Aquafeed Market Statistics, Trends, and Key Players by 2031

The aquafeed market size is projected to reach US$ 103.15 billion by 2031 from US$ 64.54 billion in 2024; the market is expected to register a CAGR of 6.9% during 2024–2031. Technological advancements in feed production are expected to be a key trend in the market.

Aquafeed Market Analysis

The aquafeed market is driven by the growing aquaculture industry globally. Asia Pacific holds the largest share of the global market, and the Middle East and North Africa are expected to register the highest CAGR during the forecast period. Asia Pacific, which includes countries such as China, India, Vietnam, and Indonesia, is home to the largest aquaculture producers globally. The expansion of aquaculture production, particularly in fish, shrimp, and mollusks, increases the need for high-quality feed to ensure optimal growth and health of aquatic species.

Aquafeed Market Overview

Aquafeed is a food or feed used to nourish farmed aquatic animals such as fish, shrimp, mollusks, and crustaceans. It is specifically formulated to meet the nutritional requirements of aquatic species at different life stages, ensuring healthy growth, development, and reproduction. Aquafeed formulation varies depending on the species being farmed, the environment in which they are raised, and the specific nutritional needs at each life stage. Aquafeeds are mainly provided in pellets, granules, and other specialized forms to make them suitable for different aquatic animals.

The key players operating in the market include Cargill, Incorporated; World Feeds Limited; Kemin Industries Inc; Archer-Daniels-Midland Co; Alltech Inc; BioMar Group AS; Purina Animal Nutrition LLC; Godrej Agrovet Ltd; Aller Aqua AS; Raanan Fish Feed West Africa Limited; Arabian Agricultural Services Company; Bern Aqua NV; Avanti Feeds Limited; Skretting; Ridley Corporation Limited; Growel Feeds Pvt Ltd; Quality Feeds Limited; Grand Fish Feed; Dibaq Diproteg SA; and Marubeni Nisshin Feed Co Ltd. These players are adopting various strategies such as expansion, product innovation, and merger & acquisition to provide innovative products to their consumers and increase their market share.

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Aquafeed Market: Strategic Insights

Aquafeed Market Drivers and Opportunities

Increasing Shift Toward High-Quality Feed

The increase in global aquafeed market share is due to a marked shift toward high-quality feed, driven by the increasing emphasis on optimizing aquaculture productivity and sustainability. Farmers are moving away from traditional feeding practices, such as using raw fish or agricultural byproducts, and adopting nutritionally balanced, high-quality feed formulations that enhance the health, growth, and overall yield of aquatic species. High-quality feed is scientifically designed to provide a precise mix of essential nutrients, including proteins, lipids, vitamins, and minerals, which are crucial for promoting efficient growth and boosting the immune system of farmed species.

This shift is further fueled by the rising incidence of disease outbreaks in aquaculture systems, which has highlighted the importance of functional and medicated feeds. Advanced feeds incorporating probiotics, prebiotics, enzymes, and other additives are increasingly being used to improve digestion, enhance immunity, and mitigate the risks associated with intensive farming practices. Additionally, the growing consumer demand for premium seafood products has encouraged aquaculture farmers to prioritize high-quality feed, as it directly impacts the nutritional value, taste, and marketability of the final product.

Rising Demand for Functional and Medicated Feed

The rising incidence of disease outbreaks in aquaculture systems has highlighted the critical need for effective nutritional solutions, driving the demand for functional and medicated feeds. Functional feeds, enriched with probiotics, prebiotics, and immune-boosting additives, play a vital role in enhancing the health and resilience of farmed aquatic species. These feeds improve gut health, optimize nutrient absorption, and strengthen the immune system, reducing the risk of diseases and mortality in aquaculture operations.

In addition to functional feeds, medicated feeds designed to target specific diseases present a significant growth opportunity in the global aquafeed market. These feeds are formulated with therapeutic agents to treat or prevent diseases caused by bacterial, fungal, or parasitic infections, which are prevalent in intensive farming systems. With disease outbreaks posing a significant threat to aquaculture productivity and profitability, the adoption of such feeds has become increasingly essential.

Moreover, the growing focus on sustainable aquaculture practices has driven interest in natural additives and bioactive compounds as alternatives to antibiotics, aligning with regulatory restrictions and consumer preferences for antibiotic-free seafood. As aquaculture systems become more intensive and disease management becomes a priority, functional and medicated feeds are expected to play a crucial role in shaping the future of the aquafeed market.

Aquafeed Market Report Segmentation Analysis

Key segments that contributed to the derivation of the aquafeed market are ingredient type, species, and lifecycle.

• Based on ingredient type, the aquafeed market is into soybean, corn, fishmeal and fish oil, and others.
• In terms of species, the market is segmented into fish, crustaceans, mollusks, and others.
• Based on lifecycle, the market is categorized into starter feed, grower feed, finisher feed, and brooder feed.

Aquafeed Market Share Analysis by Geography 

The geographic scope of the aquafeed market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East and North Africa, Sub-Saharan Africa, and South & Central America.

The Middle East and North Africa is expected to record the highest CAGR over the forecast period. The aquaculture industry in the Middle East and North Africa (MENA) is relatively new compared to other parts of the world, making this region highly dependent on other countries for food and feed. With limited marine resources and rising concerns over the sustainability of wild fishing, aquaculture has become a critical component of food security strategies in countries such as Egypt, Saudi Arabia, Morocco, and Iran. Key aquaculture-producing countries within the region include Saudi Arabia, Turkey, and Iran. However, many other countries, such as Oman and the UAE, are investing in and expanding aquaculture to drive sustainable food production. As aquaculture expands, the demand for nutritionally balanced and cost-effective aquafeed continues to rise, ensuring optimal growth and health of farmed aquatic species such as tilapia, seabass, and shrimp. Under the Aquaculture Development Program, the Saudi Arabian government further aims to improve the survival rates of aquaculture species and reduce feed costs by 30% or more annually‚ achieving savings of more than US$ 400 million. Thus, supportive government policies, regional collaborations, and investments in research and development are paving the way for the growth of the aquafeed market. As seafood consumption increases due to health-conscious dietary trends and population growth, the MENA aquafeed market is poised to play a crucial role in meeting the region's sustainable food production goals.

The regional trends and factors influencing the Aquafeed Market throughout the forecast period have been thoroughly explained by the analysts at The Insight Partners. This section also discusses Aquafeed Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Aquafeed Market Report Scope

Aquafeed Market Players Density: Understanding Its Impact on Business Dynamics

The Aquafeed Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Aquafeed Market News and Recent Developments

The aquafeed market growth is evaluated by gathering qualitative and quantitative data post-post-primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the market are listed below:

• Aller Aqua AS (Norway) was awarded 10 million NOK from the Research Council of Norway to advance research on new raw materials from grass protein for aquafeed solutions. (Aller Aqua AS, Company Website, December, 2023)
• OCEAN brand, launched by Aller Aqua AS, includes product ranges for marine fish as all these products follow dedicated principles in feed formulation and manufacturing. (Aller Aqua AS, Company Website, March, 2023)

Aquafeed Market Report Coverage and Deliverables

The " Aquafeed Market Size and Forecast (2021–2031)" report provides a detailed analysis of the market covering below areas:

• Aquafeed market size and forecast for all the key market segments covered under the scope
• Aquafeed market trends, as well as market dynamics such as drivers, restraints, and key opportunities
• Detailed Porter's Five Forces and SWOT analysis
• Aquafeed market analysis covering key trends in the market, country framework, major players, regulations, and recent market developments.
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments in the aquafeed market
• Detailed company profiles