April 21, 2024

Aquafeed Market Growth Accelerated by Rising Aquaculture Industry

Aquafeed is an important dietary feed supplement primarily used for the nutritional requirement of various fishes and aquatic animals that are bred commercially through aquaculture. Aquafeed provides balanced nutrients, vitamins, and minerals for proper growth and health of aquatic species. Due to the rising demand for protein-rich seafood, the aquaculture industry has witnessed substantial growth over the past few decades. This has propelled the demand for high-quality aquafeed.

The global Aquafeed Market is estimated to be valued at US$ 71.2 Bn in 2024 and is expected to exhibit a CAGR of 15% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
According to the UN Food and Agriculture Organization, aquaculture now accounts for over 50% of seafood for human consumption globally. This growth in the aquaculture sector has robustly augmented the demand for aquafeed to meet the nutritional requirements of farmed aquatic animals. Over the forecast period, research and development of innovative and customized aquafeed formulations specific to different aquatic species is expected to remain a primary driver bolstering the aquafeed market growth rate substantially.

Segment Analysis
The global aquafeed market is dominated by the fish feed segment. As fishes contribute significantly to the overall seafood production and aquaculture, the demand for fish feed is high. Fish feed accounted for over 70% share of the overall aquafeed market in 2024 owing to the widespread consumption of various fish types globally. Rising demand for seafood and increasing popularity of aquaculture is augmenting the growth of the fish feed segment.

Key Takeaways
The Global Aquafeed Market Size is expected to witness high growth over the forecast period of 2024 to 2031 supported by increasing aquaculture production and rising demand for healthy seafood. The market is projected to grow at a CAGR of around 15% during the forecast period.

Regional analysis: The Asia Pacific region dominates the global aquafeed market with a share of over 40% in 2024. China, India, Vietnam, Indonesia and Japan are the major markets in the region. Rapid growth in aquaculture, abundance of resources, growing middle-class and rising living standards have been supplementing the demand for aquafeed in Asia. The region is expected to maintain its dominance in the coming years as well supported by conducive government regulations regarding the aquaculture industry.

Key players operating in the aquafeed market are Oracle Corporation, Microsoft Corporation, Google LLC, IBM Corporation, Salesforce.com Inc. Oracle Corporation dominated the market with its wide range of aquafeed management solutions in 2024. The company offers an extensive suite of solutions to help feed producers optimize operations and maximize profitability. Microsoft Corporation offers cloud-based products and services that help feed manufacturers improve efficiency across the value chain.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it