USD 115 billion
Fish Feed Market Size, Share, Growth Analysis, By Type(Ray-finned Fish Feed, Mackerel Feed, Ribbon Fish Feed, Cuttle Fish Feed and Other), By Ingredient(Corn, Soyabean, Fish Oil, Fish Meal and Other), By Additives(Vitamins, Antibiotics, Amino acid, Antioxidants), By Form(Pellet, Granules, Flakes, Sticks), By Feed(Starter Feed, Grower Feed, Finisher Feed, Brooder Feed), By Species(Tilapia, Salmon, Carp, Trout and Other), By End Use Application(Commercial, House Hold), By Distribution Channel(B2B, B2C (Store Based, Online Retail)), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG30H2052 |
Region:
Global |
Published Date: July, 2024
Pages:
198
|Tables:
135
|Figures:
77
Fish Feed Market Insights
Global Fish Feed Market size was valued at USD 115 billion in 2022 and it is expected to grow from USD 123.86 billion in 2023 to USD 224.20 billion by 2031, at a CAGR of 7.7% during the forecast period (2024-2031).
The key factors promoting the growth of the fish feed market are increasing population, rapid urbanization, and rising income of people. The presence of high disposable income and the increase in popularity of multiple international cuisines propels the need for new dishes made of a variety of fishes, thereby augmenting the global demand for fish feed.
The consumption of fish has increased significantly in the last few years due to some of its benefits such as low carbon footprint, high per-unit yield, and unique protein content. These help to expand this market in the coming years. Manufacturers have varying composition of fish feed ingredients for different markets such as aquarium market and ornamental market which help them to broaden their consumer base.
The demand for fish feed is increased due to increasing aquaculture production. To meet this demand, this industry is constantly evolving and producing new products. The latest trends include the use of alternative protein and algae as well as the development of specialized feeds for different species.
US Fish Feed Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Crustaceans
Fastest Growth
Molluscus
Growth Rate
7.7% CAGR
Global Fish Feed Market ($ Bn)
Country Share for North America Region (%)
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Fish Feed Market Segmental Analysis
Global Fish Feed Market is segmented by Type, By Ingredients, By Additives, By Form, By Feed, By Species, By End Use Application, By Distribution Channel and Region. Based on type, the market can be segmented in to Ray-finned Fish Feed, Mackerel Feed, Ribbon Fish Feed, Cuttle Fish Feed and Other. Based on Ingredients, the market can be segmented into Corn, Soyabean, Fish Oil, Fish Meal and Other. Based on Additives, the market is segmented into Vitamins, Antibiotics, Amino acid, Antioxidants, Enzyme, Probiotics & Prebiotics and Other. Based on Form, the market is segmented into Pellet, Granules, Flakes, Sticks, Powder . Based on Feed, the market is segmented into Starter Feed, Grower Feed, Finisher Feed, Brooder Feed. Based on Species, the market is segmented into Tilapia, Salmon, Carp, Trout and Other. Based on End Use Application, the market is segmented into Commercial, House Hold. Based on Distribution Channel , the market is segmented into B2B, B2C (Store Based, Online Retail). Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis by Ingredient
Soybean segment is expected to dominate the global market during the forecast period. Soybeans are considered one of the world’s best non-fish sources of essential omega-3 fatty acids, healthy proteins, and unsaturated fats. High quality soy protein is fed to farmed fish and shellfish to support growth and healthy development. The price of soybean feed is relatively less in comparison to other fish feed including fish meal.
Analysis by End User
Fish segment is expected to account for the largest share during the forecast period. The increasing demand for fish and fish products has a positive impact on the sales of this product. Among fish, tilapia and carp are some of the prominent consumers of feed. Carps contain a high source of protein, and they are widely used in fish and rice farming. As a result, the demand for carps is projected to increase in the coming years; thereby augmenting the growth of the global fish feed market.
Molluscs segment is expected to hold the second largest position in the global market. The increasing awareness and growing popularity of oysters and clams as an important source of nutrition to humans has led to a rise in production for these mollusc’s sub-segments, which is anticipated to help this segment grow the market.
Global Fish Feed Market By End User
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Fish Feed Market Regional Insights
North America is expected to dominate the global fish feed market during the forecast period owing to the presence of large fish farms for aquaculture. The United States has a significant demand for seafood as aquatic items occupy a specific position in the market. The growth of this market in this country is driven by population growth, rising income, and rapid urbanization. To meet the high demand for this product, nearly half of the raw material necessary is imported from other regions.
Asia Pacific is expected to grow at the fastest rate during the forecast period. The growth of this market is attributed to excessive consumption of fish in countries of the far East such as Korea and Japan, Bangladesh, and some parts of Eastern India. In this region, aquaculture is practiced on a large scale as fish is staple food for several countries. In China, the consumption of fish is increased due to increasing disposable incomes of people. China is the highest exporter of seafood. Additionally, high nutrition obtained from fish is another factor supporting the high seafood consumption rate in the country. Seafood consumption in China accounts for 45% of the global volume. Hence, increasing domestic consumption and production of fish feed in the country, coupled with its multiple export relations with other countries are the factors supporting the market in Asia Pacific.
Global Fish Feed Market By Region
- Largest
- Fastest
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Fish Feed Market Dynamics
Drivers
Rise in Seafood Trend
- The increasing demand for seafood and the rising consumer expenditure on fish and fish products are the key factors anticipated to drive the market. The demand for animal protein is high in well-established western countries as people are more conscious about their health. Hence, the increasing trend about seafood in the global economies is the factor propelling the market growth in the coming years.
Increasing Investment in R&D
- The major players in this global industry increased their investments on R&D to produce innovative products which have a positive impact on market growth. For example, in Aug 2020, Milkfish Aquafeeds Research, Development, and Extension Project was launched in Guiuan. This new product aims to develop substitutes for fish feed ingredients to fight the existing high costs of feeds in the market. This new substitute comprises the use of plant-based proteins as a key ingredient for fish feed.
Restraints
Volatility of Raw Material Prices
- Volatility associated with the raw material prices used in the production of fish feed is the major factor that hindered market growth. Furthermore, a significant rise in the price of soya bean, corn, or other raw materials can directly impact the product’s final price, which may hamper the product sales rate. In addition, the increasing number of people that prefer vegetarian lifestyle and food choices is also expected to hinder market growth.
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Fish Feed Market Competitive Landscape
The nature of competition for the global fish feed market is highly fragmented due to the presence of several large and small players. Key players adopted some organic strategies such as product expansion and product quality improvement to strengthen their position in the global market. Major players increased their investments on R&D investments for the production of innovative products that will help gain traction in the overall market competition.
Top Player's Company Profiles
- Cargill, Inc
- Nutreco N.V.
- Archer Daniels Midland Company
- Ridley Corporation Limited
- Biomar Group
- Alltech, Inc.
- Skretting (Nutreco Company)
- BioMarin North America Inc.
- Zeigler Bros. Inc.
- Norel Animal Nutrition
- De Heus Animal Nutrition
- Nutriad International NV
- Aller Aqua Group
- Dibaq Aquaculture
- Marubeni Nisshin Feed Co., Ltd.
- Tongwei Group Co. Ltd.
- New Hope Liuhe Co. Ltd.
- Guangdong Haid Group Co. Ltd.
- Clextral SAS
- Guangzhou Guangwei Feed Co. Ltd.
Recent Developments
- In January 2024, Sebol, a subsidiary of the ETSA Group, unveiled plans for a cutting-edge industrial unit in Coruche, Portugal, marking a significant leap in sustainability and innovation within the aquaculture sector. Fuelled by the recovery and resilience plan (PRR) and a €15.4 million investment aligned with the blue bioeconomy pact, the facility is a key component of the Pep4Fish project, focusing on large-scale production of protein hydrolysates designed for fish feed.
- In January 2024, Assam's Fisheries Minister inaugurated state-of-the-art large fish feed mill with a capacity of 2-3 tonnes per hour. Constructed under CSS scheme at a total cost of INR 199.50 lakhs, the fish feed mill is poised to meet the increasing demand for fish feed locally.
- In October 2023, Thai Union-backed aquaculture technology company HydroNeo partnered with Thailand-based novel feed startup Full Circle Biotechnology. The partnership will see Full Circle provide HydroNeo with insect-based shrimp feed additive.
Fish Feed Key Market Trends
- Shift Towards Microalgae Oil: - Most fishes require omega-3 fatty acids for their survival but are unable to produce them. Larger fish get omega-3 by eating smaller fish, which get it from aquatic plants. But this is an unsustainable process that holds minimal to no benefit. The solution for this problem is feeding fish with microalgae oil instead of traditional fishmeal. Feeding with microalgae oil benefits aquaculture business and the environment, thereby creating new business opportunities for the fish feed market.
Fish Feed Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global fish feed market analysis, increasing population, growing trend of seafood, and the rising consumer awareness about benefits of fish are the factors which propel the market growth. Major players increased their investments on R&D in order to produce innovative products that will also help boost the market value in the coming years. The demand for fish and fish products is likely to increase in the forecast period due to its health benefits which increases the production of fish feed. The presence of alternatives such as microalgae and the development of specialized feed for different species also contributes to the market growth. Volatility associated with the raw material prices hindered the market.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 115 billion |
| Market size value in 2031 | USD 224.20 billion |
| Growth Rate | 7.7% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Fish Feed Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Fish Feed Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Fish Feed Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Fish Feed Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Fish Feed Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Fish Feed Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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