by Sinking fish feed are produced using various ingredients like fishmeal, soybean, wheat, corn and other additives that help enhance the nutrient value of the feed. These fish feeds provide balanced nutrition to farmed fishes and help improve their growth. With the rapid expansion of aquaculture industry worldwide in order to meet the rising demand for seafood, the production of farmed fishes has increased substantially over the past few years. This has propelled the demand for high-quality sinking fish feed from farmers.
The global Sinking Fish Feed Market is estimated to be valued at US$ 12.4 Bn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing aquaculture industry has significantly raised the production of various fish species worldwide over the past decade. According to the United Nations Food and Agriculture Organization (FAO), aquaculture contributed over half of the fish meant for human consumption globally in recent years. Major producers like China, India, Bangladesh and Vietnam have observed substantial increase in fish farming activities to curb the demand-supply gap for fish. This increasing reliance on aquaculture has propelled the demand for high- quality fish feed including sinking fish feed from farmers over the forecast period.
SWOT Analysis
Strength: The sinking fish feed market has significant growth opportunities due to rising global fish production. There is growing demand for high-quality sinking fish feeds to maximize fish growth and production.
Weakness: Developing innovative sinking fish feed formulations that provide optimal nutritional composition for different fish species can require substantial research and development investments. The regulations and certifications for new fish feed products also vary across countries.
Opportunity: Population growth and rising disposable incomes in developing nations are fueling the demand for affordable protein sources like fish. This expands the customer base for high-performance sinking fish feeds. The aquaculture industry also offers opportunities to develop customized feeds.
Threats: Fluctuations in raw material prices of key ingredients like fishmeal and fish oil used in sinking fish feeds can impact feed production costs. Disease outbreaks in fish farming could potentially reduce fish production and feed demand. Natural calamities may also disrupt fish farming.
Key Takeaways
The Global Sinking Fish Feed Market Scope is expected to witness high over the forecast period driven by rising fish farming worldwide to meet the growing seafood demand. The global Sinking Fish Feed Market is estimated to be valued at US$ 12.4 Bn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2024 to 2031.
Regional analysis
The Asia Pacific region is projected to continue its dominance in the global sinking fish feed market during the forecast period. This can be attributed to high fish production from China, India and Southeast Asian countries to fulfill the dietary protein needs of their growing population. Countries like Vietnam and Bangladesh are also emerging as major fish farming hubs.
Key players
Key players operating in the sinking fish feed market are Admera Health, Abbott Laboratories, Agilent Technologies, Novartis AG, Dynamic DNA Laboratories, Empire Genomics, LLC., F. Hoffmann-La Roche Ltd., Illumina, Inc., OneOme, LLC, Myriad Genetics Inc., OPKO Health, Inc. (GeneDx.), Thermo Fisher Scientific, Inc., and AltheaDx. These players are focusing on geographical expansion and new product development catering to specific fish species to gain market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
