Aquafeed Market

The Aquafeed market is estimated to be valued at USD 58.92 Billion in 2024 and poised to achieve a 7.4% CAGR, reaching USD 84.19 Billion by 2029, and is experiencing transformative shifts and innovations. Manufacturers have realized that aquafeed can significantly enhance the health and growth rates of farmed fish. This has been encouraging investment by aquaculture producers in high-quality aquaculture feed. Government policies and initiatives related to sustainable aquaculture techniques also fuel the development of advanced aquafeed products. For instance, in August 2024, the Norwegian government established a steering committee for an initiative to increase the rate of Norwegian-produced raw ingredients used in fish feeds. The authorities have plans to make an ambitious target for 25% of the resources to be self-sourced by 2034, when this figure currently stands at just 8%. Such a program is expected to help producers at the local level, reduce the dependency of Norway on imported feed ingredients, and sustain aquaculture methods in a responsible way over a long time.

Aquafeed plays an essential role in the aquaculture industry by providing essential nutrients to fish, crustaceans, and mollusks at different stages of lifecycles, such as growers, finishers, starters, and brooders. Key ingredients such as fishmeal and soybean meals play primary protein sources for nutritional feeds. Additives such as amino acids, vitamins & minerals, probiotics, enzymes, among others, also enhance digestion, boost immunity, and provide nutritional support to aquatic species. Thus, feed formulations are tailored to improve feed conversion ratio, optimize growth efficiency, and ensure high survival rates for aquatic species.

Top 10 Companies in the Aquafeed Market

• Cargill, Incorporated (US)
• dsm-firmenich (Switzerland)
• Nutreco (Netherlands)
• Alltech (US)
• Purina Animal Nutrition LLC (US)
• Adisseo (France)
• Aller Aqua Group (Denmark)
• BioMar Group (Denmark)

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Key trends, such as the industry shift towards alternate sources of protein to reduce the reliance on fish meal and focus on functional feed additives such as prebiotics, probiotics, and other immune-boosting compounds, are gaining importance to improve gut health and disease resistance. Furthermore, sustainability in the aquafeed industry is also shifting the fish growers to focus on eco-friendly feed production methods and usage of customized aquafeed formulations to enhance the feed efficiency and performance of aquatic species.

Cargill, Incorporated (US)

Cargill, Incorporated is engaged in the manufacturing and marketing of food, agricultural, financial, and industrial products and services globally. The diversified business segments include food ingredients and applications, grain origination and oilseed processing, animal nutrition, and risk management and financial services. Within the animal nutrition business, Cargill, Incorporated is one of the major players in the aquafeed market, holding the capacity to deliver a portfolio of feed solutions that offers a diverse range of aquafeed products, including feed additives such as vitamins and minerals, antioxidants, fish meal, and amino acids, to meet requirements for most key aquaculture species, including salmon, tilapia, and shrimp. For instance, in June 2022, Cargill, Incorporated partnered with Innovafeed (France) to enhance the use of sustainable insect-based ingredients in animal feed, leveraging Innovafeed’s expertise in precision insect formulation and Cargill’s global nutrition capabilities to provide high-quality, eco-friendly nutrition solutions, particularly for salmonids.

Cargill, Incorporated operates business in 70 countries and sells its products in 125 countries. Major subsidiaries like Cargill (Polska) Sp. z oo (Poland), Cargill Siloz (Romania), Cargill Enterprises Inc. (Russia), Cargill Asia Pacific Holdings Pte Limited (Singapore), Cargill RSA (Pty) Limited (South Africa), Cargill España SA (Spain), and Cargill Nordic A/S (Sweden) sustain a huge clientele across the globe.

dsm-firmenich (Switzerland, Netherlands)

dsm-firmenich launched on May 8, 2023, as a merger of two market leaders DSM and Firmenich in fragrance, taste, texture, and nutrition. With a diverse team of nearly 30,000 employees worldwide, dsm-firmenich is at the forefront of nutrition, health, and beauty. The company manufactures and integrates essential nutrients, flavors, and fragrances to help the world’s growing population thrive in a sustainable manner.

dsm-firmenich operations are divided into five segments as follows Animal Nutrition & Health, Perfumery & Beauty, Health, Nutrition & Care, Taste, Texture & Health, and Corporate Activities. Under its Animal Nutrition & Health segment, the company offers a range of aquafeed products, including probiotics and specialized aquafeed ingredients designed for key aquaculture species such as fish and shrimp. Also, the company provides a range of products, including functional food ingredients, aquafeed, carotenoids, eubiotics, feed enzymes, methane inhibitors, and vitamins. With a global presence across Asia Pacific, Africa, South America, North America, and Europe, dsm-firmenich operates through subsidiaries in various regions.

Nutreco (Netherlands)

Nutreco, a subsidiary of SHV Holdings (Netherlands), specializes in animal nutrition and aquafeed products. Operating globally across Europe, North America, South America, Asia Pacific, and Africa, Nutreco is known for its global brands Skretting and Trouw Nutrition. Skretting provides sustainable, high-quality feed for over 60 species of farmed fish and shrimp, while Trouw Nutrition offers a wide range of animal nutrition products. The company also markets feed additives under its Selko brand, which includes organic acids, organic minerals, betaine, and mycotoxin detoxifiers for various livestock and aquaculture sectors. Nutreco's products are available in over 90 countries.

Related Reports:

Aquafeed Market by Ingredient (Soybean, Corn, Fishmeal, Fish Oil, Additives), Species (Fish, Crustaceans, Mollusks), Function (Nutrition, Growth Promoters, Immunity, Texture & Palatability), Lifecycle, Form and Region - Global Forecast to 2029

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