The sinking fish feed market comprises floating fish feed which provides essential nutrients to farmed fish and help improve growth and survival rates. Advantages of sinking fish feed include high digestibility that prevents feed wastage. Growing aquaculture output has increased the demand for high-quality fish feed to meet the protein requirements.
Key Takeaways
Key players operating in the sinking fish feed market are Admera Health, Abbott Laboratories, Agilent Technologies, Novartis AG, Dynamic DNA Laboratories, Empire Genomics, LLC., F. Hoffmann-La Roche Ltd., Illumina, Inc., OneOme, LLC, Myriad Genetics Inc., OPKO Health, Inc. (GeneDx.), Thermo Fisher Scientific, Inc., and AltheaDx. The key players are focusing on product launches and partnerships to expand their market share.
The increasing demand for protein-rich food sources represents a huge opportunity for sinking fish feed producers to cater to the growing aquaculture industry. Further, technological advancements in feed formulations help address various health issues and improve production efficiency.
The global expansion of the aquaculture industry especially in Asia Pacific has augmented the demand for high-quality sinking fish feed. Countries like China, India, Vietnam, Bangladesh, and Indonesia are major contributors driving the rising fish consumption worldwide.
Market drivers
The primary driver boosting the Global Sinking Fish Feed Market Growth is the rising aquaculture production globally. Aquaculture is one of the fastest-growing food-producing sectors and accounts for over 50% of all fish consumed by humans. Sinking fish feed simplifies feeding management and ensures proper nutrition intake by farmed fish. This translates to higher weight gain and survival rates, thereby favoring the market growth over the forecast period.
PEST Analysis
Political: Regulations regarding the use of antibiotics and growth hormones in fish farming can impact the sinking fish feed market. Recent bans and restrictions in the EU on the use of antibiotics aims to promote sustainability.
Economic: Fluctuations in the price of key ingredients such as fishmeal and fish oil can affect production costs and the overall market. Rising aquaculture production and demand for fish proteins globally is driving market growth.
Social: Growing health consciousness and preferences for consuming organic and naturally grown food products is increasing demand for antibiotic-free and sustainable fish farming practices which support the use of sinking fish feeds.
Technological: Advances in feed formulation help address the specific nutritional needs of different fish species. New coating technologies aid in the sinking and dispersion of feed particles underwater. Precision farming using digital tools and sensors allows for optimized feeding.
Geographical regions of concentration
The sinking fish feed market in terms of value is majorly concentrated in the Asia Pacific region, driven by large aquaculture industries and fish production in countries such as China, India, Vietnam, Indonesia and Bangladesh. Europe and North America are other sizable markets, while production is steadily rising in Latin American nations with available coastlines.
Fastest growing region
The Latin American region is projected to experience the fastest growth in the sinking fish feed market over the forecast period. This can be attributed to ongoing developments and planned expansions in the aquaculture sectors of major producers such as Chile, Peru, Ecuador and Brazil where fish farming utilizing sinking feeds is optimized for native salt and freshwater fish varieties.
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