Floating fish feed refers to compound aqua feed prepared through extrusion process and designed to float on water surface. These floating feeds provide access to food for carnivorous fish species consuming feed from water surface such as salmon and trout. Key ingredients in floating fish feed include fishmeal, soybean meal, corn gluten meal, wheat, vitamins and minerals. Rising demand for protein-rich seafood worldwide has encouraged expansion of commercial aquaculture industry and adoption of advanced fish feeding management practices. Floating fish feeds play a vital role in optimizing feed intake and growth rates of cultured fish populations while minimizing nutrient leaching to environment.
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 of 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
One of the key drivers fueling market growth is advancements in feed formulation technologies. Researchers are developing specialized floating fish feeds enriched with amino acids, fatty acids, prebiotics and probiotics to address specific nutrient requirements of fish species. This reduces feed wastage and aids in faster growth rates. Moreover, floating fish feeds containing antioxidant compounds support immunity and disease resistance in fish. Floating extrusion technology allows inclusion of high protein ingredients like krill and crab meal without compromising feed floating properties. Additionally, manufacturers are innovating floating feed designs in pellet, wafer and volu-pellet forms for effective delivery of customized nutrient profiles to cultured fish populations. Such advancements are augmenting adoption of floating fish feeds among commercial aquaculture farms.
Segment Analysis
The floating fish feed market is dominated by the marine fish feed segment. Marine fish farming has emerged as a rapidly growing segment globally due to increasing demand for fish and seafood. Within marine fish farming, finfish species such as salmon, sea bass, sea brim, and grouper are widely farmed using floating cages. These species require floating fish feed that contains optimum levels of protein, lipids, vitamins, and minerals as per their nutritional requirements. This has driven the demand for specialized floating fish feeds for marine finfish species worldwide.
PEST Analysis
Political: Governments across countries are promoting marine fish farming to boost domestic fish and seafood production. Several initiatives have been launched to encourage adoption of new technologies in aquaculture such as floating fish farming.
Economic: Rising per capita consumption of fish and seafood along with growing middle-class populations has accelerated the demand for aquaculture products. This has positively impacted the growth of the floating fish feed market.
Social: Health-conscious consumers are increasingly consuming fish and seafood due to associated health benefits. Various promotions have highlighted importance of omega-3 fatty acids and high-quality proteins from fish and seafood.
Technological: Leading floating fish feed producers are focusing on new product innovations to develop specialized nutritious feeds suitable for different marine fish species and farming conditions. Advancements in feed formulations aid in improving fish quality and production yields.
Key Takeaways
Global Floating Fish Feed Market Size 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 of 2023 to 2030.
Regional analysis :
The Asia Pacific is the fastest growing as well as the dominant regional market for floating fish feeds. China, Indonesia, Vietnam, India, and Japan are the major producers as well as consumers of aquaculture products in the region. Growing aquaculture industry and increasing fish farming in floating cages are driving the demand for floating fish feeds in Asia Pacific.
Key players operating in the floating fish feed market are: Cargill, Aller Aqua, Alltech,Purina Animal Nutrition, Nutreco, BioMar Group, Ridley Corporation, Nutriad, Biomin Holding, and Skretting. Key players focus on expanding their product portfolios and penetrating untapped markets through strategic collaborations to cater to the rising demand for floating fish feeds globally.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.