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The aquaculture feed market size is estimated to grow by USD 16.22 billion at a CAGR of 5.56% between 2022 and 2027. The market's expansion hinges on several factors, notably the frequent introduction of new products, advancements in technology, and the increased use of high-quality raw materials to enhance product quality. These elements drive innovation and competitiveness within the market, encouraging companies to continually improve their offerings to meet consumer demands. Technological advancements play a crucial role in enhancing product features and functionalities, contributing to overall market growth. Moreover, the use of high-standard raw materials ensures the production of superior-quality products, meeting the expectations of discerning consumers. As these trends continue to evolve, the market is expected to witness sustained growth driven by a commitment to innovation and product quality.
It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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This market report extensively covers market segmentation by product (fish feed, mollusk feed, crustacean feed, and other aquaculture feed), form factor (wet and dry), and geography (APAC, Europe, North America, South America, and Middle East and Africa).
The market share growth by the fish feed segment will be significant during the forecast period. They occupies a large market share in the market. This is mainly made from a combination of ingredients such as fishmeal, fish oil, vegetable protein, animal protein, wheat, rice, soybean, corn, and feed additives such as amino acids, vitamins and minerals, and feed acidifiers. The main consumers are various types of fish, such as trout, Atlantic salmon, pink salmon, perch, flounder, carp, catfish, and tilapia.
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The fish feed segment was valued at USD 28.96 billion in 2017. Increasing production of aquaculture products such as fish and increasing investment in developing new fisheries around the world are the major factors driving the growth of the segment during the forecast period. In May 2020, the Indian government announced over USD 2.6 billion in investment in the fisheries sector over the next five years. The central government will hold more than 40% of this investment, while the states and beneficiaries will cover the rest of the investment. Such developments, therefore, create new growth opportunities for aquaculture, thereby boosting the demand. Therefore, the market is expected to drive the growth of the segment over the forecast period.
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APAC is estimated to contribute 45% to the growth of the market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
APAC holds a large market share in the market. India, Japan, Indonesia, China, Malaysia, Vietnam, and Thailand are the major producers in the Asia-Pacific region. China is the largest producer in the region. Vietnam was the second-largest market in the region, and India was the third-largest market. In recent developments, key players in the region are increasingly focusing on opening technology-based and innovative production centers in countries such as India, Vietnam, and Thailand to produce high-quality products. Based on the above factors, the market in the APAC region is expected to grow during the forecast period.
The market is influenced by factors such as seafood consumption per capita and the increasing aquafeed demand driven by the aquafeed growth in the industry. Aquafeed manufacturers are focusing on innovative aquafeed ingredients to meet the rising demand. Government initiatives like the Blue Revolution Scheme are promoting sustainable aquaculture practices and boosting the establishment of manufacturing facilities. Challenges such as air and sea traffic disruptions impact feed production and marine ingredients availability. The market is also affected by supply chain disruptions and the need for organic fish production to meet consumer demand for chemical-free products. Investments in organic fish farming and organic fish feed are increasing, especially in Western economies, to improve animal welfare and stocking density in aquaculture operations. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Frequent product launches are notably driving the market growth. The market is a rapidly growing industry, and frequent product launches are common in this sector. This is because aquaculture is an evolving field, and companies are constantly looking for new ways to improve the nutritional value and efficiency of their feed. For example, in 2023, Skretting announced the opening of a new shrimp and fish feed facility in Surat, India. The launch of these products reflects changes in consumer demand for sustainably sourced, nutritious seafood, advances in scientific research on fish nutrition, and new regulations and policies related to aquaculture practices.
Overall, the frequent product launches in the market have led to this trend as companies strive to meet the changing needs and expectations of consumers and stay ahead of the curve in terms of technological and scientific advances. New product launches in the market may indeed include various innovations, such as nutrients. These launches are often driven by government initiatives, investments, and consumer spending trends, particularly in sectors like organic fish feed, where sustainability and innovation are key drivers of product development. It reflects the dynamism and competition of the industry. Therefore, frequent product launches are a key driver and are expected to drive the growth of the market during the forecast period.
The growing aquaculture production and consumption worldwide is a key trend influencing market growth. The growing demand and popularity of aquaculture products in different parts of the world are pushing fish farmers and farmers to increase their aquaculture production. Therefore, to obtain healthier aquaculture products, farmers and producers must use high-quality feed. This is a key factor influencing the growth of the market. Carp, shrimp, tilapia, salmon, trout, and freshwater crustaceans are the world's largest consumers.
In addition, aquaculture of carp, tilapia, salmon, etc., is increasing globally. This is a promising sign of growth for the market, as every increase in the production of these fish will lead to an increase in demand for the fish. Therefore, increasing the production of various sub-categories of aquaculture products across the globe is expected to bring good prospects for the growth of the market during the forecast period.
Instability in prices of aquaculture feed ingredients and additives is challenging the market growth. Price volatility of aquaculture feed ingredients and additives is a major challenge that may limit the growth of the market during the forecast period. Soybean, corn, fish meal, fish oil, rice, wheat, etc., are some of the most commonly used ingredients. It has a negative impact on feed prices. The main additives used to improve the quality and value are amino acids, antibiotics, vitamins and minerals, feed acidifiers, etc.
In recent years, there have been large fluctuations in the prices of various aquaculture feed additives, resulting in price volatility in the market. Therefore, price volatility has become a major challenge that is expected to hamper the growth of the market during the forecast period.
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Aller Aqua AS: The company produces different varieties of fish feed for saltwater and freshwater. It also offers aqua feed to various sea species such as Atlantic salmon freshwater, Atlantic salmon, and sea bass to enhance nutrition supplements.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2023 to 2027, as well as historical data from 2017 to 2022 for the following segments
The market is impacted by seafood trade dynamics and challenges such as air and sea traffic disruptions affecting shipping and causing supply chain disruptions. The Chinese population plays a significant role in driving demand, particularly for Chilean fish meals. Concerns over genetically modified products and pesticides drive demand for fish silage and innovative products from companies like Wilbur-Ellis and Renger Inc. Fluctuations in raw material prices, especially for soybean cake and soybean meal, impact the aquafeed additives segment. The market also sees a shift towards vegetarian diets impacting the fish segment and mollusks segment, including oysters and clams. The air and sea traffic disruption caused a supply chain disruption, particularly impacting the ingredient segment.
Market Scope |
|
Report Coverage |
Details |
Page number |
169 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.56% |
Market growth 2023-2027 |
USD 16.22 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
4.56 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 45% |
Key countries |
US, China, Vietnam, India, and Norway |
Competitive landscape |
Leading companies, Market Positioning of companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Aller Aqua AS, Alltech Inc., Archer Daniels Midland Co., Avanti Feeds Ltd., BRF SA, Cargill Inc., Charoen Pokphand Foods PCL, Godrej and Boyce Manufacturing Co. Ltd., Grand Fish Feed, Growel Feeds Pvt. Ltd., IB Group, Land O Lakes Inc., National Aquaculture Group, Nutreco N.V., Olmix SA, Ridley Corp. Ltd., Schouw and Co., The Waterbase Ltd., Tyson Foods Inc., and Viet Uc Seafood Corp. |
Market dynamics |
Parent market analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for market forecast period |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Form Factor
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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