Aquafeed Market Expands at 5.9% CAGR, Driven by Rising Seafood Demand and Sustainable Practices - Analysis by TMR

The global aquafeed market has witnessed substantial growth in recent years, driven by rising health consciousness and the growing middle-class population worldwide. Increasing seafood consumption and advancements in aquaculture practices have further propelled market expansion. As aquaculture activities continue to rise, the demand for high-quality aquafeed has surged, creating lucrative opportunities for manufacturers. The development of nutrient-rich and cost-effective feed solutions, along with a strong emphasis on sustainable practices, has significantly shaped the market landscape. Additionally, the need for proper packaging solutions to prevent contamination during transportation has led to an increased preference for convenient and safe packaging, particularly in the form of sachets.

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Market Size and Growth

The global aquafeed market was valued at US$ 61.9 billion in 2022 and is expected to reach US$ 103.4 billion by 2031, growing at a CAGR of 5.9% from 2023 to 2031. The expansion of the aquafeed market is largely attributed to the increasing demand for seafood as a healthier protein source and the growth of aquaculture practices worldwide. Technological advancements in feed formulation, such as the integration of IoT-based automated feeding systems and advanced water quality monitoring sensors, are helping optimize feed utilization and reducing waste. Furthermore, research and development in specialized aquafeed tailored to diverse aquatic species is contributing to sustained market growth.

Analysis of Key Players

As per the latest aquafeed market analysis, key players are engaged in organic as well as inorganic modes of expansion to strengthen their foothold. They are emphasizing on mergers & acquisitions, partnerships, and joint ventures to introduce new and nutritious feed that helps the growth of fish and aquatic animals. A few prominent entities operating in the global market are Cargill Inc., Koninklijke DSM N.V., BENEO GmbH, Sonac B.V., Aller Aqua A/S, Zeigler Bros., Inc., BioMar Group, ADM, Nutreco N.V., Nutriad N.V., Skretting AS, Norel SA, Clextral, Dibaq Diproteg SA, INVE Aquaculture Inc., Alltech Inc., Cermaq AS, Biomin Holding GmbH, Novus International, and Ridley Corp. Ltd.

Market Segmentation

The global aquafeed market can be segmented based on:

• Product Type: Pellets, Extruded, Powdered, and Liquid Feed

• Species: Fish (Salmon, Tilapia, Catfish, etc.), Crustaceans, Mollusks

• Ingredients: Soybean Meal, Fish Meal, Corn, Additives

• End-User: Commercial Aquaculture, Small-Scale Aquaculture

The increasing demand for premium aquafeed products is significantly impacting the market, as consumers prefer high-quality ingredients to ensure better growth and nutrition for aquatic species. Additionally, the need for convenient packaging solutions has increased, particularly in Japan, the U.S., and Eastern Europe, where demand for airtight packaging such as sachets is rising.

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Regional Analysis

North America

North America leads the global aquafeed market, driven by increasing seafood consumption and a rise in aquaculture production in the U.S. and Canada. Growing awareness regarding the health benefits of seafood over traditional animal meat is fueling market growth. Additionally, concerns about the environmental impact of aquaculture are pushing the demand for sustainable aquafeed solutions.

Asia-Pacific

Asia-Pacific is expected to witness significant growth, with countries such as China, India, Vietnam, Singapore, Thailand, Indonesia, and the Philippines emerging as major contributors to the aquafeed industry. The Vietnamese government has been actively working to position the country as a leading seafood exporter, which is driving investments in the aquafeed sector. With a strong presence of aquaculture farms and supportive government policies, the Asia-Pacific region is poised to be a major growth hub.

Europe

The European aquafeed market is witnessing a surge in demand for organic and sustainable feed options. Regulations from the European Commission promoting the use of organic sources in aquafeed production are providing significant business opportunities. Countries such as France, Italy, Greece, and Spain account for approximately 67% of total aquaculture production in Europe, further driving demand for high-quality feed solutions.

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Future Outlook

The future of the aquafeed market looks promising, with continuous advancements in feed formulation, sustainability initiatives, and packaging innovations. The demand for marine feed alternatives that do not rely on traditional fish meal is growing, with companies such as Avanti Feeds partnering with Australian Prawn Farms to develop Novacq-based feeds made from microbial biomass. Furthermore, automation in aquafeed production, such as real-time monitoring of feeding patterns and environmental conditions, is expected to revolutionize the industry.

With increasing government support for sustainable aquaculture, rising consumer preference for premium seafood, and growing investments in innovative aquafeed solutions, the global aquafeed market is set to experience substantial growth through 2031 and beyond.

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