Published: 2023 March 24

Aquafeed Market Size, Competitive Landscape and Market Forecast 2023-2030

SKU : FB2959
180 pages
Report Summary
Table of Contents
List of Tables & Figures

Global Aquafeed Market is segmented By Species (Fish, Crustaceans, Mollusks, Others), By Additives (Amino acids, Vitamins, and Minerals, Prebiotics and Probiotics, Enzymes, Antibiotics, Antioxidants, Others), By Ingredient (Soybean, Corn, Fishmeal, Fish oil, Additives, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2023-2030


Aquafeed Market Overview

The Global Aquafeed Market is expected to grow at a CAGR of 5.2% during the forecasting period (2023-2030). Aquafeed is generally known as fish feed, which is commercially produced to feed numerous aquatic animals. This feed is compounded meals prepared for aquatic by mixing different additives and materials. It contains various ingredients, including pulses, corn, wheat, and oilseeds, in which different feed additives are applied to improve the functionality of the aquafeed. It has become vital to the aquaculture industry owing to its immune resistance, nutritional content, and growth-promoting properties. Superior quality aquafeed is very beneficial to mollusks, fishes, crustaceans & other aquatic species than farm-feed on account of their balanced and specific composition.

Aquafeed Market Summary and Scope



Market CAGR


Segments Covered

By Species, By Additives, By Ingredient, and By Region

Report Insights Covered

Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights.

Fastest Growing Region

Asia Pacific

Largest Market Share 

North America


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Aquafeed Market Dynamics and Trends

A significant rise in seafood trade mainly drives the global aquafeed market growth. Also, growing investment in R&D activities in product innovation further spurs the product demand.

An increase in seafood plays a major role in driving the aquafeed market growth.

Rising seafood consumption and increasing purchasing power on fish and fish products such as fish meal, fish oil, and fish silage are likely to proliferate aquaculture production. Rapid population growth, rising consumer spending in developing countries, and rapid urbanization have resulted in a rise in global fish production. The level of income and expenditure for animal protein is positively related to the increasing consumption of fish and related seafood at the expense of staple food. Fisheries and aquaculture are gradually becoming a major source of protein, livelihoods, foreign exchange, and well-being of the world's population. Additionally, the surge in demand for animal protein in western countries and the rising seafood trade across global economies are expected to propel aquafeed demand.

Rising R&D investments for product development will provide lucrative opportunities to the market players.

The increasing investment by the product manufacturers and associations in the research and development of innovative products is likely to drive product demand positively. For instance, in August 2020, Milkfish Aquafeeds Research, Development, and Extension Project (RDEP) were introduced in Guiuan. This project focuses on developing substitutes to combat the existing high cost of feeds in the aquafeed industry. A new substitute consists of locally-made use, such as using plant-based proteins as a prime ingredient for fish feed. Moreover, the companies are adopting mergers and acquisitions to diversify their product portfolio and offerings. In 2019, the Washington-based company, Wilbur-Ellis, acquired Renger, Inc., a U.S.-based producer, and aquafeed distributor. This acquisition is expected to strengthen the company’s market position and provide a competitive edge.

The volatile nature of raw material prices is a restraining factor in the aquafeed market.

The high fluctuation of raw material prices used in aquafeed production is likely to hinder the market growth. A considerable rise in corn, soybean, and other raw material directly impacts the aquafeed's final price, further impacting the product demand. Furthermore, the rising number of people opting for vegetarian diets and abstaining from animal products and seafood is hampering the demand for fish, which, in turn, restraining product consumption.

COVID-19 Impact Analysis on Aquafeed Market

The rapid outbreak and spread of COVID-19 have sent shock waves across the globe. This pandemic has disturbed supply chains, resulting in the closure of various manufacturing sites globally. Besides, restricted air and sea traffic and the closure of important air routes further affected the fish industry. All industrial activities have been paused, restrictions on inter-state transportation, and only essential business services are being permitted to operate. These restrictions pose a serious threat to feed production as production facilities face supply chain disruption and a limited workforce. The aquafeed sector mainly relies on marine ingredients; most of them are imported. For instance, the Chinese population is mainly dependent on Chilean fish meal, which is generally imported from Latin America, which requires weeks for shipping. Due to the pandemic, finding air or water transport for raw material export is a tedious challenge, further impeding the aquafeed market growth.

Aquafeed Market Segmentation Analysis

Based on additives, the aquafeed market has been classified into vitamins & minerals, antibiotics, amino acids, antioxidants, probiotics & prebiotics, enzymes, and others (mycotoxin binders, phosphates, acidifiers, and carotenoids).

The amino segment is projected to grow at the highest CAGR in the aquafeed market during the assessment period.

The amino additive is the fastest-growing segment with the highest CAGR in the following years. Amino acids are vital for animal nutrition and are the major building blocks of protein, which plays a vital role in the production, growth, and overall maintenance of aquatic animal health. Amino acid-based additives offer the energy required to develop bones and muscles for muscle improvement, blood circulation, and digestion.

Based on ingredients, the global aquafeed market has been segmented into soybean, corn, fishmeal, fish oil, additives, and others (DDGS, wheat, barley, poultry by-product meal, and blood meal).

The soybean dominated the aquafeed market.

The soybean ingredient accounted for the largest market share in the aquafeed industry. Soybean is among the non-fish sources of omega-3 fatty acids, unsaturated fats, and proteins. Soy protein is fed to farm-reared fish and shellfish to improve their overall development and growth. Some of the commonly used soybean products in aquafeed include mechanically extracted soybean cake, heat-processed full-fat soybean, de-hulled solvent-extracted soybean meal, and solvent-extracted soybean meal. As soybean meal prices relatively lesser than fishmeal, the consumption of soybean meal is high.

Based on species, the aquafeed market is categorized into fish, crustaceans, mollusks, and others (miscellaneous freshwater and diadromous fish species).

The fish segment is likely to register the highest CAGR in the aquafeed market during the assessment period.

The fish segment is projected to be the fastest-growing species segment during the forecast timeline. Fish farming in rivers, lakes, ponds, and coastal water is rising to fill the gap between supply and demand. The surge in aquaculture and fish farming activities has resulted in a significantly increased demand for fish feed. Among fish, tilapia and carp are significant consumers of aquafeed. Besides, carps are widely reared due to their adaptability to varying climates. In contrast, tilapia culturing has surged in the past few years owing to the rising supply of high-quality protein tilapia species at lower prices.

Aquafeed Market Geographical Share

Asia Pacific is estimated to register the highest CAGR during the review period.

The Asia Pacific aquafeed market is projected to grow at the fastest CAGR during the forecast period in terms of value and volume. China is the leading consumer, processor, and key producer of aquafeed. It contributes to around one-third of the global supply. Furthermore, the processed seafood market in the Asia Pacific is also currently witnessing a substantial transformation in diet diversification and rapid urbanization. Aquaculture production in the region and durability of species, ease of fish farming, and better water quality within closed farms are expected to fuel the product consumption in the coming years.

Aquafeed Companies and Competitive Landscape

The aquafeed market is moderately competitive with the presence of local as well as global companies.  Some of the key players contributing to the growth of the market include Archer Daniels Midland Company, Cargill, Purina Animal Nutrition, Caltech, Ridley Corporation Ltd., Nutreco N.V., Aller Aqua A/S, Nutriad, among others. Many local and worldwide players offer aquafeed products to improve fish health. Key product manufacturers have their presence in the North American and European countries.


Overview: Cargill was established in the year 1865. The company offers agriculture, food, industrial, and financial products and services across the globe. The company has strong production expertise of around 150 years and enjoys a strong brand image. It employs around 155,000 employees in around 70 countries worldwide. Cargill offers the combined expertise and experience built up over the Purina, Cargill, and EWOS brands. The company is a key supplier to the global aquaculture industry; it offers distinctive, proven products & services.

Product Portfolio: The Company’s portfolio comprises products and services in agriculture, animal nutrition, carbon solutions, pharmaceutical, beauty, etc.

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What is the Projected CAGR value of the Aquafeed Market?
Aquafeed Market is expected to grow at a CAGR of 5.2% during the forecasting period 2023-2030.
Which region controlled the global market during 2023-2030?
North America region Controls the Aquafeed Market during 2023-2030.