The aquafeed market is anticipated to increase throughout the course of the projected period due to the expanding aquaculture sector. For instance, according to the Food and Agriculture Organization of the United Nations (FAO), the world's aquaculture production reached 106 million tonnes in 2015. Government programs to help the aquaculture industry are also boosting the aquafeed market's expansion. For instance, in New Zealand, the government is committed to assisting the industry in achieving its goal of US$ 1 billion in annual sales by 2025. Due to a high consumption of fish, the fish segment is anticipated to experience considerable expansion in the aquafeed market over the course of the forecast period. The British Columbia Ministry of Agriculture reports that in 2017, Japan consumed 472 thousand tonnes of crustaceans compared to 2,512 thousand tonnes of fish, both of which are increasing. The aquafeed market is significantly dominated by North America. This is due to the substantial presence of key competitors operating in the regional aquafeed market. The manufacturers are using a variety of business techniques to improve their aquaculture division, which in turn leads to the growth of the aquaculture sector and the aquafeed market.
According to Coherent Market Insights, The market for Aquafeed was estimated to be worth USD 72.5 billion in 2022, and from 2023 to 2030, it is expected to expand at a CAGR of 4.4%.
Major Players in the Aquafeed Industry:
1. Archer-Daniels-Midland Company
The company was started in 1902 and is based in Chicago, Illinois, United States. The company Archer-Daniels-Midland purchases, transports, stores, and merchandises agricultural goods. The business refines oilseeds, corn, milo, oats, wheat, oat bran, and peanuts. To meet the rising demand for probiotics, ADM opened an ultramodern production facility in Spain in February 2023 for more than $30 million.
2. Land O'Lakes, Inc.
The company was founded in 1921 and is located in Arden Hills, Minnesota, U.S. In addition to producing food items, the company also promotes and sells associated goods like spreads, cheese, milk, and butter. Together with Microsoft, Tractor Supply, and the Mayo Clinic, the corporation launched the American Connection Project in 2020 to set up free internet hotspots during the COVID-19 pandemic.
3. Nutreco N.V
The business was founded in 1994 and is located in Amersfoort, Netherlands. The business manufactures animal nutrition and feeds and provides premixes and feed specialties for fish, ruminants, poultry, and pigs. By investing in BiomEdit in February 2023, Nutreco strengthened its collaboration with the company to alter feed additives using Biome-actives.
4. Cargill, Incorporated,
The firm was founded in 1865 and is based in Wayzata, Minnesota, United States. The business cultivates grains and oilseeds, offers risk management tools and services to farmers, as well as meat and poultry, food, industrial goods, biofuels, and items for animal nutrition. Cargill plans to build a new plant in Washington State to serve consumers in the region as part of its May 2023 expansion of its retail feed operation.
5. Zeigler Bros., Inc. (ZBI)
The business was founded in 1935 and is based in Gardners, PA, United States. In terms of nutritional research, development, and production for the aquaculture, pet/zoo, and lab/biomedical industries, (ZBI) is a world leader. The business offers sales and maintenance for trucks, generators, industrial engines, pavement, forestry, and construction equipment.
6. Koninklijke DSM N.V
The firm was started in 1902 and is based in Heerlen, Netherlands. The business is a provider of ingredients for food, pharmaceuticals, and the life sciences. In 2022, DSM and the privately held Swiss company Firmenich announced their desire to combine forces in a "merger of equals" to become the "DSM-Firmenich" organization.
7. Nutriad International NV.
The company was started in 1963 and is based in Belgium. The business creates nutritional supplements and feed additives for fish and animals. The company creates supplements with a focus on health, safety, taste, and performance enhancement. The company provides a whole line of products in the areas of flavor and palatability, mycotoxin control, and digestive effectiveness.
*Definition: In aquaculture, the term "aquafeeds" refers to any food provided to aquatic farm animals. A well-balanced mixture of vital elements, including vitamins, fatty acids, and amino acids, is necessary for the growth of fish (both farmed and wild).
