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%.
Fish feed is a mixture of basic materials, additives, and additional supplements acquired from natural or synthetic sources and fed to farmed fish. With the support of the UK Seafood Innovation Fund (SIF), Rare Earth Global, a grower of industrial hemp for sustainable products and the organization behind the initiative, has received funding of over £260,000 to conduct a two-month evaluation of feed quality as part of a research and development project. Scottish salmon farmers conducted a feasibility study last year on the use of hemp seeds in their diet.
Fish is thought to provide about 15% of the protein ingested per capita by individuals all over the world. Low carbon footprint, high per-unit yield, and unique protein content have increased fish consumption, which is helping to expand demand for fish feed because marine feed is in short supply.
The fish feed markets also include fish feed created for various purposes, such as aquarium fish feed, which is meant for ingestion by pet fish kept in aquariums or ponds. The market for ornamental fish feed, food for colorful fish is maintained as pets in a limited setting such as an aquarium. Hence, Fish feed manufacturers have varying compositions of fish feed ingredients for different markets to broaden their consumer base.
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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
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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.
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Know More about What the Fish Feed Market Report Covers
Future Market Insights offers an unbiased analysis of the global fish feed market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the fish feed market, the market is segmented based on product type, form, end-use application, and distribution channel industry type across six major regions.
Market Segmentation
Product Type:
- Plant Based
- Fish & Fish Products
- Microorganism
Form:
- Pellet
- Granules
- Flakes
- Sticks
- Powder
End Use Application:
- Commercial
- Household
Distribution Channel:
- B2B
- B2C
- Store based
- Online retail
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- Middle East and Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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