February 22, 2024

Sinking Fish Feed Market Is Expected To Be Propelled By Rising Aquaculture Production

The sinking fish feed consist of ingredients such as fish meal, fish oil, corn, wheat, soybean meal and vitamins & minerals. The significant use of sinking fish feed is seen in aquaculture industry for farming of fish such as salmon, trout, carp and crustaceans. Sinking fish feed provides nutrition to fish naturally inhabiting pond & lake bottoms or confined to net enclosures in seas. The aquaculture production has witnessed significant growth over the past few decades to meet the rising demand for seafood worldwide. Rapid urbanization and growing population has propelled the demand for protein rich food including seafood. The global aquaculture industry has emerged as a plausible solution to curb the wide gap between demand and supply of seafood. According to data by Food and Agriculture Organization of the United Nations, aquaculture production is anticipated to reach 103 million tons by 2030 from 74.2 million tons in 2018.

The global sinking fish feed Market is estimated to be valued at US$ 10.76 Bn in 2023 and is expected to exhibit a CAGR of 9.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:
The anticipated growth in aquaculture production by 2030 as mentioned in the heading is projected to drive the demand for sinking fish feed during the forecast period. Fish meal and fish oil are the major proteins used in conventional fish feed, however depleting fish stocks have propelled the use of plant-based proteins such as soybean and corn in sinking fish feed formulation. Rise in urban population has surged the demand for seafood which is expected to fuel the aquaculture industry and in turn benefit the sinking fish feed market.
Segment Analysis

The sinking fish feed market is dominated by the pellet segment which holds around 60% share. Pellets are the preferred form as they sink at a moderate rate allowing fishample time to eat. Pellets also have a longer shelf life and are convenient to store and transport. The extruder textured segment is second largest as these sinks slightly faster than pellets and are also easy to manufacture in large volumes.

PEST Analysis

Political: The government is promoting sustainable aquaculture and has set guidelines to control pollution from fish farms. Subsidies are provided to upgrade fish feed quality.
Economic: As fish becomes a major protein source, the demand for high quality sinking fish feed is on the rise. However, rising commodity prices increase feed production costs.
Social: With increasing health awareness, consumers prefer farm-raised fish over wild catch as farming practices can be more regulated. This spurs the market.
Technological: Advances in feed formulation aid in improving the nutritional value and sinking properties. Digital monitoring systems also help optimise feeding practices.

Key Takeaways

The Global Sinking Fish Feed Market Size is expected to witness high growth over the forecast period supported by growing aquaculture, consumer health awareness and focus on sustainable practices.

Regional analysis: Asia Pacific dominates the market and is expected to maintain its lead through 2030. China, Vietnam and India are major producers as well as consumers accounting for over 60% share due to their large aquaculture industries.

Key players: Medtronic, Dexcom, Inc., Abbott, Novo Nordisk A/S, Ypsomed, GlySens Incorporated

Key players operating in the sinking fish feed market focus on new product development using novel ingredients and enrichment technologies to enhance nutritional value and sustainability. Companies also diversify into integrated solutions and digital services to strengthen customer engagement and aftersales support. Through strategic collaborations, players aim to expand their global footprint and access new segments of 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