1 Global Aqua Feed Market Insight Analysis
The global Aqua Feed market is valued at USD 62,681.6 million in 2024, with a CAGR of 8.46% from 2024 to 2033.
Aqua Feed is an important material basis for aquaculture, which can provide the balanced nutrition needed by farmed fish and other aquatic animals. Aqua Feed refers to any feed provided to aquaculture animals as part of aquaculture.
Figure Global Aqua Feed Market Size (M USD) and CAGR (2024-2033)
2 Aqua Feed Market Growth Drivers and Restraints
Growing consumer demand: With the development of the global economy, consumer demand for various fish products continues to rise. There is room for improvement in the quantity and quality of residents’ consumption of aquatic products. For example, the per capita consumption of aquatic products by Chinese residents in 2021 is only about 14.2kg, which has huge growth potential. At the same time, residents’ dietary concepts have shifted to “quality-oriented” and “healthy-oriented”, and the demand for special aquatic products rich in high-quality animal protein has increased, which has promoted the development of the fish farming industry, and in turn driven the growth of demand for aquatic feed.
The downstream market’s pursuit of high-quality seafood: The continuous upgrading of mass consumption has made people’s requirements for food nutrition higher and higher. Seafood products have become a popular choice to replace meat products such as pork due to their rich nutritional ingredients. Driven by the “fitness fever”, high-protein, low-fat seafood such as shrimp meat is very popular. In addition, the improvement of consumers’ health awareness and the increase in the incidence of diseases such as diabetes and hypertension have prompted people to prefer a high-protein diet, further stimulating the demand for seafood products and driving the growth of the aquatic feed market.
Development of aquaculture in the Asia-Pacific region: The Asia-Pacific market occupies an important position in global aquaculture, with South Asia, Southeast Asia and East Asia accounting for 88% of the world’s total aquaculture (excluding algae) in 2021. The improvement of living standards and the increase in per capita seafood production in the region have prompted countries to further consolidate their important position in aquaculture production in the future. Taking China as an example, the demand for aquatic products, especially special aquatic products, continues to grow, and the scale of artificial breeding continues to expand, which has promoted the development of the aquatic feed industry.
Risk of raw material price fluctuations: The main cost of aquatic feed production comes from feed raw materials, such as fish meal, soybean meal, corn, etc. Some of these raw materials are difficult to be replaced in large quantities in the short term, and their prices fluctuate greatly due to factors such as natural disasters, pests and diseases. For example, corn prices are easily affected by natural factors, and price fluctuations will directly increase corporate procurement costs, affect corporate profitability, and bring risks to the aquatic feed industry.
Risk of price fluctuations in downstream industry products: Aquatic feed products directly serve the downstream aquaculture industry, and the scale of aquaculture and feed penetration are important foundations for corporate product sales. Fluctuations in aquatic product prices will directly affect the sales of feed products. Since the aquaculture industry is greatly affected by factors such as consumer dietary preferences, natural disasters and aquaculture diseases, market prices fluctuate frequently. When the market sales price of aquatic products is low, farmers’ enthusiasm for breeding is reduced, which has an adverse impact on the sales and revenue of related aquatic feed products.
Technology and talent bottleneck: The aquatic feed industry has high requirements for technology and talent. Advanced processing technology has more advantages in the market, but the current industry production has high requirements for feed nutrition and physical properties, such as drying technology, etc. There are still certain technical barriers. At the same time, the industry needs professionals with knowledge of raw materials, production processes, quality control, etc., and the shortage of talents also restricts the development of the industry.
3 Technological Innovations in the Aqua Feed Market
Development of raw material substitution technology: In order to cope with the restrictions on the aquaculture industry caused by the shortage of fish meal and fish oil, many companies are actively developing feeds that reduce the use of fish meal and fish oil. Plant protein has become an important alternative source. Soy protein has been studied for many years and has achieved remarkable results. It is widely used in feed because of its rich protein content. In addition, microalgae and seaweed are gradually being used in fish feed to replace fish meal. Although the price of high-quality algae feed is relatively high at present, the effect is good. Companies are committed to improving its cost-effectiveness and accessibility.
Application of feed additives: To ensure that the nutrients in the feed can be effectively absorbed, digested and transported to cells by animals, more and more non-nutritional feed additives are used in aquatic feeds. These additives help maintain the animal’s efficient natural immune system, promote growth and reproduction, and are of great significance to improving the quality of aquatic feeds and breeding results.
Horizontal mergers and acquisitions to expand market share: Some companies achieve scale expansion and market share growth by acquiring companies in the same industry. For example, BioMar acquired AQ1 Systems, a manufacturer of acoustic feeding technology for the shrimp farming industry. After the acquisition, AQ1 Systems will continue to provide services to BioMar and other feed suppliers’ customers, which will help BioMar consolidate its position in the aquatic feed market and enhance product competitiveness.
Vertical integration optimizes the industrial chain: Enterprises achieve vertical integration of the industrial chain and optimize resource allocation by acquiring upstream and downstream related enterprises. For example, Avanti Feeds acquired Srivathsa Power Projects, which strengthened its control over energy supply, reduced production costs, and improved the overall competitiveness of the enterprise. At the same time, Südzucker’s subsidiary BENEO acquired Meatless B.V., expanded the field of plant-based protein products, transformed from an agricultural raw material processor to a leading partner of plant-based solutions, enriched the product portfolio, and met the market’s demand for diversified products.
Strategic alliances promote technological innovation: Enterprises also jointly carry out R&D cooperation and promote technological innovation by establishing strategic alliances. For example, Alltech and Finnforel jointly acquired the Raisioaqua fish feed production facility, integrating the advantageous resources of all parties, enhancing the technical strength and market competitiveness in the field of aquatic feed, and providing farmers with better products and services.
4 Global Aqua Feed Market Size by Type
Dry aqua feed is a heat-treated and dried product designed to reduce water activity, thereby preventing the growth of harmful microorganisms. This type of feed is known for its stability underwater and resistance to breakage during shipping and handling. In 2024, the dry aqua feed segment is projected to generate a revenue of 43,779.8 million USD, accounting for approximately 69.84% of the total market revenue. The growth in demand for dry aqua feed is driven by its versatility and suitability for various aquatic species, including fish and crustaceans. Additionally, advancements in feed formulations have enhanced the nutritional value and efficiency of dry aqua feed, making it a preferred choice for many aquaculture operations.
Wet aqua feed, on the other hand, is typically made from high-moisture ingredients and is known for its freshness and high nutritional content. This type of feed is particularly beneficial for species that require a more natural and moist diet. In 2024, the wet aqua feed segment is expected to generate a revenue of 18,901.8 million USD, representing about 30.16% of the total market revenue. The market share of wet aqua feed is growing steadily, driven by the increasing demand for specialized feeds that cater to specific nutritional needs of aquatic animals, especially in intensive aquaculture systems.
Table Global Aqua Feed Market Size and Share by Type in 2024
Type | Market Size (M USD) 2024 | Market Share 2024 |
|---|---|---|
Dry | 43779.8 | 69.84% |
Wet | 18901.8 | 30.16% |
5 Global Aqua Feed Market Size by Application
Fish – based aqua feed application was the largest segment in 2024, with a market revenue of 44800.8 million USD. This accounted for approximately 71.47% of the total market revenue. The high demand for fish as a source of protein globally has driven the growth of fish aquaculture, thereby increasing the demand for fish – specific aqua feed. With the expansion of fish farming operations, especially in regions like Asia where aquaculture is a significant industry, the revenue from fish aqua feed is expected to continue rising in the coming years.
The mollusk application segment in the aqua feed market had a revenue of 2440.5 million USD in 2024, making up about 3.89% of the total market revenue. Mollusk aquaculture, which includes species such as oysters, mussels, and scallops, has been growing steadily. Although the revenue is relatively lower compared to fish – based applications, the increasing consumer preference for mollusk products in high – end cuisine and for their nutritional benefits is likely to fuel the growth of this segment.
Crustacean – focused aqua feed applications generated a revenue of 13566.0 million USD in 2024, holding a share of around 21.64% of the total market revenue. Shrimp and crab farming are the major contributors to this segment. The high market value of crustacean products, especially shrimp, in both domestic and international markets has led to a significant investment in crustacean aquaculture. As the demand for crustacean products remains strong, especially in the food service industry and in international trade, the aqua feed market for crustaceans is set to expand further.
Table Global Aqua Feed Market Size and Share by Application in 2024
Application | Market Size (M USD) 2024 | Market Share 2024 |
|---|---|---|
Fish | 44800.8 | 71.47% |
Mollusk | 2440.5 | 3.89% |
Crustacean | 13566.0 | 21.64% |
Others | 1874.3 | 2.99% |
6 Global Aqua Feed Market Size by Region
In the United States, the aqua feed market will be valued at $2,725.8 million by 2024. This growth can be attributed to several factors, including the increasing demand for high-quality protein sources, advancements in aquaculture practices, and the expansion of aquaculture facilities. The USA’s aqua feed market is characterized by a strong focus on innovation and sustainability, with a growing emphasis on developing feeds that support environmental and health standards.
Europe has emerged as a significant player in the global aqua feed market, with a substantial market size of 8,006.9 million USD projected for 2024. The European market has been bolstered by the region’s strong regulatory framework that promotes sustainable aquaculture practices and high-quality feed production. Additionally, the region’s technological advancements and focus on research and development have contributed to the growth of the aqua feed industry. Key countries driving this market include Norway, Denmark, and the Netherlands, which are known for their advanced aquaculture sectors and significant contributions to the global aqua feed market.
China stands out as the largest market for aqua feed globally, with an impressive projected market size of 23,169.9 million USD in 2024. The rapid growth in China’s aqua feed market is driven by the country’s massive aquaculture industry, which is one of the largest in the world. The demand for aqua feed in China is fueled by the increasing domestic consumption of seafood and the government’s supportive policies towards aquaculture development. China’s market is also characterized by a rapid expansion in production capacity and a focus on improving feed efficiency and nutritional value.
Figure Global Aqua Feed Market Size (M USD) by Region in 2024
7 Global Aqua Feed Market Analysis by Major Players
Nutreco N.V. (Skretting)
Company Profile: Nutreco N.V., headquartered in the Netherlands, is a global leader in animal nutrition and aquafeed. Established in 1994, the company has a strong presence in Europe and Asia Pacific regions.
Business Overview: Nutreco operates in over 80 countries worldwide, focusing on sustainable animal nutrition solutions. Their business model is based on innovation, operational excellence, and customer orientation, aiming to improve farm performance and reduce environmental impact.
Product Offered: Nutreco offers a wide range of aqua feed products, including those for fish, shrimp, and other aquatic species. Their products are designed to maximize growth rates, improve feed conversion efficiency, and ensure the health of farmed fish. They also provide tailor-made feeds for specific farm conditions and species.
2023 Revenue Summary: In 2023, Nutreco N.V. (Skretting) achieved a revenue of approximately 4,121.3 million USD, marking a significant growth in the aqua feed market.
Cargill, Inc.
Company Profile: Cargill, Inc. is an American multinational corporation with a diverse portfolio, including agriculture, food, and industrial products. Established in 1865, Cargill has a long history of innovation and global expansion.
Business Overview: Cargill operates in over 70 countries and is known for its focus on sustainable supply chains and food security. Their aqua feed segment is a critical part of their animal nutrition business, contributing to the growth and efficiency of aquaculture.
Product Offered: Cargill offers a comprehensive range of aqua feed products for various species, including salmon, tilapia, and shrimp. Their products are formulated to support all stages of fish production, from fry to harvest, ensuring optimal growth and health.
2023 Revenue Summary: In 2023, Cargill, Inc. achieved a revenue of approximately 3,597.6 million USD, reflecting its strong market position in the aqua feed industry.
Guangdong Haid Group
Company Profile: Guangdong Haid Group, based in China, is a leading player in the aqua feed industry with a significant presence in the Asia Pacific, Americas, Middle East, and Africa.
Business Overview: Established in 1998, Haid Group has a broad industrial layout in the aquaculture sector, offering multi-link comprehensive development capabilities. They focus on R&D technology and have a comprehensive product structure.
Product Offered: Haid Group provides a variety of feed products for different aquatic species, including bass, raw fish, yellow catfish, and goldfish. They also offer crayfish feed, which has become one of the fastest-growing products in the market.
2023 Revenue Summary: In 2023, Guangdong Haid Group achieved a revenue of approximately 3,362.4 million USD, showcasing its leadership and growth in the aqua feed market.