Commercial Fish Feed Market to Reach $25.0 Billion, Globally, by 2033 at 5.1% CAGR: Allied Market Research
Wilmington, Delaware, Aug. 29, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Commercial Fish Feed Market by Species (Carp, Salmon, Trout, Catfish, Sea Bass and Others), Ingredients (Soybean, Fishmea, Fish Oil, Grains, Vitamins and Minerals), Form (Pellets, Powder, Flakes and Liquid): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the commercial fish feed market was valued at $15.3 billion in 2023, and is estimated to reach $25.0 billion by 2033, growing at a CAGR of 5.1% from 2024 to 2033.
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Prime determinants of growth
The growth of the commercial fish feed market is fueled by the expanding global aquaculture industry, driven by increasing fish consumption and a rising demand for seafood, is a major growth driver. Technological advancements in feed formulations, including the development of nutritionally balanced and specialized feeds, contribute to improved fish health and growth rates, further fueling market expansion. Additionally, there is a growing emphasis on sustainability, with a shift towards eco-friendly feed ingredients and practices. Increasing awareness about the benefits of high-quality feed in enhancing fish yield and reducing disease outbreaks also supports market growth. Regulatory support and investment in research and development by industry players further accelerate the market's progress.
Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2024–2034 |
| Base Year | 2023 |
| Market Size in 2023 | $15.3 Billion |
| Market Size in 2034 | $25.0 Billion |
| CAGR | 5.1% |
| No. of Pages in Report | 234 |
| Segments Covered | Species, Ingredients, Form and Region. |
| Drivers | Growth of aquaculture industry |
| Advancements in feed formulation and technology | |
| Rising awareness about fish nutrition | |
| Opportunities | Growth of sustainable and alternative protein sources |
| Increasing investment in aquaculture research and development | |
| Restraints | Rising awareness about fish nutrition |
Segment Highlights
The demand for carp is driven by several factors. Carp dominates the commercial fish feed market due to its significant role in global aquaculture and its adaptability to various environments and feed types. Carp species, such as common carp, grass carp, and silver carp, are widely farmed in freshwater systems across Asia, Europe, and North America, thanks to their high growth rates and resilience. This widespread cultivation generates substantial demand for specialized carp feed, which drives market growth. Additionally, carp farming benefits from relatively low production costs and high feed conversion efficiency, making it a popular choice among aqua culturists.
The demand for soybean is influenced by multiple factors. Soybean is a dominant segment in the commercial fish feed market due to its high protein content, availability, and cost-effectiveness. Soybean meal is a rich source of essential amino acids required for optimal fish growth and development, making it a preferred ingredient in aquaculture feeds. Its protein content, generally around 44-48%, offers a high nutritional value that supports efficient feed conversion and overall fish health. Additionally, soybean is widely cultivated and relatively inexpensive compared to other protein sources, which helps reduce feed costs. The versatility of soybean meal allows it to be used in various feed formulations, from low to high-protein diets, catering to different species of fish.
The pellets dominated the form segment. Pellets dominate the commercial fish feed market due to their practical advantages in aquaculture. Pelletized feeds offer uniform size and shape, which enhances feed efficiency and minimizes waste, as fish can consume the pellets more effectively compared to other forms of feed. The consistency in pellet size helps ensure that fish receive a balanced diet, promoting optimal growth and health. Additionally, pellet feeds are easy to handle, store, and transport, making them a convenient choice for aquaculture operations. The production of pellets allows for precise formulation of nutrients and additives, addressing the specific dietary needs of various fish species.
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Regional Outlook
Asia-Pacific region dominates the commercial fish feed market due to its leading role in global aquaculture production and high fish consumption rates. Countries like China, India, Vietnam, and Thailand are major players in the aquaculture industry, contributing significantly to the region's market share. Asia-Pacific's favorable climate, extensive freshwater and marine resources, and established aquaculture infrastructure support large-scale fish farming operations. The region also benefits from high demand for seafood driven by growing populations and increasing affluence. Additionally, technological advancements and investment in research and development within the region enhance feed quality and production efficiency.
Players: -
- Altech Inc
- Aller Aqua
- Archer Daniels Midland Company
- BASF
- Biomin GmHs
- Cargill Inc
- BioMar Group
- Beneo
- Nutreco
- Ridley Corporation
The report provides a detailed analysis of these key players in the global commercial fish 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 business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Recent Development:
- In September 2022, Skretting introduced NovoCare, a new fish feed designed to enhance fish health and growth. The feed includes specialized ingredients to boost immunity and improve feed conversion ratios, targeting the needs of the aquaculture industry to produce healthier and more productive fish stocks.
- In March 2023, Cargill expanded its AquaXcel line of fish feeds, incorporating new formulations with alternative protein sources such as insect meal and algae. This move aligns with Cargill’s commitment to sustainability and reducing reliance on traditional fish meal and fish oil in aquaculture feeds.
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