|
Forecast
Period
|
2024-2028
|
|
Market
Size (2022)
|
USD
60.75 Billion
|
|
CAGR
(2023-2028)
|
7.14%
|
|
Fastest
Growing Segment
|
Amino
Acids
|
|
Largest
Market
|
Asia
Pacific
|
Market Overview
Global
Aquafeed Market has valued at USD 60.75 Billion in 2022 and is anticipated to
project impressive growth in the forecast period with a CAGR of 7.14% through 2028. Aquafeed, composed of a diverse
array of ingredients, is utilized as nutrition for aquatic animals, commonly
consisting of fish, crustaceans, and mollusks. Its purpose is to fulfill their
nutritional requirements and facilitate normal physiological functions,
encompassing the maintenance of a robust natural immune system, reproduction,
and growth. With a limited shelf life, aquafeed necessitates meticulous
handling to ensure its efficacy.
This
specialized food is meticulously prepared from a combination of fish and
plant-based raw materials. It is tailor-made to deliver essential nutrients
such as proteins, fats, vitamins, oils, and minerals, crucial for optimal
growth and overall well-being. The composition of aquafeed varies according to
the species being raised and the specific life stage of the animal. Not only
does it mitigate the effects of stress and bolster immunity, but it also
enhances disease resistance. Aquafeed can be administered in various forms,
including pellets, flakes, or granules.
Key Market Drivers
Increased
Consumption of Seafood
As
the world's appetite for seafood continues to grow, the demand for aquafeed is
expected to surge concurrently. Seafood, a crucial source of nutrition for
billions of people worldwide, is increasingly supplied by aquaculture - the
farming of aquatic organisms. As this sector expands, so too does the need for
aquafeed, the specialized food provided to the organisms being farmed. Aquafeed
is a critical component of the aquaculture industry, providing the essential
nutrients needed for the growth and health of the aquatic organisms. The global
rise in seafood consumption, driven by factors such as population growth,
increased awareness of the health benefits of seafood, and changing dietary
preferences, is thus directly influencing aquafeed demand. Furthermore, as wild
fish stocks deplete due to overfishing, aquaculture and, by extension,
aquafeed, become even more pivotal in meeting the escalating seafood demand.
Consequently, the increase in seafood consumption is prompting a global surge
in the aquafeed market, a trend expected to continue as the world strives to
satisfy its seafood cravings sustainably.
Growing
Aquaculture Industry
The
global aquaculture industry is poised to witness considerable growth, which in
turn, will fuel an upsurge in the demand for aquafeed. Aquafeed, the customized
diet for aquatic livestock, plays a pivotal role in enhancing the productivity
and health of the farmed species. As the aquaculture industry evolves, so too
does the emphasis on efficient and nutritious feed. The industry's expansion is
primarily driven by the increased consumption of seafood due to its nutritional
benefits and the steady depletion of natural fisheries. Major economies like
China, India, and regions such as Southeast Asia and Latin America are seeing
significant advancements in aquaculture practices, further propelling the
demand for aquafeed. Moreover, technological advancements in feed formulation
and processing are set to boost the aquafeed market. Sustainability is also a
prominent factor, with eco-friendly and resource-efficient aquafeed gaining
precedence in the global market. Hence, the growth trajectory of the aquaculture
industry directly impacts the demand for high-quality aquafeed, making it an
integral part of the sector's future advancement.
Advancements in Aquafeed Manufacturing
Processes
Advancements
in aquafeed manufacturing processes promise to significantly boost global
demand for aquafeed. These advancements primarily focus on improving nutrient
efficiency, enhancing fish health, and reducing environmental impact. For
instance, the incorporation of precision feeding technologies allows more
accurate determination of nutrient requirements for different species of
aquaculture organisms at various stages of their life cycle. This ensures
optimal growth rates while minimizing waste, consequently reducing operational
costs for fish farmers and promoting environmentally sustainable practices.
Additionally, the use of alternative protein sources, such as insects and
algae, is being explored to relieve the pressure on wild fish stocks. These novel
feeds are not only more sustainable but also offer enhanced nutritional
profiles, contributing to better fish health and product quality. Moreover,
advancements in feed formulation and processing techniques, such as extrusion
and pelleting, allow for more efficient feed utilization, further driving
demand. As fish farming continues to expand as a solution for meeting the
ever-increasing global demand for seafood, these advancements in aquafeed
manufacturing processes are expected to play a crucial role, thereby leading to
increased demand for aquafeed around the world.
Increasing Demand for Fish Oil in Human
Diets
The
burgeoning demand for fish oil in human diets is poised to significantly
elevate the global demand for aquafeed. Fish oil, well-regarded for its high
Omega-3 fatty acid content, is increasingly being incorporated into human diets
owing to its numerous health benefits, including improved heart health,
cognitive function, and inflammatory response. Consequentially, this surge in
consumption patterns is directly influencing the need for more prolific and
efficient aquaculture practices. Aquafeed, the cornerstone of these practices,
is thus experiencing a parallel escalation in demand. Fish oil's high
nutritional value makes it a key ingredient in aquafeed formulations, ensuring
the health and growth of farmed fish. As the human appetite for fish oil grows,
so will the necessity for high-quality aquafeed. Moreover, advancements in
aquafeed research are enabling the production of feed that more efficiently
utilizes fish oil, maximizing the yield of Omega-3 rich fish. Therefore, the
increasing inclusion of fish oil in human diets translates into an amplified
need for advanced aquafeed, thereby bolstering its global demand.
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Key Market
Challenges
High-Cost
Volatility Associated with The Raw Materials
The
global aquafeed industry has been grappling with the high cost volatility
associated with raw materials, a factor that can significantly decrease demand.
The primary ingredients in aquafeed, such as soybean meal, fishmeal, and fish
oil, are subject to intense price fluctuations due to environmental changes,
supply chain disruptions, and geopolitical factors. These volatilities increase
production costs, inevitably leading to higher prices for the end product. As
aquafeed becomes more expensive, fish farmers, particularly those operating on
small scales, may struggle to afford it, potentially leading to decreased
production or a shift towards cheaper, less nutritious alternatives. The
increased cost of aquafeed also translates into higher market prices for farmed
fish, which can reduce consumer demand. Moreover, in emerging economies where
price sensitivity is high, these price hikes can severely impact aquaculture
development, further reducing global demand for aquafeed. An unstable raw
material market not only threatens the profitability and sustainability of the
aquafeed industry but also impacts the entire aquaculture value chain. Thus,
managing the high-cost volatility of raw materials is crucial for stabilizing
and increasing the global demand for aquafeed.
Disease
Outbreak in Aquaculture Farms
The
outbreak of disease in aquaculture farms worldwide poses a significant threat
to the demand for aquafeed. As infections spread across aquatic populations,
farmers are forced to cull large numbers of fish to prevent further disease
transmission. This reduces the overall population of farmed fish, consequently
leading to a reduced demand for aquafeed. Additionally, these disease outbreaks
often incite fear among consumers, leading to decreased consumption of seafood.
This public reaction further suppresses the need for fish farming and, by
extension, the demand for aquafeed. The global aquafeed market is intricately
tied to the health and productivity of aquaculture farms. Thus, regular disease
outbreaks can lead to volatility in aquafeed demand, affecting manufacturers
and influencing global market trends. It is crucial for stakeholders in the
aquaculture sector to invest in robust disease prevention and control measures
to assure consistent demand for aquafeed, and to maintain overall market
stability.
Key Market Trends
Rise
in Development of High-Quality Aquafeeds
The
global aquafeed market is projected to see significant growth, driven largely
by advancements in the development of high-quality feeds. The ever-increasing
global demand for seafood, enhanced by the rise in aquaculture practices,
necessitates the provision of nutritionally balanced feeds to ensure healthy
and robust aquaculture stock. High-quality aquafeeds not only optimize growth
rates but also boost immunity, reducing stock losses and improving overall
yield.
These
aquafeeds, fortified with essential nutrients, bioactive compounds, and
probiotics, are thus integral to cost-effective and sustainable aquaculture. As
countries continue to recognize the importance of aquaculture in securing their
food supply, investment in research and development of sophisticated aquafeeds
is anticipated to increase. This, in turn, will drive the global demand for
aquafeed. Furthermore, the rise in environmentally conscious aquaculture
practices necessitates feeds that minimize waste and nutrient pollution,
another factor propelling the demand for high-quality aquafeeds.
Therefore,
the development and adoption of these advanced aquafeeds are an essential step
in meeting the growing global demand for sustainably produced and nutritionally
rich seafood. The market's future trajectory thus points towards a substantial
rise in demand, fueled by the ongoing advancements in aquafeed formulation and
production.
Government
Initiatives Promoting Aquaculture
Government
initiatives promoting aquaculture are set to significantly bolster the global
demand for aquafeed. With the rising global population and the consequent surge
in demand for protein-rich food, sustainable aquaculture has been identified as
a key solution. Governments across the world are actively engaging in creating
favorable policies, offering subsidies, and promoting research and development
in aquaculture practices. This, in turn, encourages farmers to transition from
traditional fishing methods to more productive and sustainable aquaculture
systems, which invariably necessitates the use of aquafeed. Aquafeed, being an
integral part of the aquaculture industry, finds its demand directly
proportional to the growth of the industry. In addition, the increasing
awareness about the nutritional benefits of fortified aquafeed and its role in
boosting yield is further reputed to boost the demand. Therefore, these
government initiatives, by fostering the growth of the aquaculture industry,
will inevitably fuel the rise in global demand for aquafeed.
Segmental Insights
Ingredient Insights
Based on the Ingredient,
the Fish Meal segment continues to dominate the Global Aquafeed Market with its
high protein content and exceptional nutritional value that promotes the growth
and overall well-being of aquatic species. Its superior feed qualities have
gained widespread recognition in the aquaculture industry worldwide, making it
the preferred choice for ensuring optimal health and productivity in aquatic
ecosystems. The rich protein composition of fish meal provides a reliable
source of amino acids necessary for the development of strong muscles in fish.
Additionally, the presence of essential fatty acids in fish meal supports the
proper functioning of vital organs, contributing to the overall well-being of
aquatic species. These fatty acids also play a crucial role in enhancing the
immune system of fish, making them more resilient against diseases.
Furthermore, the
inclusion of fish meal in aquafeed has proven to be beneficial for reproductive
processes in fish. The essential nutrients present in fish meal facilitate
successful breeding, ensuring a sustainable approach to aquaculture practices.
By supporting the reproductive functions of aquatic species, fish meal helps
maintain healthy population levels and promotes the long-term sustainability of
aquaculture. The remarkable qualities of fish meal, including its high protein
content, nutritional value, and positive impact on muscle development, immune
system function, and reproductive processes, make it an indispensable component
in the quest for sustainable and productive aquaculture practices.
Additives Insights
Based on the Additives,
the dominance of Amino Acids in the aquafeed industry can be attributed to
their critical role in supporting the growth and development of various aquatic
life forms. These essential building blocks of proteins are vital for
maintaining optimal health and performance in fish and other aquatic species.
However, it is important to note that the aquafeed market comprises not only
Amino Acids, but also a range of other components that play significant roles
in ensuring a balanced and nutritionally rich diet for aquatic organisms. These
include Vitamins & Minerals, which support various physiological functions,
Prebiotics & Probiotics, which aid in digestive health, Enzymes, which
facilitate nutrient absorption, Antibiotics, which help prevent and treat
diseases, and many others. The combined contribution of these components
ensures that aquafeed provides the necessary nutrients for the overall
well-being of aquatic life.
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Regional Insights
The
Asia-Pacific region is currently dominating the Global Aquafeed Market. This
can be attributed to the remarkable growth in fish farming operations,
particularly in countries like China, India, and Vietnam. These nations have witnessed
a surge in demand for seafood, fueled by a growing population and changing
dietary preferences. In China, for instance, the rise of the middle class has
led to an increased consumption of fish and other seafood products. As people's
incomes and living standards improve, they are seeking healthier and more
diverse food options, with seafood being a popular choice. This has prompted
the aquaculture industry to expand and invest in advanced technologies and
practices to meet this growing demand.
Similarly,
in India, the coastal regions have seen a significant increase in fish farming
activities. With a vast coastline and abundant water resources, the country
holds great potential for the aquaculture sector. The government has also been
actively promoting fish farming as a means of generating income and reducing
unemployment in rural areas. This has further propelled the growth of the
aquafeed market in the region.
Vietnam,
known for its thriving aquaculture industry, has also played a key role in the
dominance of the Asia-Pacific region in the global aquafeed market. The country
has been implementing sustainable aquaculture practices and investing in
research and development to improve the quality and efficiency of aquafeed
production. This focus on sustainability has not only contributed to the growth
of the industry but has also helped preserve marine ecosystems and ensure the
long-term viability of aquaculture. Overall, the emphasis on sustainability and
the increasing demand for seafood in the Asia-Pacific region have driven the
expansion of the aquafeed industry. Companies in the region are striving to
develop innovative and eco-friendly feed solutions to meet the growing needs of
the aquaculture sector while preserving the environment.
Recent Developments
- In November
2022, Hima Seafood, a Norwegian RAS trout farmer, entered into a five-year
contract with Skretting Norway to serve as the primary feed supplier for the
upcoming trout production at Rjukan in Telemark, scheduled to commence in 2023.
- In November
2022, Skretting inaugurated its new fish feed factory, Lotus II, located in
Vietnam. This state-of-the-art facility comprises two independent lines,
boasting a production capacity of 100,000 tons per year.
- In
November 2022, De Heus unveiled its fourth feed facility in Indonesia. Situated
on a five-hectare area in PIER Pasuruan, East Java, the feed mill boasts an
impressive annual production capacity of 300,000 MT.
Key Market Players
- Archer
Daniels Midland Company
- Ridley
Corporation Limited
- DE Heus
Animal Nutrition B.V.
- Biostadt
India Limited
- NK
Ingredients Pte Ltd.
- Marubeni
Nisshin Feed Co., Ltd.
- Cargill,
Inc
- Nutreco N.V
- Avanti
Feeds Ltd
- Charoen
Pokphand Foods Public Company Limited
|
By Ingredient
|
By Additives
|
By Species
|
By Form
|
By Lifecycle
|
By Region
|
|
|
- Soybean
- Fish Meal
- Corn
- Fish Oil
- Additives
- Others
|
- Amino Acids
- Vitamins & Minerals
- Prebiotics & Probiotics
- Enzymes
- Antibiotics
- Other
|
- Fish
- Crustaceans
- Molluscs
- Other
|
- Dry Form
- Wet Form
- Moist Form
|
- Grower feed
- Finisher feed
- Starter feed
- Brooder feed
|
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
|
|
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Report
Scope:
In
this report, the Global Aquafeed Market has been segmented into the following
categories, in addition to the industry trends which have also been detailed
below:
- Aquafeed Market, By Ingredient:
o
Soybean
o
Fish Meal
o
Corn
o
Fish Oil
o
Additives
o
Others
- Aquafeed Market, By Additives:
o
Amino Acids
o
Vitamins & Minerals
o
Prebiotics & Probiotics
o
Enzymes
o
Antibiotics
o
Other
- Aquafeed Market, By Species:
o
Fish
o
Crustaceans
o
Molluscs
o
Other
- Aquafeed Market, By Form:
o
Dry Form
o
Wet Form
o
Moist Form
- Aquafeed Market, By Lifecycle:
o
Grower feed
o
Finisher feed
o
Starter feed
o
Brooder feed
- Aquafeed Market, By Region:
o North America
§ United States
§ Canada
§ Mexico
o Europe
§ France
§ United Kingdom
§ Italy
§ Germany
§ Spain
o Asia-Pacific
§ China
§ India
§ Japan
§ Australia
§ South Korea
o South America
§ Brazil
§ Argentina
§ Colombia
o Middle East & Africa
§ South Africa
§ Saudi Arabia
§ UAE
§ Kuwait
§ Turkey
§ Egypt
Competitive
Landscape
Company
Profiles: Detailed
analysis of the major companies present in the Global Aquafeed Market.
Available
Customizations:
Global
Aquafeed market report with the given market data, Tech Sci Research
offers customizations according to a company's specific needs. The following
customization options are available for the report:
Company
Information
- Detailed analysis and profiling of
additional market players (up to five).
Global Aquafeed Market
is an upcoming report to be released soon. If you wish an early delivery of
this report or want to confirm the date of release, please contact us at [email protected]