Aquafeed Market (2025-2032)
The Aquafeed Market is expected to reach $122.54 billion by 2032, at a CAGR of 6.4% from 2025 to 2032.
- Published
- Jun 2024
- Pages
- 470
- Format
- PDF + Excel
- Report ID
- MRFB - 1041256
- Base year
- 2024
- 2032 · FORECAST
- $122.5B
- 2032
- $122.5B
- CAGR 2025–2032
- 6.4%
2024 baseline · 2025–2032 forecast at 6.4% CAGR · hover a bar for the value
Key highlights
By Ingredient: In 2025, the Plant-based Segment to Dominate the Aquafeed Market
By Form: In 2025, the Dry Form Segment to Dominate the Aquafeed Market
By Species Type: In 2025, the Fish Segment to Dominate the Aquafeed Market
By Lifecycle: In 2025, the Grower Feed Segment to Dominate the Aquafeed Market
Report summary
| Particulars | Details |
|---|---|
| Number of Pages | 470 |
| Format | |
| Forecast Period | 2025–2032 |
| Base Year | 2024 |
| CAGR (Value) | 6.4% |
| Market Size (Value) | $122.54 Billion by 2032 |
| Segments Covered | By Ingredient · Plant-based · Soybean · Soybean Meal · Soy Oil · Soy Lecithin · Corn · Corn Gluten Meal · Corn Gluten Feed · Corn Oil · Other Plant-based · Animal-based · Fish Meal · Fish Oil · Other Animal-based · Additives · Vitamins & Minerals · Amino Acids · Antioxidants · Prebiotics · Enzymes · Acidifiers · Others · Algae · Insect · By Form · Dry · Wet · Moist · By Species Type · Fish · Salmon · Carp · Tilapia · Trout · Catfish · Other Fish Species · Crustaceans · Shrimp · Crabs · Krills · Lobsters · Other Crustaceans · Mollusks · Oysters · Mussels · Other Mollusks · Other Aqua-cultured Species Types · By Lifecycle · Starter Feed · Grower Feed · Finisher Feed · Brooder Feed |
| Countries Covered | North America (U.S., Canada), Europe (Germany, France, Spain, U.K., Italy, Netherlands, Russia, Poland, Norway, and Rest of Europe), Asia-Pacific (China, India, Japan, Thailand, Vietnam, Australia, and Rest of Asia-Pacific), Latin America (Brazil, Mexico, Argentina, and Rest of Latin America), and the Middle East & Africa (South Africa, Egypt, and Rest of Middle East & Africa). |
| Key Companies | Cargill, Incorporated (U.S.), Ridley Corporation Limited (Australia), Charoen Pokphand Foods PCL (Thailand), Nutreco N.V. (Netherlands), BENEO GmbH (Germany), Archer-Daniels-Midland Company (U.S.), Alltech Inc. (U.S.), BioMar Group (Denmark), Purina Animal Nutrition LLC (U.S.), Aller Aqua A/S (Denmark), Biostadt India Limited (India), Kemin Industries, Inc. (U.S.), INVE Aquaculture, Inc. (U.S.), and De Heus Voeders B.V. (Netherlands). |
Report overview
Segments covered: ingredient, species type, form. Regions: North America, Europe, Asia-Pacific, Latin America.
The growth of this market can be attributed to several factors, including the increasing consumption of fish, growth in the aquaculture industry, and rising demand for high-quality feed. Moreover, the increasing support from governments for aquaculture and the development of alternative feed ingredients are expected to offer growth opportunities for the players operating in this market. Additionally, growing demand for organic fish production and increasing adoption of functional feeds are major trends in the aquafeed market.
However, fluctuating raw material prices and stringent regulations on feed safety and quality are expected to hinder market growth to some extent. Furthermore, environmental and human health concerns pose a challenge to market expansion.
Report infographic
Market dynamics
5 factors across 3 forcesIncreasing Consumption of Fish Boosts Demand for Aquafeed
Over the past few years, the global consumption of fish has witnessed a significant surge due to the increasing population and demand for protein, rising disposable income, advancements in aquaculture, increasing seafood trade, and increasing health consciousness. Aquafeed is a vital component in the aquaculture industry as it provides the essential nutrients for the growth and health of fish and other aquatic animals. As the global population continues to grow and the demand for seafood increases, the aquafeed market is expected to continue to expand. According to the Population Reference Bureau (PRB), the global human population is expected to grow by 75 million annually (1.1% per year). By 2050, the world population is expected to reach 9.9 billion, increasing by 25.3% compared to ~7.9 billion in 2021. This growing population will contribute to an increased demand for seafood. According to the OECD-FAO, it estimates that 90% of fish production will be consumed as food in 2032, compared to 88% in 2020-22. Additionally, per capita fish consumption is projected to reach 21.2 kg by 2032, an increase from an average of 20.4 kg in 2020-22. As a result, the population growth and increased per capita seafood consumption are expected to significantly drive the growth of the aquaculture industry and therefore, the aquafeed market in the coming years.
Growth in the Aquaculture Industry Drives the Growth of the Aquafeed Market
Aquaculture refers to the farming of aquatic organisms such as fish, crustaceans, mollusks, and aquatic plants in controlled environments. With the increasing demand for seafood, aquaculture has become an essential source of food production, leading to the expansion of the industry. In the period 1990–2020, the total global aquaculture industry annual output grew by 609%, with an average growth rate of 6.7% (source: FAO). Furthermore, aquaculture production is projected to reach 111 MT by 2032, a substantial increase from the average output of ~91 MT in 2020-2022 and compared to the previous decade's growth of 33 million tons. As aquaculture production increases, the demand for high-quality aquafeed also rises to support the growth and health of farmed species. This drives the demand for aquafeed, spurring innovations in feed formulation, production processes, and the use of alternative ingredients to meet the specific nutritional requirements of various aquatic species. Thus, the growth in the aquaculture industry is closely associated with the expansion of the aquafeed market.
Table of contents
12 chapters · 153 sections · 470 pages · click to expandSegmental analysis
| Segment | Largest share (2025) | Fastest growth (2025–2032) |
|---|---|---|
| By Ingredient | Plant-based | Insect |
| By Form | Dry Form | — |
| By Species Type | Fish | Crustaceans |
| By Lifecycle | Grower Feed | Other essential nutrients |
By Ingredient
- The Plant-based Segment to Dominate the Aquafeed Market
- The plant-based segment is expected to account for the largest share of the aquafeed market.
- The large market share of this segment can be attributed to the increasing demand for soybean feed ingredients, being an alternative to animal-based ingredients, and environmental concerns.
- Furthermore, the growing demand for alternative feed ingredients, such as canola, is expected to support the growth of this market.
- Furthermore, the plant-based segment is segmented into soybean, corn, and others.
- The soybean segment is expected to account for the largest share of the plant-based aquafeed market in 2025.
- Soybean ingredients are rich in proteins, amino acids, and other essential nutrients, an alternative to fishmeal in aquafeeds, and cost-effective to fish meal.
- However, the insect segment is projected to witness the highest growth rate during the forecast period of 2025–2032.
- This growth is driven by the growing adoption of black soldier flies and mealworms as aquaculture feed, government approval for the use of insects as a feed ingredient, and growing demand for alternative sources for aquafeed.
By Form
- The Dry Form Segment to Dominate the Aquafeed Market
- The dry segment is expected to account for the largest share of 63.3% of the aquafeed market.
- The large market share of this segment is mainly attributed to its convenience for handling, storage & transport, longer shelf life, cost-effectiveness, nutrient stability, higher nutritional density, and bulk purchase.
- Moreover, this segment is also expected to register the highest CAGR of 6.7% during the forecast period of 2025–2032.
- The rapid growth of this market is mainly attributed to the increasing awareness among farmers about the benefits of dry aquafeed, such as improved feed conversion rates, reduced waste, and higher profitability.
By Species Type
- The Fish Segment to Dominate the Aquafeed Market
- The fish segment is expected to account for the largest share of 56.7% of the aquafeed market.
- The large market share of this segment can be attributed to the growing demand for organic fish, increasing demand for fish protein, depletion of wild fish supplies, increase in export value of fish, and growth of aquaculture.
- However, the crustaceans segment is projected to witness the highest growth rate of 7.1% during the forecast period of 2025–2032.
- This growth is driven by the growing demand for seafood and the increasing focus on sustainable and functional feeds.
- Furthermore, the rising consumer awareness of the health benefits of crustaceans, such as their high protein content and omega-3 fatty acids, further supports the growth of the crustacean feed market.
By Lifecycle
- The Grower Feed Segment to Dominate the Aquafeed Market
- The grower feed segment is expected to account for the largest share of the aquafeed market.
- Grower feed is formulated to meet the increased nutritional demands of the grower stage, with a focus on proteins, amino acids, and other essential nutrients to promote rapid growth.
- Furthermore, it supports maximum production and growth at every life stage of the fish.
Geographic analysis
Asia-Pacific
Largest shareIn 2025, Asia-Pacific is expected to account for the largest share of 55.9% of the aquafeed market, followed by Europe, North America, Latin America, and the Middle East & Africa. The large share of this region is mainly attributed to the rise in fish consumption, government support for aquaculture, increasing population, and growing urbanization. Also, the resource availability, low-cost labor, and suitable environmental conditions are supporting the growth of this market. Moreover, this region is projected to register the highest CAGR of 7.3% during the forecast period. Furthermore, China and India account for more than 50% share of the aquafeed market in this region. In 2025, the Asia-Pacific is Expected to Dominate the Aquafeed Market
Competitive landscape
- February 2025
InnovaFeed SAS (France) launched a new brand, Hilucia, with two new products–Protein for Monogastrics and Oil for Aqua.
- July 2024
Phode Laboratories (France) launched three new products, Olpheel Zen, Olpheel Anti-Ox, and Olpheel Eat, to support animal welfare and performance in aquaculture.
- April 2024
MiAlgae Ltd (U.K.) launched a novel omega-3 product, NaturAlgae, for aquafeed. NaturAlgae is a dry powder with a high concentration of DHA and other oils that can be added to aquafeed.
- February 2024
Netherlands-based company Nutreco N.V.’s global aquafeed division, Skretting, opened a shrimp and fish feed production facility in India. The facility was built with an investment of USD 20.02 million and has three production lines with a capacity of 50,000 metric tonnes per annum. Moreover, in March 2021, the company invested USD 6.1 million in constructing a new shrimp research facility in Ecuador.
- Cargill, Incorporated (U.S.)
- Ridley Corporation Limited · Australia
- Charoen Pokphand Foods PCL · Thailand
- Nutreco N.V. · Netherlands
- BENEO GmbH · Germany
- Archer-Daniels-Midland Company (U.S.)
- Alltech Inc. (U.S.)
- BioMar Group · Denmark
- Purina Animal Nutrition LLC (U.S.)
- Aller Aqua A/S · Denmark
- Biostadt India Limited · India
- Kemin Industries, Inc. (U.S.)
- INVE Aquaculture, Inc. (U.S.)
- De Heus Voeders B.V. · Netherlands
Frequently asked questions
The Aquafeed Market encompasses specialized feed products designed to nourish aquatic species, such as fish and crustaceans, aiding their growth, health, and productivity in aquaculture settings.
Cite this report
Meticulous Research. (2024). Aquafeed Market - Global Opportunity Analysis and Industry Forecast (2025-2032) (Report No. MRFB - 1041256). Meticulous Market Research Pvt. Ltd. https://www.meticulousresearch.com/product/aquafeed-market-5939