by Aquafeed is formulated feed for farmed aquatic animals like fish, crustaceans, molluscs and other aquatic animals. They provide essential nutrients for growth along with enhancing immunity, disease resistance and overall health. Aquafeed are used for species such as salmon, shrimp, tilapia and others in aquaculture. The global aquaculture industry has experienced significant growth in recent years due to rising demand for proteins.
The global Aquafeed Market 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 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Rising aquaculture production has been a major driver boosting the growth of the aquafeed market over the forecast period. According to FAO, global aquaculture production reached 194 million tonnes in 2023 led by strong growth in China, India, Indonesia and Vietnam. Increasing per capita consumption of seafood along with growing demand for nutritional fish proteins has prompted farmers to raise their production which has spurred the demand for aquafeed. Innovation in aquafeed formulations to enhance utilization ratio and sustainability has also contributed to the industry growth. Formulations are incorporating natural binders, prebiotics, probiotics, immunostimulants and nutrition enhancers to improve digestive efficiency and overall health of aquatic animals.
SWOT Analysis
Strength: Aquafeed Market has witnessed steady growth over the past few years owing to factors such as increasing demand for aquaculture products and technological advancements in feed production processes. Development of innovative feed ingredients and formulations enhance fish productivity and growth. Automation in feed manufacturing aids in improving quality and reducing costs.
Weakness: Fluctuating prices of raw materials including fishmeal and fish oil impact profitability of aquafeed producers. Outbreak of diseases in fish farming pose threat to sustainable supply of aquaculture products. Lack of proper government regulations in some countries regarding aquaculture practices and environmental issues affect the market.
Opportunity: Rising health awareness and shift towards plant-based protein consumption open up opportunities for development of alternative feed ingredients. Investments in R&D for algae- and insect-based feeds address issues related to supply constraints and environmental sustainability. Growth in online distribution channels expands outreach in developing regions.
Threats: Trade barriers and local production policies implemented by certain countries represent challenges for international feed companies. Climate change and natural disasters disrupt fish farming activities in several regions. Spread of misinformation regarding aquaculture practices hinders market expansion.
Key Takeaways
The Global Aquafeed Market Size is expected to witness high growth over the forecast period of 2024 to 2031.
Regional analysis indicates that Asia Pacific dominates the market currently owing to large-scale production in China, Indonesia, India and Vietnam. The Asia Pacific Aquafeed market size was valued at US$ 44.5 billion in 2024.
Key players operating in the Aquafeed Market are Oracle Corporation, Microsoft Corporation, Google LLC, IBM Corporation and Salesforce.com Inc. These players are focusing on developing digital solutions and tools to optimize feed management systems, improve output and drive sustainability in fish farming. They also collaborate with research institutes and feed producers for testing and commercialization of novel ingredients.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
