Aquafeed - Global Market Outlook (2021-2028)

Aquafeed - Global Market Outlook (2021-2028)

According to Stratistics MRC, the Global Aquafeed Market is accounted for $59.93 billion in 2021 and is expected to reach $100.02 billion by 2028 growing at a CAGR of 7.6% during the forecast period. Aquafeed is a mixture of raw materials, additives, and other supplements, sourced from either natural or synthetic sources and is fed to farmed fish. Soybean meal, fishmeal, fish oil, and carp are the most commonly used raw materials.

Market Dynamics:

Driver:

Growing Contagious Diseases in Aquatic Animals

Contagious diseases pose hazards to the aquaculture industry and can cause significant stock loss and problems. Shrimps and finfishes have detected problems, such as bacterial diseases, growing the use of antimicrobials for treatment. Antibiotics are chemotherapeutic agents used in the clinical management of infectious diseases in humans and animals. They inhibit the growth and metabolism of microorganisms that harm animal health. Furthermore, antibiotics promote all-round growth, providing better health in crowded conditions. The excessive use of antibiotics may create antibodies for the species to treat medical conditions. The development of drug-resistant bacteria in shrimps, fishes, and prawns has led to the formulation of regulations by countries to limit the use of antibiotics in feed and additives. Innovations in medical technology have led to the development of alternative plant-based antibiotics.

Restraint:

High Cost

High price instability related to the raw materials used in the feed preparation can hamper the market's growth. For instance, a significant rise in the price of soybean, corn, or other raw materials can directly impact the product's final price, which may restrict product sales. Besides, a growing number of people opting for vegetarian diets and excluding non-vegetarian food is anticipated to reduce the demand for fish, which can negatively affect the market.

Opportunity:

Growing Investments in R&D Activities

The growing investments by market players and associations in the research and development of innovative products are expected to positively impact the market’s growth. For instance, Milkfish Aquafeeds Research, Development, and Extension Project (RDEP) were launched in Guiuan. This new project aims to develop substitutes for fish feed ingredients for fighting the existing high costs of feeds in the market. A new substitute comprises the use of plant-based proteins as a key ingredient for fish feed. The companies are embarking on mergers and acquisitions to diversify their product portfolio and consumer offerings. For instance, The Washington-based feed and ingredient company, Wilbur-Ellis, announced the acquisition of Renger Inc., a U.S.- based producer and distributor of feed. This acquisition is predicted to help Wilbur-Ellis to strengthen its footprint in this market.

Threat:

Limitations on Fish Catches Affecting Fish Meal Production

Several countries' government has decided to levy limitations on fishing to elude disturbances caused by trawlers during the breeding season, the fishermen have been instructed not to venture into the sea during the ban period. The ban aims at conserving fish species during monsoon which is the spawning season for many varieties of fish, including shrimp. Hence this limitation is one of the factors that threaten the market growth.

Fish segment is expected to be the largest during the forecast period

Fish has low-fat content as related to other forms of meat, such as cattle and poultry. Furthermore, fish is a rich source of proteins and vitamins; hence it is mainly used for direct human consumption. Fish consumption has observed an increase on account of several factors, such as increasing availability of a variety of fishes in the retail market and consumers’ preference for a variety of flavors. These factors have resulted in a boost in the demand for fish and fish products, which, in turn, is projected to drive the industry.

The Dry form segment is expected to have the highest CAGR during the forecast period

Dry form feed is relatively easy to manufacture, store, and transport. One of the advantages of such a type of feed is that it can be produced in a variety of sizes to suit specific needs. A variety of feed sizes and the production of specialized feed with such form are projected to fuel the segment growth over the forecast period.

Region with highest share:

The Asia Pacific is projected to hold the highest market share, owing to significant growth in the aquaculture industry. Fish intake in Asian countries has been motivated by a combination of a large, growing, and increasingly urban population. Asian countries would account for 70% of global fish consumption. China is one of the rapidly developing economies which is anticipated to provide 38% of the global seafood. China and other Asian countries are investing in huge to develop the aquaculture industry. Aquaculture production in the region, predominantly in China, as well as factors such as the ease of fish farming, durability of species, and better water quality within closed farm systems are projected to drive the product demand over the forecast period.

Region with highest CAGR:

Europe is projected to have the highest CAGR; the growth of the Europe Aqua feed market is majorly driven by factors such as rising consumer awareness regarding the protein content in the fish food and limited availability of marine feed resources. With the latest technologies that focus on improving the quality of the feed, there is a constantly increasing demand for them.

Key players in the market:

Some of the key players profiled in the Aquafeed Market include Addcon Group GmbH, Aller Aqua A/S, Alltech Inc., Archer Daniel Midland (ADM), Avanti Feeds Ltd., Beneo GmbH, Biomar A/S, Biomin Holding GmBH, Cargill Inc., Cermaq ASA, De Heus, Dibaq a.s., Evonik Industries, InVivo NSA, NK Ingredients Pte Ltd., Norel Animal Nutrition, Novus International Inc., Nutriad International, Ridley Corporation, Skretting.

Key developments:

In June 2021: BioMar launched a new RAS feed, Larviva Orbit, to improve the efficiency of marine nurseries. The new feed comes with optimized recipes, an improved physical pellet quality, and a proven impact on faeces stability and reduction of small solids, specifically for RAS.

In September 2021: Cargill announced a multi-year agreement with The Conservation Fund’s Freshwater Institute to develop, evaluate and enhance feeds for the land-based aquaculture industry. The Institute provides Cargill nutritionists and researchers experienced in recirculating aquaculture systems. The partnership will improve land-based aquaculture's environmental and economic performance through feeds developed and tested specifically for recirculating aquaculture systems.

In January 2019: ADM acquired Neovia (formerly known as InVivo NSA) (France) for USD 1.82 billion (Euro 1.54 billion). This acquisition would create a premier global leader in animal nutrition, while simultaneously providing a strong platform for future growth.

In June 2017: Nutreco acquired Hi-Pro Feeds LP (Canada). The acquired entity would trade under its global brand, Trouw Nutrition. Hi-Pro Feeds manufactures and distributes high performance animal feed in North America. The company network comprises of 15 individual feed mills with operations spanning three states in the U.S. Southwest and western Canada serving over 5,000 customers.

Feed Types Covered:
Brooder
Finisher
Grower
Starter

Functions Covered:
Digestion
Health
Palatability
Special Nutrition

Ingredient’s Covered:
Carotenoid
Corn
Fish Oil
Fishmeal
Grain By-product
Land Animal
Nutrients
Oils & Fats
Soybean

Additives Covered:
Acidifiers
Amino Acids
Antibiotics
Antioxidants
Anti-parasitics
Binders
Enzymes
Feed Acidifiers
Mycotoxin Binders
Phylogenetic
Prebiotics & Probiotics
Vitamins & Minerals
Other Additives

Species Covered:
Carps
Catfishes
Freshwater Crustaceans
Grouper
Marine Fishes
Marine Shrimps
Other
Rainbow Trout
Salmons
Sea Bass
Tilapias
Trout

Sales Channels Covered:
Direct Sales
Hypermarket
Indirect Sales
Online
Speciality Stores
Supermarket
Wholesalers

Forms Covered:
Dry
Wet
Moist

End Users Covered:
Crustaceans
Fish
Mollusks

Regions Covered:
North America
US
Canada
Mexico
Europe
Germany
UK
Italy
France
Spain
Rest of Europe
Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
South America
Argentina
Brazil
Chile
Rest of South America
Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025 and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
Company Profiling
Comprehensive profiling of additional market players (up to 3)
SWOT Analysis of key players (up to 3)
Regional Segmentation
Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances