Segment Analysis

The global Fish Feed Market has been segmented based on Product Type, Form, End Use Application, and Distribution Channel.

Based on Product Type, the market is segmented into plant-based, Fish and fish Products, and Microorganisms. The Plant-Based segment was attributed to holding the largest market share in 2022.  Secondary Fish Feed involves the retrieval and reprocessing of previously utilized and discarded This is primarily due to the increasing awareness of environmental sustainability and the soaring costs associated with fish oil and fishmeal. Plant-based fish feeds, sourced from ingredients like soybean, corn, wheat bran, and canola oil, are expected to gain traction as a cost-effective and nutritious substitute for traditional fish feeds.

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Based on the Form, the Fish Feed Market has been segmented into Pellets, Granules, Flakes, Sticks, and Powder. The Pellets segment was expected to hold the largest market share in 2022. This is primarily attributed to its capacity to offer balanced nutrition and enhanced digestibility for aquatic organisms. Pellet-based fish feeds are known for providing well-rounded nutritional benefits to aquaculture, and their ready availability further contributes to their popularity.

Based on the End Use Application, the Fish Feed Market has been segmented into Commercial, and Household. The Commercial segment was expected to hold the largest market share in 2022. The commercial segment is poised for robust growth, primarily driven by the burgeoning packaged fish food products industry and the proliferation of fish farming practices that cater to the industry's needs. The packaged fish food sector relies on a consistent supply of fish and other aquatic life. As natural aquatic habitats dwindle, fishermen are increasingly turning to pisciculture. Fish farmers are adopting aquaculture techniques to boost fish production and meet the escalating demand for fish products in the market.

Based on the Distribution Channel, the Fish Feed Market has been segmented into B2B and B2C. The B2B segment was expected to hold the largest market share in 2022. This growth is attributed to the favorable infrastructure and advantageous terms offered to both suppliers and buyers in the business-to-business (B2B) ecosystem. The B2B model ensures a steady stream of orders from buyers to suppliers, which in turn bolsters the overall segment's performance and profitability.

Regional Analysis

The global Fish Feed Market, based on region, has been divided into the North America, Europe, Asia-Pacific, and Rest of the World. North America consists of the US and Canada. The Europe Fish Feed Market comprises Germany, France, the UK, Italy, Spain, and the rest of Europe. The Fish Feed Market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World Fish Feed Market comprises of Middle East, Africa, and Latin America.

The largest market share for the Fish Feed Market was maintained by the North American regional sector. There's an increasing appetite for seafood in North America, and as a result, the aquaculture industry has been growing to meet this demand. The United States and Canada take the lead in North America when it comes to aquaculture production and the demand for seafood. In 2016, per capita seafood consumption in the United States stood at 6.8 kilograms; by 2018, it had risen to 7.2 kilograms. Fish farming plays a critical role in ensuring a consistent supply of fish products. There's a growing need for high-quality and nutritious fish feed to support the thriving aquaculture industry.

Moreover, the Europe market has been persistently growing over the forecast period. The European aquaculture sector is experiencing substantial growth, primarily in response to the escalating demand for seafood. Fish constitute the dominant aquaculture species cultivated in the European region. In 2022, the total fish production reached 15.6 million metric tons, marking a 1.8% increase from 2019. This upsurge in fish production significantly stimulates the fish feed market within the region. Fish production in Europe accounts for a substantial 89.9% of the total aquaculture production. This shift toward aquaculture is propelled by concerns over overfishing and environmental pressures that have impacted wild fish stocks. Aquaculture has thus emerged as a critical source of fish products. This substantial expansion of aquaculture operations stands as a key catalyst behind the growth of the fish feed market.

In Asia Pacific, this remarkable expansion is attributed to the substantial fish consumption prevalent in countries across the Far East, including Korea, Japan, Bangladesh, and parts of Eastern India. According to the OECD in 2021, fish consumption in Asia was estimated at 72% of the food consumption in the region. By 2030, aquaculture is expected to provide 57% of the fish for human consumption, compared to 53% in the base period. Aquaculture is a predominant practice in this region, driven by the fact that fish is a dietary staple in many countries. In particular, with rising disposable incomes, China has witnessed increased fish consumption. Notably, China stands as the world's largest seafood exporter. Furthermore, the nutritional benefits of fish contribute to the high seafood consumption rate in China, which accounts for 45% of the global volume. Consequently, the increasing domestic consumption and production of fish feed in China and its extensive export relationships with other nations are key factors bolstering the fish feed market in the Asia Pacific region.

Furthermore, the rest of the world's Fish Feed Market is divided into the Middle East, Africa, and Latin America. There is a growing awareness of the nutritional benefits of seafood in these regions. Consumers are increasingly seeking seafood products that are not only delicious but also rich in nutrients. This trend is driving the demand for high-quality fish feeds that can help produce healthy and nutrient-rich fish.

Key Findings of the Study

The global Fish Feed Market is expected to reach USD 165.3 billion by 2032, at a CAGR of 4.00% during the forecast period.

The Asia-Pacific region accounted for the fastest-growing global market because there is a growing awareness of the nutritional benefits of seafood in these regions.

Based on Product Type, the Plant-Based segment was attributed to holding the largest market in 2022, with an approximate market share of 55–60%.

Cargill, Inc., Nutreco N.V., Archer Daniels Midland Company, Ridley Corporation Limited, Biomar Group, Alltech, Inc., Skretting (Nutreco Company), BioMarin North America Inc., Zeigler Bros. Inc., Norel Animal Nutrition, De Heus Animal Nutrition, Nutriad International NV, Aller Aqua Group, Dibaq Aquaculture, Marubeni Nisshin Feed Co., Ltd., Tongwei Group Co. Ltd., New Hope Liuhe Co. Ltd., Guangdong Haid Group Co. Ltd., Clextral SAS, Guangzhou Guangwei Feed Co. Ltd.

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