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Shrimp Feed Market Research 2024 - Outlook, Overview And Forecast To 2033
Shrimp Feed Market Research
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According to The Business Research Company's, The shrimp feed market size has grown strongly in recent years. It will grow from $4.24 billion in 2023 to $4.51 billion in 2024 at a compound annual growth rate (CAGR) of 6.4%. The growth in the historic period can be attributed to increased aquaculture production, technological advancements in feed production, high investments in shrimp farming, sustainability initiatives in feed production, and enhanced research and development.
The shrimp feed market size is expected to see strong growth in the next few years. It will grow to $5.83 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%. The growth in the forecast period can be attributed to high global shrimp demand, expansion of shrimp farming, regulatory changes, growing demand for seafood, and technological advancements. Major trends in the forecast period include increased demand for sustainable feeds, rising animal feed ingredient costs, advancement in aquaculture technology, shifts towards plant-based proteins, and stricter environmental regulations.
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Market Drivers and Trends:
The increasing demand for seafood is expected to propel the growth of the shrimp feed market going forward. Seafood refers to any edible aquatic animal or plant harvested from freshwater or saltwater environments for human consumption. The increasing demand for seafood can be attributed to health consciousness, cultural preferences, convenience, sustainability concerns, and globalization. The use of high-quality shrimp feed supports the sustainable expansion of shrimp aquaculture, helping to meet the growing global demand for seafood while minimizing environmental impact and maintaining the health of aquatic ecosystems. For instance, in February 2024, according to the National Oceanic and Atmospheric Administration, a US-based scientific and regulatory agency, per capita consumption of seafood products (including canned, fresh, frozen, and cured) reached 20.5 pounds per person in 2021, an increase of 1.5 pounds from 2020. Therefore, the increasing demand for seafood is driving the growth of the shrimp feed market.
Major companies operating in the shrimp feed market are focused on developing innovative products, such as functional shrimp feed, to enhance feed efficiency and sustainability. Functional shrimp feed refers to specialized diets formulated not only to meet the basic nutritional needs of shrimp but also to enhance their overall health, growth, and resistance to diseases. These feeds often contain additional ingredients that provide specific benefits beyond basic nutrition. For instance, in May 2024, Skretting, a Norway-based company specializing in aquafeed production, launched Armis, a functional feed for shrimp. This new feed is designed to support the resilience of shrimp facing challenging conditions and provide optimal nutrition to safeguard farm performance. It was specifically developed to address the needs of shrimp farmers in India. This new feed is designed to tackle problems caused by parasites such as Enterocytozoon hepatopenaei (EHP) and other shrimp farming diseases.
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Major Key Players of the Market:
Cargill Incorporated, The Archer-Daniels-Midland Company, Tongwei Co Ltd, Evonik Industries AG, Charoen Pokphand Food Public Company Limited, Nutreco Holding N.V., Novozymes AS, Alltech Inc., Virbac Corp, Guangdong Yuehai Feeds Group Co Ltd, Ridley Corporation, Avanti Feeds Ltd, Aller Aqua A/S, Rangen Inc, Zeigler Bros Inc, BioMar Ltd, INVE Aquaculture, Growel Feeds Pvt. Ltd, Blue Aqua International Pte Ltd, Bern Aqua NV, ACI Godrej Agrovet Pvt, Guangdong Evergreen Feed Industry Co. Ltd., Thai Union Feedmill Public Company Limited
Shrimp Feed Market 2024 Key Insights:
• The shrimp feed market size is expected to see strong growth in the next few years. It will grow to $5.83 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%.
• Demand For Seafood Driving Market Growth And Sustainability Efforts
• Functional Feeds Boosting Efficiency And Sustainability
• Asia-Pacific was the largest region in the shrimp feed market in 2023
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Contact Us:
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Americas: +1 315 623 0293
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Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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