by Floating fish feed is nutritious pellet feed used for feeding fish farmed through aquaculture to meet their dietary needs. Floating feed improves feed conversion ratio and fish growth. With increasing aquaculture production globally, demand for high-quality floating fish feed is rising significantly.
The global Floating Fish Feed Market is estimated to be valued at US$ 12 Billion in 2023 and is expected to exhibit a CAGR of 34% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Rising aquaculture production has been a key growth driver for the global floating fish feed market. Aquaculture is one of the fastest growing animal food producing sectors globally with annual growth rate of over 6%. Many countries are promoting aquaculture to meet rising seafood demand and generate income and employment. Increased fish farming activities have fueled demand for quality floating fish feed. Large investments in aquaculture infrastructure development in Asia Pacific and Latin America are further stimulating the consumption of floating fish feed in these regions.
SWOT Analysis
Strength: Floating fish feed offers advantages such as convenience as it floats on the water surface making it easier for fish to feed. It prevents wastage of feed pellets.
Weakness: Special equipment required for production of floating fish feed makes initial investment higher. Fish may not readily accept new floating feed at first requiring gradual transition.
Opportunity: Increasing popularity of fish farming especially in Asia Pacific region drives demand for innovative fish feed products. Development of organic floating fish feeds catering to premium market segments presents new opportunities.
Threats: Fluctuations in raw material prices can impact overall production cost of floating fish feeds. Entry of local players offering cheaper alternatives can increase competition.
Key Takeaways
The Global Floating Fish Feed Market Size is expected to witness high growth.
Asia Pacific currently dominates the global market owing to large production and consumption of aquaculture products in countries like China, India, Vietnam, Indonesia, and Thailand. China alone contributes to over 60% of the global aquaculture production and is the largest producer and consumer of floating fish feeds.
Key players operating in the floating fish feed market are Aller Aqua, Cargill, Archer Daniels Midland, Nutreco, BioMar, SERICASA, Avanti Feeds, and Alltech. These players are focusing on expanding their production facilities especially in Asian countries to cater to the strong demand from the region. They are also investing in R&D to develop specialized organic and functional floating fish feeds.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
