Commercial Fish Feed Market By Species (carp, salmon, trout, catfish, sea bass, others) , By Ingredients (soybean, fishmea, fish oil, grains, vitamins, minerals) By Form (pellets, powder, flakes, liquid) : Global Opportunity Analysis and Industry Forecast, 2024-2033
The commercial fish feed market was valued at $15.3 billion in 2023, and is projected to reach $25.0 billion by 2033, growing at a CAGR of 5.1% from 2024 to 2033.
Commercial fish feed refers to nutritionally balanced feed specifically formulated to meet the dietary needs of farmed fish and other aquatic species. These feeds are designed to enhance growth, health, and productivity in aquaculture systems, which include fish farms, hatcheries, and other aquatic environments. Fish feed formulations commonly include protein, fats, vitamins, and minerals that vary depending on the species, growth stage, and farming conditions.
The growth of the global commercial fish feed market is driven by surge in demand for seafood, exponential increase in global population, and rise in awareness of the nutritional benefits of fish. According to a study published by Statista in October 2023, the average annual per capita consumption of seafood increased from 19.9 kilograms to 20.5 kilograms between 2014 and 2020. This increase in demand directly influences the fish feed market as aquaculture aims to meet this need. In addition, the expansion of aquaculture practices as a sustainable solution to meet seafood demands has spurred the need for efficient and high-quality fish feed. Moreover, increase in emphasis on sustainable aquaculture practices encourages the development of eco-friendly fish feed options, including plant-based and alternative protein sources, thus fostering the market growth. Moreover, expansion of international trade in seafood and fish feed products opens new markets and enhances growth potential for commercial fish feed producers. However, fluctuations in the prices of essential ingredients, such as fish meal and oil, significantly increase production costs for fish feed manufacturers, which hampers the market growth. In addition, occurrence of diseases among farmed fish can disrupt production and lead to a decreased demand for feed, affecting the market stability. On the contrary, innovations in feed formulation and production processes, such as the use of high-performance ingredients and enhanced nutritional profiles, are expected to offer lucrative opportunities for the growth of the global market during the forecast period.
The global commercial fish feed market is segmented into species, ingredients, form, and region. On the basis of species, the market is divided into carp, salmon, trout, catfish, sea bass, and others. As per ingredient, it is segregated into soybean, fishmeal, fish oil, grains, vitamins, and minerals. By form, it is bifurcated into pellets, powder, flakes, and liquid. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key FindingsOn the basis of species, the carp segment is expected to dominate the market from 2024 to 2033.
As per ingredient, the soybean segment is anticipated to exhibit the highest growth during the forecast period.
By form, the pellets segment is projected to lead the market in the coming years.Region wise, Asia-Pacific is likely to emerge as the most lucrative market for commercial fish feed in the near future.
Competition AnalysisCompetitive analysis and profiles of the major players in the global commercial fish feed market include Altech Inc, Aller Aqua, Archer Daniels Midland Company, BASF, Biomin GmHs, Cargill Inc, BioMar Group, Beneo, Nutreco, and Ridley Corporation Ltd. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships to sustain the intense competition and gain a strong foothold in the global market.
Key Market SegmentsBy Speciescarp
salmon
trout
catfish
sea bass
others
By Ingredientssoybean
fishmea
fish oil
grains
vitamins
minerals
By Formpellets
powder
flakes
liquid
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 PlayersAltech Inc
Aller Aqua
Archer Daniels Midland Company
BASF
Biomin GmHs
Cargill Inc
BioMar Group
Beneo
Nutreco
Ridley Corporation Ltd