Fish, Fish Feed, Fish Feed Additives, Shrimp, Shrimp Feed, and Shrimp Feed Additives Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

Fish, Fish Feed, Fish Feed Additives, Shrimp, Shrimp Feed, and Shrimp Feed Additives Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

The Global Fish, Fish Feed, Fish Feed Additives, Shrimp, Shrimp Feed, and Shrimp Feed Additives Market is poised to grow at a CAGR of 5.8% during the forecast period.

• The growing demand for livestock products has been driving significant changes on the supply side that are aimed at improving livestock product yields. New capital-intensive technologies have made the production of poultry and pig meat in industrial-style production facilities possible across regions, such as North America, Europe, and Asia-Pacific, especially in countries where land is limited.
• According to FAO, the global cattle population has been witnessing an upward trend over the past four years. In 2020, the cattle population was 1,523 million heads, and it increased to 1,529 million heads in 2021, which demonstrates that the production of cattle has been rising to meet the accelerating demand for meat. Thus, the inflating demand for meat is expected to boost the need for feed additives during the study period.
• Asia-Pacific and European regions produce more than 70% of the world's fish and shrimp. Fishes are the largest sector of aquaculture, accounting for 66% of the market. The most popular varieties of fish produced globally are salmon, trout, and sea bass. The demand for seafood and the annual fall in the quantity of captured wild fish are expected to drive exponential growth in fish and shrimp production. The adoption and advancement of technology and automation are expected to have a positive impact on the market.
• The market for fish and shrimp feed and feed additives is growing rapidly, owing to the increase in production and consumption of fish and shrimp. The increase in demand for high-quality fish and shrimp, as well as the development of processed and innovative value-added products, are expected to drive the feed and feed additive market.
• The key players are involved in several inorganic and organic growth tactics such as new product introduction and acquisitions to increase their market share in the global aquaculture industry. For instance, Orffa expanded its aquaculture portfolio by introducing three product lines that are ingredients, specialties, and veterinarian pharma products in 2021. This product consists of a unique blend of branded additives. Small-scale aquaculture farming is adopted by developing regions to increase the productivity of several commercial species and to create huge growth opportunities in the global aquaculture market.

The aquaculture industry is driven by factors, such as increasing fish consumption across the world and growth in processed seafood due to an increase in the income of the middle-class population in developing countries. Due to the growth in the aquaculture industry, demand for high-quality aqua feed from the industry has led to increased demand for compound feed and feed additives.

According to the FAO, the total first sale value of fisheries and aquaculture production of aquatic animals in 2020 was estimated at USD 406 billion, of which USD 265 billion came from aquaculture production. As aquaculture has grown faster than capture fisheries during the last two years, its share of total fisheries and aquaculture production has further increased. Of the 178 million tonnes produced in 2020, 51 percent (90 million tonnes) was from capture fisheries, and 49 percent (88 million tonnes) was from aquaculture.

As commercial aquaculture production rises, the demand for feed and feed additives in aquaculture species is anticipated to grow. Fish and shrimp diets primarily use feed and feed additives to enhance growth performance and reduce mortality. Fish holds a significant share of the global feed additive market, with a value of USD 958.9 million in 2021, whereas the shrimp feed additive market was valued at USD 70.5 million in 2021. This is due to the growing fish consumption and the 1.5% increase in fish population in terms of volume between 2020 and 2021. Shrimp has become a profitable business, particularly in the Asia Pacific region owing to the demand from American consumers for shrimp continuing to rise due to their low cost and high nutritional content.

Asia-Pacific dominates the fish, fish feed, fish feed additives, shrimp, shrimp feed, and shrimp feed additives market. Asia-Pacific produced 26.6 million metric ton of fish feed and 1.6 million metric ton of shrimp feed in 2021. With rising incomes and health consciousness, the food patterns of consumers in the region are shifting from a heavy carbohydrate-based diet to one rich in protein, which is accelerating the region's market growth.

China and India are the leading markets in this region contributing a major part to the growing demand. The increased aquaculture and fisheries production, coupled with the growth in the per capita consumption of aquaculture products and the development of processed and innovative value-added shrimp and fish products, are expected to drive the market in these countries.

Furthermore, various government projects to increase the production of certified sustainable seafood are hastening the region's demand for aqua feed and feed additives. According to the national plan for 2022, Vietnam's total export revenue from shrimp products is expected to reach USD 10 billion by 2025.

The global fish and shrimp feed market is highly fragmented, consisting small to medium feed and feed additive manufacturers, along with few notable players, like Biomar, Cargill, and Aller Aqua. Biomar being a leading supplier involved in larval, fry diets, grower diets, and functional feeds has strong sales in China, the world’s largest aquaculture market. Strategies such as expansions, and partnerships have helped the companies in holding a major share of the market. Further, companies are also innovating products to broaden their product lines and cater to the market.

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