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The aquatic feed ingredients and products market size is estimated to grow at a CAGR of 6.12% between 2023 and 2027. The market size is forecast to increase by USD 4.78 billion.
This aquatic feed ingredients and products market report extensively covers market segmentation by product (soybean, fish meal and fish oil, corn/maize, and others), type (fishes, crustaceans, and others), 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. Our report examines historic data from 2017 to 2021, besides analyzing the current market scenario.
One of the key factors driving the aquatic feed ingredients and products market growth is the growing aquaculture production and consumption worldwide. The increasing demand for popularity in different parts of the world has motivated farmers and cultivators to increase aquaculture production. Thus, it has become essential for farmers and producers to use high-quality feed to generate healthier aquaculture produce. This has positively impacted the market growth. Furthermore, some of the largest consumers of aquaculture feed across the world include carp, marine shrimps, tilapias, salmons, trouts, and freshwater crustaceans. Additionally, there has been an increase in the cultivation of carp, tilapias, and salmon which in turn is fuelling the growth of the global aquatic feed ingredients. Hence, such factors are expected to drive market growth during the forecast period.
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Our researchers analyzed the data with 2022 as the base year, key trends, and challenges. A holistic analysis of drivers, trends, and challenges will help stakeholders in the value chain refine their marketing strategies to gain a competitive advantage.
A key factor shaping the aquatic feed ingredients and products market growth is the growing technological advancement. To continue the growth in the aquaculture industry, the demand for new and enhanced technologies is also growing to improve efficiency and productivity, reduce costs, and improve the overall sustainability of the industry. One of the prime examples of the advancement of technology in aquaculture feed is the wide adoption of alternative ingredients, such as plant-based proteins and oils, to replace traditional fishmeal and fish oil.
Furthermore, the increasing adoption of precision feeding systems that leverage sensors and software to track the feeding behavior of fish and adjust feed delivery accordingly. Thus, it can result in enhanced feed conversion rates and reduced waste, which in turn lead to improving the efficiency and sustainability of aquaculture operations. Hence, such factors are expected to drive market growth during the forecast period.
Fluctuations in raw material prices are one of the key challenges hindering the aquatic feed ingredients and products market growth. Vitamins, minerals, probiotics, antioxidants, and others are some of the key raw materials which are extracted from natural sources including seeds, plants, and leaves. Additionally, different production processes are involved in the extraction of these substances. Additionally, there are several costs associated with raw material procurement, logistics, and other production processes which can increase the overall cost.
Furthermore, factors such as uncertainty in logistics and transportation, unfavorable weather conditions, and freight issues can lead to delays in the supply of raw materials or finished products which can negatively impact the consumer expectation and thereby significantly hamper the brand image of market players. Hence, such factors are expected to hinder market growth during the forecast period.
The increasing consumption of fishes segment and rise in annual production is expected to increase the market growth. This segment comprises salmon, catfish, tilapia, diadromous fishes, and other types of fish. There is an increase in the growth of the aquatic feed market the fish segment significantly contributes to the growth. There is an increasing popularity for this segment among farmers due to the low cost and easy cultivation associated with the commonly farmed fish species. Some of the main types of fish feeds include feeds used in ponds, natural feeds, and supplementary feds. Hence, the increasing consumption is expected to fuel the growth of this segment which in turn will drive the market growth during the forecast period.
The high exports of the premium crustaceans segment are expected to increase market growth. The crustaceans segment comprises shrimp, crab, crayfish, krill, barnacles, and others. There is a rise in the production of crustaceans, especially in inland farming systems when compared to marine areas. Additionally, there are several methods that are used by the farmers such as irrigation ditches and pond systems in inland aquaculture systems. Factors such as the increasing popularity of convenient and ready-to-cook, restaurant-style food items as well as the high export of premium crustaceans are expected to fuel the growth of this segment which in turn will drive the market growth during the forecast period.
The soybean segment is estimated to witness significant growth during the forecast period. One of the main segments which is significantly contributing to the market growth of the global aquatic feed ingredients and products market is the soy ingredients segment due to its several benefits including the presence of omega-3 fatty acids, proteins, and unsaturated fats, in soybean. Additionally, these ingredients are fed to farm fish to improve their overall growth and development.
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The soybean segment was the largest segment and was valued at USD 3.93 billion in 2017. Processed full-fat soybean, extracted soybean, soybean meal, and solvent-extracted soybean meal are the commonly used soybean products in aquatic feed. There is increasing adoption of soybean by end-users as it is one of the most affordable options for substituting fish meals in commercial aquafeeds. Additionally, soybean fulfills the fish's need for essential amino acids and is considered the best amino acid profile of all the protein-rich plant foods. Furthermore, it is preferred to increase the availability of phosphorus from soybean products in order to reduce the amount of supplemental phosphorus needed in diets and to minimize the amount of phosphorus fish excrete into the environment. Hence, such benefits are expected to fuel the growth of this segment which in turn will drive the market growth during the forecast period.
The increasing consumption of fish meal and fish oil segment among end-users will increase the market growth. This segment is mainly manufactured from small pelagic fish that are captured from the ocean, as well as bycatch and processing byproducts from capture fisheries. Additionally, there is an increasing preference for a fish meal among end-users as it is an essential source of dietary protein in aquatic feed products and has high protein content, a well-balanced amino acid profile, and easy digestibility. Salmonids and crustaceans are some of the main consumers of fish meal and fish oil which is expected to fuel the growth of this segment which in turn drives the market growth during the forecast period.
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APAC is estimated to contribute 42% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. One of the main factors which is significantly contributing to the market growth in APAC is the the increase in production of aquatic feed in the region. Several market players in the global aquatic feed ingredients and products market are expanding their production capacity to meet the growing demand for aquaculture products.
Additionally, the rising demand for seafood will fuel the demand for aquatic feed and ingredients in APAC. Furthermore, other factors such as the need to enhance the availability and digestibility of nutrients and the growth rate of farmed aquatic animals, domestic consumption of aquaculture products is expected to positively impact the market growth. One of the dominant regions in APAC which is contributing to the market growth is China. Hence, such factors are expected to drive market growth in the region during the forecast period.
In 2020, during the COVID-19 pandemic, the growth of the global aquatic feed ingredients and products market witnessed a significant slowdown due to negative impacts on the workforce, raw material supply, intermediate food products, and trade and logistics, resulting in demand-supply volatility and uncertain consumer demand. However, in 2021, the initiation of large-scale vaccination drives lifted the lockdown and travel restrictions, which led to the resumption of transportation and logistics activity. Such factors are expected to drive the market during the forecast period.
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.
The aquatic feed ingredients and products market report also includes detailed analyses of the competitive landscape of the market and information about 20 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 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 Aquatic Feed Ingredients and Products Market Customer Landscape
The aquatic feed ingredients and products 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.
Aquatic Feed Ingredients And Products Market Scope |
|
Report Coverage |
Details |
Page number |
165 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.12% |
Market growth 2023-2027 |
USD 4.78 billion |
Market structure |
USD Fragmented |
YoY growth 2022-2023(%) |
5.21 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 42% |
Key countries |
US, China, Vietnam, Indonesia, 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., Beneo GmbH, Bentoli, BioMar Group, Bluestar Adisseo Co., Cargill Inc., Darling Ingredients Inc., ESSECO Srl, IB Group, Kemin Industries Inc., Koninklijke DSM NV, Krill Canada Corp., Novus International Inc., Nutreco N.V., Ridley Corp. Ltd., Uniscope Inc., UNO FEEDS, and VST LLC dba Prairie Aquatech |
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, and Market condition analysis for the 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. |
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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 Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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