The fish feed market involves key products like cereal grains, protein sources, fishmeal and fish oil. Fish feed plays a crucial role in supporting the health, growth and survival of farmed fish. It aims to provide a balanced diet rich in essential nutrients like vitamins, amino acids and minerals. The fish farming industry has been witnessing a phase of rapid expansion owing to the growing demand for seafood products worldwide. Farmed fish production now accounts for over 50% of the total fish available for human consumption and the sector continues to adopt innovations that minimize costs and maximize output.
The global sinking fish feed market is estimated to be valued at US$ 12.4 billion in 2024 and is expected to exhibit a CAGR of 11% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the sinking fish feed market include Admera Health, Abbott Laboratories, Agilent Technologies, Novartis AG, Dynamic DNA Laboratories, Empire Genomics, LLC., F. Hoffmann-La Roche Ltd., Illumina, Inc., OneOme, LLC, Myriad Genetics Inc., OPKO Health, Inc. (GeneDx.), Thermo Fisher Scientific, Inc., and AltheaDx. These players are focusing on expanding their production facilities and product lines to gain a larger market share.
The Sinking Fish Feed Market Growth due to the rising demand for aquaculture products across major economies. Fish farming activities are booming in various Asian and South American countries to cope up with the food demand from their rising populations. Farmed fish production has surpassed the figures from inland and marine fishing combined.
Globally, fish feed producers are investing heavily in R&D to develop specialized feed formulations suitable for different aquaculture systems and species requirements. New product innovations around feed texture, composition and delivery mechanism are also helping the industry grow at a steady pace. Several companies are focusing on expanding their geographical presence by building manufacturing plants closer to key aquaculture regions.
Market Drivers
The primary growth driver for this market is the rapid increase in aquaculture and fish farming activities around the world. According to the UN's Food and Agriculture Organization, global fish production from aquaculture is estimated to touch 114 million tonnes by 2030, compared to 87 million tonnes produced in 2018. Rising health awareness has boosted seafood demand while declining fishery resources have increased the importance of fish farming. All these factors are propelling the demand for high-quality fish feed formulations.
Impact of geopolitical situation on market growth and geographical regions
The current geopolitical tensions and instability across some major regions are negatively impacting the growth of the sinking fish feed market. Restrictions in trade and transportation due to political conflicts have disrupted supply chains. Rising fuel costs and freight charges also pose challenges. Manufacturers are facing difficulties in procuring raw materials at optimal prices. However, some local producers have benefited from import substitution. Countries are developing domestic feed production capacities and supporting local aquaculture industries. To sustain growth, market players must diversify their supplier networks and consider alternate logistics routes. They also need to devise contingency plans for disruption scenarios and work closely with regional authorities to resolve policy issues expeditiously. Adapting product formulations suitable for local fish varieties and farming practices holds potential in volatile situations.
Geographical regions where market in terms of value is concentrated
The sinking fish feed market in terms of value is highly concentrated in the Asia Pacific region, primarily driven by China, Indonesia, India, Vietnam, Bangladesh, and Japan. These countries collectively account for over 65% of the global aquaculture production and have a thriving fish farming industry. Advantageous climatic conditions, abundance of natural water bodies, government incentives for industry development, and growing domestic demand for fish proteins have augmented feed consumption in the Asia Pacific. Rising aquaculture exports from the region supplement the market. Other major value share regions include Latin America, led by Brazil, Ecuador, and Chile, as well as North America accounted for by the United States and Canada.
Fastest growing region for the sinking fish feed market
Africa is projected to be the fastest growing region for the sinking fish feed market during the forecast period. Fish farming holds considerable potential in African countries to overcome food insecurity and generate income and employment in rural areas. Governments and international organizations are implementing initiatives to strengthen aquaculture infrastructure and promote sustainable fish production practices across the continent’s coastal regions. Rising investment inflow, technology adoption, and focus on higher-value species bode well for feed demand. Countries like Egypt, Algeria, Nigeria, Tanzania, Morocco, Kenya, Mozambique, and Madagascar are expected to drive regional market expansion through their policy support and expanding aquaculture industries.
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