Global Shrimp Feed Market - 2023-2030

Global Shrimp Feed Market - 2023-2030

Global Shrimp Feed Market reached US$ 6.5 billion in 2022 and is expected to reach US$ 9.7 billion by 2030 growing with a CAGR of 5.2% during the forecast period 2023-2030.

Shrimp feed refers to the specialized feed formulated and provided to farmed shrimp in aquaculture operations to meet their nutritional requirements for growth, health, and performance. It is a type of aquafeed, which refers to feeds specifically designed for aquatic animals.

Shrimp nutrition is a key consideration in shrimp feed formulation. Shrimp have specific dietary requirements for proteins, vitamins, minerals, and other essential nutrients. Feed formulation involves the careful selection and balancing of ingredients to provide the necessary nutrients in the appropriate proportions.

The shrimp feed industry has witnessed advancements in feed formulation techniques and technologies. Improved understanding of shrimp nutritional requirements, along with research and development efforts, has resulted in the development of specialized feeds that optimize shrimp growth, health, and overall performance.

Market Dynamics

Focus on Shrimp Health and Disease Management is Driving the Shrimp Feed Market

Shrimp farming is susceptible to various diseases that can significantly impact production and profitability. Diseases like Early Mortality Syndrome (EMS), White Spot Syndrome Virus (WSSV), and others can cause high mortality rates and economic losses. For instance, Dr. Suresh stated in the aforementioned article, published by the Global Aquafeed Alliance, that the Indian shrimp farming industry has an established production capacity of 120 billion postlarvae (PLs) per year, from an estimated 550 to 600 hatcheries.

Shrimp feed plays a vital role in supporting shrimp health and disease management. High-quality shrimp feeds are formulated to contain essential nutrients, immune enhancers, and probiotics that can strengthen the immune system of shrimp, helping them resist and recover from diseases. Well-balanced nutrition provided by shrimp feed helps maintain the overall health and vitality of shrimp, making them more resilient to diseases.

Technological Advancements in Feed Formulation is Expected to Foster the Shrimp Feed Market

Technological advancements in feed formulation have led to a better understanding of the specific nutritional requirements of shrimp at different stages of their lifecycle. Research and scientific studies have helped identify the essential nutrients, amino acids, vitamins, and minerals that promote shrimp growth, health, and overall performance.

For instance, Norway-based Skretting, a global leader in aquafeed and nutrition, inaugurated its state-of-the-art production facility for shrimp and fish feed which is spread over an area of 20,000 sq mt and built with an investment of around Rs. 165 crore, the facility will cater to both shrimp and fish cultures.

Technological advancements have allowed for the optimization of feed formulations to maximize feed efficiency and growth rates in shrimp. Feed additives, enzymes, and probiotics are increasingly used to enhance nutrient utilization, digestion, and absorption in shrimp. This results in improved feed conversion ratios (FCR), reduced feed wastage, and enhanced shrimp growth, leading to increased profitability for farmers.

Disease Outbreaks and Health Challenges of Shrimps is Hindering the Shrimp Feed Market

Disease outbreaks can have significant economic consequences for the shrimp farming industry. Diseases such as Early Mortality Syndrome (EMS), White Spot Syndrome Virus (WSSV), and others can cause high mortality rates and lead to financial losses for shrimp farmers. These losses can impact the profitability of shrimp farming operations, making it challenging for farmers to invest in feed products, including shrimp feed.

Shrimp farmers often incur additional costs for disease prevention and treatment. This can include expenses related to disease monitoring, diagnostics, biosecurity measures, and the use of treatments or chemicals to control diseases. These increased costs can strain the financial resources of shrimp farmers, potentially limiting their ability to invest in shrimp feed products.

COVID-19 Impact Analysis

The COVID-19 Analysis includes Pre-COVID Scenario, COVID Scenario, and Post-COVID Scenario along with Pricing Dynamics (Including pricing change during and post-pandemic comparing it with pre-COVID scenarios), Demand-Supply Spectrum (Shift in demand and supply owing to trading restrictions, lockdown, and subsequent issues), Government Initiatives (Initiatives to revive market, sector or Industry by Government Bodies) and Manufacturers Strategic Initiatives (What manufacturers did to mitigate the COVID issues will be covered here).

Segment Analysis

The global shrimp feed market is segmented based on type, ingredients, additives, and region.

By Ingredient, the Soybean Meal Segment is Estimated to have Significant Growth During the Forecast Period

Soybeans are one of the most widely cultivated and produced oilseed crops globally. According to the Food and Agriculture Organization (FAO), the global production of soybeans reached a record high of 372 million metric tons in 2020. This high production volume contributes to the availability and affordability of soybean meal in the market, which drives its market share.

Soybean meal is renowned for its high protein content and balanced amino acid profile, making it an important ingredient in animal feed. Livestock, poultry, and aquaculture industries rely heavily on soybean meal as a source of protein for their animal feed formulations. The nutritional benefits and cost-effectiveness of soybean meal contribute to its widespread usage, resulting in a larger market share.

Geographical Analysis

North America is the Fastest Growing Market in the Shrimp Feed Market

Shrimp intake has been steadily increasing in North America over the years. The growing consciousness of the health benefits associated with seafood consumption and the recognition of shrimp as a flexible and delicious protein supply have contributed to its growing demand within the vicinity. The expanded consumption of shrimp creates a favorable market surroundings for the shrimp feed industry.

Shrimp aquaculture, also known as shrimp farming, has been gaining traction in North America. This is due to factors such as declining wild shrimp shares and the desire for more sustainable seafood production methods. Shrimp farming requires the use of specialized feed to provide the important nutrients for most fulfilling growth and health of the shrimp. As shrimp aquaculture continues to expand in North America, the demand for shrimp feed is anticipated to increase.

Competitive Landscape

The major global players in the market include Growel Feeds Pvt., DuPont, ADM, BioMar Group A/S, Cargill, Incorporated, Nutreco, Novozymes AS, Charoen Pokphand Foods PCL, Evonik Industries AG, and Avanti Feeds Ltd.

Why Purchase the Report?
• To visualize the global shrimp feed market segmentation based on type, ingredients, additives, and region, as well as understand key commercial assets and players.
• Identify commercial opportunities in the market by analyzing trends and co-development.
• Excel data sheet with numerous data points of shrimp feed market-level with all segments.
• The PDF report consists of cogently put-together market analysis after exhaustive qualitative interviews and in-depth market study.
• Product mapping is available as Excel consists of key products of all the major market players.

The global shrimp feed market report would provide approximately 61 tables, 60 figures, and 190 Pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies