FLOATING FISH FEED MARKET ANALYSIS

The global floating fish feed market size was valued at US$ 9.95 billion in 2023 and is projected to reach US$ 13.72 billion by 2030, growing at a CAGR of 4.7% from 2023 to 2030. The growing demand for fish as a source of protein, coupled with rising aquaculture production, is driving the growth of the floating fish feed market.

The market is segmented by ingredient type, by fish species, by form, by end user application, by distribution channel, by fish farm size, by additives and nutrients, by region.

By application, the market is segmented into ornamental fish, and recreational fishing. The aquaculture segment is the largest segment of the market, accounting for over 80% of the total market share in 2022. This is due to the increasing demand for fish as a source of protein and the rising aquaculture production.

Floating Fish Feed Market Regional Insights

• North America is the largest market for floating fish feed, accounting for a share of over 30% in 2022. The growth of the market in this region is driven by the increasing demand for aquaculture products, rising disposable incomes, and growing awareness about the nutritional benefits of fish.
• Europe is the second-largest market for floating fish feed, accounting for a share of over 25% in 2022. The growth of the market in this region is driven by the increasing demand for high-quality fish feed, growing aquaculture industry, and stringent regulations on the use of antibiotics in fish feed.
• Asia Pacific is the fastest-growing market for floating fish feed, accounting for a share of over 20% in 2022. The growth of the market in this region is driven by the rising demand for fish protein, growing aquaculture industry, and increasing government support for the aquaculture sector.

Figure 1. Global Floating Fish Feed Market Share (%), by Region, 2023

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Floating Fish Feed Market Drivers

• Growth in Aquaculture Industry: The expansion of the aquaculture industry, driven by increasing demand for fish and seafood products, has been a significant driver for the floating fish feed market. As wild fish stocks deplete, fish farming becomes a vital source of fish production, necessitating the use of nutritionally balanced and efficient floating fish feeds.
• Rising Global Population and Income Levels: The world's population continues to grow, along with an increase in disposable incomes in developing countries. As a result, the demand for fish as a healthy protein source has been on the rise, further propelling the growth of the aquaculture sector and, in turn, the floating fish feed market.
• Technological Advancements: Continuous innovations in aquaculture and feed technology have led to the development of more efficient and sustainable floating fish feeds. Advanced formulations with optimal nutrient profiles, improved digestibility, and disease resistance are driving the demand for modern floating fish feeds.
• Awareness of Sustainable Aquaculture Practices: With growing concerns about environmental sustainability, there has been a greater emphasis on sustainable aquaculture practices. Floating fish feeds designed to minimize nutrient waste and environmental impact are increasingly preferred by fish farmers and consumers alike.

Floating Fish Feed Market Opportunities

• Increasing Demand for Sustainable Aquaculture: The growing awareness of environmental sustainability and responsible aquaculture practices has created an opportunity for producers of floating fish feeds to develop and market feeds that minimize environmental impact, reduce waste, and promote eco-friendly aquaculture.
• Innovations in Feed Formulations: Advancements in research and technology offer opportunities to develop new and improved feed formulations that optimize fish growth, health, and nutrition. Tailoring feeds to specific species and life stages of fish can enhance performance and reduce overall feed conversion ratios.
• Functional Feed Additives: The incorporation of functional additives such as probiotics, prebiotics, immunostimulants, and enzymes into floating fish feeds can improve fish health, disease resistance, and overall performance. Developing feeds with these additives can provide a competitive edge in the market.
• Customized Feeds for Niche Markets: Identifying niche markets with specific dietary requirements and preferences for certain fish species can lead to opportunities for developing specialized floating fish feeds tailored to those markets. For example, organic fish feed, GMO-free feed, or feeds designed for premium fish products.

Floating Fish Feed Market Trends

• Focus on Sustainability: Sustainability has been a significant trend in the aquaculture industry, and it extends to the floating fish feed sector. Consumers and fish farmers alike are increasingly demanding feeds that have minimal environmental impact, reduce waste, and use responsibly sourced ingredients. Companies are exploring eco-friendly alternatives and implementing sustainable practices in feed production.
• Plant-Based and Alternative Proteins: With the rising awareness of environmental issues associated with traditional fishmeal production, there has been a shift towards using alternative protein sources in floating fish feeds. Plant-based proteins, such as soybean, corn, and canola, are becoming more prevalent, along with other sources like algae and insect meal, to replace fishmeal in feed formulations.
• Functional Ingredients: The inclusion of functional additives in floating fish feeds is gaining traction. These additives can enhance fish health, immunity, and growth. Probiotics, prebiotics, enzymes, immunostimulants, and natural pigments are examples of functional ingredients being incorporated into feed formulations to improve fish performance and overall quality.
• Digitalization and Precision Feeding: Technological advancements have led to the implementation of digital solutions in aquaculture, including precision feeding. IoT (Internet of Things) devices, sensors, and data analytics are being used to monitor fish behavior, feed consumption patterns, and environmental conditions. This data-driven approach helps optimize feeding strategies and reduce feed waste, leading to cost savings and improved efficiency.

Floating Fish Feed Market Restraints

• Volatility of Raw Material Prices: The floating fish feed industry heavily relies on raw materials like fishmeal, soybean meal, corn, and other agricultural commodities. Fluctuations in the prices of these raw materials can significantly impact the production cost of fish feed, leading to uncertainty and challenges for feed manufacturers.
• Dependency on Aquaculture Industry: The floating fish feed market is closely linked to the aquaculture industry's growth and performance. Any adverse factors affecting the aquaculture sector, such as disease outbreaks, environmental concerns, or economic downturns, can directly impact the demand for fish feed and pose a restraint to the market's expansion.
• Environmental Concerns: The environmental impact of fish farming, particularly related to waste discharge and habitat degradation, has raised concerns among consumers and regulatory bodies. Stringent environmental regulations can affect the choice of feed ingredients and manufacturing practices, potentially increasing production costs for feed manufacturers.
• Competitive Pressure: The floating fish feed market is highly competitive, with numerous local and global players vying for market share. Intense competition can exert pressure on prices and profit margins, making it challenging for some companies to maintain their market position.

Analyst view:

The global floating fish feed market holds significant growth potential over the next five years. The market is expected to be driven by rising demand for aquaculture products along with growth in fish farming. Asia Pacific, particularly China, will continue to dominate the market owing to large fish cultivation in countries like China, Indonesia, and India. However, Latin America is anticipated to provide lucrative opportunities and emerge as the fastest growing regional market. Factors such as the increasing global population, rising disposable incomes, and growing health consciousness among consumers are fueling the demand for aquaculture products worldwide. This, in turn, is prompting fish farmers to ramp up production through intensive fish farming practices. At the same time, floating fish feed suppliers are developing innovative feed solutions to enhance fish harvest yields.

Nonetheless, the rise in raw material prices remains a concern for players in this market. The floating fish feed industry is also facing challenges regarding sustainability and the environmental impact of intensive fish farming. Stringent regulations pertaining to aquaculture and animal feed could negatively impact market growth. Another restraint for the industry is the availability of alternatives to traditional fish feed such as plant-based feed ingredients.

Overall, the global floating fish feed market provides promising prospects over the long term driven by continuously rising demand for fish as food. Focus on aquaculture sustainability practices and development of organic and all-natural feed variants also provide attractive opportunities for market participants going forward.

Recent Developments

New product launches

• Maharashtra Feeds is a pan-India presence and experience in selling animal feeds including poultry feed, cattle feed, fish feed and pig feed, it is launched its Aquatech brand of premium quality floating and sinking fish feed in 2021. The feed is formulated to meet the specific nutritional requirements of various fish species for different stages while balancing the macro and micronutrients such as amino acids, vitamins, and minerals.
• Cargill, an American global food corporation, launched its Nutrite Floating Fish Feed in 2022. The feed is designed to improve growth and feed efficiency in a variety of fish species. It is also formulated to help reduce waste and improve water quality.
• Nutreco, a producer of animal nutrition, fish feed and processed meat products, launched its Skretting OptiStart Floating Fish Feed in 2022. The feed is designed to support the early growth and development of fish fry. It is formulated with a high level of digestible nutrients and antioxidants to help improve survival rates and growth performance.

Acquisition and partnerships

• In January 2023, Nutreco acquired Innovafeed, a French company that specializes in insect-based feed for farmed fish.
• In February 2023, Cargill partnered with DSM is a chemical company to develop a new line of floating fish feed that is made with sustainable ingredients.
• In March 2023, Purina Animal Nutrition is a company of featuring a full range of retail feeds for poultry, dairy cattle, beef cattle, pigs, aquaculture and horses acquired the fish feed business of Alltech is a global leader in the agriculture industry, Alltech improves the health of people, plants and animals through nutrition and scientific innovation

Figure 2. Global Floating Fish Feed Market Share (%), by Ingredient Type, 2023

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Top companies in Floating Fish Feed Market

• Cargill, Incorporated
• Archer Daniels Midland Company (ADM)
• Skretting (a part of Nutreco)
• Aller Aqua Group
• BioMar Group
• Ridley Corporation Limited
• Purina Animal Nutrition (a subsidiary of Land O'Lakes)
• Nutriad International NV (acquired by ADM in 2018)
• BENEO GmbH
• Dibaq Aquaculture

Definition: The floating fish feed market refers to the segment of the aquaculture industry that produces and distributes commercially manufactured feed designed to float on the surface of the water. Floating fish feed is an essential resource for fish farmers, as it is used to provide balanced nutrition to various species of farmed fish.The advantage of floating feed is that it allows farmers to observe the feeding behavior of their fish, adjust feeding quantities to avoid overfeeding, and reduce waste as the uneaten feed can be easily removed from the water. This type of feed is made to be water stable and maintain its structure on the water for a certain period, allowing fish to consume it before it sinks or disintegrates. Floating fish feed is formulated with a variety of ingredients, including proteins, fats, vitamins, minerals, and carbohydrates to cater to the specific dietary needs of different fish species. The growth of the floating fish feed market is driven by the expansion of the aquaculture industry, advances in feed technology, and the increasing demand for premium quality fish products that are raised on sustainable and efficient feeds.