According to Future Market Insights (FMI), the worldwide fish feed ingredients market is valued at US$ 56,000.4 million in 2023 and it is anticipated to reach US$ 74,123.9 million by 2033. Over the next decade, global fish feed ingredients demand is likely to increase at a CAGR of 2.8%.
Fish feed ingredients have an impact on the environment as well as on fish, thus it is important to assess feed ingredients and determine whether there is a better option that would be more effective and less harmful to the ecosystem. The substitute fish feed must be of excellent quality and nutritional content. Omega-3 fatty acids, sufficient levels of amino acids, a high protein content, digestibility, and taste, as well as insoluble carbohydrates, fiber, and heavy metals, need to be low since they affect the growth of fish and the feed conversion ratio. Feed costs must also be commercially viable, and feed production must be sustainable.
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Both algal oils and fish oils are important sources of omega-3 in nature, but algae oils have an advantage over fish oils in terms of consistency, sensory qualities, and ease of manufacture. The salmonids and shrimp’s color, the meat’s antioxidant content, and the aquaculture industry’s reproductive health are all improved by the microalgae pigment.
Over the past few years, the consumption of protein is increasing all around the globe due to increasing health awareness of people. Therefore, fish protein concentrate is an excellent source of protein for humans and can be easily blended with a cereal bar to enhance its nutrient content. This characteristic of fish protein surges its demand in the consumer health industry and propels the demand for fish feed in the market.
Many Countries are noticing an increase in demand for plant-based substitutes offered by the aqua feed sector. The market for plant-based fish feed is expected to expand rapidly due to the ease with which it is accessible and the nutritional advantages it offers to aquatic species. To fulfill the growing demand of aquaculture for plant-based substitutes, manufacturers are speeding up their efforts in creating and marketing plant-based solutions.
Key Takeaways from the Fish Feed Ingredients Report:
- Global fish feed ingredients sales were valued at around US$ 56,000.4 Mn at the end of 2023. The market is projected to register a 2.8% CAGR and top a valuation of US$ 74,123.9 Mn by 2033.
- Fish meal ingredient type is predicted to expand rapidly at a CAGR of 3.6% between 2023 and 2033
- The United States fish feed ingredients market is projected to reach a valuation of US$ 18,531.0 million by 2033.
- India’s fish feed ingredients market is growing at a CAGR of 0% between 2023 to 2033
- Germany is projected to hold a dominant value share of 0% in the global fish feed ingredients market by 2023.
- Japan is projected to hold a dominant value share of 0% in the global fish feed ingredients market by 2023.
“Fish feed holds 40% – 50% of overall fish costs and manufacturers are looking at new ingredients like plant-based, insect-based and new technologies in the production of fish feeds – says a lead analyst at Future Market Insights (FMI)
Who is Winning?
Cargill Aqua Nutrition, ADM Animal Nutrition, Skretting, Alltech Coppens, BioMar, Ridley Aqua Feed, Nutreco, Avanti Feeds Limited, and Ridley Corporation Limited, are key fish feed ingredients manufacturers listed in the report.
Processors and brand owners are increasing production capacity by extending production facilities and also investing in new technologies in the production of fish feed to reduce the price of fish feeds. They also use strategies such as advertisements, partnerships, acquisitions, agreements, and mergers to stay relevant in the market. For instance,
- In 2023, Skretting announced that it has opened its new shrimp and fish feed facility in Surat, India. The new facility has been built with an investment of EUR 18.5 million and will cater to domestic and export markets. It has three production lines with a capacity of 50,000 metric tonnes per annum.
- In 2022, Taiyo Group Launches BUGS IN Insect-Based Fish Food after Countryside. Taiyo Feed Mill Pvt Ltd based in Chennai is the pioneer of fish feed manufacturing and exporting unit in India. Taiyo has launched ‘BUGS IN’, fish and turtles foods based on insects.
Get More Valuable Insights
Future Market Insights (FMI), in its new offering, provides an unbiased analysis of the global fish feed ingredients market presenting historical demand data (2018 to 2022) and forecast statistics for the period from 2023 to 2033.
The study incorporates compelling insights on the fish feed ingredients market based on ingredient type (tuna species type, vegetable broth, sea salt, oils & brine, and flavoring agent), by end-user (food processing industry and food service industry).
Information Source: https://www.futuremarketinsights.com/reports/fish-feed-ingredients-market
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