Press release
Marine Feed Market Size to Reach USD 60.2 Bn by 2030 | Persistence Market Research Report
The marine feed market is witnessing robust growth due to the rising demand for seafood, advancements in aquaculture practices, and increasing awareness regarding high-quality fish nutrition. Marine feed plays a crucial role in enhancing fish health, improving growth rates, and ensuring sustainability in aquaculture. As global seafood consumption continues to rise, the marine feed industry is poised for steady expansion.
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Market Size and Growth Prospects
The global marine feed market is anticipated to witness a compound annual growth rate (CAGR) of 7.2%, escalating from US$37.1 billion in 2023 to approximately US$60.2 billion by the end of 2030. The market growth is driven by factors such as increasing aquaculture production, technological innovations in feed formulation, and government initiatives supporting sustainable fish farming.
Key Growth Determinants
Rising Demand for Seafood: The increasing global consumption of seafood is fueling the need for high-quality marine feed.
Advancements in Aquaculture Technologies: Innovations in feed composition and production methods are enhancing fish health and productivity.
Sustainability Initiatives: Government regulations promoting sustainable and eco-friendly aquaculture practices are boosting demand for marine feed.
Growing Aquaculture Industry: Expanding commercial fish farming and shrimp cultivation are significantly driving market growth.
Major Growth Barriers
High Cost of Quality Feed: Premium feed products with high protein content are expensive, which can deter small-scale aquaculture operators.
Environmental Concerns: Overfishing for fishmeal and fish oil production raises sustainability issues, impacting market dynamics.
Fluctuations in Raw Material Prices: Variability in the costs of fishmeal, fish oil, and plant-based alternatives affects profit margins.
Key Trends and Opportunities
Development of Alternative Feed Ingredients: The increasing adoption of plant-based and insect-based proteins as substitutes for fishmeal and fish oil.
Growth of Functional and Medicated Feeds: Rising demand for feeds that improve fish immunity and disease resistance.
Expansion of Recirculating Aquaculture Systems (RAS): Growing adoption of closed-loop systems to optimize feed efficiency and reduce waste.
Investments in Research and Development (R&D): Ongoing research into novel feed formulations and sustainable feed sources.
Regional Frontrunners
Asia-Pacific: The dominant region due to extensive aquaculture operations in China, India, Indonesia, and Vietnam.
Europe: Increasing emphasis on sustainable and organic feed products.
North America: Growth driven by advancements in aquaculture technology and higher per capita seafood consumption.
Latin America and Middle East & Africa: Emerging regions with growing aquaculture investments.
Key Market Players
Cargill Inc.
Biomar Group
Skretting (Nutreco)
Alltech Inc.
Ridley Corporation Limited
Charoen Pokphand Foods PCL
Purina Animal Nutrition LLC
Zeigler Bros., Inc.
Dibaq Aquaculture
Archer Daniels Midland Company
Marine Feed Market Research Segmentation
By Species:
Fish
Crustaceans
Mollusks
Others (Squid)
By Ingredients:
Soybean Meal
Wheat and Corn
Fish Meal
Fish Oil
Krill Meal
Shrimp Meal
Squid Meal
Algae and Microalgae
Seaweed and Seagrass
Others (Spirulina, Yeast)
By Form:
Pellets
Powder
Granules
Flakes
By Distribution Channel:
Business-to-Business
Business-to-Consumer
By Region:
North America
Europe
East Asia
South Asia & Oceania
Latin America
Middle East & Africa
Conclusion
The marine feed market is set for substantial expansion over the coming years, driven by increasing seafood consumption, technological advancements, and sustainability initiatives. However, challenges such as high feed costs and environmental concerns must be addressed to ensure long-term market growth. Innovations in alternative feed sources and functional feeds are expected to open new opportunities for industry players, making the sector more resilient and sustainable.
About Persistence Market Research:
At Persistence Market Research, we specialize in creating research studies that serve as strategic tools for driving business growth. Established as a proprietary firm in 2012, we have evolved into a registered company in England and Wales in 2023 under the name Persistence Research & Consultancy Services Ltd. With a solid foundation, we have completed over 3600 custom and syndicate market research projects, and delivered more than 2700 projects for other leading market research companies' clients.
Our approach combines traditional market research methods with modern tools to offer comprehensive research solutions. With a decade of experience, we pride ourselves on deriving actionable insights from data to help businesses stay ahead of the competition. Our client base spans multinational corporations, leading consulting firms, investment funds, and government departments. A significant portion of our sales comes from repeat clients, a testament to the value and trust we've built over the years.
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