Fish Feed Market Proposal, Demand And Trade Analysis 2033
According to FMI, fish feed market is expected to reach US$ 116,480 million by 2023. It is estimated that the market is poised to reach US$ 163,530 million between 2023 and 2033, representing a CAGR of 3.5%.
Demand for fish feed may differ based on consumer preferences for seafood that is healthy and sustainable. As consumers grow increasingly conscious of the effects aquaculture practices have on the environment and human health, producers may need to modify the feed compositions and production techniques used.
Technological developments in aquaculture, including as data-driven management, automated feeding systems, and precision feeding, may have an impact on the market’s need for specialized fish feed products. The kind of fish raised might have an impact on the market for particular kinds of fish feed. The mix and formulation of fish feed can be influenced by the dietary requirements of various species.
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Continuous research and development in fish nutrition and feed technology has led to the creation of feed compositions that are more economical and efficient. Demand is expected to rise as farmers seek for cost-saving strategies and better production results.
In order to reduce the impact on the environment, sustainable aquaculture methods are becoming more and more crucial. By utilizing properly sourced feed ingredients, fish farming operations can lessen their ecological imprint.
Fish of different species have varying nutritional needs. The need for fish feed is being driven by the development of specialized feeds to fulfill the dietary requirements of farmed fish, such as carp, shrimp, catfish, tilapia, and salmon.
Key Takeaways from the Market Study
• By 2032, the global market for fish feed is predicted to reach US$ 1,58,000 million.
• In 2022, the United States held 25.8% of the global fish feed market.
• According to industry estimates, fish feed demand is expected to rise at an average CAGR of 8% between 2022 and 2032.
• In 2022, the market for fish feed grew by 6.7% in China.
• Towards the end of 2022, Japan was responsible for 4.4% of the global market.
• Germany accounted for 13.1% of the global fish feed market in 2022.
• The fish feed market recorded a CAGR of 1.6% between 2018 and 2022.
“Plant-based fish feed will continue to be popular as the market for sustainable and organic fish feed grows in the market. Intensified fish farming practices and growing awareness of health and nourishing foods to grow the market.” Nandini Roy Choudhury, Client Partner at Future Market Insights
Competitive Landscape
A growing number of companies are collaborating with other companies and forming strategic partnerships in order to grow their fish feed businesses. A growing number of fish feed market players are investing heavily in research and development, developing new products, expanding their geographical reach, and forming strategic partnerships.
• On April 2023, ICAR-Central Inland Fisheries Research Institute, Barrackpore signed an agreement with Glaucus Agrochem Pvt Ltd for the usage of the floating fish feed “CIFRI Cagegrow”. For a period of five years, ICAR-CIFRI has granted a nonexclusive license for manufacturing and selling its floating fish feed Cagegrow in India. ICAR’s commercial arm, Agrinnovate India Ltd, completed the commercialization process.
• On August 2023, Kerala varsity produced fish feed from organic waste. As part of its experimental fish meal production project, Kerala Fisheries and Ocean Studies University (KUFOS) is using organic waste to produce fish meals. A black soldier fly larvae-based project is being developed to produce the organic waste protein needed for fish feed production.
