Aquafeed Market By Additives (Vitamins, Antioxidants, Amino Acids, Enzymes, Acidifiers, Binders) , By End Consumption (Fish, Mollusks, Crustaceans, Others) : Global Opportunity Analysis and Industry Forecast, 2024-2034
Aquafeed Market
The aquafeed market was valued at $62.4 billion in 2023 and is projected to reach $95.4 billion by 2034, growing at a CAGR of 4% from 2024 to 2034.
Aquafeed is a specialized meal prepared for aquatic organisms by combining several additives containing essential nutrients. It provides aquatic organisms with high immunity and growth-promoting properties. The most common ingredients included in aquafeed include oils from plants; yeasts; insects; proteins from corn, peas, or wheat; and soybean or flaxseed oil. Furthermore, fish trimmings such as bones, heads, and other body parts; which are not consumed by humans are integrated into the feed. The trimmings enhance the nutritional value of aquafeed and facilitate the reduction of waste generated due to the unconsumed body parts of fishes.
The continuously expanding aquaculture industry is propelling the growth of the aquafeed market by boosting the demand for high quality feeds. To enhance the nutritional value of seafood for human consumption, aquaculture farmers are focusing on feeding the aquatic organisms with high-quality aquafeed. In addition, surge in investments in the aquaculture industry by various private and governmental organizations is augmenting the development of the market. Sustainability and high operational efficiency are the latest trends dominating the formation process of aquafeed. With the advent of innovative digital equipment, manufacturers are able to reduce process variability, amplify the throughput, and enhance the quality of feed.
However, the use of advanced equipment for manufacturing requires notable capital investment, which deters various small-scale aquaculture farmers from investing in them. This results in hampered growth of the aquafeed market. Moreover, fluctuations in the supply chain of raw material required for the preparation of aquafeed restrain the market development. On the contrary, change in dietary preferences and rise in disposable income are projected to boost the consumption of seafood in the future, presenting lucrative opportunities for the aquafeed market. According to the Food and Agriculture Organization of the United Nations, consumption of aquatic foods is projected to increase by 15% by 2030, with total aquatic production expected to reach approximately 202 million tonnes. These increasing figures indicate a promising future for the aquafeed market.
Segment ReviewThe aquafeed market is segmented into additives, end consumption, and region. On the basis of additives, the market is divided into vitamins, antioxidants, amino acids, enzymes, acidifiers, and binders. As per end consumption, it is classified into fish, mollusks, crustaceans, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key FindingsOn the basis of additives, the amino acids segment was the highest shareholder in the market in 2023.
As per end consumption, the fish segment acquired a high stake in the market in 2023.
Region wise, Asia-Pacific was the highest revenue generator in 2023.
Competition AnalysisThe leading players operating in the global aquafeed market include Cargill Incorporated, Archer Daniels Midland Company, Alltech Inc., purina animal nutrition, Nutreco N.V., Aller Aqua A/S, BioMar A/S, Dibaq Aquaculture, BENEO GmbH, and Charoen Pokphand Foods PCL. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships, to strengthen their foothold in the competitive market.
Key Market SegmentsBy AdditivesVitamins
Antioxidants
Amino Acids
Enzymes
Acidifiers
Binders
By End ConsumptionFish
Mollusks
Crustaceans
Others
By RegionNorth America
U.S.
Canada
Mexico
Europe
France
Germany
Italy
Spain
UK
Russia
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Australia
Thailand
Malaysia
Indonesia
Rest of Asia-Pacific
LAMEA
Brazil
South Africa
Saudi Arabia
UAE
Argentina
Rest of LAMEA
Key Market PlayersCargill Incorporated
Archer Daniels Midland Company
Alltech Inc.
purina animal nutrition
Nutreco N.V.
Aller Aqua A/S
BioMar A/S
Dibaq Aquaculture
BENEO GmbH
Charoen Pokphand Foods PCL.