Wilmington, Delaware, Sept. 04, 2024 (GLOBE NEWSWIRE) — Allied Market Research published a report titled, “Aquaculture feed market by additives (vitamins, antioxidants, amino acids, enzymes, acidifiers and binders) and final consumption (fish, molluscs, crustaceans and others): global opportunity analysis and industry forecast, 2024-2034″According to the report, the aquafeed market was valued at USD 62.4 billion in 2023 and is estimated to reach USD 95.4 billion by 2034, with a compound annual growth rate of 4.0% from 2024 to 2034.
Main determinants of growth
The growth of the aquaculture feed market has led to the growth in global demand for seafood, driven by rising population and consumer preferences for healthy diets, fueling the need for efficient aquaculture. Technological advancements in feed formulations improve nutritional profiles and feed conversion ratios, supporting better fish growth and health. Increasing aquaculture practices, including both freshwater and marine farming, further drives market growth. A shift towards sustainable and environmentally friendly feed ingredients addresses ecological concerns and regulatory pressures. Furthermore, government support and investments in research and development promote innovation and improve feed quality. These factors collectively contribute to the dynamic growth of the aquaculture feed market.
Report coverage and details:
| Report coverage | Details |
| Forecast period | 2024–2034 |
| Base year | 2023 |
| Market size in 2023 | $62.4 billion |
| Market size in 2034 | $95.4 billion |
| Compound Annual Growth Rate (CAGR) | 4.0% |
| Number of pages in the report | 290 |
| Segments covered | Ingredients, end use and region |
| Drivers | Growth of the aquaculture industry |
| Increased fish consumption | |
| Raising awareness of aquatic animal health | |
| Opportunities | Sustainable food solutions |
| Technological innovations | |
| Restrictions | High feed costs |
Segment Highlights
In the aquaculture feed market, the leading segment by ingredient is amino acids. Amino acids are critical for the growth, development and health of aquatic species. They play a vital role in protein synthesis and metabolic processes, ensuring efficient feed utilization and reducing wastage. The increasing demand for high-quality and nutritionally balanced aquaculture feeds has driven the rise in the use of amino acids. Manufacturers incorporate amino acids to improve the nutritional profile of feeds, supporting the growth of fish and other aquatic organisms, which is crucial for achieving optimal production yields in aquaculture.
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The leading segment by end-use is fish, which dominates due to the extensive growth of fish farming in global aquaculture. Fish farming, particularly of species such as salmon, tilapia and carp, requires large volumes of aquafeeds to ensure rapid growth and high-quality production. Fish is a staple protein source in many diets around the world, driving increased demand for farmed fish and consequently aquafeeds. The focus on sustainability and efficiency in fish farming has further driven demand for specialized aquafeeds that meet specific nutritional requirements, promote healthy growth and reduce environmental impact.
Regional perspective
The Asia-Pacific region is the most dominant market for aquaculture feeds due to its pivotal role in global aquaculture production and high fish consumption rates. Countries such as China, India, Vietnam and Thailand are leaders in aquaculture, which contributes significantly to the region’s market dominance. Favorable climatic conditions and ample marine and freshwater resources in Asia-Pacific support large-scale fish farming. In addition, rising incomes and growing populations in these countries drive increased demand for seafood, further boosting aquaculture activities. Technological advancements and investments in feed research and development in the region improve feed quality and efficiency. Government policies and subsidies that promote sustainable aquaculture practices and industry growth also play a crucial role. The combination of high production volumes, large domestic markets and continuous innovation positions Asia-Pacific as the leading region in the global aquaculture feed market.
Players: –
- Archer Daniels' Midland Company
- Alltech Insurance Company.
- Purina Animal Nutrition
- Nutreco NV
- Go Aqua A/S
- BioMar A/S
- Dibaq Aquaculture
- Beneo GmbH
- Charoen Foods Pokphand PCL
The report provides a detailed description Key Player Analysis in the global aquaculture feed market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting the business performance, operating segments, product portfolio, and strategic moves of the market players to showcase the competitive scenario.
Recent development:
- In February 2024, Skretting, a leading aquaculture feed company based in Norway, announced the launch of its new production facility in Surat, India. The new facility is said to be equipped with cutting-edge technology with three production lines, which are expected to have a production capacity of around 50,000 metric tons per year.
- In March 2023, Alltech introduced Alltech Aqua Health, a new aquaculture feed that focuses on improving the health of aquatic animals through enhanced nutritional profiles and immune support. The feed aims to address common health issues in aquaculture and promote overall well-being.
Industry Trend Reports:
Market Opportunity Analysis and Forecast of Fish Farming Industry, 2023-2034
Aquaculture Feed Supplements Market Size and Share Analysis, 2024-2033
Global Commercial Fish Feed Market Analysis and Industry Forecast, 2024-2033
Fish Feed Premix Market Size, Share and Competitive Landscape, 2023-2032
Fishmeal Feed Market Analysis and Industry Growth Forecast, 2023-2032
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Allied Market Research (AMR) is a division of Allied Analytics LLP that offers comprehensive market research and business consulting services and is headquartered in Wilmington, Delaware. Allied Market Research provides global enterprises as well as mid-sized and small businesses with “market research reports” and “business intelligence solutions” of unmatched quality. AMR aims to provide business insights and consulting to help its clients make strategic business decisions and achieve sustainable growth in their respective market domain.
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