by Sinking fish feed are tailor-made feeds which are designed to sink and disintegrate in water bodies for feeding aquatic species like fishes. Sinking fish feed offer convenience of feeding and ensure nutrition intake by aquatic animals. With rising fish consumption worldwide, the aquaculture industry has been expanding rapidly.
The global Sinking Fish Feed Market is estimated to be valued at US$ 10.76 Bn in 2023 and is expected to exhibit a CAGR of 9.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing aquaculture industry has been a key growth driver for the sinking fish feed market. According to data, worldwide aquaculture production has increased from 70 million tons in 2000 to over 114 million tons in 2019. With surging seafood demand and limited wild fish catches, aquaculture offers an attractive solution to bridge the demand-supply gap. This has pushed expansion of commercial aquaculture facilities globally. Since sinking fish feeds offer efficiency of feeding operations at aquafarms, their demand is accelerating with the rapid growth of the aquaculture sector. Advanced sinking fish feeds containing balanced nutrition foster better fish yield for aquafarmers.
SWOT Analysis
Strength: Sinking fish feed provides balanced nutrition to fish which supports their growth. It minimizes wastage of feed thereby lowering production costs.
Weakness: High costs involved in R&D and production of sinking fish feed. Fluctuating raw material prices pose challenges.
Opportunity: Rising demand for fish and seafood offers scope for increased sales of sinking fish feed. Growing aquaculture industry in Asia Pacific creates market opportunities.
Threats: Strict regulations pertaining to use of ingredients in fish feed. Outbreak of diseases among fish farms acts as a threat.
Key Takeaways
The Global Sinking Fish Feed Market Size is expected to witness high growth. It is projected to reach a value of US$ 15.83 Bn by 2030 from US$ 10.76 Bn in 2023, expanding at a CAGR of 9.9% during the forecast period.
Regional analysis
The Asia Pacific region currently dominates the sinking fish feed market share globally. Countries like China, India, Vietnam, Indonesia, and Bangladesh are major producers and consumers of fish. Better technological advancements and growth of aquaculture in these nations will likely drive the APAC market.
Key players
Key players operating in the sinking fish feed market are Medtronic, Dexcom, Inc., Abbott, Novo Nordisk A/S, Ypsomed, GlySens Incorporated, and F. Hoffmann-La Roche Ltd., among others. These firms are focused on developing innovative feed products and solutions to meet the nutritional requirements of various fish species reared through aquaculture. They also conduct R&D activities to formulate feeds containing balanced nutrients and sustainable ingredients.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
