by Aquaculture is one of the fastest growing food sectors and a sustainable way to meet the increasing global demand for fish and seafood. Aquafeed plays a vital role in aquaculture as a balanced diet is essential for the health, growth and survival of farmed aquatic species. Manufacturers are focusing on producing aquafeeds in a sustainable and environmentally-friendly manner by utilizing alternative protein sources, developing optimal feed formulations and utilizing innovative production technologies.
Aquafeed is a compounded feed given to farmed aquatic animals such as fish, crustaceans, and mollusks. It contains vital nutrients including proteins, lipids, vitamins, minerals, and other feed additives required by aquatic pets and farmed aquatic species. The global aquafeed market offers growth opportunities due to the rising demand for aquaculture products and stringent regulations regarding the quality and safety of aquafeeds.
The Aquafeed Market is estimated to be valued at US$ 71.2 Bn in 2024 and is expected to exhibit a CAGR of 15% over the forecast period 2024 to 2030.
Key Takeaways
Key players operating in the Aquafeed Market are Oracle Corporation, Microsoft Corporation, Google LLC, IBM Corporation, Salesforce.com Inc. Key players are focusing on utilizing alternative protein sources, developing customized aquafeed formulas, and implementing advanced production technologies to produce aquafeeds in a sustainable manner.
The demand for aquafeed is growing significantly driven by the expansion of the aquaculture industry and rising global fish consumption. Fish farming is becoming increasingly important to meet the protein demand of the growing global population. Furthermore, implementation of stringent quality and safety regulations has propelled the demand for high-quality compounded aquafeed.
The aquafeed market is expanding globally led by Asia Pacific region. Countries like China, India, Vietnam, Bangladesh, and Indonesia are among the major producers and consumers of aquaculture products. Furthermore, growing health concerns, changing dietary patterns, and rising living standards are expected to drive the growth of the Asia Pacific aquafeed market during the forecast period.
Market key trends
One of the main trends in the aquafeed market is the increasing use of alternative and sustainable protein sources. Manufacturers are utilizing various plant-based proteins as well as by-products and waste streams from other industries as alternative ingredients. This helps reduce the aquafeed industry’s dependence on fishmeal as a key protein source. The implementation of optimal and customized aquafeed formulations tailored to the nutritional needs of different fish species is another key trend contributing to the sustainability and growth of the aquaculture sector.
Porter’s Analysis
Threat of new entrants: Aquafeed has high capital requirements and strict regulations to enter. Barriers to entry are high.
Bargaining power of buyers: Buyers have moderate bargaining power as they can choose from various aquafeed providers. However, switching costs are involved.
Bargaining power of suppliers: Suppliers of aquafeed raw materials have moderate bargaining power since buyers require regular large volumes of raw materials.
Threat of new substitutes: Alternative products have limited threat currently. Sustainable aquaculture aims to reduce dependence on fishmeal and fish oil from wild fisheries.
Competitive rivalry: The global aquafeed market is fragmented with top players competing on innovation, quality, and pricing.
Geographical Regions
The Asia Pacific region accounts for the largest share of the global aquafeed market in terms of value. This is due to the presence of major aquaculture producers such as China, India, Vietnam, Bangladesh and Indonesia.
The Latin American region is expected to be the fastest growing market for aquafeed during the forecast period. Countries such as Brazil, Ecuador, Chile are witnessing increasing aquaculture production to meet rising seafood demand.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
