New York, Jan. 19, 2024 (GLOBE NEWSWIRE) -- The global marine feed market is predicted to grow by 7.2%, reaching $60.2 billion by 2030 from $37.1 billion in 2023. The market is expanding due to increased interest in fish farming, driven by a growing preference for seafood. The demand for sustainable protein sources is also contributing to the market's growth, with aquaculture emerging as a solution to address the depletion of wild fisheries.
To bridge the protein gap, aquaculture presents an essential solution, creating opportunities for marine feed manufacturers to provide crucial nutrition to cultivated fish. Consumers are increasingly aware of the environmental impact of seafood, leading to a preference for eco-friendly fish farming. This trend encourages innovation in the marine animal nutrition industry, emphasizing traceable and environmentally friendly ingredients. By focusing on quality and sustainability, the marine feed market can meet consumer demands for transparency in the seafood supply chain.
Marine feed manufacturers play a crucial role in ensuring the production of sustainable seafood. By developing specialized feeds tailored to the nutritional needs of aquatic species, they not only contribute to the market's expansion but also support responsible practices to meet the growing global demand for seafood.
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Market Scope:
| Report Coverage | Details | |
| Market Revenue 2023 | US$37.1 Bn | |
| Estimated Revenue 2030 | US$60.2 Bn | |
| Growth Rate - CAGR | 7.2 % | |
| Forecast Period | 2023-2030 | |
| No. of Pages | 234 Pages | |
| Market Segmentation | By Species, Ingredients, Form, Distribution Channel, Region | |
| Regions Covered | North America, Latin America, Europe, South Asia & Pacific, East Asia, The Middle East & Africa | |
| Key Companies Profiled |
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Historical Analysis of Marine Feed Market
Global sales of marine feed increased by an average of 6.0% from 2018 to 2022 and are expected to continue growing at a rate of 6.9% in the coming years.
Before 2022, the marine feed market primarily relied on traditional feeding methods that lacked precision and environmental awareness. Aquaculture heavily relied on feeds sourced from wild fish populations, leading to concerns about overfishing and environmental damage.
The marine peptide market struggled to meet the growing worldwide demand for seafood, with limited attention to sustainability. Marine feed producers followed conventional practices with little visibility in the supply chain, lacking emphasis on quality assurance and traceability.
In the forecast period, advancements in technology, data-driven formulations, and innovative ingredients will transform the landscape of feed production. Aquaculture practices will increasingly align with sustainability goals, adopting environmentally friendly sourcing, precise nutrition, and responsible aquaculture.
Consumers are expected to have access to seafood that is both transparent and ethically sourced, encouraging marine feed producers to implement quality assurance measures and ensure traceability throughout the supply chain. This reflects an industry that looks ahead and is ready to meet the growing demand for seafood while upholding environmental and ethical values.
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Market Dynamics:
Increasing Fish and Seafood Consumption
Fish consumption has risen significantly in recent years, gaining popularity among individuals and families as people prioritize health and recognize the nutritional benefits of fish. The widely acknowledged richness of fish in premium protein, vitamins, omega-3 fatty acids, and minerals is a key factor driving the increased intake. These nutrients are essential for a balanced diet and overall health, and the lower saturated fat content in fish compared to red meat makes it a healthier choice. Rising awareness of the environmental impact of livestock production is also contributing to the growing demand for fish. Concerns about sustainability and climate change are prompting more individuals to opt for fish as a more environmentally responsible source of protein. Fish farming, with its lower water and land usage and reduced carbon impact compared to land-based cattle farming, aligns with these concerns. Improved transportation and technology have made seafood more accessible to a diverse range of consumers, contributing to the growth of the marine feed market driven by the increased use of fish in various applications.
Insufficient Knowledge About Modern Feeding Techniques in Developing Nations
In underdeveloped nations, a lack of knowledge about modern feeding techniques can limit the marine feed market. Despite the significant growth of aquaculture in response to rising seafood demand, the success of aquaculture relies heavily on the quantity and quality of marine feed, the primary food supply for farmed fish. The persistence of outdated feeding methods, due to a lack of understanding and awareness of modern aquafeed techniques, is widespread in many underdeveloped nations. This can result in insufficient nutrition for fish raised on farms, as farmers may rely on inferior feeds or even domestic waste. Consequently, aquaculture operations may face challenges such as slower growth rates, increased death rates, and decreased overall production.
Market Restraints
Rising Concerns About the Environment and Public Health
Water contamination stands out as a major environmental issue linked to aquaculture. Intensive farming techniques can lead to an excess of nutrients like phosphorus and nitrogen in surrounding waters. This excess can contribute to eutrophication, impacting aquatic ecosystems and causing toxic algal blooms and oxygen depletion. Additionally, unconsumed feed and waste from farmed fish can worsen water quality, posing a threat to freshwater and marine habitats. The establishment of fish farms often involves modifying natural coastal areas and wetlands, leading to the loss of crucial habitats for various species. Delicate habitats like seagrass beds, coral reefs, and mangroves can also be harmed or destroyed by the structures and machinery used in aquaculture operations. The destruction of these habitats is concerning as they play a vital role in maintaining biodiversity and providing essential ecosystem services.
Opportunities
Increasing Government Support for Aquaculture
Global initiatives by individual country governments have fostered the growth of the aquaculture industry. In India, centrally supported development programs related to fisheries and aquaculture are planned, overseen, and funded by the Ministry of Agriculture, offering opportunities for domestic industry growth. Governments are supporting aquaculture through programs focused on capacity building and education, providing training programs and workshops to help farmers adopt best practices and enhance productivity. Innovation and cooperation are encouraged through initiatives facilitating information and knowledge sharing among industrial stakeholders. For example, the Georgian government, with assistance from the European Union (EU) and the Food and Agriculture Organization (FAO), has created the National Aquaculture Development Strategy. This initiative aims to stimulate conversations among various parties involved in aquaculture in Georgia, emphasizing fish farming, mariculture, and extensive aquaculture, ultimately contributing to the growth of the marine feed market.
Market Segmentation:
Fish-based Feed: Fish remains the top choice due to its high protein content. With a market share of around 49.5%, the fish species segment is projected to reach US$ 28,442.5 million by 2033. Fish is a natural source of essential nutrients like proteins, omega-3 fatty acids, vitamins, and minerals, promoting the well-being and growth of aquatic organisms. Its universal appeal makes it a preferred option, ensuring that various farmed species receive the necessary nutrition.
Soybean Meal: Soybean meal is anticipated to grow at a 4.0% CAGR, reaching US$ 9,872.6 million in 2033. Its popularity stems from easy availability and high-quality protein content, providing essential amino acids for aquatic species' health and growth. The nutritional richness of soybean meal makes it a top choice in marine feed formulations, contributing to the overall well-being of marine life.
Pellets: The pellet form segment is expected to register a 5.5% CAGR, reaching US$ 31,114.0 million by 2033. Pellets are preferred for their convenience in storage, handling, and distribution, minimizing feed wastage. Their consistent size, shape, and nutrient composition ensure a well-rounded nutritional profile for aquatic species, streamlining feeding processes and guaranteeing optimal diets.
Business-to-Business Channels: Business-to-business (B2B) transactions dominate marine feed distribution, with a CAGR of 4.3% from 2023 to 2033. This trend is driven by the commercial nature of the aquaculture and fisheries sector, where commercial enterprises are the primary consumers. B2B sales allow tailored feed formulations to meet the specific needs of different aquatic species, with suppliers providing technical guidance for peak productivity.
Key Regional Markets
North America Leads the Global Market
In the coming years, North America is expected to remain the top player in the marine feed market due to the presence of large fish farms focused on aquaculture. The high demand for seafood in North America, coupled with factors like rapid urbanization, rising incomes, and population growth, will drive market growth. Nearly half of the raw materials needed for the product come from other regions to meet the strong demand. Changes in the US marine feed market are expected, driven by consumer preferences for healthy seafood and individual environmental concerns. The industry is likely to shift towards new, eco-friendly marine feed options that promote the well-being of fish and other aquatic life while supporting human health. Technologies such as smart feed planning and precision farming are anticipated to enhance market productivity and efficiency.
Promising Growth in East Asia
The East Asia marine feed market is poised for substantial growth in the forecast period. The strong interest in seafood consumption in the East Pacific is fueling a notable surge in the aquaculture sector. Aquaculture is becoming increasingly vital in meeting the growing demand for seafood and fish. To support the health and productivity of farmed fish, there is a rising demand for high-quality marine feed. The market's development underscores the significance of marine feed sales in China's aquaculture supply chain and their contribution to significant market expansion.
Competition and Business Strategy in the Marine Feed Sector
The marine feed industry has a challenging competitive landscape with big global players like Cargill, Inc., Archer Daniels Midland, Alltech Inc., BioMar Group, and Nutreco N.V. Additionally, local providers catering to specific markets and eco-friendly businesses contribute to the diverse landscape. The industry's complexity is influenced by leaders in research and development, the impact of vertical integration, and participation from governmental and academic organizations. The dynamic is further altered by emerging startups and entrepreneurial efforts bringing in fresh perspectives. The industry is continually evolving with a strong focus on innovation, sustainability, and maintaining high-quality standards.
Key Questions Answered in the Report:
- What are the contributing factors to the market's growth trends?
- What is the current market size, and how is it expected to change in the upcoming years?
- What are the key elements exerting influence on the market?
- How is the Marine Feed market segmented, considering types, applications, fuels, or other relevant factors?
- Who are the major participants in the Marine Feed market?
- What strategies are these players employing to establish a competitive edge?
- What factors are propelling the expansion of the Marine Feed market?
- Which regions are anticipated to witness notable growth, and what are the driving factors behind it?
- What recent technological advancements are impacting the Marine Feed industry?
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