(EMAILWIRE.COM, September 03, 2024 ) The global aquafeed market, estimated to be USD 59.0 billion in 2024, showcases a remarkable growth projection, anticipated to escalate to USD 84.2 billion by 2029, indicating a robust compound annual growth rate (CAGR) of 7.4% during the forecast period. As aquaculture production continues to grow, aquafeed is playing an increasingly crucial role, in highlighting its essential contribution to the production. Feed costs generally top the list of farming inputs for most fish species and crustaceans; hence, innovations in aquatic animal nutrition and the development of extruded feeds are therefore crucial to the sustainability of this industry. High-value species, such as salmon, seabass, and shrimp, require high-protein diets that traditionally rely on fishmeal and fish oil, which are derived from wild pelagic fish resources important for global food security. According to The State of World Fisheries and Aquaculture 2022, Aquaculture is expected to nearly double its current production by 2050, which will demand enormous quantities of feed that is rich in affordable protein, essential amino acids, omega-3 fatty acids, key minerals, vitamins, and energy sources.
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The fish category within the aquafeed species segment maintains a significant position throughout the forecast period.
The fish category, among the aquafeed species segment, is further expected to maintain the leading position during the forecast period. This has been possible due to the innovation and development of specially tailored feed for leading fish species. For instance, Aquasoja (Brazil) in February 2024, introduced the newly formulated POND PLUS feed that addresses the nutritional needs of two economically and ecologically important species in world aquaculture i.e., Nile tilapia and European carp. It is an extruded floating feed that contains more than 25% high-quality poultry ingredients and approximately 15% marine ingredients, including fishmeal from trimmings, shrimp hydrolysates, and fish oil. Balanced feed composition in carbohydrates, vitamins, and minerals in combination with health-promoting additives marine hydrolysates, algae-derived substances, and yeast extracts provides maximum growth performance, health, and survival throughout the on-growing period. Targeted feed solutions identify the fish category as one that was very relevant in the aquafeed market in a bid to meet all those complex nutritional needs for species, thereby maintaining their lead in aquaculture.
The shrimp by sub-type category in crustacean species, is estimated to hold the largest share throughout the forecast period.
According to the World Wildlife Fund, Farmed shrimp accounts for 55% of the world’s shrimp production, with more than 90% of its aquaculture output coming from China, followed by Thailand, Indonesia, India, Vietnam, Brazil, Ecuador, and Bangladesh.
Shrimp farming benefited from well-established and efficient production systems wherein the techniques in breeding, as well as feed formulation, were already highly developed for the optimal growth rate and resistance of the organism to various diseases. For instance, innovations in shrimp feedsuch as those incorporating probiotics and high-quality protein sourceswould increase feed conversion rates and overall yield.
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In Asia Pacific, China is poised to maintain its dominant position within the aquafeed market throughout the forecast period.
China is well-positioned to maintain its dominance in the global aquafeed market due to its unparalleled scale of production, strategic governmental support, and technological advancements. As the worlds largest producer and consumer of seafood, China dominates the aquaculture sector, contributing approximately 60% of global fish production (FAO, 2023). In the same year, the country produced about 80 million metric tons of farmed fish, driving substantial demand for aquafeed. The Chinese governments 14th Five-Year Plan further bolsters this dominance by prioritizing sustainable aquaculture practices and technological innovation, including investments in advanced feed formulations and infrastructure (Chinas Ministry of Agriculture and Rural Affairs). Technological advancements, such as the development of high-performance feed with functional additives, are enhancing feed efficiency and fish health, ensuring continued market leadership. Additionally, Chinas focus on an export-oriented strategy, with aquaculture exports valued at approximately USD 30 billion in 2023, underscores its critical role in the global seafood supply chain (China Customs). These factors collectively support China’s sustained prominence in the aquafeed market.
The key players in the market are ADM (US), Cargill, Incorporated (US), dsm-firmenich (Switzerland), Nutreco (Netherlands), Alltech (US), Ridley Corporation Limited (Australia), Purina Animal Nutrition LLC (US), Adisseo (France), Aller Aqua Group (Denmark), Avanti feeds Limited (India), The Waterbase Limited (India), JAPFA LTD (Singapore), Charoen Pokphand Foods PCL (Thailand), BioMar Group (Denmark), and Norel Animal Nutrition (Spain).
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