Global Fish Feed Market Overview
Fish Feed Market Size was valued at USD 116.2 Billion in 2022. The Fish Feed Market industry is projected to grow from USD 120.8 Billion in 2023 to USD 165.3 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.00% during the forecast period (2023 - 2032). The expansion of the aquaculture industry and the evolution of fish farming practices, coupled with a growing population and shifting dietary preferences, increasing awareness of the advantages associated with high-quality fish feed, as well as government initiatives and regulations that encourage sustainable aquaculture practices are expected to be a significant market driver for the Fish Feed Market.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Market CAGR for fish feed is being driven by the rising carbon footprint across the world and increasing demand for renewable energy sources. The growth of the aquaculture sector is primarily driven by factors such as increasing fish consumption and the rising affluence of the middle class in developing nations, which has led to greater consumption of processed seafood. According to the FAO, in 2020, aquaculture production reached a record 122.6 million tonnes, valued at USD 281.5 billion. This production includes 87.5 million tonnes of aquatic animals and 35.1 million tonnes of algae. Notably, aquaculture production expanded in all regions except Africa, largely due to decreased production in Egypt and Nigeria, while the rest of Africa experienced significant growth of 14.5 percent from the previous year. Asia continued to dominate world aquaculture, accounting for 91.6 percent of the total production. As the aquaculture sector has expanded, there has been a growing demand for high-quality aqua feed, feed additives, and compound feed. The fish feed market is poised for growth due to the limited availability of marine feed resources and the increasing demand for fish, prompting the expansion of fish farming. The adoption of Scientific Aquaculture Management Practices (SAMP) has also increased to enhance feed quality, presenting an opportunity for the feed market to thrive.
Fish feed formulation is now an essential consideration for manufacturers, given the evolving landscape of fish farming techniques. A key focus is on balancing protein, amino acids, and carbohydrates in fish feed, tailored to the nutritional needs of fish. Organizations like the National Oceanic and Atmospheric Administration (NOAA) are actively researching alternative fish feed ingredients to create well-rounded diets for farmed fish without the use of fish-derived products. This emphasis on innovation and sustainability in fish feed is reshaping the industry.
As a result, it is anticipated that throughout the projection period, demand for the Fish Feed Market will increase due to the increasing fish consumption and the rising affluence of the middle class in developing nations. Thus, driving the Fish Feed Market revenue.
The Fish Feed Market segmentation, based on Product Type includes Plant Based, Fish & Fish Products, and Microorganisms. The plant-based segment dominated the market, accounting for 58% of market revenue (67.3 Billion). The increasing demand for meat alternatives is driven by consumer concerns over the health implications of excessive meat consumption. Simultaneously, environmental awareness has prompted aquafarmers to adopt plant-based fish feed as a solution for nourishing farmed fish while mitigating the impact on wild fish populations and aquatic ecosystems. By incorporating plant-derived protein and lipid sources, plant-based fish feed is aimed at addressing these challenges. Aquaculture experts and researchers are actively engaged in optimizing feed formulations based on plant ingredients to fulfill the nutritional requirements of farmed fish while promoting sustainable farming practices. For instance, regulatory bodies like the Food Safety and Standards Authority of India (FSSAI) have laid out specific requirements for plant-based products and provided guidelines on how they should be labeled, by relevant legislation.
Figure 1: Fish Feed Market, by Product Type, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The Fish Feed Market segmentation, based on Form includes Pellets, Granules, Flakes, Sticks, and Powder. The pellets segment dominated the market, accounting for 58% of market revenue (67.3 Billion). Pelleted fish feed is favored for its ability to provide balanced nutrition to farmed fish. These feeds are carefully formulated to include essential nutrients like proteins, fats, vitamins, and minerals. The balanced nutritional profile promotes healthy growth and development in aquatic species, making it a preferred choice for aquaculturists. Pelleted fish feeds are engineered to be highly digestible. This means that the nutrients within the pellets are readily absorbed by the fish, resulting in efficient growth and minimal waste. High digestibility translates to better feed conversion rates, a key factor in cost-effective aquaculture.
The Fish Feed Market segmentation, based on End Use Applications includes Commercial and Household. The commercial segment dominated the market, accounting for 60% of market revenue (69.7 Billion). Commercial fish farming, which caters to the retail and restaurant sectors, places a strong emphasis on fulfilling the nutritional needs of fish. High-quality feeds are designed to provide optimal nutrition to support healthy growth and enhance the flavor and texture of the fish, making them more appealing to consumers. Some commercial aquaculture operations focus on exporting fish products. To meet international standards and consumer demands in markets, the sector relies on high-quality fish feeds to produce export-quality fish.
Fish Feed Market Distribution Channel Insights
The Fish Feed Market segmentation, based on Distribution Channel includes B2B and B2C. The B2B segment dominated the market, accounting for 60% of market revenue (69.7 Billion). B2B suppliers often offer customization options to meet the specific nutritional needs of different fish species and life stages. This tailored approach ensures that the feed aligns with the requirements of the buyer's aquaculture operation. B2B transactions are focused on optimizing the supply chain, from production to delivery. Streamlined logistics and efficient distribution ensure that feed reaches its destination in a timely and cost-effective manner.
Fish Feed Market Regional Insights
By region, the study provides market insights into North America, Europe, Asia-Pacific, and Rest of the World. The anticipated expansion of the Fish Feed market in North America can be attributed to several key factors. Sustainability concerns have pushed the aquaculture industry to focus on responsible practices. This includes using feeds that are efficient and environmentally friendly. The United States benefits from a highly favorable geographical position, situated between the Pacific Ocean to the west and the Atlantic Ocean to the east, providing an extensive coastline. Given the unique role of seafood in the market, the United States demonstrates substantial demand for aquatic products. This demand for fish feed is primarily propelled by factors like population growth, increasing income levels, and rapid urbanization. Moreover, as marine fishing alone cannot suffice to meet the growing demands of the populace, there is a pressing necessity for fish feed in the context of aquaculture. Sustainable fish feed production is a significant driver of market growth, with the demand for feeds that reduce the environmental impact of aquaculture.
Further, the major countries studied in the market report are the US, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: FISH FEED MARKET SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe's Fish Feed Market accounts for the second-largest market share as In Europe, there exists a heightened awareness of the nutritional advantages associated with seafood consumption. According to a survey conducted by Alltech, Europe contributed 8.9% of the fish feed production, producing a volume of 3.8 million metric tons in 2022. This marked a significant rise from the 3.3 million metric tons recorded in 2018. Consumers in the region are displaying an escalating preference for seafood products that offer not just exceptional taste but also exceptional nutritional value. This consumer trend is propelling the demand for premium fish feeds capable of fostering the development of healthy and nutrient-rich fish. Further, the German Fish Feed Market held the largest market share, and the UK Fish Feed Market was the fastest-growing market in the European region
The Asia-Pacific Fish Feed Market is expected to grow at the fastest CAGR from 2023 to 2032. Nations such as China, India, Vietnam, and Indonesia are significant players in both aquaculture production and consumption, thereby spurring the demand for fish feed within the region. According to data from the FAO in 2020, Asian countries held a prominent position as the leading producers, accounting for a substantial 70% of the overall fisheries and aquatic animal production. Notably, around 33% of these aquatic animals were cultivated in inland waters in Asia, with an additional 22% originating from the Pacific Northwest and 10% from the Western Central Pacific. The dominant position of the Asia Pacific region in the market can be attributed to the presence of major aquaculture industry players, a diverse array of cultivated fish species, and government support initiatives that foster the growth of the aquaculture sector. Moreover, China’s Fish Feed Market held the largest market share, and the Indian Fish Feed Market was the fastest-growing market in the Asia-Pacific region.
Fish Feed Market Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development to expand their product lines, which will help the Fish Feed market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the Fish Feed industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the Fish Feed industry to benefit clients and increase the market sector. In recent years, the Fish Feed industry has offered some of the most significant advantages to the aquaculture sector and the sustainable production of seafood. Major players in the Fish Feed Market, including Cargill, Inc., Nutreco N.V., Archer Daniels Midland Company, Ridley Corporation Limited, Biomar Group, Alltech, Inc., Skretting (Nutreco Company), BioMarin North America Inc., Zeigler Bros. Inc., Norel Animal Nutrition, De Heus Animal Nutrition, Nutriad International NV, Aller Aqua Group, Dibaq Aquaculture, Marubeni Nisshin Feed Co., Ltd., Tongwei Group Co. Ltd., New Hope Liuhe Co. Ltd., Guangdong Haid Group Co. Ltd., Clextral SAS, Guangzhou Guangwei Feed Co. Ltd. are attempting to increase market demand by investing in research and development operations.
Cargill Inc. is a diversified agribusiness company that offers a wide range of products and services across the food, financial, agricultural, industrial, and risk management sectors. The company is engaged in the marketing, processing, and distribution of various commodities, including grains, oilseeds, sugar, meat, and other food products. It also manufactures natural ingredients for industries like personal care, pet food, animal feed, and bio-industrial products. Cargill provides a comprehensive suite of services, including technical support, data asset solutions, transportation and logistics services, risk management services, and marketing services. Additionally, the company is involved in the production and distribution of starch, starch sweeteners, fuel ethanol, and biodiesel. Cargill's portfolio includes well-known brands such as Nutrena, Provimi, Cargill, EWOS, Diamond V, and Purina for its feed and pet food products. The company operates across the Americas, Europe, the Middle East, Africa, and the Asia Pacific region. A significant milestone for Cargill was the opening of its dedicated fish feed plant in India in 2018, with an annual production capacity of 90,000 tons. This expansion marked a threefold increase in fish feed capacity, supported by a substantial investment of over US$10 million and the creation of around 200 new job opportunities in the region. Cargill continues to play a prominent role in the agribusiness and feed industry.
Nutreco NV, a subsidiary of SHV Holdings NV, is a prominent player in the animal nutrition and aqua feed industry. The company is dedicated to advancing sustainable practices by focusing on reduced antibiotic usage, efficient resource utilization, and minimizing food waste through advanced diagnostics. Nutreco's product portfolio encompasses a wide range of offerings, including premixes, compound feed, farm minerals, young animal feeds, fish and shrimp feeds, as well as food products tailored for farm animals like poultry, pigs, and ruminants. They also provide feed additives and preventive animal health products. The company markets its products under the well-recognized Skretting and Trouw Nutrition brand names. Operating across multiple regions, Nutreco has an extensive presence with production plants in Western Europe, Central and Eastern Europe, EMEA, Asia, Canada, the US, Latin America, Norway, Chile, Asia, Australia, Canada, Ecuador, and Zambia. They also have joint ventures in Honduras and Nigeria. Headquartered in Amersfoort, Utrecht, the Netherlands, Nutreco has taken a significant step toward sustainability. In October 2022, Nutreco and its parent company SHV partnered with FoodTechAfrica and African Parks in an initiative aimed at promoting sustainable aquaculture in Africa. Leveraging their profound knowledge and experience, Nutreco and SHV are actively contributing to the development of sustainable solutions to address the challenges of feeding the future, all while fostering conservation-driven economies.
Fish Feed Industry Developments
January 2023: In January 2023, Nutreco completed the acquisition of Innovafeed, a French company with expertise in producing insect-based feed for farmed fish.
February 2023: In February 2023, Cargill entered into a strategic partnership with DSM to collaborate on the development of a novel range of floating fish feed formulated with sustainable ingredients.
Fish Feed Market Report Scope
Fish Feed Market Segmentation:
Fish Feed Market Product Type Outlook
Fish Feed Market Form Outlook
Fish Feed Market End Use Application Outlook
Fish Feed Market Distribution Channel Outlook
Fish Feed Market Regional Outlook
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 116.2 Billion |
| Market Size 2023 | USD 120.8 Billion |
| Market Size 2032 | USD 165.3 Billion |
| Compound Annual Growth Rate (CAGR) | 4.00% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product Type, Form, End Use Application, and Distribution Channel, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The US, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Cargill, Inc., Nutreco N.V., Archer Daniels Midland Company, Ridley Corporation Limited, Biomar Group, Alltech, Inc., Skretting (Nutreco Company), BioMarin North America Inc., Zeigler Bros. Inc., Norel Animal Nutrition, De Heus Animal Nutrition, Nutriad International NV, Aller Aqua Group, Dibaq Aquaculture, Marubeni Nisshin Feed Co., Ltd., Tongwei Group Co. Ltd., New Hope Liuhe Co. Ltd., Guangdong Haid Group Co. Ltd., Clextral SAS, Guangzhou Guangwei Feed Co. Ltd. |
| Key Market Opportunities | · Rising popularity of fish food products, supportive logistics network, and innovative distribution channels |
| Key Market Dynamics | · Growth in Aquaculture Industry and Awareness of Sustainable Aquaculture Practices |
Frequently Asked Questions (FAQ) :
• The Fish Feed Market size was valued at USD 116.2 Billion in 2022.
The Fish Feed Market is projected to grow at a CAGR of 4.00% during the forecast period, 2023-2032.
North America had the largest share of the market
• The key players in the market are Cargill, Inc., Nutreco N.V., Archer Daniels Midland Company, Ridley Corporation Limited, Biomar Group, Alltech, Inc., Skretting (Nutreco Company), BioMarin North America Inc., Zeigler Bros. Inc., Norel Animal Nutrition, De Heus Animal Nutrition, Nutriad International NV, Aller Aqua Group, Dibaq Aquaculture, Marubeni Nisshin Feed Co., Ltd., Tongwei Group Co. Ltd., New Hope Liuhe Co. Ltd., Guangdong Haid Group Co. Ltd., Clextral SAS, Guangzhou Guangwei Feed Co. Ltd.
The Plant-Based dominated the market in 2022.
The Commercial Application had the largest share in the market.
Research Analyst Harshita post graduate mba in business administration from welingkar institute, mumbai and 5 years of experience in the field of product market research. as a research analyst, i have cross-domain experience in packaging, and industrial automation & equipment. i am currently looking after the research process of packaging, logistics & transportation, and industrial automation & equipment at market research future reports. my responsibilities at the organization involve handling syndicate and custom reports as well as responding to client inquiries, and organize, co-ordinate with a group of 5 to 6 persons to manage all workflows.
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