Global Fish Feed Market Size (2024 to 2029)

The global fish feed market size is estimated to be worth USD 141.88 billion in 2024 and is anticipated to reach 227.46 billion by 2029 with a CAGR of 9.9% during the forecast period.  

Market Drivers

The escalation in the production of aquaculture is the primary factor contributing to the expansion of the fish feed market revenue. The growing consumption of fish worldwide is raising the demand for fish production, which positively influences market growth. The rising investments in the R&D sector to enhance innovations in fish feed and the continuous launch of new products are boosting the market growth opportunities. The increased population, rapid urbanization, continuous change in consumer preferences, and the rising disposable incomes of the people augment the market revenue.  The rising awareness among the people regarding the health benefits of fish consumption is expected to fuel the market growth rate.

Market Restraints

The high prices associated with the availability of raw materials and the volatility in feed production are the primary factors hampering market growth. The rise in the prices of soya bean, corn, and other raw materials negatively impacts the final feed products' overall price and hinders the market expansion. The growing adoption of a vegan lifestyle among people is expected to impede the demand for fish, leading to restricted fish feed market growth.

Market Segmentation

Global Fish Feed Market Analysis – By Ingredient

The soybean segment held the most significant share in the global fish feed market and is estimated to record the highest CAGR during the forecast period. The high-quality soya is fed to the farm fish and shellfish, which supports the healthy growth of the fish. The soybean is considered the best non-fish source of essential omega-3 fatty acids and unsaturated fats, boosting the segment growth rate.  

Global Fish Feed Market Analysis – By Additive

The feed enzymes segment dominated the global market with a significant share owing to their greater role in the healthy growth and productivity of the fish. The feed enzymes enhance the digestion and absorption of nutrients, boosting growth.

The amino acids segment is expected to register a rapid growth rate during the forecast period owing to their pivotal role in the development of healthy fish.

Global Fish Feed Market Analysis – By End-User

The fish segment accounted for the largest market share and is projected to maintain the domination during the forecast period. The growing consumption of various types of fish and fish products among consumers globally is boosting the segment expansion. The tilapia and carp are the significant consumers of feed.

The mollusk segment is expected to grow considerably during the forecast period due to increasing awareness and popularity for oysters.  

Regional Analysis

The North American region dominated the global fish feed market due to large farms across the regional countries. The presence of major market players, growing demand for seafood, and rapid urbanization are significant factors leading to regional market growth.

The Asia Pacific region is projected to have the fastest growth during the forecast period, and the market growth is attributed to the enlarging demand for seafood across countries such as Japan, China, South Korea, and India. China is the largest seafood exporter, contributing to the regional market expansion.

Recent Developments

  • In April 2023, ICAR-Central Inland Fisheries Research Institute announced its legal agreement with Glaucus Agrochem and announced the development of the floating feed "CIFRI Cagegrow."
  • In August 2023, the Norwegian Food Safety Authority (NFSA) announced the approval of Aquaterra Omega-3 oil for utilization in fish feed. This provides various benefits of reducing marine resource consumption while enhancing aquaculture growth.