Aquafeed Market Size, Share, Growth, Trends, and Global Industry Analysis: By Category (Medicated Feed, Non-Medicated Feed) By Feed Type (Starter Feed, Grower Feed, Finisher feed, Brooder Feed) By Ingredient Type (Soybean, Corn, Fish oil, Fish meal, Feed Additives, and Others) By Species Type (Salomon, Tilapia, Carp, Seabass and seabream, Trout, Turbot, shrimp, Cat Fish, and Others) and Region Forecast 2019-2030

Aquafeed Market size was valued at US$ 86,342.5 million in 2023 and is expected to grow at a CAGR of 6.4% from 2024 to 2030. Aquafeeds pertain to any feed given to aquatic farmed animals as integral of aquaculture fish need a balanced mix of essential nutrients like amino acids, fatty acids, and vitamins to flourish. The key factor at the back of the rising stipulation for aquaculture feed production is the rising demand for aqua food products. Additionally, under the conspiracy of contract farming, farmers are presumed to aquafeed and fish seeds required for the development of aquaculture. For instance, as demonstrated by the Ministry of Agriculture and Farmers Welfare (India), through the fiscal year 2020, fish production in India aggregated to over 15 million metric tons, a rise from about 14.5 million metric tons in the fiscal year 2019.

Moreover, the market is anticipated to witness rapid growth on account of the increasing fish farming activities. There is a rising preference for natural and organic feed products among farmers, which is a novel industry trend. This is expected to drive the market for plant-based aqua feed in the future years. These aqua feed products are made utilizing both traditional as well as modern technology-operates processes. Furthermore, traditional technology is still widely used regardless of its low potency and slow speed. The fabrication method varies according to the demand and requirement of the consumers in the provisional area as well as global market. There is a rise in direct human consumption of fish as it is a less-fat protein when compared to other types of meat, like cattle and poultry. This increase in consumption is because of the attainability of an assortment of fish in the retail market. Also, it provides several health benefits, like enhancing cognitive development in children, lowering the fat level in the body, and assisting in reducing the threat of cardiovascular diseases.

However, the challenges associated with this aqua feed market includes raw materials price violation, dependency upon the fish meal and other fisher resources as feed input, increasing product cost as a result of custom made formulations remains substantial barrier for the growth of the aqua feed market. However, the key opportunities associated with these drugs are enhanced affordability and easy access to the folks, geographical expansion by the market players, and government incentives for R&D activities are create opportunities for the players in the Aquaculture Feed market.

Aquafeed Market Key Development

• In June 2021, a new Aquafeed standard was launched by Aquaculture Stewardship Council (ASC) to tackle any unsustainable and irresponsible practices across the industry
• In August 2021, the Central Institute of Fisheries Technology (CIFT) built a new technique to remove the hazard of fisheries waste being curved into fish feeds