Fish Feed Market Updates

Fish Feed Market size was valued at USD 123.86 Billion in 2023 and is poised to grow from USD 133.4 Billion in 2024 to USD 241.46 Billion by 2032, growing at a CAGR of 7.7% during the forecast period (2025-2032).

The nature of competition for the global fish feed market is highly fragmented due to the presence of several large and small players. Key players adopted some organic strategies such as product expansion and product quality improvement to strengthen their position in the global market. Major players increased their investments on R&D investments for the production of innovative products that will help gain traction in the overall market competition. 'Cargill, Incorporated (USA)', 'Nutreco N.V. (Netherlands) ', 'BioMar Group (Denmark) ', 'Archer Daniels Midland Company (ADM) (USA) ', 'Skretting AS (Norway) ', 'Aller Aqua Group (Denmark) ', 'Zeigler Bros., Inc. (USA) ', 'Biomin Holding GmbH (Austria) ', 'Alltech Coppens (Netherlands) ', 'Ridley Corporation Limited (Australia) ', 'Charoen Pokphand Foods PCL (CP Foods) (Thailand) ', 'Tongwei Co., Ltd. (China) ', 'Guangdong Haid Group Co., Ltd. (China) ', 'New Hope Group (China) ', 'Avanti Feeds Limited (India) ', 'Kumar Group (India) ', 'Godrej Agrovet Ltd. (India) ', 'Usha Martin Ltd. (India) ', 'Mowi ASA (Norway) ', 'Cermaq Group AS (Norway)'

The increasing demand for seafood and the rising consumer expenditure on fish and fish products are the key factors anticipated to drive the market. The demand for animal protein is high in well-established western countries as people are more conscious about their health. Hence, the increasing trend about seafood in the global economies is the factor propelling the market growth in the coming years.

Shift Towards Microalgae Oil: Most fishes require omega-3 fatty acids for their survival but are unable to produce them. Larger fish get omega-3 by eating smaller fish, which get it from aquatic plants. But this is an unsustainable process that holds minimal to no benefit. The solution for this problem is feeding fish with microalgae oil instead of traditional fishmeal. Feeding with microalgae oil benefits aquaculture business and the environment, thereby creating new business opportunities for the fish feed market.

North America is expected to dominate the global fish feed market during the forecast period owing to the presence of large fish farms for aquaculture. The United States has a significant demand for seafood as aquatic items occupy a specific position in the market. The growth of this market in this country is driven by population growth, rising income, and rapid urbanization. To meet the high demand for this product, nearly half of the raw material necessary is imported from other regions.