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Marine Feed Market

Market Study on Marine Feed: PMR Foresees Various Opportunities, Analyzing include rising global seafood consumption, an expanding aquaculture industry, and innovations in feed technology promoting sustainability and nutritional efficiency

A Detailed Analysis of the Marine Feed Market Based on Growing Awareness of Sustainable Aquaculture Methods, Increased Global Demand for Seafood, Aquaculture Expansion, and Advancements in Sustainable and Nutritionally Optimized Fee Formulations

Marine Feed Market

The global marine feed market is forecast to expand at a CAGR of 7.2% and thereby increase from a value of US$37.1 Bn in 2023 to US$60.2 Bn by the end of 2030.

Attributes

Key Insights

Marine Feed Market Size (2023E)

US$37.1 Bn

Projected Market Value (2030F)

US$60.2 Bn

Global Market Growth Rate (CAGR 2023 to 2030)

7.2%

Historical Market Growth Rate (CAGR 2018 to 2022)

6.4%

Revenue Share of Top Four Countries (2022E)

48%

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Market Introduction and Definition

Marine feed can be defined as food that is produced commercially to meet the nutritional needs of aquatic animals. It is composed of a variety of primary ingredients and additions, such as fish oil, vegetable protein, plants, marine life, grain products, and terrestrially based live feeds. A balanced diet is provided by the feed, which is necessary for raising healthy fish. Additionally, because it is high in nutrients, including protein, lipids, minerals, vitamins, and carbs, it aids in the efficient growth and reproduction of marine life.

Rising seafood consumption, growing interest in fish farming, and the need for sustainable protein sources as wild fisheries are being depleted are all contributing factors to the growth of the global marine feed market. Furthermore, the marine feed market is expanding due to the growing demand for organic fish oil across several industrial verticals, including pharmaceuticals, food and beverage (F&B), and nutraceuticals. In addition, the market is being positively impacted by the rising intake of seafood as a result of people's increased awareness of its health benefits and the rising incidence of chronic illnesses.

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Market Growth Drivers

Rising Fish And Seafood Consumption

The fish consumption has significantly increased in recent years. Fish has grown in popularity among many individuals and families as people become more health conscious and aware of its nutritional advantages. The fact that fish is now widely recognized as a rich source of premium protein, vitamins, omega-3 fatty acids, and minerals is one of the primary causes of the increase in fish intake. These nutrients are necessary to keep a well-balanced diet and to enhance general health. Furthermore, because fish has less saturated fat than red meat, it is frequently regarded as a healthier option. Growing awareness of the ill environmental effects of livestock production is another reason driving rising demand for fish. With growing worries about sustainability and climate change, more individuals are choosing fish as a more environmentally responsible source of protein. Fish farming often uses less water and land, and its carbon impact is generally lower than that of land-based cattle farming. In addition, seafood is now more available to a larger variety of consumers thanks to developments in transportation and technology. Therefore, a major driver driving the growth of the marine feed market is the increasing use of fish in various applications.

Insufficient Knowledge About Modern Feeding Techniques In Developing Nations

In undeveloped nations, the lack of knowledge regarding contemporary feeding techniques can definitely limit the marine feed market. To address the rising demand for seafood, aquaculture—the rearing of fish and other aquatic organisms—has grown to be a major global industry. However, the quantity and quality of marine feed, the main food supply for farmed fish, is a major factor in aquaculture's success. Additionally, due to a lack of understanding and awareness of contemporary aquafeed techniques, old feeding methods are still widely used in many underdeveloped nations. The fish raised on farms may not receive enough nutrition since farmers may depend on inferior feeds or even domestic trash. Aquaculture operations may experience slower growth rates, increased death rates, and decreased total production as a result.

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Market Restraints

Rising Concerns About The Environment And Public Health

Water contamination is a  of the main environmental issues related to aquaculture. The surrounding waters may become overabundant in nutrients, such as phosphorus and nitrogen, as a result of intensive farming techniques. These nutrients have the potential to promote eutrophication, which can affect aquatic ecosystems and result in toxic algal blooms and oxygen deprivation. Furthermore, unconsumed feed and waste from farmed fish can worsen the quality of the surrounding freshwater and marine habitats by adding to water pollution. Important habitats for a variety of species are lost when fish farms are established because they frequently necessitate the modification of natural coastal areas and wetlands. In addition, delicate habitats like seagrass beds, coral reefs, and mangroves can be harmed or destroyed by the physical structures and machinery utilized in aquaculture operations. These habitats are vital to the maintenance of biodiversity and the provision of basic ecosystem services, so it is quite concerning when they are destroyed.

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Opportunities

Increasing Government Support For Aquaculture

The many global initiatives implemented by the governments of the individual countries have resulted in the growth of the aquaculture business. All state-level centrally supported development programs pertaining to fisheries and aquaculture in India are planned, overseen, and funded by the Ministry of Agriculture. It offers the Indian aquaculture business a chance to concentrate on growing the industry domestically. Additionally, governments support aquaculture by launching programs aimed at capacity building and education. In order to help aquaculture farmers adopt best practices and increase productivity, they provide training programs and workshops that improve their knowledge and skills. Furthermore, governments encourage innovation and cooperation by facilitating information and knowledge sharing among industrial stakeholders. For instance, the Georgian government has received assistance from the European Union (EU) and the Food and Agriculture Organization (FAO) in creating the National Aquaculture Development Strategy. The goal of the workshop was to initiate a conversation among the several parties that are involved in aquaculture in Georgia, with a particular emphasis on fish farming, mariculture, and vast aquaculture. Thus, it will result in the growth of the marine feed market.

Analyst’s Viewpoint

Global middle-class population growth and growing health consciousness are driving up demand for seafood. Additionally, as aquaculture activities increase, so does the demand for high-quality aquafeed, which in turn propels the expansion of the aquafeed market. Technological developments are also assisting in the production of economical, nutrient-rich feed. Growing awareness of environmentally friendly methods in the aquaculture sector is expected to present manufacturers in the aquafeed business with major potential to create organic and environmentally friendly feed.

Supply-side Dynamics

It is anticipated that suppliers of marine feed will contribute to the sustainability of seafood production. Their area of expertise would be producing marine feeds that are specifically designed to meet the dietary needs of aquatic animals. In addition to fueling market growth, their mission to support nutrition in aquatic ecosystems provides a sustainable way to fulfill the world's rapidly increasing demand for seafood. Furthermore, in the next five years, the feed suppliers' landscape is anticipated to significantly shift as a result of the introduction of novel ingredients, data-guided formulations, and cutting-edge technology. By using precise nutrition, environmentally friendly sourcing, and responsible aquaculture, aquaculture techniques will progressively accord with sustainability goals.

Market Segmentation

What is the Leading Market Segment by Types?

The fish category dominated the marine feed market in 2022 to be the Dominant Segment

The fish category dominated the marine feed market in 2022. As a natural source of abundant nutrients, fish species are typically chosen for use in marine feed. Their protein level is substantial, and they include important vitamins, minerals, and omega-3 fatty acids. In addition to supporting aquatic organisms' health, these nutrients also maximize their capacity for growth. Additionally, because it appeals to a wide variety of aquatic animals, fish-based feed is a recommended option. Moreover, the mollusks category is anticipated to grow at a significant rate over the forecast period. The growing demand for marine feed from mollusk farmers is expected to result from the increased production of clams and oysters due to their growing popularity as a significant source of nourishment for humans.

Which Category Spearheads in Terms of Soybean Meal Category?

The soybean meal category Maintains Dominance Through 2030

The soybean meal category dominated the marine feed market in 2022. Several reasons have contributed to the growing acceptance of soybean meal in marine feed. Availability is the primary reason soybean meal is unique. Accessible ingredient that supports continuous feed production and a robust supply chain for the aquaculture business. Its increasing usage is also largely due to soybean meal's high protein content. This high-quality protein supplies the vital amino acids required for aquatic creatures to thrive and maintain their health. Moreover, the wheat and corn category will grow at a substantial rate in the forecast period. The need for substitute ingredients and initiatives towards sustainability have an impact on growth. Furthermore, the move toward plant-based and sustainable substitutes is supported by the use of wheat and corn components in marine feed. The ratio of proteins to carbohydrates that these components offer is vital for fish nutrition.

Which Form Are the Most Sales-focused?

Pellets Category To Widen Footprint Due To Its Importance In Aquaculture Distributors

In 2022, the pellets category led the market. The major reason pellet-based marine feed is so popular is because it is so convenient. Pellets are a popular option for aquaculture producers and distributors because they provide a simple and useful solution for handling, distributing, and storing. Their small size and easy handling are important factors in reducing the possibility of spills and waste of feed, which improves their competitiveness. On the other hand, throughout the projected period, the powder segment is expected to increase significantly because of factors like better nutrient stability, extended shelf life, and ease of handling. Formulations for powdered marine feed solve practical issues in the aquaculture sector by providing ease of storage and transportation. Furthermore, powdered marine feed products are becoming more and more popular as a result of processing technology developments that fulfill the need for effective and nutritionally balanced goods.

Which Distribution Channel Will Contribute The Most To Market Revenue?

Business-to-Business Category To Dominate Sales Due To Its Inherent Characteristics Of The Fishing And Aquaculture Sectors

The business-to-business category dominated the market in 2022. Business-to-business (B2B) is the main distribution mechanism for marine feed. This pattern is explained by the intrinsic features of the fishing and aquaculture industries, where commercial businesses are the main consumers of marine feed products. Additionally, business-to-business (B2B) sales make it easier to customize feed formulations to meet the unique needs of various aquatic species. Moreover, the business-to-consumer category held a significant share of the market due to the rising consumer demand for sustainably produced seafood, which is encouraging awareness and innovation in the sector. Many factors are responsible for this rise, such as the rising demand for responsibly sourced aquaculture products and the growing public awareness of the negative environmental effects of marine feed. Moreover, the B2C growth in the marine feed market can be attributed to customers' growing focus on nutrition and health, as well as their need for products that provide quality and safety.

Top Regional Markets

North America Retains Dominance in Global Market

Over the course of the forecast period, North America is anticipated to maintain the highest position in the marine feed market because of the existence of big fish farms for aquaculture. Since aquatic products have a distinct place in the market, seafood is in high demand in North America. Additionally, rapid urbanization, growing incomes, and population growth are the main factors driving this market's expansion in this nation. Almost half of the raw materials needed to supply the strong demand for this product are imported from other areas. Moreover, there will be significant changes to the US marine feed market. It is anticipated that consumer demand for healthful seafood and environmental concerns on an individual basis will propel these improvements. Furthermore,  it is anticipated that the industry will shift toward new, environmentally friendly marine feed options that will benefit fish and other aquatic life while simultaneously promoting health. It is anticipated that technologies like smart feed planning and precision farming will contribute to the market's increased productivity and efficiency.

Exceptional Growth Poised for East Asia

East Asia marine feed market is expected to grow at a significant rate over the forecast period. The aquaculture sector in East Pacific is currently experiencing a significant upsurge because of the region's strong interest in seafood consumption. Aquaculture plays a crucial role in ensuring that there is sufficient fish and seafood as more people become aware of this desire. Moreover, it will play a crucial role in supplying the increasing demand for seafood and fish. To support the health and productivity of farmed fish, there is also an increasing need for premium marine feed. The way the market is developing emphasizes how important marine feed sales are to China's aquaculture supply chain and how they are fueling significant market expansion.

Competitive Intelligence and Business Strategy

The presence of global industry players like Cargill, Inc., Archer Daniels Midland, Alltech Inc., BioMar Group, Nutreco N.V., and others indicates the complex competitive landscape of the marine feed sector. In addition to them, locally based providers serving niche markets and environmentally conscious businesses add to the landscape's diversity. Pioneers in research and development, the impact of vertical integration, and involvement from governmental and academic organizations all contribute to the complexity. Furthermore, fresh viewpoints are being introduced by burgeoning start-ups and entrepreneurial endeavors, changing the dynamic of the industry. With a focus on innovation, sustainability, and quality control, the market is always changing.

Key Recent Developments

New Product Launch

March 2023: ADM released their new premium feed specifically for fish development in its early stages. The formulation has been shown to support a variety of marine fish species, including seabass, seabream, barramundi, and meager.

Market Impact: This unique composition may attract aquaculture businesses and fish farmers, boosting demand for ADM's product and potentially altering the dynamics of the marine feed market. Moreover, the focus placed by ADM on maintaining a variety of marine fish species suggests a broad market appeal. Due to the product's widespread appeal, manufacturers may become more competitive in their efforts to enhance formulations, which could result in advancements in the marine feed industry as companies strive to meet the evolving demands of sustainable aquaculture.

May 2022: MSD Animal Health introduced the DNA TRACEBACK Fisheries platform. Governments and fisheries organizations might find it useful in figuring out the sustainable output of wild fish stocks. Additionally, clients would be able to more accurately determine the overall amount of catch that local fishermen are permitted to make.

Market Impact: More precise data on wild fish stocks could help governments, fisheries organizations, and clients make more educated judgments about allowable capture limits. As a result, this might support ethical fishing methods and possibly have an impact on the market for marine feed made from sustainable sources. Additionally, a change toward environmentally friendly and ethically obtained marine feed ingredients may be encouraged by improved transparency in tracking fish stocks.

Marine Feed Market Report Scope

Attribute

Details

Forecast Period

2023 to 2030

Historical Data Available for

2018 to 2022

Market Analysis

US$ Million for Value

Key Regions Covered

  • North America
  • Latin America
  • Europe
  • South Asia & Oceania
  • East Asia
  • The Middle East & Africa  

Key Countries Covered

  • United States
  • Canada
  • Germany
  • United Kingdom
  • France
  • Italy
  • Spain
  • Russia
  • China
  • Japan
  • South Korea
  • India
  • Thailand
  • Malaysia
  • Indonesia
  • Australia
  • New Zealand
  • GCC Countries
  • South Africa  

Key Market Segments Covered

  • Species
  • Ingredients
  • Form
  • Distribution Channel
  • Region

Key Companies Profiled

  • Cargill, Inc.
  • Zeigler Bros., Inc.
  • Archer Daniels Midland
  • Alltech Inc
  • Skretting AS
  • Aller Aqua A/S
  • Sonac B.V.
  • BioMar Group
  • Nutreco N.V.
  • Biomin Holding GmbH
  • Ridley Corp.Ltd

Report Coverage

  • Market Forecast
  • Company Share Analysis
  • Competition Intelligence
  • DROT Analysis
  • Market Dynamics and Challenges
  • Strategic Growth Initiatives  

Customization & Pricing

Available upon request

Marine Feed Market Research Segmentation

By Species:

  • Fish
  • Crustaceans
  • Mollusks
  • Others (Squid)

By Ingredients:

  • Soybean Meal
  • Wheat and Corn
  • Fish Meal
  • Fish Oil
  • Krill Meal
  • Shrimp Meal
  • Squid Meal
  • Algae and Microalgae
  • Seaweed and Seagrass
  • Others (Spirulina, Yeast)

By Form:

  • Pellets
  • Powder
  • Granules
  • Flakes

By Distribution Channel:

  • Business-to-Business
  • Business-to-Consumer

By Region:

  • North America
  • Europe
  • East Asia
  • South Asia & Oceania
  • Latin America
  • Middle East & Africa

- Companies Covered in This Report -

  • Cargill, Inc.
  • Zeigler Bros., Inc.
  • Archer Daniels Midland
  • Alltech Inc
  • Skretting AS
  • Aller Aqua A/S
  • Sonac B.V.
  • BioMar Group
  • Nutreco N.V.
  • Biomin Holding GmbH
  • Ridley Corp.Ltd

- Frequently Asked Questions -

The market is anticipated to grow at a CAGR of 7.2% during the projected period.

The marine feed market was valued at USD 37.1 billion in 2023.

 The U.S. held the largest market share in 2023.

The prominent players in the market are Cargill, Inc., Archer Daniels Midland, Alltech Inc, BioMar Group, Nutreco N.V. and others.

The mollusk segment is expected to grow at the fastest growth during the forecast period.

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