April 14, 2024
Aquafeed Market

Aquafeed Market Witness High Growth Owing to Advancements in Aquafeed Formulation Technologies

The aquafeed market has witnessed significant growth over the past few years owing to the growing aquaculture industry globally. Aquafeed refers to feed given specifically to farmed fish and shellfish. It contains essential nutrients such as protein, fat, vitamins, and minerals that are necessary for proper growth and health of fish. The global aquaculture production has increased exponentially over the past few decades to meet the rising demand for seafood. Aquafeed has played a vital role in boosting aquaculture productivity by providing balanced and scientifically formulated nutrition to farmed finfish and shellfish.

The growing aquaculture industry relies heavily on commercially formulated aquafeed, Global Aquafeed Market Size is estimated to be valued at US$ 71.2 Bn in 2024 and is expected to exhibit a CAGR of 15% over the forecast period 2024 to 2030.

Key Takeaways

Key players operating in the aquafeed market are Oracle Corporation, Microsoft Corporation, Google LLC, IBM Corporation, and Salesforce.com Inc. Key players analyze emerging opportunities in the sector, develop new nutritionally enriched feed formulations to boost product quality and farm productivity. Technological advancements in aquafeed formulation technologies help address several concerns pertaining to fish nutrition, health, productivity, and environmental sustainability. Rising disposable income and growing demand for healthy seafood have opened new opportunities for market players to commercialize premium aquafeed products.

Key players operating in the aquafeed are Oracle Corporation, Microsoft Corporation, Google LLC, IBM Corporation, and Salesforce.com Inc. These major companies are investing heavily in R&D to develop innovative and customized aquafeed formulations for different fish species and culture systems. They are also focusing on aquafeed fortification technologies to enhance the nutritional values and stability of aquafeed over the shelf-life.

Technological advancements in feed formulation and processing technologies allow the designing of aquafeed to cater to the exact nutritional requirements of specific fish species. Use of enzymes, probiotics, prebiotics and other functional ingredients in innovative formulations help improve feed utilization and fish welfare. Digital technologies like Internet of Things (IoT) and data analytics help monitor fish health in real-time and aid in proactive aquafeed management.

Market Drivers

The global aquafeed market is mainly driven by exponential growth in aquaculture production worldwide. Rising global fish consumption has increased the demand pressure on limited wild harvest, boosting the reliance on sustainable aquaculture. Commercial fish farming relies on scientifically formulated aquafeed for balanced fish nutrition and high yield. Growing health awareness and changing dietary patterns are also fueling the demand for nutrient-rich aquaculture seafood. technological advancements in feed formulation, processing and farming systems have significantly enhanced the productivity and quality of aquaculture.

Current Challenges in Aquafeed Market

The aquafeed industry is facing various challenges which needs to be addressed for sustainable growth. High prices of raw materials like fishmeal and fish oil have increased the cost of production significantly. Fluctuating prices of these commodities in the international market poses serious supply issues. Diseases in aquaculture also impact the demand for aquafeed negatively. Maintaining quality standards and safety is another major concern area. Environmental pollution due to aquaculture activities is a challenge for the long term viability of the sector.

SWOT Analysis

Strength: Aquafeed manufacturers have expertise in product development and formulation. Continuous innovations help address the nutrient requirements of different aquaculture species.
Weakness: Dependence on imported raw materials increases vulnerability to global price fluctuations and supply disruptions. High R&D investment is required to develop alternatives to fishmeal and fish oil.
Opportunity: Rising global seafood trade and growing consumer preference for aquaculture products present new market opportunities. Development of organic and functional aquafeeds open up areas of premiumization.
Threats: strict regulatory norms can affect product approvals and market access. Climate change impacts may disrupt aquaculture production over the long term.

Geographical Regions

North America and Europe currently account for the major share of the global aquafeed market in terms of value largely due to high aquaculture production and consumption in countries like the US, Brazil, Chile, Norway and Germany. However, Asia Pacific region is emerging as the fastest growing market for aquafeed driven by rapid expansion of aquaculture industry, especially in China, India and Southeast Asian nations.

Fastest growing region

Asia Pacific region is projected to be the fastest growing regional market for aquafeed during the forecast period from 2024 to 2030. This is mainly attributed to increasing shrimp, salmon and marine fish farming in China, India, Vietnam, Indonesia and other South Asian countries. Rising per capita seafood consumption, favorable government policies and low production costs are further driving market growth in the Asia Pacific region.

*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it