
• Rest of the Middle East & Africa

Latin America

• Brazil
• Argentina
• Rest of Latin America