Aquafeed Market Size, Share, and Growth Analysis

Global Aquafeed Market

Aquafeed Market By Ingredient (Soybean, Fishmeal), By Species (Fish, Crustaceans), By Form (Dry Form, Wet Form), By Lifecycle (Grower Feed, Finisher Feed), By Function (Health, Digestion), By Distribution Channel, By Region - Industry Forecast 2025-2032


Report ID: SQMIG30B2061 | Region: Global | Published Date: May, 2025
Pages: 198 |Tables: 128 |Figures: 75

Format - word format excel data power point presentation

Aquafeed Market Insights

Global Aquafeed Market size was valued at USD 85.5 billion in 2023 and is poised to grow from USD 90.37 billion in 2024 to USD 140.81 billion by 2032, growing at a CAGR of 5.7% during the forecast period (2025-2032).

Increase in consumption of seafood and rising per capita income are the factors driving the growth of the aquafeed market. Seafood is a good source of vitamins and minerals which helps in maintaining the nutrient diet. As seafood is free from harmful carbohydrates, it protects humans from heart diseases. With the flourishing seafood business and additional demand from domesticating aquatic animals, is driving the aquafeed market growth.

As the demand for seafood increases globally, driven by rising awareness of its health benefits and sustainable aquaculture practices, the aquafeed market is poised for significant growth. Aquafeed is critical for supporting the expansion of aquaculture industries and ensuring food security through sustainable practices. The growth of the aquafeed market is propelled by the increasing consumption of fish and seafood worldwide. As populations grow and seek more protein-rich diets, aquaculture industries expand, necessitating more efficient and specialized feed products. Technological advancements in feed formulation that enhance digestibility and nutrient absorption also play a crucial role in driving the market forward.

The demand for aquafeed is primarily driven by the sustainable intensification of aquaculture practices. With the depletion of wild fish stocks, there is a pressing need to rely on farmed fish, which requires high-quality feed to ensure the health and efficiency of these aquaculture systems. This need is further emphasized by stricter environmental regulations that push for feeds that minimize waste and environmental impact. There is a significant opportunity in the development of eco-friendly and health-boosting aquafeed products. The trend towards organic and natural ingredients opens new avenues for market players to innovate with alternative proteins and energy-efficient feeds. Additionally, the rising interest in aquaculture in non-traditional regions provides a fresh market for aquafeed producers to explore and cater to, enhancing global food security and diversifying food sources.

In July 2024, ImagoAI partnered with the U.S. Department of Agriculture (USDA) to develop a handheld mycotoxin test, making mycotoxin detection accessible in any location. The Galaxy test has already set a new benchmark in mycotoxin testing with its remarkable speed, significantly improving food safety across multiple industries. The Galaxy mycotoxin test is AOAC PTM certified for the "Big 4" mycotoxins in corn, which are Aflatoxins, DON, Fumonisins, and Zearalenone. Utilizing advanced Hyperspectral Imaging technology, Galaxy delivers real-time mycotoxin results, safeguarding feed mills, flour mills, grain elevators, pet food production, ethanol plants, and food processors from harmful contaminants. Importantly, the test requires no chemicals or reagents for operation.

In January 2023, BioMar, a leading provider of sustainable aquafeed solutions, announced a strategic partnership with Benson Hill, a food technology company that harnesses the natural genetic diversity of plants. This collaboration aims to support BioMar's responsible acidification program by utilizing Benson Hill's soy and assessing its sustainability impact in high-performance aquafeed formulations. Through this partnership, the Denmark-based company seeks to further advance its commitment to sustainability in aquaculture.

In August 2024, researchers at the University of Maine explored converting low-value wood waste into sustainable jet fuel and aquaculture feed, supported by a USD 10 million grant from the U.S. Department of Agriculture (USDA). The project, titled "Sustainable Wood to Fuel and Fish Feed for Strengthening the U.S. Bioeconomy" (SWF3), brings together several partners, including the Forest Bioproducts Research Institute (FBRI), Aquaculture Research Institute (ARI), the University of Massachusetts Lowell (UMass Lowell), USDA Agricultural Research Service (ARS), and Arbiom, a manufacturer of protein ingredients for human and animal food based in North Carolina and France.

Market snapshot - 2025-2032

Global Market Size

USD 85.5 billion

Largest Segment

Grower Feed

Fastest Growth

Starter Feed

Growth Rate

5.7% CAGR

Global Pallets Market ($ Bn)
Country Share for North America Region (%)

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Aquafeed Market Segments Analysis

Global Aquafeed Market is segmented by Ingredient, Additive, Species, Form, Lifecycle, Function, Distribution Channel and region. Based on Ingredient, the market is segmented into Soybean, Fishmeal, Corn, Fish Oil and Additives. Based on Additive, the market is segmented into Amino Acids, Vitamins and Minerals, Probiotics and Prebiotics, Enzymes, Antibiotics and Antioxidants. Based on Species, the market is segmented into Fish, Crustaceans and Mollusks. Based on Form, the market is segmented into Dry Form, Wet Form and Moist Form. Based on Lifecycle, the market is segmented into Grower Feed, Finisher Feed, Starter Feed and Brooder Feed. Based on Function, the market is segmented into Health, Digestion, Palatability and Special Nutrition. Based on Distribution Channel, the market is segmented into Direct Sales, Indirect Sales, Hypermarket/Supermarket, Wholesalers, Specialty Stores, Online and Other Retail Formats. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.

Analysis by Additives

Based on additives, the amino acids segment is dominating with the largest aquafeed market share. This high share is attributed to its advantages, such as enhancing immunity, increasing larval performance, optimizing the efficiency of metabolic transformation in fish, increasing tolerance to environmental stresses, mediating efficiency and timing of spawning, and improving fillet taste and texture when added in aquafeed. In addition to amino acids, antibiotics are also widely used additives in aquafeed. They promote better growth by improving overall health and are used to maximize productivity and efficiency.

The antibiotics segment is expected to witness significant demand growth during the forecast period. Intensive aquaculture promotes the growth of some bacterial infections and leads to increased use of antibiotics. Current levels of antibiotics used in aquaculture around the world cannot be easily determined due to different distribution and registration systems in different countries. Furthermore, vitamins are extensively utilized in animal feed formulations. They act as effective barriers against viruses, parasites, and bacteria. Vitamins are naturally present in the feed, but additional supplements are also mixed with vitamins to provide optimal nutrition when added to livestock feeds. Also, there are several mineral elements considered to be essential nutrients for fish. The mineral elements are introduced in the aquafeed in levels to maintain the ability of fish and resist diseases.

Analysis by Feed

Based on feed, the grower feed segment is dominating the aquafeed market. Its high share is attributed to its rising usage in animals, which are between the age group of 6 to 20 weeks, to fulfill their dietary requirements. This type of feed is given to the animal until they are ready to start reproducing and laying eggs. Switching from starter to grower feed is necessary as excessive protein content may cause long-term liver or kidney issues. In addition, finisher feeds are also used widely after grower feeds. Finisher feeds are usually given to adult fish/animals that are more than 20 weeks old.

As per the aquafeed market analysis, the starter feed segment is expected to be the fastest growing segment. It provides nutrients that meet the key needs of the animals. It comprises 21% of protein with high energy to aid life. A high level of energy is provided by the feed so that habitual activities are performed smoothly. Starter feed is a protein-rich variety of feed prepared to fulfill the dietary needs of animals. It usually contains 21% protein content, which helps in the development of animals. It is the highest amount of protein content the animal will ever have, as they are growing at a significant rate at this stage of life. Starter feeds allow the young animals to adapt to solid feed and improve the absorption of the feeds for the later stage. It is more nutritious and contains nutrients required for the optimum growth of the animals.

Global Aquafeed Market Analysis by Feed

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Aquafeed Market Regional Insights

North America is dominating with the largest aquafeed market share. The aquafeed industry in North America is projected to grow significantly due to the rising seafood consumption in countries such as the U.S. and Canada. The increasing consumption of salmons and mollusks, hard clams, oysters, and mussels substantially contributes to the industry's growth. The climatic conditions in the region are suitable for the growth of various aquaculture species, such as crustaceans and catfish. Furthermore, the rising requirement for seafood due to the increasing population is anticipated to augment the development of the aquaculture industry, which is expected to drive the growth of aquafeed market.

The region of Asia Pacific is anticipated to witness the highest growth during the aquafeed market forecast period. Asia-Pacific is growing rapidly in the global aquafeed market due to the substantial growth of the aquaculture industry, which is attributed to the availability of cheap labor, ease of induced conditions for aquaculture, and the presence of natural resources in the region. Strong aquaculture production in the region, predominantly in China and India, and factors such as the ease of fish farming, durability of species, and better water quality within closed farm systems is driving the demand for aquafeed. In addition, the favorable climatic conditions in these countries aid the overall aquaculture production, thereby driving the aquafeed industry and, consequently, the aquafeed market.

The aquafeed industry is growing significantly across European countries, especially the UK, France, Italy, and Spain. The main groups of reared aquaculture species include marine fish, freshwater fish, bivalves, and salmonids. Further, the demand for aquafeed in the region has increased rapidly over the past decade, mainly because of the expanding marine aquaculture in countries such as Norway, Denmark, and Ireland. The improving environmental management, along with a drastic increase in the efficiency of feed and nutrient consumption, has aided the growth of the aquafeed market in the region. In addition, the presence of fish breeding bases in Europe, coupled with the growing popularity of mussels as a cheaper source of protein, is anticipated to supplement the aquafeed market growth over the forecast period.

The aquaculture industry in Latin America is mainly concentrated in Brazil and Mexico. The key aquatic species produced in the region include salmonids, shrimps, tilapia, mollusks, carp, and seaweed. In addition, the use of phytosterols as aquafeed for Atlantic salmon is expected to boost its health and lipid metabolism. These benefits of the feed, along with the high production of Atlantic salmon, are expected to drive the demand of aquafeed during the forecast period. Furthermore, due to favorable climatic conditions, the market is driven by aquaculture production in Brazil and Chile.

The aquafeed market in the Middle East and Africa is increasing due to the growing consumption of seafood and an increase in fish imports. It is the largest producer of Litopenaeus vannamei (whiteleg shrimp). International players are entering into strategic alliances to get a foothold in the country's aquafeed market. In addition, tuna, salmon, and fishmeal are being exported to various countries. This has increased the demand for aquafeed, further fueling the aquafeed market growth in the region.

Global Aquafeed Market By Geography
  • Largest
  • Fastest

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Aquafeed Market Dynamics

Aquafeed Market Drivers

Increasing Consumption of Food

  • Fish is low-fat than other meat forms such as cattle and poultry. Fish is a rich source of proteins and vitamins and is primarily used for direct human consumption. Fish consumption has increased due to the growing availability of various fish in the retail market. Therefore, likely to boost the demand for fish and fish products for direct human consumption in the coming years. In addition, Omega-3 fatty acids are extracted from various fish, including salmon, tuna, cod liver, whale blubber, and seal blubber.

Rising Demand for High Protein Food

  • Aquafeeds are a rich source of omega-3 fatty acids and proteins. They improve the nutritional value of the feed and offer several benefits, including increased protein digestibility, augmented growth rate, enhanced feed conversion, reduced mortality of aquatic species, and improved immunity system. Therefore, increasing awareness among aquafeed manufacturers regarding the nutritional benefits of aquafeed additives rich in protein content is anticipated to trigger market growth.

Aquafeed Market Restraints

Growing Fluctuations of Raw Material Prices

  • Additives such as fishmeal and fish oil are majorly used to manufacture aquafeed. However, fluctuating prices of fishmeal due to the scarcity of captured fish have resulted in the increasing popularity of plant-based additives in aquafeed. Fluctuations are anticipated to hamper the growth of the aquafeed market as fishmeal is a primary raw material used for manufacturing aquafeed.

Rising Adoption of Vegan Lifestyle

  • The emergence of alternative protein and veganism advocate for quantifying the upstream impact on the environment and ethical concerns about cultured meat. Fishmeal and fish oil are the main raw materials for aquafeed, and the increasing popularity of veganism worldwide is hindering market growth. The shortage of fishmeal is leading to decreased production of aquafeed. The emergence of alternative protein and veganism advocate for quantifying the upstream impact on the environment and ethical concerns about cultured meat.

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Aquafeed Market Competitive Landscape

The competitive landscape of the aquafeed industry is highly competitive with major players such as Nutreco, Cargill, and Alltech dominating. These players focus on innovative feed formulation and sustainable practices to maintain their market position. Emerging players like Biomar and Skretting are gaining immense popularity through advanced research and development (R&D) and regional expansion. For instance, in February 2023, Norway-based global leader in aquafeed and nutrition, Skretting inaugurated its state-of-the-art aquafeed factory in Mangrol, Surat, Gujarat on India’s west coast. The new facility is improving its support for customers and the Indian aquaculture sector. Skretting is the global aquafeed division of Nutreco.

Top Player’s Company Profiles

  • Cargill, Incorporated (USA) 
  • Charoen Pokphand Foods PCL (Thailand) 
  • BioMar Group (Denmark) 
  • Ridley Corporation Limited (Australia) 
  • Aller Aqua (Denmark) 
  • BENEO (Germany) 
  • Alltech (USA) 
  • AKER BIOMARINE (Norway) 
  • Skretting (Netherlands) 
  • Dibaq Aquaculture (Spain) 
  • Avanti Feeds Limited (India) 
  • Biostadt India Limited (India) 
  • The Waterbase Limited (India) 
  • Nutreco N.V. (Netherlands) 
  • Zeigler Bros., Inc. (USA) 
  • De Heus Animal Nutrition (Netherlands) 
  • Growel Feeds Pvt. Ltd. (India)

Recent Developments in Aquafeed Market

  • In October 2023, ADM continued to innovate in the aquafeed sector, emphasizing tailor-made nutritional solutions to enhance the performance of fish and shrimp from hatchery to harvest. They focused on sustainable practices and advanced microencapsulation technology in feed additives to optimize feed utilization and reduce production costs.
  • In January 2023, Using Benson Hill soy and further analyzing its sustainability impact on high-performance aquafeed formulations, BioMar, a company located in Denmark, and Benson Hill, Inc., a food innovation firm that unlocks the natural genetic variation of plants, have established a strategic partnership.
  • In January 2023, to provide American producers of animal protein with high-performance enzyme solutions, BASF and Cargill are extending their collaboration.

Aquafeed Key Market Trends

Aquafeed Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.

As per SkyQuest analysis, with the increasing disposable incomes, growing health consciousness and improving cold chain facilities, seafood sales have expanded from local wet markets to organized retail channels, such as supermarkets. This is one of the key factors fueling the growth of the aquafeed industry globally. Moreover, the growing trend of natural and organic feeds has prompted manufacturers to incorporate high-quality raw materials that offer functional advantages and lower the usage of synthetic components. They are also enhancing the stability of feed pellets, reducing fine proportion, and improving pellets density and extension. Another major factor driving the industry growth is a significant shift from homemade feed to commercially available product variants. Along with enhancing the bioavailability of various nutrients, the commercial feed also helps in reducing environmental pollution and increasing profit margins.

Report Metric Details
Market size value in 2023 USD 85.5 billion
Market size value in 2032 USD 140.81 billion
Growth Rate 5.7%
Base year 2024
Forecast period 2025-2032
Forecast Unit (Value) USD Billion
Segments covered
  • Ingredient
    • Soybean (Soybean Meal
    • Soy Oil
    • Soy Lecithin)
    • Fishmeal
    • Corn (Corn Gluten Meal
    • Corn Gluten Feed
    • Corn Oil)
    • Fish Oil
    • Additives (Amino Acids
    • Vitamins and Minerals
    • Probiotics and Prebiotics
    • Enzymes
    • Antibiotics
    • Antioxidants)
    • Other Ingredients
  • Species
    • Fish (Tilapia
    • Salmon
    • Carp
    • Trout
    • Other Fish Species)
    • Crustaceans (Shrimps
    • Crabs
    • Krills
    • Other Crustaceans)
    • Mollusks (Oysters
    • Mussels
    • Other Mollusks)
    • Other Species
  • Form
    • Dry Form
    • Wet Form
    • Moist Form
  • Lifecycle
    • Grower Feed
    • Finisher Feed
    • Starter Feed
    • Brooder Feed
  • Function
    • Health
    • Digestion
    • Palatability
    • Special Nutrition
  • Distribution Channel
    • Direct Sales
    • Indirect Sales
    • Hypermarket/Supermarket
    • Wholesalers
    • Specialty Stores
    • Online
    • Other Retail Formats
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Cargill, Incorporated (USA) 
  • Charoen Pokphand Foods PCL (Thailand) 
  • BioMar Group (Denmark) 
  • Ridley Corporation Limited (Australia) 
  • Aller Aqua (Denmark) 
  • BENEO (Germany) 
  • Alltech (USA) 
  • AKER BIOMARINE (Norway) 
  • Skretting (Netherlands) 
  • Dibaq Aquaculture (Spain) 
  • Avanti Feeds Limited (India) 
  • Biostadt India Limited (India) 
  • The Waterbase Limited (India) 
  • Nutreco N.V. (Netherlands) 
  • Zeigler Bros., Inc. (USA) 
  • De Heus Animal Nutrition (Netherlands) 
  • Growel Feeds Pvt. Ltd. (India)
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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Aquafeed Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Aquafeed Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Aquafeed Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Aquafeed Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

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Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

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FAQs

Global Aquafeed Market size was valued at USD 170.30 Billion in 2023 and is poised to grow from USD 183.0 Billion in 2024 to USD 325.41 Billion by 2032, growing at a CAGR of 7.46% in the forecast period (2025-2032).

The competitive landscape of the aquafeed industry is highly competitive with major players such as Nutreco, Cargill, and Alltech dominating. These players focus on innovative feed formulation and sustainable practices to maintain their market position. Emerging players like Biomar and Skretting are gaining immense popularity through advanced research and development (R&D) and regional expansion. For instance, in February 2023, Norway-based global leader in aquafeed and nutrition, Skretting inaugurated its state-of-the-art aquafeed factory in Mangrol, Surat, Gujarat on India’s west coast. The new facility is improving its support for customers and the Indian aquaculture sector. Skretting is the global aquafeed division of Nutreco. 'Aller Aqua AS', 'Alltech Inc.', 'Archer Daniels Midland Co.', 'Avanti Feeds Ltd.', 'BRF SA', 'Cargill Inc.', 'Charoen Pokphand Foods PCL', 'Godrej and Boyce Manufacturing Co. Ltd.', 'Grand Fish Feed', 'Growel Feeds Pvt. Ltd.', 'IB Group', 'Land O Lakes Inc.', 'National Aquaculture Group', 'Nutreco N.V.', 'Olmix SA', 'Ridley Corp. Ltd.', 'Schouw and Co.', 'The Waterbase Ltd.'

Fish is low-fat than other meat forms such as cattle and poultry. Fish is a rich source of proteins and vitamins and is primarily used for direct human consumption. Fish consumption has increased due to the growing availability of various fish in the retail market. Therefore, likely to boost the demand for fish and fish products for direct human consumption in the coming years. In addition, Omega-3 fatty acids are extracted from various fish, including salmon, tuna, cod liver, whale blubber, and seal blubber.

Rapid Innovation in Feed Formulation: Innovations in feed formulation, such as precision feeding and the inclusion of functional additives, offer significant opportunities for improving the efficiency and effectiveness of aquafeeds. Precision feeding technologies allow for the accurate delivery of nutrients based on the specific needs of aquatic species, optimizing feed conversion rates and reducing waste. In addition, functional additives such as probiotics, enzymes, and vitamins can enhance the health and growth of farmed fish and other aquatic animals, improving overall productivity.

North America is dominating with the largest aquafeed market share. The aquafeed industry in North America is projected to grow significantly due to the rising seafood consumption in countries such as the U.S. and Canada. The increasing consumption of salmons and mollusks, hard clams, oysters, and mussels substantially contributes to the industry's growth. The climatic conditions in the region are suitable for the growth of various aquaculture species, such as crustaceans and catfish. Furthermore, the rising requirement for seafood due to the increasing population is anticipated to augment the development of the aquaculture industry, which is expected to drive the growth of aquafeed market.

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