Fish Feed Market Size, Share, Analysis, Trends, Growth, 2032

Fish Feed Industry Prospective:

The global fish feed market size was worth around USD 15.50 billion in 2023 and is predicted to grow to around USD 27.78 billion by 2032 with a compound annual growth rate (CAGR) of roughly 6.70% between 2024 and 2032.

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Fish Feed Market: Overview

Fish feed is an essential ingredient required for personal and commercial aquaculture. Fish feed is responsible for providing a balanced nutrition and diet to farmed fish either for consumption or ornamental purposes. In most cases, aquaculture feed is available in granules or pellet forms thus assisting in providing wholesome nutrition to farmed fish in a stable and compact format. The two most critical components of fish feed are fish meal and fish oil. These components are then mixed with other nutrients such as vitamins, minerals, vegetable proteins, and cereal grains to improve the feed’s overall quality.

Fish feed can be categorically divided into two segments that are plant-based and animal-based. The former consists of ingredients such as soybean meals, horse or fava beans, wheat, corn, sunflower cake, rice protein concentrate, and rapeseed.

On the other hand, animal-based meals include blood meal, hemoglobin powder, standard fish meal, and feather meal. The demand for fish feed has been registering significant growth in the last few years due to increased demand for ornamental fish along with growing investments in commercial aquaculture. During the forecast period, the industry can face growth limitations in the form of increasing concerns over the environmental impact of excessive dependence on wild fish for the production of feed solutions.

Key Insights:

• As per the analysis shared by our research analyst, the global fish feed market is estimated to grow annually at a CAGR of around 6.70% over the forecast period (2024-2032)
• In terms of revenue, the global fish feed market size was valued at around USD 15.50 billion in 2023 and is projected to reach USD 27.78 billion by 2032.
• The market is projected to grow at a significant rate due to the increasing investments in commercial aquaculture.
• Based on the product type, the plant-based segment is anticipated to command the largest market share.
• Based on the application, the commercial segment is growing at a high rate and will continue to dominate the global market as per industry projections.
• Based on region, Asia-Pacific is projected to dominate the global market during the forecast period.

Fish Feed Market: Growth Drivers

Increasing investments in commercial aquaculture to drive market demand rate

The global fish feed market is projected to grow due to the rising investments in commercial aquaculture. The cultivation or rearing of aquatic organisms for food is known as aquaculture. It is one of the major industries contributing to the global food & beverages sector along with subsequent impact on other industries including drug development, nutraceuticals, and personal care & cosmetics.

The demand for fish-based food items has been fueling the investments in aquaculture. Fish is a major ingredient in several diets due to the positive health impact of consuming cooked fish at regular intervals. For instance, a fish-based diet is known to lower the risk of heart disease and stroke.

Furthermore, research indicates that regular consumption of fish can prove beneficial for the eyes and the brain. Fish-based diets are protein-rich and hence can be consumed by people of all ages and genders. It is an excellent source of omega-3 fatty acids. Official research indicates that fish consumption can also help patients deal with mental health disorders such as depression and anxiety.

Moreover, the increasing demand for canned or ready-to-eat fish-based food items has further prompted investments in aquaculture leading to greater consumption of fish feed.

Growing use of ornamental fish across residential and commercial units may prompt demand in the industry

Ornamental fish are reared for their beauty and they are used to improve the overall ambience or aesthetics of an indoor space. The use of ornamental fish can range from residential units to commercial centers. According to market research, collecting and rearing ornamental fish is the second-most popular hobby among the population.

In addition to this, increased investments in the construction and development of large-scale aquariums housing rare and exquisite ornamental marine organisms are further expected to promote the demand in the global fish feed market. The industry can also benefit from the increased demand for high-grade fish species in the coming years.

Fish Feed Market: Restraints

Environmental impact of the industry to limit the market’s growth rate

The global industry for fish feed is expected to be restricted due to the growing concerns over the environmental impact of excessive dependence on wild fish for the production of essential feed.

According to market analysis, fish feed is generally made of fish oil and fish meal which in turn is harnessed from wild forage such as sardines. The growing demand for fish feed directly translates to excessive wild fish farming which can completely disrupt the marine ecosystem leading to severe environmental damage.

Fish Feed Market: Opportunities

Adopting sustainable practices in fish feed production can generate more growth opportunities

The global fish feed market is projected to generate growth opportunities due to the increasing adoption of sustainable production practices. Consumers across the globe are increasingly demanding food products that do not leave a long-lasting impact on the ecosystem. This trend has found applications in the aquaculture industry as well.

For instance, consumers are seeking fish food solutions that have reduced carbon footprint on the environment. In such cases, market players are expected to invest in organic fish feed in novel manners that ensure that the environment remains untouched due to business operations.

In July 2023, the Kerala University of Fisheries and Ocean Studies (Kufos) in India announced the launch of a novel and experimental project aiming to produce fish feed from organic waste. The initiative will promote the use of black soldier fly larvae for producing fish feed protein.

In September 2024, the United States Department of Agriculture granted nearly USD 10 million to the Aquaculture Research Institute (ARI) and UMaine Forest Bioproducts Research Institute (FBRI) for the agency’s Sustainable Wood to Fuel and Fish Feed (SWF3) to strengthen the US Bioeconomy project. Through this move, USDA has shown backing toward sustainable fish feed from the wood industry.

Fish Feed Market: Challenges

Overfeeding and water pollution caused by fish feed challenge the market expansion trends

The global industry for fish feed is projected to be challenged by the worrying reports regarding overfeeding which not only impact the fish quality but also the marine environment.

In addition to this, the leftover products from fish feed can lead to severe water pollution resulting in deoxygenation, algal blooms, and other harmful events disrupting aquatic life. Furthermore, the industry is also impacted by the sale and consumption of substandard fish feed resulting in poor growth of aquatic animals.

Fish Feed Market: Report Scope

Fish Feed Market: Segmentation

The global fish feed market is segmented based on form, product type, application, and region.

Based on form, the global fish feed industry is divided into sticks, pellets, powder, flakes, and granules.

Based on the product type, the global market divisions are microorganism, fish products, and plant-based. In 2023, the highest revenue was listed in the plant-based segment. According to industry experts, market players are increasingly adopting sustainable practices to ensure meeting the changing consumer demand and expectations. Plant-based fish feed allows producers to reduce the ecological impact of fish feed production and application.

Furthermore, plant-based fish feed offers high nutritious value further attracting more consumers in the segment. Fish feed generally contains around 65% of crude protein.

Based on the application, the global market segments are household and commercial. In 2023, the highest growth was listed in the commercial segment. The major growth driver for segmental demand is the increasing investments in large-scale aquaculture as fish-based food consumption is on the rise.

Furthermore, the growing product innovation strategies adopted by food companies by offering ready-to-cook meals and frozen fish may further impact the segmental demand in the future. According to market research, the US aquaculture industry is responsible for generating more than USD 3.9 billion in the country’s overall economy.

Fish Feed Market: Regional Analysis

Asia-Pacific to lead with the highest revenue during the projection period

The global fish feed market is expected to be led by Asia-Pacific during the projection period. Most Asian countries have a fish-based diet including regions such as China, India, Indonesia, Thailand, and others. The presence of massive water bodies surrounding Asia countries has been pivotal to the greater incorporation of fish food items in cultural diets.

According to market analysis, China’s overall seafood consumption is around 44% of the global volume. Japan, on the other hand, is home to some of the world-renowned seafood-based food solutions such as Sushi. The growing regional investments in aquaculture for commercial and personal purposes are fueling the demand for fish feed in the industry.

In February 2023, Nutreco’s global aquafeed division, Skretting, announced the launch of a new state-of-the-art facility for producing fish and shrimp feed in the Gujarat state. The facility is built over an area of 20,000 sq mt and an investment of EUR 18.5 million. The growing investment by regional players in developing sustainable fish feed will be critical to the future of regional industry in the coming years.

Fish Feed Market: Competitive Analysis

The global fish feed market is led by players like:

• Charoen Pokphand Group
• Coastal Corporation Ltd.
• Cargill Incorporated
• Kemin Industries Inc.
• Aller Aqua AS
• Archer Daniels Midland Co. (ADM)
• Nutriad International
• BioMar AS
• Ridley Corporation Ltd
• Nutreco NV
• Inve Aquaculture Inc.
• Alltech Inc.
• Zeal Aqua
• Biomin GmbH
• BASF SE

The global fish feed market is segmented as follows:

By Form

• Sticks
• Pellets
• Powder
• Flakes
• Granules

By Product Type

• Microorganism
• Fish Products
• Plant-Based

By Application

• Household
• Commercial

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa