Fish Feed Market Size, Share, Growth & Industry Trends | 2031

Report Description

The global fish feed market size was USD 112 Bn in 2022 and is likely to reach USD 148 Bn by 2031, expanding at a CAGR of 8% during 2023–2031. The growth of the market is attributed to the depletion of the natural habitat of aquatic life and the rising global demand for fish products­­.

Fish feeds are commercially produced food for aquatic animals in the form of granules or pellets packed with essential nutrients. Fish feed is cultured with the help of natural or synthetic base materials, additives, and supplements to help fish grow and sustain efficiently.

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Aquaculture produces a variety of freshwater and saltwater organisms for commercial or personal purposes. Fish farming is the practice of raising fish for human consumption. In this practice, enclosures in natural habitats such as ponds, lakes, rivers, seacoasts, or open ocean artificial ponds or large tanks are used to produce fish, crustaceans, and molluscs.

The fish and seafood provided by fish farming or pisciculture have gained popularity in the last two decades fulfilling almost half of the total global seafood requirement for human consumption. Fish are farmed in an enclosed environment and thus, cannot feed themselves naturally. They need to be fed periodically. Aquafeed help fish farmers to provide balanced nutrition to the farmed fish.

The need for fish farming stems from the fact that the population is rising exponentially while the natural habitat such as land, waterbodies, and mountains are shrinking. The human race is trying to find alternative methods to produce food such as vegetables, fruits, and fish in an artificial setup to upscale production.

Fish Feed Market Dynamics

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Drivers

Increasing population and subsequent demand for fish are anticipated to drive the market. The depleting natural habitats fail to provide food for aquatic life to survive and grow fully. Industry players in the aquaculture business explore alternate feeds for fish in the fish farms. Fish feed provides food supply to fish so that the fish develops to full capacity in terms of size and weight.

Restraints

Fluctuations in the availability and price of raw materials are required to produce fish feed preparation, which are likely to hinder the market. The prices of raw materials such as fish oil, fish meal, corn, and soybean fluctuate due to disruptions in the supply chain dynamics or geopolitical interventions. When the prices rise in an adversarial situation, the sales of the fish feed soar.

Opportunities

Rising popularity of fish food products, supportive logistics network, and innovative distribution channels create multiple opportunities in the market. Growing need for the pisciculture industry is characterized by the high acceptance of fish food products such as fish sauce and fish wafers in the general population. Fish- farming needs fish feed to grow fish to maximum capacity.

Scope of the Fish Feed Market Report

The market report includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Market Segment Insights

Based on product type, the fish feed market is divided into microorganism, fish & fish products, and plant-based. The plant-based segment is expected to expand at a significant growth rate during the projection period owing to rising awareness about environmental sustainability and skyrocketing prices of fish oil and fishmeal. Plant-based fish feeds derived from soybean, corn, wheat bran, and canola oil are likely to gain popularity as a cost-effective and nutritious alternative to conventional fish feeds.

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On the basis of ingredient, the global market is segregated into soybean, corn, fish oil, additives, fish meal, and other ingredients. The soybean segment is projected to register a considerable CAGR during the forecast period due to optimum protein content, enhanced digestibility, and omega-3 levels. Soybean-based fish products are cost-effective and have high acceptance among fish farmers. The demand for soybean products, such as fermented soy and soybean protein concentrate, is rising.

In terms of form, the fish feed market is segmented into granules, pellet, flakes, powder, and sticks. The pellet segment is expected to expand at a rapid pace during the forecast period due to its ability to provide balanced nutrition and improved digestibility to aqua life. The pellet fish feeds provide balanced nutrients to the aqua life and are easily available.

Based on additive, the fish feed market is classified as feed enzymes, feed acidifiers, vitamins, antibiotics, amino acids, antioxidants, and other additives. The feed enzymes segment is estimated to expand at a rapid pace during the forecast period owing to its ability to help fish grow to their full size and sustain longer. Fish farmers rely on feed enzymes to increase their profits by letting the fish grow at their potential and sell it in the market at a high profit margin. Feed enzymes help fish farmers to enhance remunerative prospects by increasing fish production.

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On the basis of distribution channel, the fish feed market is segmented into B2C and B2B. The B2B segment is expected to register a robust growth rate during the forecast period due to supportive infrastructure and profitable proportions provided to the suppliers and buyers in the business-to-business setup. Business-to-business practices provide suppliers with a consistent flow of orders from buyers, thereby boosting the segment.

In terms of application, the fish feed market is categorized as household and commercial. The commercial segment is anticipated to expand at a robust pace during the forecast period due to the growing expansion of packaged fish food products industry and increasing fish farming practices to provide fish to the industry. The packaged fish food industry demands an uninterrupted supply of fish and other aqua life. Fishermen are turning toward pisciculture as the natural habitat of aqua life is shrinking. Fish farmers enhance fish production with the help of aquaculture to fulfill the rising demand for fish.

In terms of region, the global fish feed market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is expected to dominate the global market during the projection period owing to the traditionally rooted inclusion of fish and fish products in the local diet. Fish is a part of the daily diet in major parts of the Asia Pacific, which in turn, is likely to boost the fish feed market significantly.

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