Fish Feed Market

The adoption of Scientific Aquaculture Management Practices (SAMP) has also increased to enhance feed quality, presenting an opportunity for the feed market to thrive.

Fish feed formulation is now an essential consideration for manufacturers, given the evolving landscape of fish farming techniques. A key focus is on balancing protein, amino acids, and carbohydrates in fish feed, tailored to the nutritional needs of fish. Organizations like the National Oceanic and Atmospheric Administration (NOAA) are actively researching alternative fish feed ingredients to create well-rounded diets for farmed fish without the use of fish-derived products. This emphasis on innovation and sustainability in fish feed is reshaping the industry.

As a result, it is anticipated that throughout the projection period, demand for the Fish Feed Market will increase due to the increasing fish consumption and the rising affluence of the middle class in developing nations. Thus, driving the Fish Feed Market revenue.

Fish Feed Market Segment Insights

Fish Feed Market Product Type Insights

Aquaculture experts and researchers are actively engaged in optimizing feed formulations based on plant ingredients to fulfill the nutritional requirements of farmed fish while promoting sustainable farming practices. For instance, regulatory bodies like the Food Safety and Standards Authority of India (FSSAI) have laid out specific requirements for plant-based products and provided guidelines on how they should be labeled, by relevant legislation.

The Global Fish Feed Market Industry experiences growth driven by the increasing aquaculture production worldwide. As fish farming becomes more prevalent to meet the rising demand for seafood, the need for high-quality fish feed intensifies. In 2024, the market is valued at 125.6 USD Billion, reflecting the industry's response to the growing aquaculture sector. Countries like China and Norway lead in aquaculture production, contributing significantly to the demand for specialized fish feed. This trend suggests that as aquaculture expands, the Global Fish Feed Market Industry will likely witness sustained growth, potentially reaching a valuation of 193.5 USD Billion by 2035.

By region, the study provides market insights into North America, Europe, Asia-Pacific, and Rest of the World. The anticipated expansion of the Fish Feed market in North America can be attributed to several key factors. Sustainability concerns have pushed the aquaculture industry to focus on responsible practices. This includes using feeds that are efficient and environmentally friendly. The United States benefits from a highly favorable geographical position, situated between the Pacific Ocean to the west and the Atlantic Ocean to the east, providing an extensive coastline.

Given the unique role of seafood in the market, the United States demonstrates substantial demand for aquatic products. This demand for fish feed is primarily propelled by factors like population growth, increasing income levels, and rapid urbanization. Moreover, as marine fishing alone cannot suffice to meet the growing demands of the populace, there is a pressing necessity for fish feed in the context of aquaculture. Sustainable fish feed production is a significant driver of market growth, with the demand for feeds that reduce the environmental impact of aquaculture.

Further, the major countries studied in the market report are the US, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: FISH FEED MARKET SHARE BY REGION 2022 (USD Billion)

Source: Secondary Research, Primary Research, Market Research Future Database and Analyst Review

Europe's Fish Feed Market accounts for the second-largest market share as In Europe, there exists a heightened awareness of the nutritional advantages associated with seafood consumption. According to a survey conducted by Alltech, Europe contributed 8.9% of the fish feed production, producing a volume of 3.8 million metric tons in 2022. This marked a significant rise from the 3.3 million metric tons recorded in 2018. Consumers in the region are displaying an escalating preference for seafood products that offer not just exceptional taste but also exceptional nutritional value.

This consumer trend is propelling the demand for premium fish feeds capable of fostering the development of healthy and nutrient-rich fish. Further, the German Fish Feed Market held the largest market share, and the UK Fish Feed Market was the fastest-growing market in the European region

The Asia-Pacific Fish Feed Market is expected to grow at the fastest CAGR from 2023 to 2032. Nations such as China, India, Vietnam, and Indonesia are significant players in both aquaculture production and consumption, thereby spurring the demand for fish feed within the region. According to data from the FAO in 2020, Asian countries held a prominent position as the leading producers, accounting for a substantial 70% of the overall fisheries and aquatic animal production.

Notably, around 33% of these aquatic animals were cultivated in inland waters in Asia, with an additional 22% originating from the Pacific Northwest and 10% from the Western Central Pacific. The dominant position of the Asia Pacific region in the market can be attributed to the presence of major aquaculture industry players, a diverse array of cultivated fish species, and government support initiatives that foster the growth of the aquaculture sector. Moreover, China’s Fish Feed Market held the largest market share, and the Indian Fish Feed Market was the fastest-growing market in the Asia-Pacific region.

Leading market players are investing heavily in research and development to expand their product lines, which will help the Fish Feed market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the Fish Feed industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the Fish Feed industry to benefit clients and increase the market sector. In recent years, the Fish Feed industry has offered some of the most significant advantages to the aquaculture sector and the sustainable production of seafood. Major players in the Fish Feed Market, including Cargill, Inc., Nutreco N.V., Archer Daniels Midland Company, Ridley Corporation Limited, Biomar Group, Alltech, Inc., Skretting (Nutreco Company), BioMarin North America Inc., Zeigler Bros.

Inc., Norel Animal Nutrition, De Heus Animal Nutrition, Nutriad International NV, Aller Aqua Group, Dibaq Aquaculture, Marubeni Nisshin Feed Co., Ltd., Tongwei Group Co. Ltd., New Hope Liuhe Co. Ltd., Guangdong Haid Group Co. Ltd., Clextral SAS, Guangzhou Guangwei Feed Co. Ltd. are attempting to increase market demand by investing in research and development operations.

Cargill Inc. is a diversified agribusiness company that offers a wide range of products and services across the food, financial, agricultural, industrial, and risk management sectors. The company is engaged in the marketing, processing, and distribution of various commodities, including grains, oilseeds, sugar, meat, and other food products. It also manufactures natural ingredients for industries like personal care, pet food, animal feed, and bio-industrial products. Cargill provides a comprehensive suite of services, including technical support, data asset solutions, transportation and logistics services, risk management services, and marketing services.

Additionally, the company is involved in the production and distribution of starch, starch sweeteners, fuel ethanol, and biodiesel. Cargill's portfolio includes well-known brands such as Nutrena, Provimi, Cargill, EWOS, Diamond V, and Purina for its feed and pet food products. The company operates across the Americas, Europe, the Middle East, Africa, and the Asia Pacific region. A significant milestone for Cargill was the opening of its dedicated fish feed plant in India in 2018, with an annual production capacity of 90,000 tons.

This expansion marked a threefold increase in fish feed capacity, supported by a substantial investment of over US$10 million and the creation of around 200 new job opportunities in the region. Cargill continues to play a prominent role in the agribusiness and feed industry.

Nutreco NV, a subsidiary of SHV Holdings NV, is a prominent player in the animal nutrition and aqua feed industry. The company is dedicated to advancing sustainable practices by focusing on reduced antibiotic usage, efficient resource utilization, and minimizing food waste through advanced diagnostics. Nutreco's product portfolio encompasses a wide range of offerings, including premixes, compound feed, farm minerals, young animal feeds, fish and shrimp feeds, as well as food products tailored for farm animals like poultry, pigs, and ruminants. They also provide feed additives and preventive animal health products.

The company markets its products under the well-recognized Skretting and Trouw Nutrition brand names. Operating across multiple regions, Nutreco has an extensive presence with production plants in Western Europe, Central and Eastern Europe, EMEA, Asia, Canada, the US, Latin America, Norway, Chile, Asia, Australia, Canada, Ecuador, and Zambia. They also have joint ventures in Honduras and Nigeria. Headquartered in Amersfoort, Utrecht, the Netherlands, Nutreco has taken a significant step toward sustainability. In October 2022, Nutreco and its parent company SHV partnered with FoodTechAfrica and African Parks in an initiative aimed at promoting sustainable aquaculture in Africa.

Leveraging their profound knowledge and experience, Nutreco and SHV are actively contributing to the development of sustainable solutions to address the challenges of feeding the future, all while fostering conservation-driven economies.