(EMAILWIRE.COM, January 29, 2025 ) The North American aquafeed Market is valued at USD 1,987.8 million in 2024 and is anticipated to grow at a CAGR of 6.2%, reaching USD 2,687.9 million by 2029. This market includes the United States, Canada, and Mexico. North America remains a significant importer of aquaculture products, with high consumption levels of fish and seafood across the region.
According to the 2020 Fisheries of the United States report, commercial fishers in the U.S. harvested 8.4 billion pounds of fisheries, valued at USD 4.7 billion. Additionally, World Bank data indicates that aquaculture production in North America totaled 645,287 metric tons in 2022. This increasing aquaculture activity drives the demand for specialized aquafeed designed to meet the nutritional needs of various species and life stages, fostering further growth in the regional aquafeed market.
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Fish Meal Segment: The Fastest Growing in the Market
The fish meal segment is projected to be the fastest-growing category in the market, primarily due to its role in improving the efficiency of aquatic animal feed. Incorporating fish meal into the diet of aquatic animals enhances growth, palatability, nutrient uptake, digestion, and absorption. According to the University of Florida, high-quality fish meal contains an average crude protein level of 60% to 72%. Widely regarded as the preferred animal protein supplement, fish meal is a key protein source in diets for fish and prawns, as well as a minor component (typically 5% or less on a dry matter basis) in terrestrial animal feed. Its inclusion ensures essential protein availability, particularly benefiting aquaculture species like fish and prawns.
North America: Dominance of the Fish Segment in the Aquafeed Market
The fish segment is expected to maintain a dominant share of the North American aquafeed market, bolstered by rising global seafood demand, innovations in feed technology, and a growing focus on sustainability. According to the Food and Agriculture Organization (FAO) of the United Nations, global aquaculture production is forecasted to reach 114 million tons by 2030, with fish species remaining the top contributors to production volumes. This growth is driven by increasing consumer preference for fish due to its health benefits and the expansion of aquaculture to meet rising seafood demand.
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United States: Leading the North American Aquafeed Market
The United States is the dominant region within the North American aquafeed market, fueled by steady growth in aquaculture production. Between 2000 and 2022, US production of aquatic animals rose from 457,000 tons to 478,000 tons, accounting for 9.6% of regional production. This consistent growth reflects the increasing demand for aquafeed solutions. Federal programs by NOAA and USDA, aimed at promoting sustainable practices and technological advancements, further support market development. The sustained rise in aquaculture production underscores the growing need for innovative aquafeed solutions, driving market expansion.
Key Market Players:
The key market players include ADM (US), Cargill, Incorporated (US), dsm-firmenich (Switzerland), Nutreco (Netherlands), Alltech (US), Purina Animal Nutrition (US), Biomar GROUP (Denmark), Kemin Industries (US), Novus International, Inc. (US), Wilbur-Ellis Company LLC (US), Adisseo (France), Aller Aqua Group (Denmark), and Norel Animal Nutrition (Spain).
North American Aquafeed Market Recent Developments
October 2023: BioMar Group (Denmark) partnered with Yield10 Bioscience (US) to commercialize Omega-3 Camelina crops. These crops are genetically engineered to produce omega-3 oils (EPA and DHA) for aquafeed, offering a sustainable and scalable alternative to marine-derived omega-3s. This collaboration highlights BioMar’s dedication to innovation and sustainability, integrating land-based omega-3 sources into their feed solutions to support growth and environmental objectives in the aquaculture industry.
June 2022: Innovafeed and Cargill expanded their partnership to deliver novel, sustainable ingredients to aquafarmers. The collaboration combines Innovafeed’s expertise in precision insect ingredient development with Cargill’s global animal nutrition capabilities, promoting the use of insect-based ingredients across various animal feeds. Under this agreement, Cargill leverages sustainable ingredients specifically for salmonid diets.
July 2020: Charoen Pokphand Foods PCL (CPF) launched the innovative “Aquaculture 5.0” shrimp farm project in the US. This advanced facility enables year-round shrimp farming, independent of external conditions. A key aspect of the initiative is the use of sustainable feed ingredients, avoiding marine meals and soy sourced from ecologically sensitive regions. This project underscores CPF’s commitment to environmental sustainability and technological advancements in aquaculture.
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