The aquafeed market is set to witness growth at a CAGR of 6.1% and is anticipated to reach a valuation of around USD 80.9 billion by 2032.
The aquafeed market is predicted to grow fast as fish farming operations expand. The market for plant-based aquafeed is anticipated to be driven over the forecast period by manufacturers' rising demand for natural and organic feed products, which is currently the newest industry trend.
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Furthermore, the use of organic fish feed allows aquatic animals to be raised in a proper and moral manner. Given that consumers' preference for organic food has grown significantly in recent years, it is projected that an increase in the production of organic feed is likely to support a rise in sales of aquafeed.
Rising consumer spending on fish and fish-related goods, such as fish oil, fish meal, and fish silage, as well as rising seafood consumption, are expected to result in increased aquaculture production.
The rapid price fluctuations of the raw ingredients required to make aquafeed could hinder its ability to increase its market share. The demand for aquafeed is expected to remain strong in China and India throughout the projection period, due to the dramatic growth in fish production rate.
Key Takeaways from Market Study
- The aquafeed market is currently holding a market share of US$ 44.7 billion.
- By 2032, the aquafeed market is expected to reach US$ 80.9 billion.
- Based on species, the fish category holds the largest market share in aquafeed.
- The market is dominated by amino acids, which generate more than 32% of total revenue.
- In 2017, the aquaculture business in the United States produced 283 million kilograms of produce worth USD 1.4 billion.
- Japan's expanding demand for aquafeed is being driven by rising seafood consumption and improved public understanding of the health advantages of seafood.
"The aquafeed industry is being driven by rising global fish consumption and a growth in processed seafood consumption as a result of rising middle-class prosperity in emerging economies. The demand for high-quality aqua feed, feed additives, and compound feed has increased as the aquaculture business has grown. Because feed sources are limited, the aqua feed market is expected to grow as the demand for seafood rises, resulting in greater farming," says a Future Market Insights analyst.
As a result of the positive impact of high intake on aquaculture productivity, demand for aquafeed is expected to grow at a faster rate. In order to enhance their market presence and client base, industry players are being forced to expand their product portfolios and distribution networks as the market grows.
Aquafeed manufacturers are always conducting research and development in order to give a wide range of natural and organic aquafeeds for use in the growth of a variety of species.
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- ADM acquired Neovia (formerly InVivo NSA) (France) in January 2019 for USD 1.82 billion (Euro 1.54 billion). This acquisition would provide a strong platform for ADM's future growth.
- In November 2018, Cargill invested USD 70 million in Thailand to support the aquaculture and poultry industries there with cutting-edge technologies.
Explore More Valuable Insights
Future Market Insights, in its new report, offers an impartial analysis of the Aquafeed market, presenting historical data (2017-2021) and estimation statistics for the forecast period of 2022-2032.
The study offers compelling insights based on Species (Crustaceans, Fish), Form (Extruded, Powder, Liquid, Pellets), Function (Health, Digestion, Palatability, Special Nutrition), Ingredients (Marine, Land Animal, Veg/Grain, Carotenoid, Nutrients), Sales Channel (Direct Sales, Indirect Sales, Hypermarket, Supermarket, Wholesalers, Speciality Stores, Online), across seven major regions of the world.
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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