The global floating fish feed market has witnessed significant growth over the past few years owing to the rising aquaculture industry. Fish feeds account for 60-70% of total production costs in modern aquaculture. Floating fish feed offer several advantages including uniform distribution of food in tanks, reducing wastage, and preventing choking of fish. They contain high-quality nutrients necessary for optimal fish growth while being cost-effective and environment-friendly. The growing demand for fish as a healthy source of protein and rising awareness about the benefits of aquaculture are fueling the adoption of floating fish feed globally.
The Global floating fish feed market is estimated to be valued at US$ 11.47 Bn in 2024 and is expected to exhibit a CAGR of 34.% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the floating fish feed market are Cargill, Incorporated, Archer Daniels Midland Company (ADM), Skretting (a part of Nutreco), Aller Aqua Group, BioMar Group, Ridley Corporation Limited, Purina Animal Nutrition (a subsidiary of Land O'Lakes), Nutriad International NV (acquired by ADM in 2018), BENEO GmbH, Dibaq Aquaculture. Major players are focusing on expanding their production facilities and product portfolio to capitalize on growth opportunities.
The rising demand for Floating Fish Feed Market Demand and fishmeal as a healthy source of protein along with the growing popularity of aquaculture present key opportunities for market growth. Companies are investing in R&D to develop innovative and customized floating fish feed suitable for different fish species and farming conditions.
Globally, Asia Pacific dominates the floating fish feed market owing to China being the largest producer and consumer of aquaculture products. However, other regions such as North America and Europe are also witnessing rapid expansion of aquaculture industry and adoption of floating fish feed.
Market Drivers
The key driver fueling the floating fish feed market is the significant growth of the global aquaculture industry. Rising fish consumption coupled with declining wild fish catch has increased the focus on fish farming. Aquaculture currently accounts for over 50% of the world's food fish consumption. Floating fish feed ensure optimum nutrition and health of farmed fish, improving production efficiency and yield. Growing commitment towards sustainability and environment protection is also driving the replacement of sinking fish feed with floating varieties.
PEST Analysis
Political: The Floating Fish Feed Market Size And Trends is regulated by various government agencies regarding fish feed quality standards and production facilities. New environmental regulations can affect the ingredients used in floating fish feed.
Economic: Factors like rising disposable income, growing population, and increasing demand for protein-rich seafood are expected to drive the growth of the floating fish feed market. However, high production costs and price fluctuations of raw materials can pose economic challenges.
Social: With increasing health consciousness, there is growing demand for nutrient-rich fish varieties cultivated through sustainable aquaculture practices. This necessitates the use of high-quality floating fish feeds.
Technological: Advancements in feed formulation techniques help improve the nutritional value and digestibility of floating fish feeds. New processing methods aid in developing floating pellet feeds that have longer shelf life and minimize wastage.
Geographical Regions with High Market Concentration
The floating fish feed market in terms of value is highly concentrated in Asia Pacific region, led by China, India, Vietnam, Indonesia, and Japan. These countries contribute over 65% of the global market owing to strong aquaculture industry and large consumer base. South America, particularly Brazil and Chile, are also important geographical regions due to their robust salmon farming.
Fastest Growing Regional Market
The floating fish feed market in Africa is emerging as the fastest growing regional market during the forecast period. This can be attributed to growing population, rising incomes, increasing domestic fish consumption, and governmental initiatives to develop sustainable aquaculture in countries like Egypt, Kenya, and South Africa. The demand for high-quality affordable fish feeds to augment fish production offers lucrative opportunities for market players in the African region.
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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
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