Global Aquafeed Market Outlook: Innovation and Demand Surge Shape Future Growth

Aquafeed Market by Ingredient (Soybean, Corn, Fishmeal, Fish Oil, Additives), Species (Fish, Crustaceans, Mollusks), Function (Nutrition, Growth Promoters, Immunity, Texture & Palatability), Lifecycle, Form, and Region - Global Industry Forecast to 2029
The global aquafeed market [https://www.prnewswire.com/news-releases/aquafeed-market-worth-84-2-billion-by-2029--exclusive-report-by-marketsandmarkets-302233945.html] is poised for substantial growth, with its value expected to rise from USD 58.92 billion in 2024 to USD 84.19 billion by 2029, reflecting a robust Compound Annual Growth Rate (CAGR) of 7.4%. Rising seafood demand and advancements in aquaculture technologies are key drivers of this expansion. According to the Food and Agriculture Organization (FAO), global aquaculture production reached a record 130.9 million tonnes in 2022, accounting for 51% of total fish production. This growth has intensified the need for high-quality aquafeed to support the health and growth of farmed aquatic species.

Market Size & Forecast Report (2024-2029)

* 2023 Market Size: USD 55.2 Billion
* 2024 Projected Market Size: USD 58.92 Billion
* 2029 Projected Market Size: USD 84.19 Billion
* CAGR (2024-2029): 7.4%
* Asia Pacific: Largest market in 2023

Image: https://www.marketsandmarkets.com/Images/aquafeeds-market-oveview.webp

In the United States, aquaculture production surpassed 660 million pounds of seafood in 2022, according to the National Marine Fisheries Service (NMFS), with aquafeed playing a crucial role in sustaining this output. The U.S. Department of Agriculture (USDA) notes a steady increase in aquafeed production, fueled by domestic aquaculture expansion and the development of specialized feed formulations.

Sustainability is an increasingly pressing concern, prompting governments worldwide to encourage the use of alternative ingredients in aquafeed to reduce reliance on fishmeal and fish oil. The European Union, through its Common Fisheries Policy, enforces stringent guidelines on sustainable aquaculture practices, including the sourcing of raw materials for aquafeed production.

Aquafeed Market Growth Drivers [https://www.marketsandmarkets.com/PressReleases/aquafeeds.asp]

* Rising Seafood Consumption: As consumers worldwide prioritize healthy, protein-rich diets, the demand for farmed fish and shrimp is surging, fueling aquafeed production.
* Sustainability Concerns: With wild fish populations facing stress, aquaculture provides a sustainable alternative-pushing feed manufacturers to innovate with eco-friendly, nutrient-dense ingredients.
* Technological Innovations: Advances in feed formulations, probiotics, and alternative protein sources (such as algae, insect meal, and plant-based ingredients) are enhancing feed efficiency and fish health.
* Government Support & Investments: Policies encouraging aquaculture development, particularly in Asia-Pacific, are boosting market opportunities.

Market Segments: Dry Form Leads

In 2023, dry aquafeed dominated the market among feed forms, comprising pellets, crumbles, and powders. Dry feeds are favored for their convenience, ease of storage, handling, and transportation compared with wet or liquid feeds, which require careful management to prevent spoilage or contamination. This makes dry feeds particularly suitable for large-scale aquaculture operations.

Pelletized dry feeds are widely preferred by aquaculturists because they provide a stable, precisely formulated nutritional profile. Designed to meet the dietary needs of various aquatic species, these feeds ensure balanced nutrition for optimal growth. Companies like ADM (US) and Cargill Incorporated (US) produce pelletized feeds for species such as salmon and shrimp, carefully blending proteins, fats, vitamins, and minerals in exact proportions.

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Lifecycle Segment: Grower Feed Dominates

Grower aquafeed, designed for aquatic species in their development stage, typically contains 30-40% protein. This feed supports steady growth while synchronizing development and improving cost-efficiency. Pelletized grower feeds enhance feed utilization, reduce waste, and optimize nutrient absorption, contributing to better growth and lower feed costs. Technological innovations, including the addition of probiotics and prebiotics, have further improved performance and animal health, reinforcing the importance of grower feeds in aquaculture. Their dominance reflects their ability to meet the nutritional demands of fish while promoting sustainability and operational efficiency.

Regional Outlook: Asia Pacific Leads Growth

Asia Pacific is the fastest-growing region in the aquafeed market. In 2022, Asia produced 119.7 million tonnes of aquaculture, accounting for 91.4% of global production, with China contributing 40%, Indonesia 10%, and India 7% (FAO). This high output is driven by growing populations and rising per-capita incomes, which boost seafood demand. China, the largest global producer and consumer of seafood, consumes around 63.4 million metric tons annually (National Bureau of Statistics, 2023).

Regional government policies further support market growth. China's 14th Five-Year Plan emphasizes sustainable aquaculture and technological innovation to enhance production efficiency. Similarly, India's National Fisheries Policy focuses on aquaculture expansion and infrastructure development, fueling further growth in the aquafeed market.

Leading Aquafeed Manufacturers [https://www.marketsandmarkets.com/ResearchInsight/aquafeeds-market.asp]:

The key players in the market are ADM (US), Cargill, Incorporated (US), dsm-firmenich (Switzerland), Nutreco (Netherlands), Alltech (US), Ridley Corporation Limited (Australia), Purina Animal Nutrition LLC (US), Adisseo (France), Aller Aqua Group (Denmark), Avanti feeds Limited (India), The Waterbase Limited (India), JAPFA LTD (Singapore), Charoen Pokphand Foods PCL (Thailand), BioMar Group (Denmark), and Norel Animal Nutrition (Spain).

Future Outlook

The aquafeed industry is shifting toward sustainability, efficiency, and traceability. Companies are increasingly focusing on reducing reliance on fishmeal and fish oil, while incorporating alternative proteins and functional additives that improve fish health, growth rates, and disease resistance. Digital tools and smart feeding systems are also transforming aquaculture, ensuring feed is optimized and waste is minimized.

As aquaculture continues to expand, the aquafeed market is positioned as a cornerstone of food security-feeding not only fish and shrimp but also the future of sustainable protein supply worldwide.

Key Questions Addressed by the Aquafeed Market Report [https://www.marketsandmarkets.com/Market-Reports/aquafeeds-market-1151.html]:

* What is aquafeed?
* How big is the global aquafeed market?
* What factors are driving the growth of the aquafeed market?
* What factors are driving the growth of the aquafeed market?
* What are the current trends in the aquafeed industry?
* Which regions are leading in aquafeed production and consumption?
* What challenges does the aquafeed market face?
* How does aquafeed impact sustainability?
* What is the future outlook for the aquafeed market?
* Who are the key players in the aquafeed market?
* How is sustainability addressed in aquafeed production?

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