Aquafeed Market to be Worth $122.54 Billion by 2031

Aquafeed Market Size, Share, Forecast, & Trends Analysis by Ingredient (Plant-based {Soy, Corn}, Animal-based {Fish Oil}, Additives, Algae, Insect), Species Type (Fish {Salmon}, Crustacean, Mollusks), Form (Dry), Lifecycle (Starter Feed)– Global Forecast to 2031

Meticulous Research^®— leading global market research company, published a research report titled ‘Aquafeed Market Size, Share, Forecast, & Trends Analysis by Ingredient (Plant-based {Soy, Corn}, Animal-based {Fish Oil}, Additives, Algae, Insect), Species Type (Fish {Salmon}, Crustacean, Mollusks), Form (Dry), Lifecycle (Starter Feed) – Global Forecast to 2031.’

According to this latest publication from Meticulous Research^®, the aquafeed market is projected to reach $122.54 billion by 2031, at a CAGR of 6.4% during the forecast period 2024–2031. The growth of this market is being propelled by factors such as the increasing consumption of fish, growth in the aquaculture industry, and rising demand for high-quality feed. Moreover, the increasing support from governments for aquaculture and the development of alternative feed ingredients are expected to offer growth opportunities for the players operating in this market. Additionally, growing demand for organic fish production and increasing adoption of functional feeds are major trends in the aquafeed market.

However, fluctuating raw material prices and stringent regulations on feed safety and quality are expected to hinder market growth to some extent. Furthermore, environmental and human health concerns pose a challenge to market expansion.

Key Players

Some of the key players operating in the aquafeed market are Cargill, Incorporated (U.S.), Ridley Corporation Limited (Australia), Charoen Pokphand Foods PCL (Thailand), Nutreco N.V. (Netherlands), BENEO GmbH (Germany), Archer-Daniels-Midland Company (U.S.), Alltech Inc. (U.S.), BioMar Group (Denmark), Purina Animal Nutrition LLC (U.S.), Aller Aqua A/S (Denmark), Biostadt India Limited (India), Kemin Industries, Inc. (U.S.), INVE Aquaculture, Inc. (U.S.), and De Heus Voeders B.V. (Netherlands).

The aquafeed market is segmented by ingredient (plant-based {soybean [soybean meal, soy oil, and soy lecithin], corn [corn gluten meal, corn gluten feed, and corn oil], and other plant-based}, animal-based {fish meal, fish oil, and other animal-based}, additives {vitamins & minerals, antioxidants, prebiotics, enzymes, amino acids, acidifiers, and other additives}, algae, insect), species type (fish {tilapia, salmon, carp, trout, catfish, and other fish species}, crustaceans {shrimp, crabs, krills, lobsters, and other crustaceans}, mollusks {oysters, mussels, and other mollusks}, and other aqua-cultured species types), form (dry, wet, and moist), lifecycle (starter feed, grower feed, brooder feed, and finisher feed), and geography (North America, Europe, Latin America, Asia-Pacific, and the Middle East & Africa). The study also evaluates industry competitors and analyzes the market at the country level.

Based on ingredient, the aquafeed market is segmented into plant-based, animal-based, additives, algae, and insects. In 2024, the plant-based segment is expected to account for the largest share of the aquafeed market. The large market share of this segment can be attributed to the increasing demand for soybean feed ingredients, being an alternative to animal-based ingredients, and environmental concerns. Furthermore, the growing demand for alternative feed ingredients, such as canola, is expected to support the growth of this market. Moreover, the plant-based segment is segmented into soybean, corn, and others. The soybean segment is expected to account for the largest share of the plant-based aquafeed market in 2024. Soybean ingredients are rich in proteins, amino acids, and other essential nutrients, an alternative to fishmeal in aquafeeds, and cost-effective to fish meal.

Based on the form, the aquafeed market is segmented into dry, moist, and wet. The dry segment is projected to register a higher CAGR of 6.7% during the forecast period of 2024–2031. The high growth of this segment is mainly attributed to increasing awareness among farmers about the benefits of dry aquafeed, such as improved feed conversion rates, reduced waste, and higher profitability. Furthermore, factors such as convenience for handling, storage & transport, longer shelf life, cost-effectiveness, nutrient stability, higher nutritional density, and bulk purchase are expected to boost the demand for dry-form aquafeed.

Based on species type, the aquafeed market is segmented into fish, crustaceans, mollusks, and other aqua-cultured species types. In 2024, the fish segment is expected to account for the largest share of 56.7% of the aquafeed market. The large market share of this segment can be attributed to the growing demand for organic fish, increasing demand for fish protein, depletion of wild fish supplies, increase in export value of fish, and growth of aquaculture.

Based on lifecycle, the aquafeed market is segmented into starter feed, grower feed, finisher feed, and brooder feed. In 2024, the grower feed segment is expected to account for the largest share of the aquafeed market. Grower feed is formulated to meet the increased nutritional demands of the grower stage, with a focus on proteins, amino acids, and other essential nutrients to promote rapid growth. Furthermore, it supports maximum production and growth at every life stage of the fish.

Based on geography, the aquafeed market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. The Asia-Pacific region is projected to register the highest CAGR of 7.3% during the forecast period due to the growing population and growth of the aquaculture industry in countries like China, India, and Vietnam, increasing the demand for aquafeed. Furthermore, the increase in fish consumption and increasing government support for aquaculture are expected to support the growth of this region.

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Key Questions Answered in the Report:

What are the historical market sizes and growth rates of the aquafeed market?
At what rate is the aquafeed demand projected to grow over the next 5–7 years?
What are the major factors impacting market growth at the regional and country levels? What are the opportunities for existing players and new entrants in the market?
Which segments, in terms of ingredient, form, species type, and lifecycle, are expected to create traction for the manufacturers in this market during the forecast period 2024–2031?
What are the key geographical trends in this market? Which regions/countries are expected to offer significant growth opportunities for the players operating in the aquafeed market during the forecast period 2024–2031?
Who are the major players in the aquafeed market? What are their specific product offerings in this market?
What are the recent strategic developments in the aquafeed market? What are the impacts of these strategic developments on the market?

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