Sinking Fish Feed Market Is Estimated To Witness High Growth Owing To Growing Demand For Aquaculture
Fish feed is prepared supplementary food for fish species during aquaculture. It contains various ingredients like fishmeal, soybean meal, cereal grains, vitamins, minerals, and other additives for the healthy growth and development of fish. Fish feed is available in different forms such as pellets, granules, sinking, floating, and soluble. It provides balanced nutrition to farmed fish and helps enhance the quality, quantity, and survival rate of the harvest.
The global sinking fish feed market is estimated to be valued at US$ 12.4 Bn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2024 to 2031.
The global sinking fish feed market is witnessing high growth owing to the rising demand for aquaculture products. Aquaculture is gaining prominence worldwide as a solution for addressing the huge demand-supply gap of seafood and protein. Sinking fish feed plays a vital role in commercial aquaculture as it ensures the fish feed is not wasted and consumed efficiently by farmed species. It helps increase productivity and profitability per unit area for fish farmers. Some of the commonly farmed species requiring sinking fish feed include tilapia, catfish, carp, salmon, seabass, and seabream.
Market Dynamics:
The growing demand for aquaculture is one of the key drivers aiding the growth of the sinking fish feed market. Government policies and initiatives supporting the aquaculture industry also positively impact market growth. Rising incomes and changing dietary preferences are increasing the consumption of aquaculture products globally. This, along with the availability of quality and affordable sinking fish feeds, allows profitable large-scale commercial aquaculture practices to meet the surging demand. However, factors like price volatility of raw materials and strict regulations pertaining to the usage of antibiotics and growth hormones in aquafeed production pose challenges to market players.
SWOT Analysis
Strength: The global Sinking Fish Feed Market has several strengths. The market acts as a great revenue generator for fish feed manufacturers and ensures food security. Increasing aquaculture production to meet growing seafood demand is propelling the market growth. Promotional activities by manufacturers to boost sales are also supporting the market.
Weakness: High costs associated with research and development to formulate fish feed with optimal nutrients is a major challenge faced by manufacturers. Changing consumer preferences and ethical concerns regarding sustainability can negatively impact the market. Additionally, strict regulations regarding inclusion rates of antibiotics and medicated feeds can hamper market expansion.
Opportunity: Rising focus on commercial aquaculture systems due to depleting wild fisheries presents substantial untapped growth prospects. Emergence of innovative fish feed formulations containing organic ingredients, probiotics, and prebiotics catering to specific fish species introduces new opportunities. Growing demand for processed and convenience seafood products from developing nations also opens new avenues.
Threats: Outbreaks of infectious aquatic diseases pose severe threats by disrupting supply chains and production outputs. Rising competition from substitute animal protein and uncertainty of raw material prices are major challenges. Stringent environmental regulations pertaining to waste discharge from aquaculture can negatively impact market revenues.
Key Takeaways
The Global Sinking Fish Feed Market Share is expected to witness high over the forecast period of 2024 to 2031. The market size for 2024 is projected to reach US$ 12.4 billion.
Asia Pacific dominates the regional analysis accounting for over 35% of global production. China, Vietnam, India, and Indonesia are the fastest growing aquaculture markets in the region.
Key players operating in the Sinking Fish Feed market are Admera Health, Abbott Laboratories, Agilent Technologies, Novartis AG, Dynamic DNA Laboratories, Empire Genomics, LLC., F. Hoffmann-La Roche Ltd., Illumina, Inc., OneOme, LLC, Myriad Genetics Inc., OPKO Health, Inc. (GeneDx.), Thermo Fisher Scientific, Inc., and AltheaDx. They are focusing on developing novel feed formulations catering to specific nutritional requirements of various fish species.
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