Aquafeed Market is Projected to Reach $88.0 billion by 2028

According to a research report by MarketsandMarkets titled "Aquafeed Market by Species (Fish, Crustaceans, and Mollusks), Ingredient (Soybean, Corn, Fishmeal, Fish Oil, and Additives), Lifecycle (Starter Feed, Grower Feed, Finisher Feed, and Brooder Feed), Form, Additive and Region - Global Forecast to 2028," the aquafeed market is expected to grow significantly. It is projected to reach USD 88.0 billion by 2028, with a Compound Annual Growth Rate (CAGR) of 7.3% during the forecast period, starting from USD 61.8 billion in 2023.

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The increasing demand for aquafeed products is driven by several factors. Firstly, the growing population seeks sustainable and efficient protein sources, and aquaculture offers a solution. Secondly, declining wild fish stocks have led to a greater reliance on farmed fish. Lastly, advancements in aquafeed technology have improved the nutritional value and efficiency of feeds, supporting the growth and health of aquaculture species.

The soybean segment of the ingredients category holds the largest share of the aquafeed market in 2023 in terms of value. Soybeans offer a rich source of high-quality protein, essential amino acids, and energy, making them a suitable substitute for fishmeal, which is limited and expensive. Additionally, soybeans are readily available and widely cultivated, ensuring a stable supply. Furthermore, soybeans serve as a sustainable alternative to marine-based ingredients, alleviating pressure on wild fish stocks. Their versatility allows for the formulation of nutritionally balanced and cost-effective aquafeed, contributing to their increasing importance in the aquaculture industry.

In the form segment, the dry form of aquafeed products is projected to experience the highest growth rate from 2023 to 2028 in terms of value. Dry form feeds have a longer shelf life and are easier to handle and store compared to wet or frozen feeds. This practicality makes them a preferred option for aquaculture distributors and farmers. Moreover, dry form feeds can be transported over long distances without specialized equipment or temperature control. Their specific nutritional content allows for precise and controlled feeding procedures in aquaculture operations.

Among the species segment, the fish category is estimated to have the highest growth rate in the aquafeed market. Fish is an affordable and easily digestible animal protein. However, due to resource depletion and pollution, natural fish availability has decreased significantly. Fish farming and aquaculture in controlled conditions or artificial settings have become vital to meet the rising demand for fish consumption.

Within the lifecycle segment, the grower category is expected to grow at the highest rate in the aquafeed market. As aquaculture production expands, the demand for grower feeds increases. These specialized feeds cater to the dietary needs of aquatic species during the growth phase, promoting quick growth, disease resistance, and higher feed conversion ratios, all of which are essential for increasing yields and profitability.

The amino acids segment of the additives category is estimated to experience the highest growth rate in the aquafeed market. Amino acids play a crucial role in the growth, development, and overall health of aquatic animals. As the aquaculture industry intensifies, there is a growing awareness of the importance of providing balanced and ideal nutrition to farmed fish and prawns. Amino acids like lysine, methionine, and threonine are essential building blocks in formulating feeds that meet the distinct dietary needs of various aquatic species at different growth stages, supporting protein synthesis, immune system health, and reproductive efficiency.

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Geographically, the Asia Pacific region holds the largest share in the global aquafeed market in 2028 in terms of value. The region's large coastlines, abundant water resources, and temperate environment promote the development and expansion of aquaculture farms, driving the demand for aquafeed products. Advances in aquafeed technology and research have improved the nutritional quality and effectiveness of feeds, leading to increased growth rates, disease resistance, and overall productivity of aquatic animals raised for food. Regional aquafeed manufacturers focus on creating customized feed formulations that address the unique nutritional needs of diverse aquaculture species, further fueling the demand for aquafeed products.

Key players in the aquafeed market include ADM, Cargill, Incorporated, Ridley Corporation Limited, Nutreco, Alltech, Purina Animal Nutrition, Adisseo, Aller Aqua A/S, Biomin, Biomar, Norel Animal Nutrition, Avanti Feeds Limited, De Heus Animal Nutrition B.V., Novus International, and Biostadt India Limited.

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This release was published on openPR.