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Aquafeed Market Size, Share & Industry Analysis, By Type (Fish (Carps, Tilapias, Catfish, Salmons, and Others), Crustaceans, Mollusks, and Others), Ingredient (Soybean, Fishmeal, Fish Oil, Corn, Additives, and Others), Form (Dry and Wet), and Regional Forecast, 2024-2032

Last Updated: May 06, 2024 | Format: PDF | Report ID: FBI100698



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The global aquafeed market size stood at USD 64.06 billion in 2023 and is likely to grow from USD 67.50 billion in 2024 to USD 112.27 billion by 2032 at a CAGR of 6.57% during the forecast period of 2024-2032. The global impact of COVID-19 has been unprecedented and staggering, with the aquafeed market witnessing a negative impact on the supply chain across the globe amid the pandemic. The rise in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over.

Seafood consumption has been significantly rising for years and is expected to see rapid growth during the forecast period. For instance, as per the U.S. Food and Agriculture Organization, by 2030, the global seafood consumption is expected to reach more than 20 kg per capita. Thus, the increase in per capita consumption of seafood is said to be one of the leading factors fueling the demand for aquafeed. The rising popularity of aquafeed incorporated with beneficial ingredients holds steady growth opportunities for the market. Moreover, an increase in seafood trade due to growing global fish consumption is anticipated to drive the global market. Several government initiatives and schemes have been implemented to encourage farmers to utilize high-quality feed. For instance, the government of India allocated USD 73.84 million for the continuation of the ‘Blue Revolution Scheme’ during the financial year 2020-21. This scheme undertakes various ongoing fisheries development programs, including marine fishery, mariculture, and aquaculture.  

The COVID-19 outbreak has sent shock waves across nearly every industry vertical. It has disturbed supply chains, leading to the shutdown of numerous manufacturing facilities worldwide, severe air and sea traffic disruption, and closure of vital air routes. With all industrial activities paused, international travel stopped, and only essential business services permitted to function; these actions significantly affected feed production as factories faced supply chain interruptions and labor scarcities.

The industry relies on marine ingredients, out of which most are imported. For instance, the Chinese population is primarily dependent on Chilean fish meals, usually imported from South America and require weeks for shipping. With the pandemic, finding ships or planes for raw material shipment has been a challenge that has resulted in supply chain disruption.

Aquafeed Market Trends

Organic Fish Production to Experience High Growth Trajectory & Foster Market Growth

Organic fish farming is a newly developed idea and is still in the initial stages of development. Organic fish production emphasizes chemical-free, genetically modified products and pesticides. It also ensures animal welfare by decreasing the stocking density. The use of organic fish feed helps in raising aquatic animals in a humane manner that is suitable. In recent years, it has been observed that the buyers’ inclination towards organic food has increased significantly, and therefore, the increase in the production of organic feed is expected to favor aquafeed market growth.

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Aquafeed Market Growth Factors

Rise in Seafood Trade to Play Crucial Role in Market Growth

The increasing consumption of seafood and rising consumer spending on fish and fish products such as fish oil, fish meal, and fish silage are anticipated to escalate aquaculture production, which are predicted to boost the market growth. In addition, the increased demand for animal protein in well-established western economies and increasing trade of seafood across several global economies are expected to further propel the market growth in the forthcoming years.

Increasing Investments in R&D Activities to Support Market Growth

The increasing investments by market players and associations in the research and development of innovative products is expected to positively impact the market’s growth. For instance, in August 2020, Milkfish Aquafeeds Research, Development, and Extension Project (RDEP) was launched in Guiuan. This new project aims to develop substitutes for fish feed ingredients for fighting the existing high costs of feeds in the market. A new substitute comprises the use of plant-based proteins as a key ingredient for fish feed.

The companies are embarking on mergers and acquisitions to diversify their product portfolio and consumer offerings. For instance, in November 2019, The Washington-based feed and ingredient company, Wilbur-Ellis, announced the acquisition of Renger Inc., a U.S.-based producer and distributor of feed. This acquisition is predicted to help Wilbur-Ellis to strengthen its footprint in this market.


Volatility of Raw Material Prices could Restrict Market Growth

High price volatility associated with the raw materials used in the feed preparation can hamper the market's growth. For instance, a significant rise in the price of soybean, corn, or other raw materials can directly impact the product's final price, which may hamper product sales. Moreover, a growing number of people opting for vegetarian diets and excluding non-vegetarian food is anticipated to reduce the demand for fish, which can negatively affect the market.

Aquafeed Market Segmentation Analysis

By Type Analysis

Fish Segment to Lead the Market throughout the Forecast Period

The fish segment held the largest share in the global aquafeed market in 2020. The tremendous increase in fish farming to fill the gap between overall fish demand and supply is expected to positively impact fish feed sales. A good quality fish feed is a great way to support the base of the food chain and help sustain a healthy fish community. This can drive the fish feed demand in upcoming years. Among fish, tilapia and carp are some of the prominent consumers of feed. Carps are considered a high source of protein, and they are widely utilized in fish and rice farming as well. As a result, the demand for carps is expected to increase in forthcoming years, which can drive their market demand.

At present, the mollusks segment holds the second-largest position in the global market. The increasing popularity of oysters and clams as an important source of nutrition to humans has led to a rise in production for clams and oysters, which is predicted to boost the demand for fish feed from mollusks growers.

By Ingredient Analysis

Soybean Segment to Dominate the Global Marketplace over 2024-2032

Soybean is one of the beneficial and cheapest non-fish sources of protein and omega-3 fatty acids. Henceforth, it is widely used in feed preparation to enhance aquatic species' overall growth and development. The increasing utilization of soybean cake and soybean meal in the preparation of organic feed is anticipated to boost the demand for soybean in the industry.

The additives segment is predicted to grow at the highest CAGR in the global market. Aquafeed additives, especially amino acids, are crucial macromolecules necessary for the healthy growth, development, and overall maintenance of aquaculture. Increasing fish growers’ inclination towards the adoption of high-quality feed is predicted to raise the demand for additives from manufacturers.

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By Form Analysis

Dry Form of the Product to Witness Strong Demand through 2032

The dry form of the product secured a large revenue chunk in 2020, and the segment is expected to grow at a significant pace throughout the forecast period. The demand for pellet feed is high among the aquaculture industry across the globe, owing to their potential to improve the feed conversion ratio of fish. Fish feed available in dry form is getting wider acceptance owing to its outstanding palatability and efficiency in bringing enhancement in fish performance. Furthermore, the ease of storage and transport of the product and higher shelf life of the dry products compared to wet or moist products are predicted to impact product sales positively.


Asia Pacific Aquafeed Market Size, 2023 (USD Billion)

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Asia Pacific to Proliferate Led by Increasing Fish Production Rate

Asia Pacific is a prominent market for aquafeed at present, and is expected to hold a significant proportion of the global market share during the forecast period.

Asia Pacific is one of the major fish-producing regions owing to countries, such as India, Japan, Thailand, China, and others, which are known for their higher consumption and production of high-quality seafood. For instance, as per the U.S. Department of Agriculture, in 2022, Japan was one of the leading seafood consumers globally and one of the prominent importers of seafood from the U.S. In addition, as per the USDA, in 2022, China was the largest seafood producer globally. The country’s production stood at around 67.5 million metric tons. Furthermore, the region has seen significant growth in technological advancements in aquaculture, which has been fueling the demand for aquafeed in Asia Pacific. For instance, in February 2023, India’s Ministry of Fisheries, Animal Husbandry & Dairying launched three new flagship programs under the Department of Fishery to fuel the growth of aquaculture in the country. The program includes factors, such as genetic improvement of Penaeus Indicus, also called as white shrimp, surveillance & study of fish diseases with the National Surveillance Program, and insurance products for aquaculture.

The Asia Pacific market has developed rapidly over the last decade, with China and India occupying more than half of the regional sales. The demand for fish feed in China and India is expected to remain promising during the upcoming years owing to the tremendous increase in fish production rate. As a result, several key market players operating in the global market are expanding their business in India and China. For instance, in January 2018, Cargill Inc. inaugurated its first dedicated fish feed plant in India. The plant is strategically located in Andhra Pradesh as it is one of the prominent regions for farm-raised aquaculture in India.

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The rising aquaculture production due to increasing seafood demand and growing inclination towards salmon production will propel the growth of the market in Europe. North America is predicted to witness considerable growth in the global market. The presence of prominent players such as Cargill Incorporated, Archer Daniels Midland Company, Alltech Inc. in the U.S. is likely to act as a growth booster for the market in the region. Furthermore, the high profit associated with the export of aquaculture is another reason attributed to the latent growth of the quality fish feed industry within the region.

List of Key Companies in Aquafeed Market

Investments in New Product Development to Favor Market Growth

High fish consumption positively impacts aquaculture production; as a result, the demand for aquafeed is expected to increase at a stronger pace. The increasing demand for this product gravitates market players to diversify their product portfolio and distribution network to increase their market reach and consumer base. Archer Daniels Midland Company is one of the leaders operating in the feed market. Innovations and mergers & acquisitions are some of the key strategies adopted by the company to compete in the global market.

  • December 2019–Archer Daniels Midland Company inaugurated its new animal nutrition technology center. The company is focusing on the production of feed ingredients and nutritional products for aquaculture. The new center will support the company in expanding its footprint in the global market.

  • February 2019 – Archer Daniels Midland Company announced the complete acquisition of Neovia. This acquisition is predicted to offer a strong platform for Archer Daniels Midland company’s future growth.


  • Cargill Incorporated  (Minnesota, U.S.)

  • Archer Daniels Midland Company (Illinois, U.S.)

  • Alltech Inc., (U.S.)

  • Purina Animal Nutrition (Missouri, U.S.)

  • Ridley Corp Ltd (Australia)

  • Nutreco N.V. (Amersfoort, Netherlands)

  • Aller Aqua A/S (Christiansfeld, Denmark)

  • BioMar A/S (Denmark)

  • Dibaq Aquaculture (Spain)

  • Beneo GmbH (Germany)


  • February 2024: Skretting, a Norway-based leading aquafeed-producing company, announced the launch of its all-new production facility in Surat, India. The new facility is said to be equipped with state-of-the-art technology with three production lines, which are expected to have a production capacity of around 50,000 metric tons per annum.

  • December 2023: The Government of India launched an all-new aquafeed at its Global Bio-India 2023 event. The new aquafeed is India’s first vegan aquafeed and called as Bio Guru 3F Pro: Bio-fermented Fish Feed. This launch is said to be India's entry into cruelty-free aquaculture.

  • June 2021: the Aquaculture Stewardship Council (ASC) launched a new Aquafeed standard to tackle any irresponsible and unsustainable practices across the industry.

  • August 2021: The Central Institute of Fisheries Technology (CIFT) built a new technology to overcome the danger of fisheries waste being turned into fish feeds while also providing feasible income opportunities. 

  • February 2020: Aller Aqua A/S announced the launch of a new series of functional aquafeeds, which include ingredients that promote growth and survival in a range of fish species.


An Infographic Representation of Aquafeed Market

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The global market research report provides qualitative and quantitative insights on the aquafeed market and a detailed analysis of market size and growth rate for all possible segments in the market. Along with this, the market research report provides an elaborative analysis of the market dynamics, swot analysis, and competitive landscape. Various key insights provided in the report are the overview of related markets, recent industry developments such as mergers & acquisitions, the regulatory scenario in key countries, and key industry trends.

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Report Scope & Segmentation



Study Period


Base Year


Estimated Year


Forecast Period


Historical Period


Growth Rate

CAGR of 6.57% from 2024 to 2032


Value (USD Billion)



















By Type

  • Fish

    • Carps

    • Tilapias

    • Catfish

    • Salmons

    • Others

  • Crustaceans

    • Mollusks

    • Others

By Ingredient

  • Soybean

  • Fishmeal

  • Fish Oil

  • Corn

  • Additives

  • Others

By Form

  • Dry

  • Wet

By Region

  • North America (By Type, Ingredient, Form, and By Country)

    • U.S. (By Ingredients)

    • Canada (By Ingredients)

    • Mexico (By Ingredients)

  • Europe (By Type, Ingredient, Form, and By Country)

    • Norway (By Ingredients)

    • Spain (By Ingredients)

    • U.K. (By Ingredients)

    • France (By Ingredients)

    • Italy (By Ingredients)

    • Greece (By Ingredients)

    • Rest of Europe (By Ingredients)

  • Asia Pacific (By Type, Ingredient, Form, and By Country)

    • China (By Ingredients)

    • India (By Ingredients)

    • Japan (By Ingredients)

    • Australia (By Ingredients)

    • Indonesia (By Ingredients)

    • Thailand (By Ingredients)

    • Rest of Asia Pacific (By Ingredients)

  • South America (By Type, Ingredient, Form, and By Country)

    • Chile (By Ingredients)

    • Brazil (By Ingredients)

    • Argentina (By Ingredients)

    • Rest of South America (By Ingredients)

  • The Middle East and Africa (By Type, Ingredient, Form, and By Country)

    • South Africa (By Ingredients)

    • U.A.E (By Ingredients)

    • Rest of ME&A (By Ingredients)

Frequently Asked Questions

Fortune Business Insights says that the global market value was USD 64.06 billion in 2023 and is projected to reach USD 112.27 billion by 2032.

Recording a CAGR of 6.57%, the market will exhibit robust growth during the forecast period of 2024-2032.

Fish segment is expected to hold a prominent share during the forecast period.

The increasing seafood trade owing to the rise in global fish consumption is predicted to drive the growth of the global market.

Cargill Inc., Alltech Inc., and Archer Daniels Midland Company are some of the key players in the market.

Asia Pacific is expected to hold the highest market share in the global market.

The demand for aquafeed in dry form is expected to remain high in the global market.

Escalating demand for organic aquafeed due to increasing organic aquaculture production is one of the emerging market trends in the global market.

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