The global aquafeed market is experiencing significant growth, with a projected value of USD 72.5 billion in 2022 and an anticipated compound annual growth rate (CAGR) of 4.4% from 2023 to 2030. This growth is primarily driven by the rising demand for aquaculture products, particularly species like tilapia, carp, catfish, and salmon.
The industry is characterized by a fragmented landscape with numerous players, including prominent companies like BioMar Group, Cargill, Inc., and Charoen Pokphand Foods PCL. These market leaders are actively pursuing strategies such as mergers and acquisitions, partnerships, portfolio expansions, and collaborations to solidify their positions within the value chain. A notable example is Cargill's recent launch of "Ewos Naturligvis," a new line of plant-based aquafeed in Norway. This product, composed of sustainable ingredients like wheat, soy, and corn, is designed to provide optimal nutrition for fish while minimizing environmental impact.
Gather more insights about the market drivers, restrains and growth of the Aquafeed Market
The future of the aquafeed market appears promising, driven by the increasing popularity of fish farming. The growing preference for natural and organic feed products among manufacturers has emerged as a key industry trend. This trend is expected to fuel the demand for plant-based aquafeed in the coming years. Aquafeed products are manufactured using both traditional and modern technology-driven processes to meet the diverse needs of the aquaculture industry.
Form Segmentation Insights
In 2022, dry form aquafeed dominated the global market, capturing over 42.70% of the total revenue. This dominance is primarily due to its ability to enhance fish feed conversion ratios. The segment is projected to maintain its leading position and expand at the fastest rate throughout the forecast period, driven by its high palatability.
Wet feed is another prevalent form of aquafeed, containing moisture levels between 45% and 70%. Produced from high-moisture ingredients like slaughterhouse waste, undried forage, and fishery waste, wet feed is typically prepared daily on farms and fed to carnivorous fish species such as sea bream, sea bass, and eels.
Moist feed, a third significant form, combines wet, dry, and moist raw materials, resulting in a moisture content ranging from 25% to 45%. Certain moist feeds, containing sodium chloride and propylene glycol, can be stored without freezing.
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