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

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.