Aquafeed Market Size, Share, And Business Benefits By Ingredients (Soybean, Fish Meal, Corn, Fish Oil, Additives, Other), By Form (Dry, Wet, Moist), By Lifecycle (Grower Feed, Finisher Feed, Starter Feed, Brooder Feed, Solid), By Species (Fish, Crustaceans, Mollusks, Others), By Function (Nutritional Support, Growth Promoters, Immunity Support, Texture and Palatability, Others), By Application (Carp, Rainbow Trout, Salmon, Crustaceans, Tilapia, Catfish, Sea Bass, Grouper, Others), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast 2024-2033

Report Overview

The Global Aquafeed Market is expected to be worth around USD 117.3 Billion by 2033, up from USD 64.9 Billion in 2023, and grow at a CAGR of 6.1% from 2024 to 2033. The Asia-Pacific aquafeed market holds a 48.8% share, valued at USD 31.4 billion.

Aquafeed is specialized food formulated specifically for aquatic animals to ensure optimal nutrition. It caters to the dietary needs of various species in aquaculture, including fish, crustaceans, and mollusks. Aquafeed is crafted with a blend of ingredients such as fishmeal, plant proteins, vitamins, and minerals, aiding in the healthy growth and development of aquatic livestock.

The Aquafeed market is an expanding sector within the global aquaculture industry. It focuses on the production and distribution of feed products tailored for fish farming and other aquatic farming practices.

As the demand for seafood increases globally, driven by rising awareness of its health benefits and sustainable aquaculture practices, the aquafeed market is poised for significant growth. This market segment is critical for supporting the expansion of aquaculture industries and ensuring food security through sustainable practices.

The growth of the aquafeed market is propelled by the increasing consumption of fish and seafood worldwide. As populations grow and seek more protein-rich diets, aquaculture industries expand, necessitating more efficient and specialized feed products. Technological advancements in feed formulation that enhance digestibility and nutrient absorption also play a crucial role in driving the market forward.

The demand for aquafeed is primarily driven by the sustainable intensification of aquaculture practices. With the depletion of wild fish stocks, there is a pressing need to rely on farmed fish, which requires high-quality feed to ensure the health and efficiency of these aquaculture systems. This need is further emphasized by stricter environmental regulations that push for feeds that minimize waste and environmental impact.

There is a significant opportunity in the development of eco-friendly and health-boosting aquafeed products. The trend towards organic and natural ingredients opens new avenues for market players to innovate with alternative proteins and energy-efficient feeds.

Additionally, the rising interest in aquaculture in non-traditional regions provides a fresh market for aquafeed producers to explore and cater to, enhancing global food security and diversifying food sources.

The Aquafeed market has shown a complex landscape of growth and contraction across different regions in 2023, highlighting the interplay between aquaculture production volumes and feed demand. Despite a global decline in aquafeed production by 4.9% to 23.44 million metric tons, as reported by the USDA’s Foreign Agricultural Service, underlying regional dynamics offer a nuanced picture.

China, a dominant player in the sector, has reported a robust increase in aquaculture output, with its production rising by 4.4% to 58.12 million metric tons. This increase is segmented into freshwater and marine water-farmed products, which have seen rises of 4.7% and 5.3% respectively in their output.

In contrast to the global downturn in feed production, the U.S. market has experienced a significant surge in the sales of aquaculture products, which increased by 26% over the five years leading up to 2023.

This divergence suggests that while overall feed production may have declined, certain markets driven by high production volumes and supportive regulatory environments continue to consume substantial aquafeed volumes. The contraction in global feed production could potentially be attributed to efficiencies in feed use, shifts towards more sustainable practices, or transient market disruptions.

Nevertheless, the robust growth in specific markets like the U.S. and China underscores a resilient demand trajectory, driven by both increasing production capacities and evolving consumer preferences toward aquaculture products.

Key Takeaways

• The Global Aquafeed Market is expected to be worth around USD 117.3 Billion by 2033, up from USD 64.9 Billion in 2023, and grow at a CAGR of 6.1% from 2024 to 2033.
• Soybean dominates the aquafeed market with a substantial 34.5% share, highlighting its vital role.
• Dry form aquafeed leads the market, accounting for 56.4% due to its convenience and cost-effectiveness.
• Grower feed, essential during early life stages, represents 39.1% of the market, ensuring optimal growth.
• Fish species, primarily driven by aquaculture demands, consume 57.1% of all aquafeed, underlining industry scale.
• Nutritional support functions command a significant 48.1% of aquafeed, focusing on health and productivity enhancements.
• Carp, a popular aquaculture species, utilizes 26.2% of aquafeed, reflecting its importance in global aquaculture.
• In 2023, the Asia-Pacific Aquafeed Market dominated with a 48.8% share, valued at USD 31.4 billion.

Business Benefits of Aquafeed Market

Aquafeed plays a critical role in supporting the aquaculture industry, which is rapidly expanding as a response to the increasing global demand for seafood. As traditional fish stocks have plateaued, aquaculture has emerged as a necessary avenue to meet this rising demand. By 2023, the global aquafeed market reached significant figures, highlighting its pivotal role in sustainable seafood production.

Improvements in aquafeed formulations have greatly enhanced the sustainability of aquaculture, with researchers continually developing more environmentally friendly feed options. For instance, traditional feeds that heavily relied on fishmeal and fish oil are being replaced with alternative sources like plant-based proteins, insect meal, and by-products from seafood processing, thereby reducing the industry’s reliance on wild fish stocks.

The economic impact is also notable. In the U.S., aquafeed advancements have fostered connections between coastal and non-coastal states, promoting domestic economic opportunities through the use of U.S.-grown agricultural products.

The use of such ingredients in aquafeed supports American agriculture and reduces the environmental footprint of aquaculture by decreasing the dependency on wild-caught fish and imported feeds.

In terms of technology, the development of feeds that include ingredients like taurine paired with plant proteins can reduce costs significantly while maintaining the nutritional quality necessary for healthy fish. This shift not only makes aquafeed more sustainable but also economically efficient, potentially offering cost savings that benefit both producers and consumers.

Overall, the evolution of aquafeed is contributing to a more sustainable and economically viable aquaculture industry, which is essential for feeding a growing global population without overburdening natural fish stocks​

By Ingredients Analysis

The Aquafeed market is driven by soybean, comprising 34.5% of its composition, reflecting its nutritional importance.

In 2023, Soybean held a dominant market position in the By Ingredients segment of the Aquafeed Market, with a 34.5% share. As a preferred source of protein, soybean has been extensively utilized due to its cost-effectiveness and high protein content, making it an attractive option for aquafeed manufacturers aiming to meet the nutritional requirements of various aquaculture species without compromising on feed quality.

Following closely, Fish Meal accounted for a 26.8% share of the market. This ingredient has traditionally been favored for its high protein and essential omega-3 fatty acid content, vital for the growth and health of aquatic animals.

Corn, contributing to 22.1% of the market share, is primarily used as an energy-rich carbohydrate source in aquafeed. Its role is critical in ensuring the energy balance in diets tailored for high growth rates in aquaculture. Fish Oil, holding an 11.2% share, is another crucial component, prized for its omega-3 fatty acids, which are essential for improving the immune system and overall health of aquatic species.

Lastly, Additives make up 5.4% of the market. These are integral for enhancing feed properties and nutritional value, including vitamins, minerals, and amino acids, which play a pivotal role in the disease resistance and growth acceleration of farmed fish.

By Form Analysis

Dry forms dominate the market, accounting for 56.4%, as they offer convenience and longer shelf-life in aquaculture.

In 2023, Dry held a dominant market position in the By Form segment of the Aquafeed Market, with a 56.4% share. This form of aquafeed is highly favored due to its ease of storage, long shelf life, and cost-efficiency, making it a practical choice for many aquaculture operations. The dry form is particularly advantageous for large-scale feed operations where the ease of handling and transportation plays a critical role in operational logistics.

Following dry feed, the Wet segment captured a 29.3% market share. Wet aquafeed is preferred for specific species that require diets closer to their natural intake, supporting better digestion and nutrient absorption. This type of feed is often used in premium aquaculture practices where a higher feed quality is crucial for the health and growth of the species.

Lastly, Moist aquafeed comprises a 14.3% share of the market. Moist feeds offer a middle ground between dry and wet forms, providing benefits such as higher palatability and easier digestibility than dry feeds, without the logistical challenges of wet feeds.

They are particularly suited for young and smaller species, supporting better growth rates and health outcomes in early life stages. The selection of aquafeed form is crucial and often tailored to the specific requirements of the aquaculture species being cultivated.

By Lifecycle Analysis

With a significant share of 39.1%, grower feed plays a pivotal role in supporting aquaculture growth stages.

In 2023, Grower Feed held a dominant market position in the By Lifecycle segment of the Aquafeed Market, with a 39.1% share. Grower feed is primarily designed to meet the nutritional needs of juvenile aquatic animals as they develop toward maturity.

It is formulated to promote optimal growth and health during this critical phase of development, balancing protein, fats, and carbohydrate levels to ensure efficient feed conversion rates and robust growth.

Following Grower Feed, Finisher Feed captured a 23.6% share of the market. This type of feed is tailored for mature aquatic animals nearing the market size, optimized to fine-tune the flesh quality and prepare them for harvest. It typically has a higher energy content to maximize growth in the final phase of farming.

Starter Feed, with a 21.7% share, is crucial for the initial stages of an aquatic animal’s life. It contains highly digestible ingredients and adequate nutrient levels necessary to ensure high survival rates and healthy early growth.

Brooder Feed accounts for 11.8% of the market and is specially formulated to support the earliest stages of life, including hatchlings and fry, focusing on immunity and initial growth.

Lastly, the Solid category makes up 3.8% of the market, representing specialized feeds that may incorporate elements of other lifecycle stages, tailored for specific species or farming conditions.

By Species Analysis

The fish segment leads with 57.1%, emphasizing aquafeed’s critical role in sustaining aquaculture’s expanding demand for fish nutrition.

In 2023, Fish held a dominant market position in the By Species segment of the Aquafeed Market, with a 57.1% share. This segment’s leadership stems from the extensive and varied aquaculture of fish species ranging from carp and salmon to tilapia, which are farmed extensively worldwide. The feed formulations for fish are highly optimized to enhance growth rates, improve feed efficiency, and ensure sustainability in production practices.

Following fish, Crustaceans accounted for a 28.4% share of the market. This segment includes species such as shrimp and crabs, which require specific diets rich in proteins and essential minerals to support their shell development and overall growth. The increasing demand for crustaceans in global seafood markets drives continual innovations in feed compositions to improve health and yield.

Mollusks, with a 14.5% share, represent the smallest segment but are significant for species like oysters, clams, and mussels. Mollusk aquafeed is specialized to support the unique filter-feeding mechanisms of these species, often focusing on enhancing water quality and providing necessary nutrients indirectly through the aquatic environment.

Each segment within the By Species category reflects specialized dietary needs and farming practices tailored to optimize the production and market readiness of the aquaculture species.

By Function Analysis

Nutritional support, representing 48.1%, highlights the market’s focus on enhancing growth, immunity, and overall fish health.

In 2023, Nutritional Support held a dominant market position in the By Function segment of the Aquafeed Market, with a 48.1% share. This category emphasizes the essential role of balanced diets in aquaculture, providing all necessary nutrients to sustain health and optimize physiological functions in aquatic species.

Nutritional Support feeds are crafted to meet the specific dietary requirements of various species, ensuring adequate intake of proteins, fats, vitamins, and minerals.

Following closely, Growth Promoters accounted for 26.7% of the market. These feeds are formulated with additives that enhance growth rates and improve feed conversion ratios, thus optimizing the economic efficiency of aquaculture operations. Ingredients such as enzymes, amino acids, and hormones are common in these formulations to accelerate growth and development.

Immunity Support feeds, holding a 16.4% share, include specialized ingredients like probiotics and prebiotics, which bolster the immune systems of aquatic animals, enhancing disease resistance and overall health.

Lastly, Texture and Palatability feeds make up 8.8% of the market. These feeds focus on improving the taste and texture of the feed to increase intake and digestibility, critical for young or finicky species. Each segment within the By Function category is tailored to address specific challenges in aquaculture, ensuring effective and targeted feeding solutions.

By Application Analysis

Carp-specific applications, making up 26.2%, underscore aquafeed’s targeted formulations catering to the dietary needs of specific fish species.

In 2023, Carp held a dominant market position in the By Application segment of the Aquafeed Market, with a 26.2% share. Carp farming, deeply rooted in global aquaculture, especially in Asia, relies heavily on specialized feeds that support growth, health, and water quality management. This prominence reflects the extensive cultivation due to carp’s adaptability and market demand.

Rainbow Trout followed with a 17.4% share, favored in cooler climates. The specific dietary formulations for trout are designed to enhance both growth and flesh quality, catering to premium market preferences.

Salmon, a high-value species in both freshwater and marine aquaculture systems, accounted for 15.6% of the market. Salmon feed is highly specialized, focusing on optimal growth, color, and omega-3 content to meet consumer expectations and health standards.

Crustaceans and Tilapia each held 11.1% and 10.2% of the market, respectively. Crustacean feed focuses on maintaining shell integrity and overall health, while tilapia feed supports mass-market aquaculture with cost-effective yet nutrient-rich options.

Catfish, Sea Bass, and Grouper rounded out the market with 7.3%, 6.8%, and 5.4% shares, respectively. Each species requires tailored nutrition, reflecting diverse habitat and physiological needs, ensuring aquaculture efficiency and product quality in a competitive global market.

Key Market Segments

By Ingredients

• Soybean
• Fish Meal
• Corn
• Fish Oil
• Additives
• Other

By Form

• Dry
• Wet
• Moist

By Lifecycle

• Grower Feed
• Finisher Feed
• Starter Feed
• Brooder Feed
• Solid

By Species

• Fish
• Crustaceans
• Mollusks
• Others

By Function

• Nutritional Support
• Growth Promoters
• Immunity Support
• Texture and Palatability
• Others

By Application

• Carp
• Rainbow Trout
• Salmon
• Crustaceans
• Tilapia
• Catfish
• Sea Bass
• Grouper
• Others

Driving Factors

Increasing Global Demand for Seafood Products

As global populations grow and the demand for protein-rich diets increases, seafood remains a vital source of nutrition. This surge in demand drives the aquafeed market as aquaculture operations strive to meet the rising seafood consumption rates.

Efficient and specialized aquafeeds are crucial to enhance the growth, health, and yield of farmed aquatic species, making them more accessible and affordable for consumers worldwide. This factor is pivotal in propelling the expansion of aquafeed formulations that can maximize productivity and sustainability in aquaculture.

Technological Advancements in Aquafeed Production

The aquafeed market is significantly boosted by ongoing technological innovations in feed production processes. These advancements include the development of new ingredients that optimize nutritional content and digestibility, as well as the integration of technologies that ensure precise feed formulation and processing.

The adoption of high-tech methods like extrusion and pelleting has improved the efficiency and quality of aquafeed, contributing to better growth rates and health of aquaculture species. This progress supports sustainable aquaculture practices by reducing waste and enhancing feed utilization.

Rising Awareness of Sustainable Aquaculture Practices

Environmental concerns and sustainability are increasingly influencing consumer choices, leading to a higher demand for responsibly farmed seafood. This shift has underscored the importance of sustainable aquafeed products that contribute to eco-friendly aquaculture.

Feeds that minimize environmental impact through the inclusion of alternative protein sources like algae and insect meal, and the reduction of fish meal and fish oil, are gaining traction. These practices not only address ecological concerns but also ensure the long-term viability of aquaculture industries, making sustainability a driving force in the aquafeed market.

Restraining Factors

Fluctuating Costs and Availability of Raw Materials

The aquafeed market faces significant challenges due to the volatility in the availability and prices of key raw materials like fish meal and fish oil, which are staples in many aquafeed formulas. These fluctuations are often driven by environmental factors and regulatory changes affecting fishery practices.

Such unpredictability can lead to inconsistent supply and pricing structures, making it difficult for aquafeed manufacturers to maintain stable production costs and product pricing, potentially hindering market growth and operational efficiency.

Stringent Regulations and Compliance Requirements

Aquafeed production is heavily regulated to ensure safety and environmental sustainability, but these regulations can also act as a barrier to market growth. Compliance with international standards and local laws requires significant investment in technology, research, and development.

These stringent requirements can limit the ability of new and existing players to innovate and expand their product lines, particularly in regions with less developed regulatory frameworks. The need for continuous adaptation to these legal frameworks adds complexity and cost to aquafeed manufacturing processes.

Environmental Concerns Over Aquaculture Practices

While aquaculture is seen as a sustainable alternative to wild fishing, it comes with its own set of environmental challenges. The use of aquafeeds can lead to water pollution and habitat destruction if not managed properly. Concerns over the ecological impacts of aquafeed residues, such as nitrogen and phosphorus, can restrain market growth as consumers and regulatory bodies push for more stringent environmental practices.

This pressure demands the development of more sustainable aquafeed options, which may involve additional research and lower-impact production methods, often at a higher cost.

Growth Opportunity

Expansion into Emerging Markets with Aquaculture Growth

Emerging markets in regions such as Southeast Asia, Africa, and Latin America present significant growth opportunities for the aquafeed industry. These regions are experiencing rapid expansion in aquaculture activities driven by increasing local demand for seafood and governmental support to boost economic growth through aquaculture.

Tapping into these markets with tailored aquafeed solutions that meet the specific needs of local aquatic species and farming conditions can lead to substantial market penetration and increased sales, capitalizing on the burgeoning aquaculture sectors in these developing economies.

Development of Sustainable and Specialty Aquafeeds

There is a growing consumer preference for sustainably sourced and specialty seafood products, which provides a fertile ground for the development of innovative aquafeed products. Manufacturers have the opportunity to differentiate themselves by creating feeds that enhance the nutritional quality of seafood, such as organic, non-GMO, or feeds enriched with specific health-benefiting additives like omega-3 fatty acids.

Additionally, developing feeds that minimize environmental impact, using ingredients like single-cell proteins, algae, or insect-based proteins, aligns with global sustainability trends and can open new market segments.

Technological Integration in Feed Manufacturing Processes

The integration of advanced technologies such as automation, data analytics, and the Internet of Things (IoT) in aquafeed production offers a pathway to enhance efficiency, quality, and traceability. These technologies enable precise formulation and real-time monitoring of feed quality and production processes, leading to better feed efficiency and reduced waste.

Embracing these technological advancements not only streamlines production but also improves the adaptability and responsiveness of aquafeed manufacturers to changing market conditions and regulatory requirements, positioning them as leaders in a competitive industry.

Latest Trends

Rise of Functional Feeds for Enhanced Aquatic Health

The aquafeed market is witnessing a significant trend towards the development of functional feeds that target specific health benefits for aquatic animals. These feeds include ingredients like probiotics, prebiotics, and medicinal plants, which help improve the immunity, digestion, and overall health of fish and crustaceans.

As consumers become more health-conscious, the demand for seafood that is not only sustainably farmed but also nutritionally enhanced is rising. This shift is driving aquafeed manufacturers to innovate beyond traditional feed formulations, offering products that deliver added health benefits, thus creating a competitive edge in the marketplace.

Increasing Adoption of Plant-Based Ingredients in Aquafeeds

There’s a growing trend towards the use of plant-based sources like soybean meal, rapeseed, and algae in aquafeed, driven by sustainability concerns and the need to reduce reliance on traditional marine-based ingredients like fishmeal and fish oil. These plant-based ingredients are not only more sustainable but often cost-effective and can help reduce the environmental impact of aquaculture.

As the industry seeks to cater to the eco-conscious consumer and comply with stringent environmental regulations, the adoption of alternative protein sources is rapidly becoming a significant trend in aquafeed formulation.

Enhanced Focus on Precision Nutrition and Smart Feeding Systems

Precision nutrition and the deployment of smart feeding systems are gaining traction in the aquafeed market. These systems utilize advanced sensors and feeding algorithms to optimize feed delivery based on the real-time needs and behavior of aquatic species.

This approach minimizes waste, improves water quality, and increases feed conversion ratios, enhancing the sustainability and profitability of aquaculture operations. As technology advances, the integration of these intelligent systems is set to redefine feed management practices, ensuring optimal nutritional delivery and supporting the environmental sustainability of aquaculture.

Regional Analysis

In 2023, the Asia-Pacific region dominated the Aquafeed Market, accounting for 48.8% with USD 31.4 billion in revenue.

The Aquafeed market is segmented across several key regions: North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America, each showcasing unique growth dynamics. Dominating the market, Asia-Pacific holds a substantial 48.8% share, amounting to USD 31.4 billion, driven by extensive aquaculture activities in countries like China, India, and Vietnam. The region benefits from high seafood consumption and a well-established aquaculture industry.

In contrast, Europe presents a mature market with a focus on sustainable and high-quality aquafeed products, catering to stringent regulatory standards and consumer demands for environmentally friendly practices. North America, following closely, is innovating in the field of functional feeds and sustainable ingredients, spurred by increasing consumer awareness and regulatory pressures.

The Middle East & Africa region, though smaller in market size, is experiencing rapid growth due to expanding aquaculture projects and government initiatives to reduce dependency on fish imports. Latin America, with countries like Brazil and Chile at the forefront, is capitalizing on its biodiversity and favorable aquaculture conditions, focusing on the development of the sector through technology and sustainable practices, positioning it as an emerging market with significant potential.

Key Regions and Countries

• North America
  • US
  • Canada
• Europe
  • Germany
  • France
  • The UK
  • Spain
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • South Korea
  • India
  • Australia
  • Rest of APAC
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of MEA

Key Players Analysis

In 2023, the global Aquafeed market is shaped by a competitive landscape featuring a mix of established leaders and innovative challengers. Prominent companies like Cargill, Incorporated and Nutreco continue to dominate due to their comprehensive product portfolios, extensive research and development, and global distribution networks.

These companies are at the forefront of introducing functional feeds that enhance the health and productivity of aquatic species while responding to the sustainability demands of modern aquaculture.

ADM is another key player leveraging its vast agricultural supply chain to offer cost-effective and high-quality feed ingredients. ADM’s strategic focus on sustainability and traceability appeals to consumers increasingly concerned with the environmental impact of their food sources.

Innovation is crucial in this market, and BioMar Group and Skretting excel by providing advanced feed solutions that improve water quality and reduce waste, directly addressing the environmental challenges associated with aquaculture. Aker Biomarine, specializing in marine-based ingredients like krill, offers products that are not only high in omega-3 fatty acids but also promote improved feed efficiency and animal health.

Emerging players like Dibaq Aquaculture and Aller Aqua Group focus on niche markets and specific species needs, offering customized solutions that help them gain a foothold in specialized segments. Meanwhile, INVE Aquaculture and BENEO invest in the development of specialty feeds that support the health and growth of juvenile and maturing aquatic stocks, highlighting the trend toward specialized nutritional requirements.

Regional giants such as Avanti Feeds Ltd. and The Waterbase Limited in Asia cater to one of the fastest-growing regions in aquaculture, tailoring their offerings to suit local farming practices and species preferences, which is vital for their market penetration and growth.

Overall, the global Aquafeed market in 2023 is characterized by its dynamic response to the pressing needs of sustainability, efficiency, and specialization, driven by these key players’ continuous innovation and strategic market adaptations.

Top Key Players in the Market

• Adisseo
• ADM
• Aker Biomarine
• Aller Aqua Group
• Alltech
• Avanti feeds Limited
• Avanti Feeds Ltd.
• BENEO
• BioMar Group
• Biostadt India Ltd.
• Cargill, Incorporated
• Charoen Pokphand Foods PCL
• Dibaq Aquaculture
• dsm-firmenich
• INVE Aquaculture
• JAPFA LTD
• Norel Animal Nutrition
• Nutreco
• Purina Animal Nutrition LLC
• Ridley Corporation Limited
• Skretting
• The Waterbase Limited

Recent Developments

• In 2023, ADM continued to innovate in the aquafeed sector, emphasizing tailor-made nutritional solutions to enhance the performance of fish and shrimp from hatchery to harvest. They focused on sustainable practices and advanced microencapsulation technology in feed additives to optimize feed utilization and reduce production costs.
• In 2023, Alltech observed a decline in aquafeed tonnage by 4.4%, marking the first decrease in recent years. Despite this, there is moderate optimism for growth in 2024, especially in Latin America which saw a 3.9% increase in aquafeed tonnage, driven by strong market demand and export competitiveness.

Report Scope