Aquafeed Market

Aquafeed Market Overview

The global Aquafeed Market size was valued at USD 68.48 billion in 2024 and is predicted to reach USD 97.47 billion by 2030 with a CAGR of 6.1% from 2025-2030.

The reasons such as rising global demands for seafood, rising government investment and support, growth of aquaculture is propelling the market growth. But high raw material cost is restraining the market growth. Yet, increasing demand for sustainable aquafeeds presents future growth possibilities. Cargill Inc, Alltech, and Aller Aqua A/S are some of the leading companies which are implementing various strategies such as improving their product portfolio, investing in sustainable feed technologies, forming collaborations with other partners, and sponsoring research programs that could lead to new solutions focusing on improving feed efficiency and sustainability in aquaculture. 

Provided with such opportunities, the aquafeed sector bridges sustainably developed alternatives, including plant proteins, algae, and insect meal to the aquaculture line whereby the dependency on conventional fish feed and fish oil is expected to be significantly reduced, further permitting cut-down in production costs and reducing their environmental footprints.

Rising Global Demand for Seafood Drives the Market Growth

The increasing demand for seafood globally spurred by increasing non vegetarian population and dietary trend towards healthier diet with high protein and omega 3 fatty acid content drives aquafeed market demand. With overfishing wiping out wild fish resources, so aquaculture emerged as the major source for seafoods, requiring quality aquafeed for the efficient rearing of cultured aquatic animals. As per a Food and Agriculture Organization report in June 2024, global aquaculture output hit an all-time high at 223.2 million metric tons in the year 2022. 

Increasing Government Investments and Support Drives the Market Growth

The increasing government investments and support drives the demand of aquafeeds as various governments across the world are increasing their investments and reducing their taxes on seafoods. According to India Brand Equity Foundation, in FY24 India exported 1.78 million metric tonnes of seafood valued at USD 6.99 billion marking a 2.67% increase in volume compared to the previous year.

The government also proposed reducing the Basic Customs Duty to 5% on several key shrimp and fish feed production inputs to boost exports further. Additionally, in 2024, the US’s global aquaculture production and seafood trade deficit rose to USD 20.30 billion in 2023. Such initiatives by the governments across the world drives the demand of aquafeeds market growth.

Expansion of Aquaculture Sector Boosts the Market Growth

The growth of aquaculture sector increases demand for aquafeed industry as nations invest in aquatic species farming to address increasing global seafood demand. With aquaculture activities on the rise, there is increased need for specific feed to enhance growth, health, and production of farmed species. 

As per the latest report by National Library of Medicine, the market for aquafeed is expected to grow annually by 10% to USD 185 billion in 2023. Also, as per recent report by aquaculture farming in the Europe harvested nearly 1.1 million tons of aquatic animals, valued at USD 5.02 billion. Such increase in aquaculture fuels the growth of aquafeed industry.

High Cost of Raw Materials Hinders the Market Growth 

High cost of raw materials in the aquafeed market trends hinders the market growth. Price of these raw materials are influenced by the availability and price volatility of ingredients such as fish oil and plant-based proteins. Limited supply and rising demand drive up prices making feed production more expensive and challenging to keep sustainable and affordable.

Increasing Demand of Sustainable Aquafeed Creates Future Opportunities

Growing demand of sustainable aquafeed create market growth opportunities for the future. With an increase in demand for sustainable ingredients in aquafeed due to consumer concerns regarding environment conservation. Traditional aquafeed fishmeal and fish oil, are being replaced with plant, insect and algal-based protein sources. It opens a new avenue for business houses to create innovation and sustainable substitute with minimized environmental footprints.

Market Segmentation and Scope of The Study

Aquafeed market report is divided on the basis of ingredient, species, function and form. On the basis of ingredient, the market is divided into soybean, corn, fishmeal, fish oil, additives. On the basis of level of species, the market is divided into fish, crustaceans, mollusks. On the basis of function, the market is divided into nutrition, growth promoters, immunity, texture & palatability. On the basis of form, the market is divided into dry and wet. Regional breakdown and analysis of each of the aforesaid segments includes regions comprising of North America, Europe, Asia-Pacific, and RoW.

Geographical Analysis

Asia-Pacific dominates the aquafeed market share, this is primarily due to growing fish production in India. As aquafeeds are primary consumables used for the production of fishes. As per a report released by the Ministry of Fisheries, Animal Husbandry & Dairying, Government of India is 3rd largest fish producing nation with approximately 8% market share in global fish production. This growth in the production of fish is expected to boost the demand for aquafeeds driving the market growth.

Additionally, increasing urbanization in China boosts the aquafeed industry by driving the demand for seafood. As urban population increases, consumer preferences shift toward protein rich and healthy diets. According to a report by Observer Research Foundation, an urban increment of 1.7 billion people is projected globally within the period of 2025-2050, with China making a contribution of 186 million. Such increase in the number of urban populations in China is anticipated to boost the demand of aquafeed industry in the region.

On the other hand, North America is considered to be the fastest growing region in the aquafeed industry, this is primarily due to increasing sales of aquaculture products. According to USDA, there were 3,453 aquaculture farms with sales in the US, total sales of aquaculture products in 2023 accounted for USD 1.90 billion. This increase in sales of aquaculture products is anticipated to drive the demand for aquafeeds fulling the market growth in North America.

Moreover, increasing government investment in clean technology for fisheries and aquaculture industries fuels the demand of aquafeeds in Canada driving the market growth. According to a recent report by Government of Canada in February 2024, Minister of Fisheries, Oceans and the Canadian Coast Guard, announced over USD 3.5 million in funding for 18 initiatives under the Fisheries and Aquaculture Clean Technology Adoption Program. Such investment by the government of Canada is poised to drive the demand of aquafeeds driving the market growth.

Competitive Landscape

Various players in the aquafeed industry includes Cargill Incorporated, Alltech, Aller Aqua, Avanti Feeds Limited, BioMar Group A/S, Nutreco, Charoen Pokphand Foods PCL, Archer-Daniels-Midland Company, Growel, Inve Aquaculture, Ridley Corporation Ltd., Skretting, UNO Feeds, Aker BioMarine, Dibaq Aquaculture. These market players are opting strategies including business expansion to maintain their dominance in the market.

For instance, in February 2025 Avanti Feeds Limited launched its pet food brand, Avanti Furs, in five major Indian cities, marking a strategic entry into the growing pet food market.

Moreover, in February 2023, Aller Aqua introduced new brand namely OCEAN, such launch is expected to create a more inclusive and recognizable umbrella brand for the marine feeds of the company in the future.  

Key Benefits    

• The report provides quantitative analysis and estimations of the aquafeed market from 2025 to 2030, which assists in identifying the prevailing market opportunities.

• The study comprises a deep-dive analysis of aquafeed industry including the current and future trends to depict prevalent investment pockets in the market.

• Information related to key drivers, restraints, and opportunities and their impact on the aquafeed industry is provided in the report.

• Competitive analysis of the players, along with their market share is provided in the report.

• SWOT analysis and Porters Five Forces model is elaborated in the study.

• Value chain analysis in the market study provides a clear picture of roles of stakeholders.

Aquafeed Market Key Segments

By Ingredient

• Soybean

• Corn

• Fishmeal

• Fish Oil

• Additives

By Species

• Fish

• Crustaceans

• Mollusks

By Function

• Nutrition

• Growth Promoters

• Immunity

• Texture & Palatability

By Form

• Dry 

• Wet

By Region

• North America

  • The U.S.

  • Canada

  • Mexico

• Europe

  • The UK

  • Germany

  • France        

  • Italy        

  • Spain        

  • Denmark        

  • Netherlands        

  • Finland        

  • Sweden

  • Norway        

  • Russia        

  • Rest of Europe

• Asia-Pacific

  • China

  • Japan

  • India

  • South Korea

  • Australia

  • Indonesia

  • Singapore

  • Taiwan

  • Thailand

  • Rest of Asia-Pacific

• RoW

  • Latin America

  • Middle East

  • Africa

Key Players

• Cargill, Incorporated

• Alltech

• Aller Aqua

• Avanti Feeds Limited

• BioMar Group A/S

• Nutreco

• Charoen Pokphand Foods PCL

• Archer-Daniels-Midland Company

• Growel

• Inve Aquaculture

• Ridley Corporation Ltd

• Skretting

• UNO Feeds

• Aker Biomarine

• Dibaq Aquaculture

REPORT SCOPE AND SEGMENTATION:

Parameters	Details
Market Size in 2024	USD 68.48 Billion
Revenue Forecast in 2030	USD 97.47 Billion
Growth Rate	CAGR of 6.1% from 2025 to 2030
Analysis Period	2024–2030
Base Year Considered	2024
Forecast Period	2025–2030
Market Size Estimation	Billion (USD)
Growth Factors	The rising global demand for seafood is driven by population growth and urbanization. The investments and government support drive the aquafeed market. The expansion of aquaculture significantly boosts the aquafeed industry.
Countries Covered	28
Companies Profiled	15
Market Share	Available for 10 companies
Customization Scope	Free customization (equivalent to up to 80 working hours of analysts) after purchase. Addition or alteration to country, regional, and segment scope.
Pricing and Purchase Options	Avail customized purchase options to meet your exact research needs.