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The aquatic feed ingredients and products market size is forecast to increase by USD 4,728 billion, at a CAGR of 5.8% between 2023 and 2028. The market is experiencing significant growth due to several key trends. The increasing production of nutrient-rich, aquatic-based food sources is driving market growth, as aquaculture continues to expand to meet the rising demand for seafood. Furthermore, the increasing demand for aquaculture feed is driven by some of the largest consumers worldwide, including carp, marine shrimps, tilapias, salmons, trouts, and freshwater crustaceans. Additionally, technological advancements are improving the efficiency and sustainability of aquaculture operations, leading to the development of innovative feed ingredients and products. Furthermore, there is a growing inclination toward vegan and vegetarian diets, which is creating opportunities for plant-based feed ingredients in the market. These trends are expected to continue shaping the market dynamics in the coming years.
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The market research and growth report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
The fishes segment is estimated to witness significant growth during the forecast period. The market is experiencing significant growth, driven by the increasing demand for nutrient-rich food derived from aquaculture production. Aquaculture is a critical sector in meeting the rising consumption of seafood, which is anticipated to reach new heights due to changing dietary preferences and population growth. The market focuses on the production of compound aquatic feed for various aquatic species, including fishes such as salmon, catfish, tilapia, diadromous fishes, and others.
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The fishes segment was the largest segment and was valued at USD 9.03 billion in 2018. However, the farming of common fish varieties is projected to decline during the forecast period due to shifting consumer preferences towards crustaceans like shrimps in urban areas. Despite this trend, the relatively low cost and ease of cultivation of these fish species continue to make them a popular choice in rural areas, contributing to the market's revenue. The evolution of feed equipment and technologies has led to the development of high-quality aquafeed, incorporating sustainable practices and alternative ingredients. Traditional protein sources like fish meal and fish oil are being replaced with soybean, corn/maize, insect proteins, and plant-based alternatives to meet the nutritional needs of aquatic species. Feed enzymes and additives are also being used to enhance the efficiency of feed utilization and improve the overall health of the aquatic animals. The aquafeed market caters to the needs of various aquatic species, including ornamental fish, and is an essential component of the global aquaculture and seafood trade. As human health concerns continue to rise, the use of antibiotics in feed is being closely monitored, leading to the development of innovative, dry form aquafeed and pelletized feeds for grower feed stages. The market's growth is expected to continue as aquaculture technologies advance and raw materials become more sustainable and accessible.
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APAC is estimated to contribute 44% to the growth of the global market research and growth during the forecast period. Technavio's analysts have provided an extensive insight into the market forecasting, detailing the regional trends and drivers influencing the market's trajectory throughout the forecast period. The market caters to the nutritional requirements of various species of fish, ensuring optimal growth and immunity. Key components of aquatic feed include grains, oils and fats, marine proteins, and terrestrial proteins.
Furthermore, vitamins, minerals, functional additives such as probiotics, enzymes, and antioxidants, are essential supplements to maintain a balanced diet. Seafood products and ingredient formulations employ alternative protein sources like algae extracts and plant-based proteins to reduce reliance on traditional animal-derived proteins. Precision nutrition, feed utilization, and wastewater management are critical aspects of the industry, focusing on minimizing methane emissions and reducing the carbon footprint.
The global aquaculture industry has witnessed significant growth in recent years, driven by increasing aquaculture production and rising consumption of nutrient-rich food derived from aquatic species. The aquafeed market plays a crucial role in this sector, providing high-quality feed for various aquatic species including fish and crustaceans. Compound aquatic feed is the primary source of nutrition for these organisms, containing essential raw materials such as soybean meal, fish meal, fish oil, maize, and other grains, oils and fats, marine proteins, and terrestrial proteins. The evolution of feed equipment and technologies has led to the development of sustainable aquaculture practices, reducing the reliance on traditional ingredients like fish meal and fish oil. Alternative ingredients and additives have emerged as key innovations in the aquafeed industry, enhancing the nutritional value of feed and improving the overall efficiency of aquaculture production. The global aquaculture industry's growth is fueled by the increasing demand for seafood, with aquaculture contributing significantly to meeting this demand. Ornamental fish and other aquatic species also require specialized feed, further expanding the market for aquafeed. The sustainable production of these feeds is essential to ensure the long-term health of aquatic species and the environment. Our market growth analysis report analyzed the market growth and forecasting data with 2023 as the base year, along with the key trends and challenges. A holistic analysis of market growth and trends, drivers and challenges will help stakeholders in the value chain refine their marketing strategies to gain a competitive advantage.
Increase in production of nutrient-rich, aquatic-based food is notably driving market growth. The market is witnessing significant growth due to the increasing demand for nutrient-rich food derived from aquaculture production. Aquaculture is a crucial sector in meeting the rising consumption of aquatic species, including fishes and crustaceans, as they are excellent sources of protein, vitamins, and minerals. Compound aquatic feed plays a vital role in optimizing the nutritional needs of these aquatic species. The evolution of feed equipment has led to the production of high-quality aquafeed in various forms, such as dry form and pelletized feeds, catering to the growth stages of different aquatic species. Key raw materials used in the production of aquatic feed include soybean meal, fish meal, fish oil, and corn/maize.
However, with growing concerns over sustainability and human health, alternative ingredients like insect proteins and plant-based alternatives are gaining popularity. Feed enzymes are also increasingly being used to enhance nutrient absorption and improve feed efficiency. The aquafeed market is expected to continue its growth trajectory, driven by advancements in aquaculture technologies and the increasing demand for seafood in the global market. The trade of seafood and the need for sustainable aquaculture practices further fuel the innovation in the aquafeed industry. In summary, the aquafeed market is a critical component of the global aquaculture industry, providing essential nutrition to a wide range of aquatic species. The increasing demand for seafood, driven by its nutritional value and health benefits, is leading to the production of high-quality aquafeed using various raw materials and innovative production methods. The use of sustainable and alternative ingredients is also gaining traction to meet the evolving nutritional needs and address human health concerns. Thus, such factors are driving the growth of the market during the forecast period.
Growing technological advancement is the key trend in the market. The market is witnessing significant growth due to the increasing demand for nutrient-rich food from the aquaculture industry. With the expansion of aquaculture production and consumption, there is a growing need for high-quality aquafeed to meet the nutritional needs of various aquatic species, including fishes and crustaceans. Technological advancements are playing a crucial role in the market, with innovations in compound aquatic feed, feed equipment evolution, and feed enzymes. Soybean, fish meal, fish oil, corn/maize, and other raw materials are commonly used in the production of aquatic feed. However, there is a trend towards the use of alternative ingredients, such as plant-based proteins and oils, to reduce reliance on traditional sources and promote sustainable aquaculture. Insect proteins and other plant-based alternatives are gaining popularity as they offer a more cost-effective and eco-friendly solution.
Moreover, the use of precision feeding systems, which employ sensors and software to monitor feeding behavior and adjust feed delivery accordingly, is becoming increasingly common. This technology helps to optimize feed usage and improve fish growth rates, reducing costs and enhancing productivity. The aquafeed market is expected to grow further due to the increasing demand for seafood and the adoption of aquaculture technologies. However, human health concerns regarding antibiotics in feed and the need for sustainable production methods are key challenges that the market must address. The market is also witnessing innovation in dry form aquafeed and pelletized feeds for grower stages, which offer advantages in terms of storage and transportation. Overall, the market is poised for growth as it continues to adapt to the evolving needs of the aquaculture industry. Thus, such trends will shape the growth of the market during the forecast period.
Growing inclination toward vegan food is the major challenge that affects the growth of the market. The aquaculture industry has witnessed significant growth due to increasing aquaculture production and consumption. Compound aquatic feed plays a crucial role in the growth and development of various aquatic species, including fishes and crustaceans. The evolution of feed equipment has led to the production of high-quality aquafeed, ensuring optimal nutrition for aquatic animals. Key ingredients in aquatic feed include nutrient-rich food sources such as soybean meal, fish meal, fish oil, corn/maize, and feed enzymes. However, the rising trend of sustainable aquaculture and human health concerns have led to the exploration of alternative protein sources, including insect proteins and plant-based alternatives. The market is expected to experience innovation in the coming years, with a focus on using sustainable raw materials and additives.
Furthermore, the market is also expected to grow due to the increasing demand for seafood and the expansion of aquaculture technologies. However, the growing preference for veganism and the reduction in seafood consumption may hamper the market's growth. Key players are investing in research and development to produce sustainable and high-quality aquatic feed ingredients and products. Aquaculture is not only limited to fish production but also includes ornamental fish and other aquatic species. Proper nutrition is essential to ensure their optimal growth and development. Thus, the demand for nutrient-rich feed ingredients and products is expected to remain high in the global aquaculture industry. Hence, the above factors will impede the growth of the market during the forecast period
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, which forecasts to enhance their presence in the market report.
The market growth and forecasting report also includes detailed analyses of the competitive landscape of the market and information about key companies, including:
The market analysis and report of qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market research report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and trends strategies.
Customer Landscape
The global aquaculture industry has experienced significant growth due to increasing aquaculture production and rising consumer demand for seafood. Nutrient-rich food sources are essential for the growth and development of various aquatic species, including fish and crustaceans. Compound aquatic feed plays a crucial role in meeting the nutritional needs of these organisms. Aquaculture feed ingredients include traditional sources like fish meal and fish oil, as well as alternative protein sources such as soybean, corn/maize, and insect proteins. Feed equipment evolution has led to the production of high-quality aquafeed in the form of pelletized feeds and dry form aquafeed.
Furthermore, fish production for both food and ornamental purposes continues to grow, leading to an increase in the demand for sustainable aquaculture practices. Aquafeed innovation includes the use of feed enzymes and plant-based alternatives to reduce reliance on traditional protein sources and address human health concerns. The market is driven by the global aquaculture industry's growth, seafood demand, and advancements in aquaculture technologies. One of the prime examples of the advancement of technology in aquaculture feed is the wide adoption of alternative ingredients, such as plant-based proteins and oils, to replace traditional fishmeal and fish oil. Raw materials and additives used in aquatic feed production are subject to market fluctuations and availability. Sustainability concerns, including the use of antibiotics in feed, are also influencing market trends.
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Market Scope |
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Report Coverage |
Details |
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Page number |
176 |
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Base year |
2023 |
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Historic period |
2018 - 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 5.8% |
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Market growth 2024-2028 |
USD 4,728 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
5.4 |
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Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 44% |
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Key countries |
China, US, Norway, Vietnam, and Indonesia |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Adisseo Co., Aller Aqua AS, Alltech Inc., Archer Daniels Midland Co., Beneo GmbH, Bentoli, BioMar Group, Cargill Inc., Darling Ingredients Inc., ESSECO Srl, IB Group, Kemin Industries Inc., Koninklijke DSM NV, Krill Canada Corp., Novus International Inc., Nutreco N.V., Ridley Corp. Ltd., Uniscope Inc., UNO FEEDS, and VST LLC dba Prairie Aquatech |
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Market dynamics |
Parent market analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for Market forecast period |
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Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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