Aquafeed Market is expected to reach US$ 103.15 Billion by 2031

Growing Aquaculture Industry to Bolster Aquafeed Market Growth  

According to our latest market study on "Aquafeed Market Size and Forecast to 2031 – Global Analysis – by Ingredient Type, Species, and Lifecycle," the market accounted for a revenue of US$ 64.54 billion in 2024 and is projected to reach US$ 103.15 billion by 2031; it is anticipated to record a CAGR of 6.9% from 2024 to 2031. The aquafeed market report highlights key factors driving the market growth and prominent players along with their developments in the market.

Global fish consumption is steadily rising due to population growth and a shift toward healthier, protein-rich diets. As a result, aquaculture has become the primary means of meeting this demand. Unlike traditional fisheries, which face challenges such as overfishing and environmental constraints, aquaculture offers a sustainable and scalable solution, producing over half of the seafood consumed worldwide today. As aquaculture expands, the need for efficient, nutritionally balanced feed has become critical to maintaining the health, growth, and productivity of farmed aquatic species. According to FAO, in 2022, the global fisheries and aquaculture production reached 223.2 million tons, representing ~4% increase from 2020. This production consisted of 185.4 million tons of aquatic animals and 37.8 million tons of algae. The global aquaculture production reached an unmatched 130.9 million tons. Aquafeed, formulated with essential nutrients such as proteins, fats, vitamins, and minerals, plays a pivotal role in modern aquaculture by ensuring optimal growth rates, improved immunity, and higher yield quality. Advancements in feed technology, including the use of probiotics, enzymes, and alternative protein sources, have further enhanced feed efficiency, making aquafeed indispensable for intensive farming systems. Additionally, the diversification of aquaculture species, from shrimp and tilapia to salmon and carp, has spurred the demand for species-specific feeds tailored to their unique nutritional needs. Global aquaculture continues to scale up, driven by increasing seafood consumption and the push for sustainable food production.

Global Aquafeed Market Breakdown – by Region

The aquafeed market analysis has been performed by considering the following segments: ingredient type, species, and lifecycle. Based on ingredient type, the aquafeed market is segmented into soybean, corn, fishmeal and fish oil, and others. The soybean segment is expected to record a highest CAGR in the aquafeed market during the forecast period. On the basis of species, the market is segmented into fish, crustaceans, mollusks, and others. The fish segment held the largest share of the aquafeed market in 2024. Based on lifecycle, the market is categorized into starter feed, grower feed, finisher feed, and brooder feed. The starter feed segment is anticipated to record a highest CAGR in the aquafeed market share during the forecast period.

Asia Pacific dominated the global aquafeed market share in 2024. Asia Pacific is the world's largest producer and consumer of seafood, making it a significant market for aquafeed. The region's large and growing population has a high demand for protein-rich foods, including seafood. As income rises and diets diversify, seafood consumption is expected to increase further, driving the need for more aquafeed to support aquaculture production. Aquaculture is a major industry in Asia Pacific, contributing significantly to global seafood production. According to the Food and Agriculture Organization of the United Nations (FAO), in 2022, Asia contributed 91.4% of total aquaculture production. The increasing focus on intensive aquaculture practices to meet the growing demand requires a steady supply of high-quality aquafeed to ensure optimal growth and the health of farmed aquatic animals. Furthermore, the region is witnessing a shift toward value-added aquaculture products, such as processed seafood and specialty species. These products often require specialized diets and formulated feeds to meet specific nutritional needs, further boosting the demand for aquafeed. Further, advancements in aquafeed technology and the development of more sustainable and efficient feed formulations are contributing to the aquafeed market growth in Asia Pacific.

Global Aquafeed Market Trends

Technological advancements in feed production are shaping the future of the aquafeed industry by enhancing efficiency, sustainability, and customization. Innovations such as precision nutrition and advanced formulation techniques allow manufacturers to create feeds tailored to the specific dietary requirements of different aquatic species. This ensures optimal growth rates, better feed conversion ratios, and improved immunity in farmed species, addressing the growing demand for high-quality seafood. Technologies such as microencapsulation and nanotechnology enable the efficient delivery of essential nutrients, vitamins, and minerals, reducing nutrient loss and enhancing feed stability under varying aquaculture conditions.

The integration of alternative protein sources, such as insect meal, algae, and single-cell proteins, has also been made feasible through advancements in processing and formulation technologies. These sustainable ingredients reduce dependency on fishmeal and fish oil, addressing environmental concerns and raw material cost fluctuations. Additionally, smart feeding systems powered by data analytics, machine learning, and the Internet of Things (IoT) are revolutionizing feed management. These systems monitor fish behavior, water quality, and environmental parameters in real-time to optimize feeding schedules and reduce wastage. Furthermore, advancements in enzyme technology and probiotics are improving nutrient digestibility and gut health, enhancing overall feed performance.

The aquafeed market forecast can help stakeholders plan their growth strategies. The key players in the aquafeed 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. The market players offer innovative products at affordable prices that attract a large number of consumers, opening new opportunities for them.

The aquafeed market report involves the segmentation of the market based on ingredient type, species, and lifecycle. Based on ingredient type, the aquafeed market is segmented into soybean, corn, fishmeal and fish oil, and others. The others segment held the largest share of the aquafeed market in 2024. On the basis of species, the market is segmented into fish, crustaceans, mollusks, and others. The fish segment held the largest share of the aquafeed market in 2024. Based on lifecycle, the market is categorized into starter feed, grower feed, finisher feed, and brooder feed. The starter feed segment held the largest share of the aquafeed market in 2024. The scope of the Aquafeed market focuses on North America (US, Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain, and Rest of Europe), Asia Pacific (Australia, China, India, Japan, South Korea, and Rest of Asia Pacific), the Middle East & North Africa (Egypt, Morocco, Saudi Arabia, UAE, Algeria, Bahrain, Turkey, Oman, Iraq, Kuwait, Qatar, and Rest of Middle East & North Africa), South & Central America (Brazil, Argentina, and Rest of South & Central America), and Sub-Saharan Africa (Nigeria, South Africa, Kenya, and Rest of Sub-Saharan Africa)

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