Aquafeed Market Growth Trajectory Through 2024-2033|Austevoll Seafood ASA, Cermaq ASA, Nippon Suisan Kaisha Ltd (Nissui), P/F Bakkafrost, Tassal Group Limited

Aquafeed comprises 30-70% of the total operational cost in aquaculture production systems, with fishmeal and fish oil as the main sources of protein and lipids.

The Aquafeed Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Aquafeed Global Market Report 2024, The aquafeed market size has grown strongly in recent years. It will grow from $91.05 billion in 2023 to $99.02 billion in 2024 at a compound annual growth rate (CAGR) of 8.8%. The growth in the historic period can be attributed to aquaculture expansion, increased seafood consumption, increased awareness of health benefits, global protein demand, sustainable aquaculture practices.

The aquafeed market size is expected to see strong growth in the next few years. It will grow to $138.75 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%. The growth in the forecast period can be attributed to aquaculture intensification, expanding middle-class population, disease prevention in aquaculture, climate change adaptation, quality and safety assurance. Major trends in the forecast period include precision feeding technologies, customization of feeds for specialized aquaculture, blockchain for traceability, biofortified feeds, integration of digital technologies.

Increasing seafood consumption is expected to propel the growth of the aquafeed market. Aquaculture production plays an increasing role in satisfying the demand for human consumption of fishery products. According to the study published by the Organization for Economic Co-operation and Development (OECD) and the Food and Agriculture Organization (FAO), human consumption of fish is expected to increase by 180 Mt by 2029. The increase in demand for seafood or fishery products is expected to boost demand for high-quality aquafeed to maintain the quality of the products for the customers. Therefore, increasing seafood consumption is driving the growth of the aquafeed market.

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The aquafeed market covered in this report is segmented –

1) By Additives: Vitamins, Antioxidants, Amino Acids, Enzymes, Acidifiers, Binders
2) By Form: Dry Form, Wet Form, Moist Form
3) By Distribution Channel: Direct Sales, Indirect Sales, Hypermarket/supermarket, Wholesalers, Online, Other Distribution Channel

Major companies operating in the aquafeed market are focusing on product innovation, such as omega-3 dry powder, to enhance the nutritional value and health benefits of feed for farmed aquatic species, promoting growth and sustainability. Omega-3 dry powder typically consists of concentrated omega-3 fatty acids extracted from sources such as fish oil or algae and used as a nutritional supplement in various food products, including aquafeed, to promote health benefits in aquatic organisms. For instance, in April 2023, MiAlgae, a US-based biotech company, launched NaturAlgae, an omega-3 product. It is a dry powder with a high concentration of DHA and other oils that can be added to recipes for aquafeeds, providing the well-known health benefits that omega-3 provides, and it can be used as a fish feed and pet food ingredient. With this innovation, companies can reduce their global reliance on wild-caught fish, the traditional source of omega-3.

The aquafeed market report table of contents includes: