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The aquaculture feed market size is estimated to grow at a CAGR of 5.56% between 2022 and 2027. The market size is forecast to increase by USD 16.22 billion. The growth of the market depends on several factors, including frequent product launches, growing technological advancement, and rising usage of high-standard raw materials for achieving better-quality products.
This aquaculture feed 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). 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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The frequent product launches are notably driving the market growth, although instability in prices of aquaculture feed ingredients and additives may impede the market growth. 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 aquaculture feed market growth. The aquaculture feed 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. New product launches in the market may include various innovations such as nutrients. 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. 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 the aquaculture feed 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, in order to obtain healthier aquaculture products, It is imperative that farmers and producers 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 of aquaculture feed.
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 aquaculture feed 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 in aquaculture feed. It has a negative impact on feed prices. The main additives used to improve the quality and value of aquaculture feeds 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 of aquaculture feed ingredients and additives 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 Aquaculture Feed Market Customer Landscape
Vendors 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 vendors, including:
Qualitative and quantitative analysis of vendors 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 vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the fish feed segment will be significant during the forecast period. Fish feed occupies a large market share in the market. Fish feed 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 of fish feed 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 and continued to grow until 2021. 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 fish feed products 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 for aquaculture feed. Therefore, the aquaculture feed market is expected to drive the growth of the fish feed products segment over the forecast period.
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APAC is estimated to contribute 45% to the growth of the global aquaculture feed 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 of aquaculture feed in the Asia-Pacific region. China is the largest producer of aquaculture feed 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 aquaculture feed products. Based on the above factors, the market in the APAC region is expected to grow during the forecast period.
The increasing spread of COVID-19 negatively impacted the market. The market faced particular challenges due to the 2020 COVID-19 pandemic. Lockdowns disrupted imports, exports, and production of various aquaculture feeds, slowing the growth of the market in 2020. However, with the development and distribution of vaccines against COVID-19 and the lifting of restrictions, import and export activities resumed in the first half of 2021. The demand for aquaculture feed products slowly improved and the market grew steadily. This is expected to have a positive impact on the market during the forecast period.
The aquaculture feed market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Aquaculture Feed 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 Vendors, Market Positioning of Vendors, 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 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 forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
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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