Aquafeed Market size is valued at USD 69.9 billion in 2021 and is expected to grow at a CAGR of 4.9% during the forecast period 2022 to 2028. The global market provides a detailed overview and that can be segmented by Product Type, by medicated feed, and by Species. By Product type, the Aquafeed market growth has been segmented into Non-Medicated Feed, Soybean, Fish meal, Corn, Fish oil, and Others. The Soybean segment is likely to be the largest and fastest-growing segment in terms of product type. Soybean is one of the cheapest and most beneficial non-fish sources of omega-3 fatty acids and protein. Hereafter, it is extensively used in the preparation of feed to improve the overall development and growth of aquatic species. The growing use of soybean meal and soybean cake in the production of organic feed is expected to boost the soybean demand in the industry. Based on Medicated feed, the Aquafeed market is segmented into Vitamins, Amino acids, Antibiotics, Anti-oxidants, Feed enzymes, and Others. Among these, the Amino acids medicated feed segment is expected to have a significantly growing market during the forecast period 2022-2028. Based on the Species, the Aquafeed market is segmented into Fish, Molluscs, Crustaceans, and Others. The Fish segment is expected to have a significant share in 2021. The incredible surge in fish farming to seal the gap between overall fish supply and demand is expected to impact fish feed sales positively. A superior quality fish feed is an excellent way to help the base of the food chain and support and sustain a hale and hearty fish community. Among fish, carp and tilapia are some of the noteworthy feed consumers. Carps are thought to be a high source of protein, and they are extensively used in rice and fish farming.
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