Global Fish Feed Market Size (2024 to 2032)

Current Scenario Of The Global Fish Feed Market

Aquaculture has gained prominence as one of the fastest-growing sectors in the world. In recent times, the fish feed market experienced rapid progress owing to the unprecedented increase in global fisheries and aquaculture production. It reached a new height with regard to production, with animal aquaculture exceeding catch fisheries. Currently, China is the principal producer of about 60 per cent of total production worldwide, accompanied by India well below. The cost of feed ranges between 60 to 80 per cent of overall recurring expenses, based on the fish species farmed and also on the concentration of aquaculture. Nutreco and Cargill Aqua Nutrition are the two largest fish feed manufacturers in the world.

Market Driver

The growth of the fish feed market is driven by the rising aquaculture production levels and surging worldwide seafood consumption. Presently, modern formulations for aqua feed are intended to give appropriate nutrition for certain fish species, encouraging healthy development and optimal food conversion. According to the State of World Fisheries and Aquaculture (SOFIA) reports, in 2022, the production of aquaculture and fisheries worldwide increased to 223.2 million tons. This presents about a 4.4 per cent rise from the year 2020. Of these, aquatic animals account for 185.4 million tons and algae of 37.8 million tons. Additionally, the Asia Pacific is a major contributor to the market expansion.

Market Restraint

The expansion of the fish feed market is hindered by the dependence on wild fish stocks and high prices. Overfishing is a key concern for the marine life and oceans in the world. The fishmeal and fish oil production usually includes small schooling fish like herring and anchovies, which are generally overfished.

Another factor restricting the growth of the market is the escalating prices of fish feed. The expense of fish is typically the highest cost for producers, and based on species, it stays between 50 per cent and 70 per cent of the overall farming expenditure to a farmer, denoting that all the costs a producer has to examine, feed remains the foremost priority.

Segment Analysis

By Ingredient

• Corn
• Soybean
• Fish Oil
• Fish Meal
• Additives
• Others

The fish meal segment is the most prevalent category of the fish feed market and is expected to maintain its position during the forecast period. Fish meal, along with its oil, are natural element with high value in nutrition and is the key ingredient in feed for aquaculture. This is due to the presence of vital lipids and amino acids required for species development. Further, globally fishmeal is produced in millions of tons. The majority of this meal and oil are made from sustainably handled and carefully regulated fish stocks, which is opposite to the recent mainstream beliefs. This drives the segment’s market share.

By Additive

• Vitamins
• Antibiotics
• Amino Acids
• Antioxidants
• Feed Acidifiers
• Feed Enzymes
• Other Additives

The antibiotics segment continues to be the widely used additive in aquaculture. It still holds a significant share of the fish feed market and is projected to remain on a growth course throughout the estimation period. The financial losses in finfish aquaculture alone is anticipated to range between 1.05 and 9.58 billion US dollars every year. The most frequently infectious disease that impacts aquatic animals over fish farming usually are the result of fungi (3.1 per cent), parasites (19.4 per cent), viruses (22.6 per cent), and bacteria (54.9 per cent). Hence, antibiotics are increasingly used in their feed.

By End-User

• Fish
  • Salmon Feed
  • Carp Feed
  • Tilapia Feed
  • Catfish Feed
• Mollusks
  • Oyster Feed
  • Mussel Feed
• Crustaceans
  • Crab Feed
  • Shrimp Feed

The fish segment is the largest user in the fish feed market. The heightened consumption of farmed fish is the main reason driving the demand for fish feed. According to the seafood Forecast, the per capita demand for seafood worldwide will remain on the rise through 2050, with production increasing tremendously to satisfy this demand. Also, it predicts a rise in production of total marine seafood of around 20 per cent by year 2050, which integrates all cultured and wild-caught finfish, mollusks, and crustaceans. This surge in production will increase the demand for fish feed.

Regional Analysis

Asia Pacific is the biggest producer in the world and holds a dominant portion of the fish feed market share. The regional market growth is driven by China, India, Vietnam, Thailand, South Korea, Bangladesh, Malaysia and others. Latin America is another major producer in the fish feed market.

Recent Market Developments

·         In October 2024, Skretting announced that it will invest between 10 to 15 million euros in its Imari factory in Japan to solidify their supply system for RAS feed and enhance quality.