Asia Pacific Aquafeed Market is segmented By Species (Fish, Carp, Salmon, Tilapia, Catfish, Others), By Ingredient (Cereals, Oilseed Meals, Supplements, Molasses, Oil, others), By Additives (Antibiotics, Vitamins, Antioxidants, Amino Acids, Feed Enzymes, Feed Acidifiers, Other Additives), By Form (Pellets, Extruded, Powdered, Liquid) and By Country (China, India, Japan, Australia, Others) – Size, Share, Outlook, and Opportunity Analysis, 2024-2031
Report Overview
Asia-Pacific Aqua Feed Market reached US$ 40.6 billion in 2023 and is expected to reach US$ 68.2 billion by 2031, growing with a CAGR of 6.7% during the forecast period 2024-2031.
Asia-Pacific aqua feed market is undergoing substantial growth, fueled by the region’s dominant role as both the largest producer and consumer of aquaculture products. As of 2024, global aquaculture production has reached around 130.9 million tonnes, with Asia contributing a remarkable 70 percent of this output. This underscores the region's critical position in the global seafood supply chain.
Rapid population growth and rising incomes in major countries such as China, India, Vietnam and Thailand have led to an increase in seafood consumption. This growing demand is propelling the need for more efficient and sustainable feed solutions. Asia-Pacific aqua feed market utilizes ingredients like cereals, oilseed meals and oil, along with additives such as antibiotics, vitamins and amino acids to enhance nutrition and growth.
Aqua feeds come in various forms pellets, extruded, powdered and liquid, to meet diverse needs and improve efficiency. Technological advancements are playing a significant role in the market growth. Innovations in feed formulations are improving both the nutritional quality and environmental sustainability of aqua feeds. The advancements enhance the productivity of aquaculture but also address environmental concerns associated with the industry.
Market Scope
| Metrics | Details |
| CAGR | 6.7% |
| Size Available for Years | 2022-2031 |
| Forecast Period | 2024-2031 |
| Data Availability | Value (US$) |
| Segments Covered | Species, Ingredients, Additives, Form and Region |
| Countries Covered | India, China, Japan, Australia and Rest of Asia-Pacific |
| Fastest Growing Country | India |
| Largest Country | China |
| 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, Porter’s Analysis, Pricing Analysis, Regulatory Analysis, Supply-Chain Analysis and Other key Insights. |
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Market Dynamics
Growing Aqua Feed Production
The robust growth in Asia-Pacific’s aqua feed production underscores its major role in meeting the global demand for aquatic products and highlights the region’s dynamic and expanding aquaculture sector. According to the Agri-Food Outlook 2023 report by Alltech, aqua feed accounts for about 4.2% of the global compound feed market, which totaled 1.266 billion metric tons in 2022.
The aquaculture sector saw global production growth of 2.7%, with notable increases in key countries like China, Brazil, Ecuador, the Philippines and US. Asia-Pacific emerged as the largest producer of aqua feed, reflecting a substantial increase in production. From 37.3 million tons in 2021, the region’s aqua feed production rose to 38.3 million tons in 2022, marking a growth rate of over 2.6%.
The rise is largely attributed to the recovery of China’s economy and the resultant increase in demand for aquatic products due to higher living standards. Additionally, the expansion of the aquaculture industry in other countries such as the Philippines, Bangladesh, South Korea and Malaysia has further propelled the region’s feed production capabilities.
Increasing Demand for Seafood
Asia-Pacific aqua feed market is experiencing significant growth driven by increasing global demand for seafood and rising consumption patterns in the region. According to global data, seafood consumption has nearly tripled from 9.1 kg per capita in 1961 to 20.6 kg per capita in 2021. This rising trend is continued in Asia-Pacific, with countries like India and China showing substantial seafood consumption rates—6.31 kg per capita in India and 10.9 kg per capita in China in 2021.
The FAO projects that by 2050, the production of aquatic animal foods will need to increase substantially, with aquaculture expected to grow by 90%. This surge in aquaculture is directly linked to the rising demand for seafood, which in turn drives the need for aqua feed. As Asia-Pacific continues to expand its aquaculture sector to meet both domestic and global seafood demands, the aqua feed market experiences substantial growth.
High Costs of Raw Materials
The aqua feed industry heavily depends on raw materials like fishmeal and fish oil. Fluctuations in their supply and prices, driven by overfishing and environmental changes, can significantly impact feed production costs and stability. The volatility can lead to higher expenses for manufacturers and potentially increased costs for aquaculture producers, hindering market growth.
Market Segment Analysis
The Asia-Pacific aqua feed market is segmented based on species, ingredients, additives, form and region.
Easy-to-Use Nature of Pellets
The Asia-Pacific aqua feed market is segmented based on form into form, pellets, extruded, powdered and liquid. The pallet segment accounted for the largest share of the due to their practical advantages and cost-effectiveness. Pellet feeds are highly favored because they offer a convenient and efficient method for delivering balanced nutrition to various aquatic species.
The uniform size and density of the pellet ensure that fish and other aquatic animals receive a consistent intake of nutrients. Additionally, pellets are easier to handle, store and transport compared to powdered or liquid feeds, making them a more economical choice for both producers and consumers. Also, the ability to meet the dietary needs of aquaculture species while minimizing waste and optimizing feed conversion rates, expands segment growth.
Market Geographical Share
Greater Increase in Seafood Production in China
China dominated the Asia-Pacific aqua feed market. China’s dominance is closely linked to its status as the world’s largest seafood producer. In 2022, China produced 67.5 million metric tons (MMT) of seafood, a slight increase from the previous year, driven by a 1.2 percent annual growth in aquaculture. This expansion highlights China's substantial investment in aquaculture, which fuels the demand for high-quality aqua feed to support and enhance seafood production.
As the largest player in seafood production, China naturally leads in the aqua feed market, with its robust aquaculture industry dictating feed requirements. Moreover, China’s role in the aqua feed market is further emphasized by its increased seafood imports, which rose by 22 percent to 4.1 MMT in 2022. This surge reflects higher demand for high-value seafood products and the need for specialized aqua feeds to sustain domestic aquaculture growth.
Market Competitive Landscape
The major Asia-Pacific players in the market include Godrej Agrovet Ltd, Growel Feeds Pvt. Ltd, Grobest International, Thai Union Group, Inve Aquaculture Inc., Charoen Pokphand Foods PCL., PT Japfa Comfeed Indonesia Tbk,Greenfeed Vietnam, Santeh Feeds Corporation and The Symrise Group.
Russia-Ukraine War Impact
The Russia-Ukraine war has significantly impacted the Asia-Pacific aqua feed market by disrupting supply chains and driving up the costs of essential raw materials like fishmeal and soybean meal. It has led to increased feed prices and inflationary pressures on the aquaculture industry. The conflict's effect on global transportation and trade routes has increased these challenges, prompting the region to seek alternative sources and potentially adjust trade policies.
By Species
- Fish
- Carp
- Salmon
- Tilapia
- Catfish
- Others
- Crustaceans
- Mollusks
- Others
By Ingredients
- Cereals
- Oilseed Meals
- Supplements
- Molasses
- Oil
- Others
By Additives
- Antibiotics
- Vitamins
- Antioxidants
- Amino Acids
- Feed Enzymes
- Feed Acidifiers
- Other Additives
By Form
- Pellets
- Extruded
- Powdered
- Liquid
By Country
- China
- India
- Japan
- Australia
- Rest of Asia-Pacific
Key Developments
- In May 2024, Yuehai Group from China began constructing an aquafeed plant in Vinh Long province, Vietnam, a key aquaculture hub. This move leverages Vietnam's favorable climate and extensive coastlines to strengthen its position in the aquaculture industry.
- In June 2024, Skretting launched AmiNova, a new feed formulation that improves fish nutrition by focusing on an ideal digestible amino acid profile, enhancing precision and efficiency.
- In November 2023, MicroHarvest announced a partnership with a contract manufacturer, enabling it to scale up to 1 tons of protein per day rapidly, advancing its sustainable protein production for animal feeds and human consumption.
Why Purchase the Report?
- To visualize the Asia-Pacific aqua feed market segmentation based on species, ingredients, additives, form and region, as well as understand key commercial assets and players.
- Identify commercial opportunities by analyzing trends and co-development.
- Excel spreadsheet containing a comprehensive dataset of the Asia-Pacific aqua feed market, covering all levels of segmentation.
- PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
- Product mapping available as excel consisting of key products of all the major players.
The Asia-Pacific aqua feed market report would provide approximately 70 tables, 71 figures and 210 pages.
Target Audience 2024
- Manufacturers/ Buyers
- Industry Investors/Investment Bankers
- Research Professionals
- Emerging Companies
