Marine Feed Market to Reach US$ 63,056.3 Million by 2033 as Wild Fisheries are Getting Depleted Worldwide | Future Market Insights, Inc.
The global marine feed market is growing due to increased interest in fish farming, rising seafood consumption, and the demand for sustainable protein sources, driven by the depletion of wild fisheries.
NEWARK, Del, Nov. 08, 2023 (GLOBE NEWSWIRE) — As per a recent research report by Future Market Insights (FMI), sales of marine feed are estimated to reach a value of US$ 63,056.3 million by 2033, surging at a 6.9% CAGR through the forecast period 2023 to 2033. The global marine feed market is projected to attain a valuation of around US$ 37,311.4 million in 2023.
The global market for marine feed is growing as more and more people become interested in fish farming. Another important aspect driving up demand for marine feed is the growing trend of seafood consumption.
Growth is also expected to be driven by the rising demand for sustainable sources of protein. The wild fisheries are being depleted as a result of this growing demand.
Aquaculture has demonstrated a crucial way to close this increasing gap in the availability of protein resources in order to address this problem. In addition, this offers a significant chance for producers in the marine feed market. It is anticipated that they will provide farmed fish with vital nourishment.
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People are starting to realize how seafood affects the ecosystem. As a result, they favor fish aquaculture that uses environmentally benign methods. This gives those involved in the marine animal nutrition sector a chance to think of inventive ways to use environmentally beneficial and traceable components. As customers look for transparency in the seafood supply chain, the marine feed sector can grow by emphasizing sustainability and quality.
It is required of marine feed manufacturers to contribute to sustainable seafood production. Their area of expertise would be producing marine feeds that are specifically designed to meet the dietary needs of aquatic creatures. In addition to propelling the market’s growth, its mission to support nutrition in aquatic ecosystems provides a sustainable means of supplying the world’s rapidly increasing seafood demand.
Key Takeaways from the Marine Feed Market Study-
- The global marine feed sales grew at a CAGR of 6.0% from 2018 to 2022.
- China’s marine feed industry is poised to exhibit a CAGR of 5.8% during the assessment period.
- Marine feed demand in India is anticipated to rise at a steady CAGR of 4.9% during the forecast period from 2023 to 2033.
- The United States marine feed industry is expected to reach a valuation of around US$ 3,139.8 million by 2033.
- The fish species segment is projected to reach a valuation of US$ 28,442.5 million in 2033.
“The feed production landscape is expected to undergo significant change in the next five years due to the introduction of novel ingredients, data-guided formulations, and cutting-edge technologies. Aquaculture methods will increasingly align with sustainability goals by implementing precision nutrition, ecologically friendly sourcing, and responsible aquaculture.” – says Nandini Roy Choudhury (client Partner for Food and Beverages at Future Market Insights, Inc.)
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Competitive Landscape
The competitive landscape of the marine feed industry is intricate, marked by the presence of international industry leaders such as Cargill and Nutreco. Alongside them, regional suppliers catering to specialized markets and sustainability-driven enterprises contribute to the diverse landscape.
Research and development pioneers, coupled with the influence of vertical integration and participation from governmental and academic entities, enhance the intricacy. Additionally, emerging start-ups and entrepreneurial initiatives are bringing new perspectives, rendering the market dynamic.
A handful of the leading companies offering marine feed are Cargill, Inc., Archer Daniels Midland, Zeigler Bros., Inc., Skretting AS, Aller Aqua A/S, Alltech Inc., Sonac B.V., Nutreco N.V., BioMar Group, Biomin Holding GmbH, Ridley Corp. Ltd.
For instance,
- In July 2023, to create fish meals from organic waste, the Kerala University of Fisheries and Ocean Studies (Kufos) started an experimental study. Using black soldier fly larvae, the initiative seeks to produce the protein needed for a marine feed from organic waste.
Get More Valuable Insights into the Marine Feed Market
Future Market Insights (FMI), in its new offering, provides an unbiased analysis of the marine feed market, presenting historical demand data (2018 to 2022) and forecast statistics for the period from 2023 to 2033.
The study incorporates compelling insights on the marine feed market by species (fish, crustaceans, mollusks, and others (squid)), by ingredients (soybean meal, wheat and corn, fish meal, fish oil, krill meal, shrimp meal, squid meal, algae and microalgae, seaweed and seagrass, and others (spirulina, yeast)), form (pellets, powder, granules, and flakes), distribution channel (business-to-business and business-to-consumer), and region.
Key Companies Profiled in Marine Feed Market
- Cargill, Inc.
- Zeigler Bros., Inc.
- Archer Daniels Midland
- Alltech Inc
- Skretting AS
- Aller Aqua A/S
- Sonac B.V.
- BioMar Group
- Nutreco N.V.
- Biomin Holding GmbH
- Ridley Corp.Ltd
- Other Players
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Marine Feed Market Outlook by Category
By Species:
- Fish
- Crustaceans
- Mollusks
- Others (Squid)
By Ingredients:
- Soybean Meal
- Wheat and Corn
- Fish Meal
- Fish Oil
- Krill Meal
- Shrimp Meal
- Squid Meal
- Algae and Microalgae
- Seaweed and Seagrass
- Others (Spirulina, Yeast)
By Form:
- Pellets
- Powder
- Granules
- Flakes
By Distribution Channel:
- Business-to-Business
- Business-to-Consumer
- Hypermarkets/Supermarkets
- Specialty Stores
- Agricultural and Aquatic Supply Stores
- Online Retailers
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Middle East & Africa
Author
Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives.
She has exceptional analytical skills and often brings thought leadership to the table.
Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results.
Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions and post-merger integration and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor’s Degree in Electrical Engineering from Nagpur University, India.
Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor.
Have a Look at Related Reports of Food and Beverage Domain:
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- The global seafood market share is expected to be worth US$ 157,042.9 million by 2033. According to our food and beverage industry researchers, seafood providers should expect a 3% CAGR until 2033, with a present valuation of US$ 114,608 million in 2023.
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- By the end of 2023, the worldwide frozen seafood market growth is estimated to be worth US$ 19,382.3 million. It is expected to grow at a 6.8% CAGR from 2023 to 2033. By 2033, the frozen seafood market is expected to be worth US$ 37,398.5 million.
About the Food & Beverage Division at Future Market Insights (FMI)
Expert analysis, actionable insights, and strategic recommendations – the food & beverage team at Future Market Insights (FMI) helps clients from all over the globe with their unique business intelligence needs. With a repertoire of over 1,000 reports and one million+ data points, the team has analyzed the food & beverage industry lucidly in 50+ countries for over a decade. The team provides end-to-end research and consulting services; reach out to explore how we can help.
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