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0 The global aquafeed market was valued at USD 67.50 billion in 2024 and is projected to grow from USD 71.28 billion in 2025 to USD 112.27 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.71% throughout the forecast period. In 2024, the Asia Pacific region led the market, accounting for a significant 73.65% share. The market in the United States is also anticipated to witness substantial growth, with projections estimating it will reach USD 2.85 billion by 2032, supported by the strong presence of companies such as Cargill Incorporated, Archer Daniels Midland Company, and Alltech Inc.
A steady rise in global seafood consumption is a key factor fueling the growth of the aquafeed industry. According to the U.S. Food and Agriculture Organization, per capita seafood consumption worldwide is expected to surpass 20 kilograms by 2030. This upward trend is propelling demand for high-quality aquafeed, particularly those enriched with functional ingredients. Furthermore, increasing global seafood trade and government initiatives encouraging the use of premium feed options are contributing to market expansion.
Information Source: https://www.fortunebusinessinsights.com/industry-reports/aquafeed-market-100698
Market Segmentation
The market is categorized based on type into fish, crustaceans, mollusks, and others. By ingredient, it includes soybean, corn, fish oil, fishmeal, additives, and other components. Regarding form, aquafeed is segmented into dry and wet. Geographically, the market is analyzed across North America, South America, Europe, Asia Pacific, and the Middle East & Africa.
Report Highlights
- In-depth market analysis using Porter’s Five Forces and SWOT frameworks
- Evaluation of the impact of COVID-19 on the industry
- Detailed company profiles of major market players
- Overview of current trends and developments
- Segmentation insights by type, form, and ingredients
Market Drivers and Restraints
Growing Global Seafood Trade Accelerates Market Growth
The aquafeed industry is benefiting from growing interest in organic fish farming and the rising need for animal-derived proteins, particularly in Western markets. As seafood consumption grows, so does the demand for aquaculture inputs like fish oil, fishmeal, and other nutrient-rich feed components, thereby supporting aquaculture expansion.
Investments in R&D by major industry players aimed at product innovation are expected to further drive growth. However, the market may face challenges from fluctuating prices of raw materials, which could impact profitability and adoption.
Regional Overview
Asia Pacific Remains Dominant Due to High Fish Production
Asia Pacific is poised to retain its leadership in the global aquafeed market, largely due to expanding fish production and market growth in countries such as China and India. Together, these nations contribute over half of the regional market value.
Europe is expected to grow at a steady pace, supported by the expansion of aquaculture practices and increasing interest in salmon farming. Meanwhile, North America is projected to register notable growth, fueled by the presence of key market players and robust export performance in aquaculture products.
Competitive Landscape
Focus on Product Innovation and Network Expansion
Major companies are actively working to broaden their product portfolios and strengthen distribution capabilities. Strategies such as acquisitions, product innovations, and technological advancements are central to these efforts. For instance, in January 2020, BioMar A/S inaugurated a new facility in Wesley Vale, Tasmania, capable of producing 110,000 tonnes of aquafeed annually, significantly boosting its manufacturing capacity.
Leading Companies Profiled in the Report:
- Cargill Incorporated (Minnesota, U.S.)
- Archer Daniels Midland Company (Illinois, U.S.)
- Alltech Inc. (U.S.)
- Purina Animal Nutrition (Missouri, U.S.)
- Ridley Corp Ltd (Australia)
- Nutreco N.V. (Amersfoort, Netherlands)
- Aller Aqua A/S (Christiansfeld, Denmark)
- BioMar A/S (Denmark)
- Dibaq Aquaculture (Spain)
- Beneo GmbH (Germany)
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Recent Industry Development
May 2021: BP Milling, a U.K.-based company, launched “SmartMix,” a pelleted fish attractant blend enriched with vital vitamins, minerals, and amino acids designed to enhance immune function and fish health.
