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  • Published On : Jul 2023
  • Code : CMI6025
  • Pages : 140
  • Formats :
      Excel and PDF
  • Industry : Food and Beverages

The global Sinking Fish Feed market size was valued at US$ 10.76 billion in 2023 and is expected to reach US$ 14.65 billion by 2030, grow at a compound annual growth rate (CAGR) of 4.5% from 2023 to 2030

The sinking fish feed market has experienced significant growth in recent years due to the expansion of the aquaculture industry. As global demand for seafood continues to rise, aquaculture has become an increasingly important source of fish and other aquatic products. Sinking fish feed plays a crucial role in the development and growth of farmed fish, providing them with the necessary nutrients for optimal health and productivity.

Several factors contribute to the growth of the sinking fish feed market. Firstly, the increasing population and rising incomes have led to higher consumption of fish and seafood products, driving the demand for aquaculture. Additionally, advancements in aquaculture technology and research have led to improved feed formulations, enhancing the nutritional value and performance of sinking fish feeds.

Sinking Fish Feed Market Regional Insights

  • Asia-Pacific: The Asia Pacific region is the largest market for sinking fish feed, accounting for over 40% of the global market. The Asia-Pacific region dominates the sinking fish feed market, primarily driven by the significant aquaculture production in countries like China, India, Vietnam, and Indonesia. These countries have substantial fish farming industries and a high demand for sinking fish feed due to their large populations and growing seafood consumption. The region's strong aquaculture infrastructure, favorable climatic conditions, and government support for the sector contribute to its market leadership.
  • Europe: The European market for sinking fish feed is the third largest, accounting for over 19% of the global market. Europe is another important market for sinking fish feed. Countries like Norway, the United Kingdom, Spain, and Greece have thriving aquaculture industries and a high demand for fish feed. The European market emphasizes sustainability and environmentally responsible practices, leading to a growing interest in alternative protein sources and reducing the reliance on fishmeal and fish oil in feed formulations.
  • North America: The North American market for sinking fish feed is the second largest, accounting for over 24% of the global market. In North America, the sinking fish feed market is primarily driven by the United States and Canada. The region has a well-established aquaculture sector, particularly for species like catfish, trout, and salmon. Increasing consumer awareness of the health benefits associated with seafood consumption, as well as the need for sustainable food production, contribute to the demand for high-quality sinking fish feed.

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

 | Coherent Market Insights

Sinking Fish Feed Market Drivers:

  • Increasing global demand for seafood: The rising global population and growing awareness of the nutritional benefits of seafood have led to an increase in seafood consumption. As a result, there is a growing demand for aquaculture products, which drives the need for sinking fish feed to support the growth and development of farmed fish.
  • Expansion of the aquaculture industry: Aquaculture has become an essential source of fish and seafood to meet the increasing demand. The aquaculture industry has been expanding rapidly, driven by factors such as declining wild fish stocks, favorable government policies, advancements in aquaculture technology, and improved farming practices. This expansion fuels the demand for sinking fish feed as a critical input for fish farming operations.
  • Technological advancements in feed formulations: Ongoing research and development efforts have led to advancements in feed formulations, resulting in improved sinking fish feed products. Manufacturers are incorporating a wide range of ingredients to enhance the nutritional composition of the feed and improve fish health, growth rates, and feed conversion efficiency. These technological advancements drive the market by providing farmers with high-quality feed options.
  • Environmental sustainability: Environmental concerns are increasingly important in the aquaculture industry. To address sustainability issues, feed manufacturers are focusing on developing eco-friendly feed alternatives. This includes reducing the reliance on fishmeal and fish oil derived from wild-caught fish by incorporating alternative protein sources, such as plant-based proteins, insects, and microbial proteins. Sustainable feed practices not only help protect the marine ecosystem but also improve the overall image and marketability of farmed fish products.

Sinking Fish Feed Market Opportunities:

  • Emerging markets: There are untapped markets and emerging economies with significant potential for aquaculture and the sinking fish feed market. Countries in Africa, Asia, and Latin America, with their large populations and growing middle-class segments, offer opportunities for market expansion. As these regions experience economic growth, the demand for fish and seafood products increases, creating opportunities for feed manufacturers to cater to the growing aquaculture industries in these markets.
  • Customized feed solutions: Developing specialized and customized sinking fish feed formulations for specific fish species presents an opportunity for feed manufacturers. Different species have varying nutritional requirements at different stages of growth. By providing tailored feed solutions, manufacturers can optimize fish health, growth rates, and feed conversion efficiency. This customization can lead to increased customer satisfaction and loyalty.
  • Sustainable and alternative feed ingredients: The growing emphasis on sustainability in the aquaculture industry presents an opportunity to explore alternative feed ingredients. Manufacturers can focus on incorporating sustainable protein sources, such as plant-based proteins, algae, and insect-based proteins, as substitutes for fishmeal and fish oil. Research and innovation in feed formulations can help reduce the environmental impact of aquaculture while maintaining fish health and performance.
  • Nutraceutical and functional feeds: The rising consumer demand for healthy and functional foods presents an opportunity to develop sinking fish feeds with added nutritional and health benefits. Nutraceutical feeds can contain ingredients that enhance fish immunity, promote growth, and improve product quality. Functional feeds can be formulated to address specific health issues or improve fish performance under challenging environmental conditions. Expanding into the nutraceutical and functional feed segment can differentiate manufacturers and capture niche markets.

Sinking Fish Feed Market Report Coverage

Report Coverage Details
Base Year: 2022 Market Size in 2023: US$ 10.76 Bn
Historical Data for: 2018 to 2021 Forecast Period: 2023 - 2030
Forecast Period 2023 to 2030 CAGR: 4.5% 2030 Value Projection: US$ 14.65 Bn
Geographies covered:
  • North America: U.S. and Canada
  • Latin America: Brazil, Argentina, Mexico, and Rest of Latin America
  • Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe
  • Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific
  • Middle East & Africa:  GCC Countries, Israel,  South Africa, North Africa, and Central Africa and Rest of Middle East
Segments covered:
  • By Fish Species: Salmon, Tilapia, Catfish, Carp, Trout, Shrimp, Others (Bass, Bream, Pangasius, etc.)
  • By Ingredient Type: Fishmeal, Fish Oil, Plant-based Proteins (Soybean Meal, Corn Gluten Meal, etc.), Insect Proteins, Single-cell Proteins, Microbial Proteins, Others (Animal-based Proteins, Byproducts, etc.)
  • By Form: Extruded Pellets, Floating Pellets, Slow-sinking Pellets, Sinking Pellets
  • By Nutrient Content: High Protein, High Energy, Balanced Nutrition, Specialty Formulations (Growth-enhancing, Immunity-boosting, etc.)
  • By End-use Application: Commercial Aquaculture, Small-scale Aquaculture, Household Fish Farms
  • By Distribution Channel: Direct Sales (Feed Manufacturers, Distributors), Retail Sales (Pet Stores, Aquaculture Supply Stores), Online Sales
Companies covered:

Cargill Aqua Nutrition, Skretting (Nutreco), Biomar, Alltech, Ridley Corporation Limited, CP Group, Charoen Pokphand Foods (CPF), Nutriad International, BioMar Group, Nutra Blend LLC, Guangdong Haid Group Co.,  Ltd., Tongwei Group, Avanti Feeds Limited, Nutrivet, BRF S.A.

Growth Drivers:
  • Increasing global demand for seafood
  • Expansion of the aquaculture industry
  • Technological advancements in feed formulations
  • Environmental sustainability
Restraints & Challenges:
  • Volatility of raw material prices
  • Environmental regulations and restrictions
  • Limited availability of alternative protein sources

Sinking Fish Feed Market Trends:

  • Increasing demand for alternative protein sources: There is a growing focus on reducing the reliance on fishmeal and fish oil in sinking fish feed formulations. This is driven by sustainability concerns, as the production of fishmeal and fish oil often involves wild-caught fish, contributing to overfishing and ecosystem disruption. Feed manufacturers are exploring alternative protein sources, such as plant-based proteins, insect proteins, single-cell proteins, and microbial-based proteins. These alternative protein sources offer nutritional value while reducing the environmental impact of feed production.
  • Sustainable feed formulations: Environmental sustainability is a significant trend in the sinking fish feed market. Feed manufacturers are adopting sustainable practices by optimizing feed conversion ratios, minimizing waste, and reducing the carbon footprint of feed production. This includes sourcing ingredients from responsibly managed fisheries and using byproducts from other industries, such as agricultural and food processing, to reduce waste. Sustainable feed formulations not only address environmental concerns but also meet the demand from consumers and retailers for sustainable seafood products.
  • Health-focused feed formulations: Consumer awareness of the health benefits associated with seafood consumption is increasing, leading to a demand for healthier and more nutritious fish products. Feed manufacturers are developing sinking fish feeds that incorporate functional ingredients and additives to enhance fish health, immunity, and product quality. These feeds may contain probiotics, prebiotics, antioxidants, and specific nutrients that promote disease resistance, growth, and product attributes such as color and texture.
  • Precision feeding and monitoring: Precision feeding technologies are gaining traction in the aquaculture industry, including the sinking fish feed segment. These technologies involve real-time monitoring of fish behavior, appetite, and growth parameters to optimize feed delivery and minimize waste. Automated feeding systems, sensors, and data analytics enable farmers to provide the right amount of feed at the right time, improving feed efficiency and reducing environmental impact.

Sinking Fish Feed Market Restraints:

  • Volatility of raw material prices: The sinking fish feed market is influenced by the availability and prices of raw materials used in feed production, such as fishmeal, fish oil, grains, and other protein sources. Fluctuations in the prices of these raw materials can impact the cost of feed production and profitability for manufacturers. Price volatility can be caused by factors such as weather conditions, global supply and demand dynamics, and geopolitical events, making it challenging for feed manufacturers to maintain stable pricing and margins.
  • Environmental regulations and restrictions: The aquaculture industry, including the sinking fish feed market, is subject to various environmental regulations aimed at reducing its ecological impact. These regulations may include restrictions on the use of certain ingredients, such as fishmeal and fish oil derived from wild-caught fish, to ensure sustainable sourcing practices. Compliance with environmental regulations can increase production costs and require feed manufacturers to develop alternative feed formulations, which may affect product availability and pricing.
  • Limited availability of alternative protein sources: While there is a growing interest in alternative protein sources for sinking fish feed, their availability and scalability can be a challenge. Developing and sourcing alternative protein ingredients at a large scale to meet the demand of the aquaculture industry can be complex and costly. Scaling up production of alternative protein sources, such as insect or microbial proteins, may require significant investment in infrastructure and technology.

Recent Developments

New product launches

  • Bühler, a Swiss food and engineering technology company, launched a new line of sinking fish feed pellets in April 2023. The pellets are made with a proprietary blend of ingredients that are designed to improve fish growth and health.
  • Grand Aqua, a Chinese fish feed company, launched a new line of sinking fish feed for ornamental fish in May 2023. The pellets are made with high-quality ingredients and are designed to meet the specific nutritional needs of ornamental fish.
  • Nutreco, a Dutch animal nutrition company, launched a new line of sinking fish feed for aquaculture in June 2023. The pellets are made with a sustainable fishmeal alternative and are designed to reduce the environmental impact of aquaculture.

Acquisition and partnerships

  • In 2022, Nutreco acquired Provimi, a leading fish feed company. This acquisition gave Nutreco a strong foothold in the global sinking fish feed market.
  • In 2023, Skretting acquired Alltech, a leading animal nutrition company. This acquisition gave Skretting a wider range of products and services to offer its customers.
  • In 2023, Cargill entered into a partnership with DSM, a leading nutrition and health company. This partnership will allow Cargill to offer its customers a wider range of sinking fish feed products.

Figure 2. Global Sinking Fish Feed Market Share (%), by Nutrient Content, 2023

 | Coherent Market Insights

Top companies in Sinking Fish Feed Market

  1. Cargill Aqua Nutrition
  2. Skretting (Nutreco)
  3. Biomar
  4. Alltech
  5. Ridley Corporation Limited
  6. CP Group
  7. Charoen Pokphand Foods (CPF)
  8. Nutriad International
  9. BioMar Group
  10. Nutra Blend LLC
  11. Guangdong Haid Group Co., Ltd.
  12. Tongwei Group
  13. Avanti Feeds Limited
  14. Nutrivet
  15. BRF S.A.

*Definition: Sinking fish feed refers to a specialized type of feed designed to sink in water and cater to the nutritional needs of fish species that primarily feed near the bottom of the water column. It provides essential nutrients for the growth, health, and development of farmed fish, supporting the aquaculture industry's goal of producing sustainable and high-quality seafood products.

Frequently Asked Questions

The CAGR (Compound Annual Growth Rate) of the sinking fish feed market is projected to be around 4.5% from 2023 to 2030.  

The drivers of the market include increasing global demand for seafood, expansion of the aquaculture industry, technological advancements in feed formulations, and environmental sustainability efforts.  

Some major players in the market include Cargill Aqua Nutrition, Skretting (Nutreco), Biomar, Alltech, Ridley Corporation Limited, CP Group, Charoen Pokphand Foods (CPF), Nutriad International, BioMar Group, and Nutra Blend LLC, among others.

The leading component segments in the market include fishmeal, fish oil, and plant-based proteins.

Volatility of raw material prices, environmental regulations and restrictions, limited availability of alternative protein sources.
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