The US plant-based fish feed market is experiencing a significant transformation, driven by the growing demand for sustainable aquaculture practices. With a market value of US$ 6.8 billion in 2021, this sector is projected to witness a robust 6% compound annual growth rate (CAGR) through 2032, reaching a valuation of US$12.2 billion. Major regions like North America, Europe, and East Asia are leading the way in investment and innovation, with North America poised to experience extraordinary growth in the coming years.
The aquaculture industry, which contributes over 50% to the global edible seafood supply, is increasingly turning towards plant-based fish feed solutions to mitigate environmental risks and ensure sustainable growth. Consumers’ growing preference for eco-friendly alternatives, coupled with the need for reliable and nutritious fish feed, is driving the demand for plant-based options. In the US market, this demand is fueled by a shift towards more sustainable practices across various industries
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Several factors contribute to the rapid growth of the US plant-based fish feed market
Technological advancements, such as the development of innovative feed solutions derived from natural sources like microalgae and leftover food, are driving market expansion. Additionally, increased investment in research and development efforts, particularly in North America and Europe, is expected to further propel market growth. The rising awareness of the environmental benefits of plant-based alternatives and the growing middle class with disposable income also play significant roles in driving demand.
Key Takeaways for Investors:
- The US plant-based fish feed market is on a trajectory of significant growth, with a projected CAGR of 6% through 2032.
- Technological innovations and increased investment in R&D are driving market expansion, presenting lucrative opportunities for investors.
- Sustainability and environmental concerns are driving consumer demand for plant-based alternatives, creating a favorable market landscape.
- North America, particularly the US, is expected to witness extraordinary growth, making it an attractive investment destination for stakeholders.
- With the aquaculture industry embracing sustainable practices, the demand for plant-based fish feed is expected to soar in the coming years, offering promising returns for investors.
“Due to environmental dangers, proliferating demand for fish feed with reduced environmental impact, and developing aquaculture industry with enormous demand for sustainable fish feed, the plant-based fish feed market will see expansive growth potential. Long-term benefits have been demonstrated for plant-based fish feed made from canola oil and soybean. As a result, the market for plant-based fish feed will see potential growth”, –Nandini Roy Choudhury, Client Partner at Future Market Insights
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Competitive landscape
As demand for plant-based fish feeds is expected to increase over the next decade, existing companies are eagerly awaiting innovation and R&D to establish a strong position in the market. . Several companies around the world are investing heavily in adopting new technologies to find affordable alternatives to fish and shellfish foods to meet the growing demand for seafood. Investment in the development of new plant-based feeds is expected to grow as investors and stakeholders focus on the favorable opportunities and potential of the fish-based market.
Some of the major companies in the market are market Cargill Incorporated., Skretting, Alltech, BioMar Group, Nutreco N.V., Ridley Corporation Limited, ADM, Hanpel Tech Co. LTD, and Adisseo among others.