Aquafeed Market Size to Reach US$ 103.15 Billion by 2031 Driven by Growing Aquaculture Industry | Exclusive Report by The Insight Partners

NEW YORK, Feb. 28, 2025 /PRNewswire/ -- According to a new comprehensive report from The Insight Partners, the Global The aquafeed market is expected to reach US$ 103.15 billion by 2031 from US$ 64.54 billion in 2024; it is expected to record a CAGR of 6.9% during the forecast period. Key players in the market include Cargill, Incorporated; World Feeds Limited; Kemin Industries Inc; Archer-Daniels-Midland Co; Alltech Inc; BioMar Group AS; Purina Animal Nutrition LLC; Godrej Agrovet Ltd; Aller Aqua AS; Raanan Fish Feed West Africa Limited; Arabian Agricultural Services Company; Bern Aqua NV; Avanti Feeds Limited; etc. is observing significant growth owing to the increasing consumption of seafood and the growth of aquaculture production to meet the increasing seafood demand. 

The aquafeed market report comprises a detailed analysis of different categories of aquafeed for species such as fish, crustaceans, and mollusks. The report runs an in-depth analysis of market trends, key players, and future opportunities.

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Overview of Report Findings

1. Market Growth: Aquafeed is a specifically formulated feed that provides the necessary nutrients (i.e., proteins, carbohydrates, vitamins, minerals, and fats) to support the growth, health, and reproduction of aquatic species, such as fish, crustaceans, mollusks, and other aquatic organisms. Aquafeed is available in different forms such as pellets, crumbles, and mash, and its composition is tailored to the specific needs of the species that are farmed at a particular lifecycle stage. It is made using ingredients such as soybean meal, corn meal, fish meal, and fish oil, which are rich sources of necessary nutrients. The aquafeed market is experiencing growth with increasing consumption of seafood and rising aquaculture production. With the growth of aquaculture production, the demand for aquafeed is increasing to meet the nutritional needs of the farmed aquatic animals.
2. Thriving Aquaculture Industry: Seafood consumption is steadily rising due to the increasing population and a rising number of people shifting toward healthier, sustainable, and protein-rich diets. Aquaculture has therefore become the primary means of meeting this demand. Unlike traditional fisheries, which face challenges such as overfishing and environmental constraints, aquaculture offers a sustainable and scalable solution, producing over half of the seafood consumed worldwide today. As the aquaculture industry expands, the need for nutritious feed has become critical to maintaining the health, growth, and productivity of farmed aquatic animals. According to the Food and Agriculture Organization of the United Nations (FAO), global aquaculture production reached nearly 130.9 million tons in 2022. The global fisheries and aquaculture production reached nearly 223.2 million tons in 2022, representing a ~4% increase from 2020. This production consisted of approximately 185.4 million tons of aquatic animals and ~37.8 million tons of algae. The diversification of aquaculture species, from shrimp and tilapia to salmon and carp, has also spurred the demand for species-specific feeds tailored to their unique nutritional needs. As global aquaculture continues to scale up, the demand for high-quality feed is increasing, propelling the aquafeed market growth.
3. Rising Demand for Functional and Medicated Feed: The rising incidence of disease outbreaks in aquaculture systems leading to high mortality rates among farmed fish or other aquatic species and production losses has highlighted the critical need for effective nutritional solutions, driving the demand for functional and medicated feeds. Functional feeds, fortified with probiotics, prebiotics, and immune-boosting additives, enhance the health and resilience of farmed aquatic species. These feeds improve gut health, optimize nutrient absorption, and strengthen the immune system, reducing the risk of diseases and mortality in aquaculture operations. Medicated feeds designed to target specific diseases also present a significant growth opportunity in the global aquafeed market. These feeds are formulated with therapeutic agents to treat or prevent diseases caused by bacterial, fungal, or parasitic infections, which are prevalent in intensive farming systems. Thus, rising demand for functional and medicated aquaculture feed is expected to provide a strong growth potential to the global aquaculture market over the forecast period.
4. Geographical Insights: In 2024, Asia Pacific led the market with a substantial revenue share, followed by Europe and South and Central America. Middle East and North Africa is estimated to register the highest CAGR during the forecast period.

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Market Segmentation

• Based on ingredient type, the aquafeed market is segmented into soybean, corn, fishmeal and fish oil, and others. The soybean segment held the largest share of the market in 2024.
• In terms of species, the aquafeed market is segmented into fish, crustaceans, mollusks, and others. The fish segment held the largest share of the aquafeed market in 2024.
• By lifecycle, the aquafeed market is segmented into starter feed, grower feed, finisher feed, and brooder feed. The starter feed segment held the largest share of the aquafeed market in 2024.
• The aquafeed market is segmented into five major regions: North America, Europe, APAC, South and Central America, Sub-Saharan Africa, and Middle East and North Africa.

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Competitive Strategy and Development

• Trending Topics: Seafood, Sustainable Consumption, Aquaculture, Precision Aquaculture, Shrimp Farming, Smart Feeding, Data-Driven Fish Breeding, etc.

Global Headlines on Aquafeed

• Aker BioMarine Launches New Company for Krill Aquaculture Feed
• Bluejais Enters Aqua Feed Industry with New Solutions for Shrimp and Fish Farming
• Aqua Bridge Group Confirms Acquisition of Avramar Greek Assets
• Akva Acquires 100 percent of AI feeding tech firm Observe Technologies

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Conclusion

Aquafeed is used to nourish farmed aquatic animals such as fish, shrimp, mollusks, and crustaceans. It is specifically formulated to meet the nutritional requirements of aquatic species at different life stages, ensuring healthy growth, development, and reproduction. Aquafeed formulation varies depending on the species being farmed, the environment in which they are raised, and the specific nutritional needs at each life stage. Aquafeeds are mainly provided in pellets, granules, and other specialized forms to make them suitable for different aquatic animals.

The aquafeed market is witnessing significant growth due to the increasing demand for seafood, advancements in aquaculture technology, ongoing product innovations, and a shift toward sustainable farming practices. With the growing population and increasing seafood consumption, the demand for high-quality, nutritious feeds is growing. The industry is also adapting to consumer demand for sustainable and environmentally friendly solutions, leading to the development of alternative protein sources, such as plant-based and insect-based ingredients. However, challenges such as fluctuating raw material costs, disease management, and regulatory pressures must be addressed to ensure continued growth.  With ongoing innovation and a focus on sustainability, the aquafeed market is well-positioned to support the future of aquaculture and contribute to global food security.

The report from The Insight Partners, therefore, provides several stakeholders—including soybean farmers, fishmeal and fish oil manufacturers, seafood waste processors, aquafeed manufacturers, retailers, distributors, and traders—with valuable insights into how to successfully navigate this evolving market landscape and unlock new opportunities.

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