Global Fish Feed Market

Fish Feed Market Size, Share, Growth Analysis, By Type(Fish feed (Ray-finned fish feed, mackerel feed), By Ingredient(Corn, soya bean), By Additive(Vitamins, antibiotics), By End User(Fish (Salome feed, Carp feed) - Industry Forecast 2024-2031

Report ID: SQMIG30H2052 | Region: Global | Published Date: April, 2024
Pages: 198 | Tables: 135 | Figures: 77

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Fish Feed Market size was valued at USD 115 billion in 2022 and it is expected to grow from USD 123.86 billion in 2023 to USD 224.20 billion by 2031, at a CAGR of 7.7% during the forecast period (2024-2031).

The nature of competition for the 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 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, Inc.', 'Nutreco N.V.', 'Archer Daniels Midland Company', 'Ridley Corporation Limited', 'Biomar Group', 'Alltech, Inc.', 'Skretting (Nutreco Company)', 'BioMarin North America Inc.', 'Zeigler Bros. Inc.', 'Norel Animal Nutrition', 'De Heus Animal Nutrition', 'Nutriad International NV', 'Aller Aqua Group', 'Dibaq Aquaculture', 'Marubeni Nisshin Feed Co., Ltd.', 'Tongwei Group Co. Ltd.', 'New Hope Liuhe Co. Ltd.', 'Guangdong Haid Group Co. Ltd.', 'Clextral SAS', 'Guangzhou Guangwei Feed Co. Ltd.'

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 economies is the factor propelling the market growth in the coming years.

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 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.

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Global Fish Feed Market

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