The aquafeed market is anticipated to grow significantly, with projections indicating it will reach US$ 103.15 billion by 2031, up from US$ 64.54 billion in 2024. This growth represents a compound annual growth rate (CAGR) of 6.9% from 2024 to 2031.
Aquafeed refers to the specialized food used to nourish various farmed aquatic species, including fish, shrimp, mollusks, and crustaceans. These feeds are meticulously formulated to cater to the distinct nutritional needs of aquatic animals at different life stages, promoting healthy growth, development, and reproduction. The formulation of aquafeed is tailored based on the species being cultivated, their rearing environment, and their specific dietary requirements at each developmental stage. Typically, aquafeeds are available in forms such as pellets, granules, and other specialized formats to suit the diverse needs of aquatic species.
The expansion of the aquafeed market is primarily fueled by the burgeoning aquaculture sector worldwide. The Asia Pacific region dominates the global aquafeed market, while the Middle East and North Africa (MENA) region is projected to experience the highest CAGR during the forecast period. Countries like China, India, Vietnam, and Indonesia are leading aquaculture producers, driving the demand for high-quality feed essential for the optimal growth and health of aquatic species.
One of the key factors contributing to the growth of the global aquafeed market is the shift towards high-quality feed. This transition is largely driven by the increasing focus on enhancing aquaculture productivity and sustainability. Farmers are gradually moving away from traditional feeding methods, such as utilizing raw fish or agricultural byproducts, and are instead opting for nutritionally balanced, high-quality feed formulations. These advanced feeds are designed to improve the health, growth, and overall yield of aquatic species. They contain a scientifically formulated blend of essential nutrients, including proteins, lipids, vitamins, and minerals, which are vital for promoting efficient growth and strengthening the immune systems of farmed species.
The MENA region is expected to witness the most rapid growth in the aquafeed market over the forecast period. The aquaculture sector in this region is relatively nascent compared to other global markets, leading to a significant reliance on imports for food and feed. With limited marine resources and growing concerns regarding the sustainability of wild fishing, aquaculture has emerged as a crucial element in food security strategies for countries like Egypt, Saudi Arabia, Morocco, and Iran. Key aquaculture-producing nations in the region include Saudi Arabia, Turkey, and Iran. Additionally, countries such as Oman and the UAE are investing in aquaculture development to enhance sustainable food production. As aquaculture continues to grow, the demand for nutritionally balanced and cost-effective aquafeed is expected to rise, ensuring the health and growth of farmed aquatic species like tilapia, seabass, and shrimp. The Aquaculture Development Program in Saudi Arabia aims to improve survival rates of aquaculture species and reduce feed costs by over 30% annually, potentially saving more than US$ 400 million.
Several key players are active in the global aquafeed market, including Cargill, Incorporated, World Feeds Limited, Kemin Industries Inc, Archer-Daniels-Midland Co, Alltech Inc, BioMar Group AS, Purina Animal Nutrition LLC, Godrej Agrovet Ltd, Aller Aqua AS, Raanan Fish Feed West Africa Limited, Arabian Agricultural Services Company, Bern Aqua NV, Avanti Feeds Limited, Skretting, Ridley Corporation Limited, Growel Feeds Pvt Ltd, Quality Feeds Limited, Grand Fish Feed, Dibaq Diproteg SA, and Marubeni Nisshin Feed Co Ltd. These market participants are committed to delivering high-quality products to meet customer demands. They are also focusing on various strategies, including new product launches, capacity expansions, partnerships, and collaborations, to maintain their competitive edge in the market. The forecast for the aquafeed market can assist stakeholders in devising effective growth strategies.
The overall size of the global aquafeed market has been determined through a combination of primary and secondary research methods. The research process began with extensive secondary research utilizing both internal and external sources to gather qualitative and quantitative data related to the market. Additionally, numerous primary interviews were conducted with industry participants to validate the information and gain deeper analytical insights. Participants included industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the aquafeed sector.