Aquafeed Market Size, Share & Trends Analysis Report By Form (Dry, Wet), By Additive (Amino Acid, Antibiotic), By Feed (Finisher, Grower), By Application, By Region, And Segment Forecasts, 2022 - 2030

Report Overview

The global aquafeed market was valued at USD 69.17 billion in 2021 and is anticipated to expand at a compound annual growth rate (CAGR) of 4.4% from 2022 to 2030. The demand for the product is anticipated to be driven by increasing product consumption in the cultivation of various aquatic species such as tilapia, carp, catfish, and salmon, among others. The global market is fragmented in nature owing to the presence of many market participants. These market players are focused on mergers and acquisitions, partnerships, and collaborations in order to increase their presence in the value chain. BioMar Group, Cargill, Incorporated, and Charoen Pokphand Foods PCL are some of the key market players in the aquafeed market.

The market is expected to witness brisk growth on the account of rising fish farming activities. There is an increasing preference for natural and organic feed products among the manufacturers which has now become the new industry trend, which is anticipated to drive the market of plant-based aquafeed in the coming years.

These aquafeed products are manufactured using both traditional as well as modern technology-driven processes. The traditional method is still widely used despite its low effectiveness and slow speed. The production technique varies according to the demand and requirement of the consumers in the local as well as global market. 

There is an increase in direct human consumption of fish as it is a low-fat protein when compared to other types of meat such as cattle and poultry. This increase is due to the availability of a variety of fish in the retail market. Also, because of several health benefits associated with it such as enhancing cognitive development in children, lowering the fat level in the body, and assisting in reducing the threat of cardiovascular diseases.

Form Type Insights

Dry-type dominated the market with a revenue share of more than 42% in 2021. This is attributed to its ability to increase the feed conversion ratio of fish. Also, it is most likely to get traction in the coming years as the dry form feed is highly palatable.

Additionally, wet feeds are also a commonly used form of aquafeed products. It contains moisture levels in the range of 45%-70%. They are made from high moisture content ingredients such as slaughterhouse waste, undried forage, and fishery waste. These wet feeds are produced on a daily basis at farm sheds and fed mainly to carnivorous fishes such as sea bream, sea bass, and eels among others.

Apart from dry and wet feed, moist feed form is also used. These feeds are made up by mixing wet, dry, as well as moist raw materials. The moisture level ranges from 25%-45%. Due to the presence of sodium chloride and propylene glycol in some of the moist feeds, they do not require frozen storage.

Additive Insights

Amino acids dominated the market with a revenue share of more than 32% in 2021. This high share is attributed to its advantages such as enhancing immunity, increasing larval performance, optimizing the efficiency of metabolic transformation in fishes, increasing tolerance to environmental stresses, mediating efficiency and timing of spawning, and improving fillet taste and texture when added to aquafeed.

In addition to amino acids, antibiotics are also widely used additives in aquafeed. They promote better growth by improving overall health and are used to maximize productivity and efficiency. Intensive aquaculture promotes the growth of some bacterial infections and leads to increased use of antibiotics. Current levels of antibiotics used in aquaculture around the world cannot be easily determined due to different distribution and registration systems in different countries.

Furthermore, vitamins are extensively utilized in animal feed formulations. They act as effective barriers against viruses, parasites, and bacteria. Vitamins are naturally present in the feed, but additional supplements are also mixed with vitamins to provide optimal nutrition when added to livestock feeds. Also, there are several mineral elements considered to be essential nutrients for fish. The mineral elements are introduced in the aquafeed in levels to maintain the ability of fish and resist diseases.

Feed Insights

Grower feed dominated the market with a revenue share of more than 34% in 2021. Its high share is attributable to its rising usage in animals that are between 6 to 20 weeks old so as to fulfill their dietary requirements. This type of feed is given to the animal until they are ready to start reproducing and laying eggs. Switching from starter to grower feed is necessary as excessive protein content may cause long-term liver or kidney issues.

In addition, finisher feeds are also used widely after grower feeds. Finisher feeds are usually given to adult fishes/animals who are more than 20 weeks old. It provides the nutrients that satisfy the key needs of the animal. It comprises 21% of protein with high energy to aid life. A high level of energy is provided by the feed so that the habitual activities are performed smoothly.

Starter feed is a protein-rich variety of feed prepared to fulfill the dietary needs of animals. It usually contains 21% protein content which helps the development of animals. It is the highest amount of protein content the animal will ever have, as they are growing at a significant rate at this stage of life. Starter feeds allow the young animal to adapt to solid feed and improve the absorption of the feeds for the later stage. It is more nutritious and contains nutrients required for optimum growth of the animals.

Application Insights

Carp dominated the market application with a revenue share of nearly 26% in 2021. Its high share is attributable to the rising consumption of this species because of the associated health benefits such as immunity booster, improves heart health, control of chronic diseases, and protects gastrointestinal functions.

Catfish, being a sustainable fish species, is farmed in freshwater ponds using rice, corn, and soybean as aquafeed. It is the preferred group of farmed aquaculture species due to its ease of farming in less-than-ideal climatic conditions. Increasing demand for catfish from consumers on account of its rich content of vitamin D and omega-6 fatty acids is expected to augment the demand for aquafeed.

Tilapia being a freshwater-fish, is bred in aquaculture on account of its inexpensive vegetarian feed and fast growth. The fish grows at a faster rate compared to carnivorous species such as salmon. The growing production of tilapia species due to its fast growth rate, palatability, high protein content, and large size is expected to amplify the importance of aquafeed in the coming years.

Regional Insights

Asia Pacific region dominated the aquafeed market with a revenue share of 43.9% in 2021. This is attributed to the substantial growth of the regional aquaculture sector. This growth is because of the availability of cheap labor, inducing conditions to promote the growth of aquaculture, and the presence of natural resources in the region.

The aquaculture sector is growing significantly across European countries, especially the UK, France, Italy, and Spain. Improvements in environment management, along with a significant increase in feed efficiency and nutrient consumption by aquatic species, have further fueled the growth of market in Europe.

Apart from the Asia Pacific and Europe, the region of North America has also witnessed a high growth rate in the aquafeed market. The aquaculture sector in North America is projected to witness significant growth over the forecast period owing to the rising consumption of seafood such as salmonids, mollusks, hard clams, oysters, and mussels.

Key Companies & Market Share Insights

The competition in the global market is highly dependent on the product portfolio, geographical location, and the number of sellers. The aquafeed producers are engaged in constant R&D activities to develop numerous natural and organic aquafeed to be used in the cultivation of various species.

These feed manufacturers are working on improving their product portfolios as well as undertaking several activities including the production of poultry products, farming, feeding, and marketing to cut down their operational costs and produce feed with higher nutritional value.  Some prominent players in the global aquafeed market include:

• Cargill, Incorporated

• BioMar Group

• Ridley Corporation Limited

• Aller Aqua

• BENEO

• Alltech

• AKER BIOMARINE

• Charoen Pokphand Foods PCL

• Skretting

• Purina Animal Nutrition LLC

• Dibaq Aquaculture

• INVE Aquaculture

• Avanti Feeds Limited

• Biostadt India Limited

• The Waterbase Limited

Aquafeed Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. Grand View Research has segmented the global aquafeed market report based on form, additive, feed, application, and regions:

• Form Outlook (Revenue, USD Thousand, Volume, Tons, 2018 - 2030)

  • Dry

  • Moist

  • Wet

• Additives Outlook (Revenue, USD Thousand, Volume, Tons, 2018 - 2030)

  • Amino Acids

  • Antibiotics

  • Vitamins & Minerals

  • Feed Acidifiers

  • Antioxidants

  • Enzymes

  • Anti-parasitic

  • Probiotics & Prebiotics

  • Others

• Feed Outlook (Revenue, USD Thousand, Volume, Tons, 2018 - 2030)

  • Starter Feed

  • Grower Feed

  • Finisher Feed

  • Brooder Feed

• Application Outlook (Revenue, USD Thousand, Volume, Tons, 2018 - 2030)

  • Carp

  • Rainbow Trout

  • Salmon

  • Crustaceans

  • Tilapia

  • Catfish

  • Sea Bass

  • Grouper

  • Others

• Regional Outlook (Revenue, USD Thousand, Volume, Tons, 2018 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • UK

    • France

    • Italy

    • Spain

    • Denmark

  • Asia Pacific

    • China

    • India

    • Japan

    • Vietnam

    • Thailand

    • Indonesia

    • Australia

  • Central & South America

    • Brazil

    • Argentina

    • Chile

    • Ecuador

  • Middle East & Africa

    • South Africa

    • Egypt