by Floating fish feed pellets are tailor-made floating fish feeds that are specially formulated to float on the water surface for easy access by fish. These floating fish feeds provide optimum nutrition and support immunity and health of fish. The aquaculture industry has been growing rapidly to meet the rising demand for fish and other seafood. Aquaculture production has increased significantly over the past few years. According to the FAO, global aquaculture production reached 110 million tonnes in 2018, up from 115 million tonnes in 2020. The rising aquaculture production is fueling the demand for high-quality floating fish feeds to support fish health and maximize yields.
The global Floating Fish Feed Market is estimated to be valued at US$ 9.95 billion in 2023 and is expected to exhibit a CAGR of 34% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Rising aquaculture production has been a key factor propelling the growth of the floating fish feed market. The growing fish farming activities are increasing the demand for high-quality floating fish feeds that support fish health and maximize yields. According to the United Nations’ Food and Agriculture Organization (FAO), global aquaculture production has increased consistently over the past few decades and reached 110 million tonnes in 2018. Countries such as China, India, Vietnam, Indonesia, and Brazil account for over 85% of the global aquaculture production. With the increasing seafood consumption worldwide and reduction in wild fish catch due to overfishing, aquaculture has emerged as a viable option to meet the rising demand. The burgeoning aquaculture industry will significantly contribute to the growth of the floating fish feed market in the coming years.
SWOT Analysis
Strength: Floating fish feed allows efficient feeding and monitoring of fish population in cages/ponds. This helps in optimizing fish production.
Weakness: New technology adoption by farmers may take time. Initial investment cost for floating fish feed system is high for small farmers.
Opportunity: Rising aquaculture production and growing demand for protein rich seafood creates opportunities. Advancements in feed formulations can boost the market.
Threats: Climate change effects like rising water temperatures pose risks. Disease outbreaks threaten sustainable aquaculture.
Key Takeaways
The Global Floating Fish Feed Market Share is expected to witness high growth. The global Floating Fish Feed Market is estimated to be valued at US$ 9.95 billion in 2023 and is expected to exhibit a CAGR of 34% over the forecast period 2023 to 2030.
Asia Pacific region currently dominates the market attributed to large aquaculture production in countries such as China, India, Vietnam, Indonesia and Thailand. China accounts for over 60% of global aquaculture production and is the biggest market.
Key players operating in the floating fish feed market are Cargill, Aller Aqua, Alltech, Purina Animal Nutrition and Nutreco. These players are focusing on product development and innovations to formulate fish feed tailored to different fish species, life stages and farming conditions. They are also exploring sustainable fish feed ingredients and solutions to tackle issues of overfishing and pollution from aquaculture.
Note:
Source: Coherent Market Insights, Public sources, Desk research
We have leveraged AI tools to mine information and compile it
