by The global floating fish feed market is witnessing significant growth on account of increasing fish farming activities worldwide. Fish feed are formulated explicitly to satisfy the dietary requirements of farmed fish species. Floating fish feed contains high quality nutrients and essential minerals that provide energy to fish for growth and health. Key players are focusing on developing cost-effective and sustainable floating fish feed using innovative production techniques. Fish farmers often adopt floating feed to minimize wastage and optimize feed consumption.
The global floating fish feed Market is estimated to be valued at US$ 12 Billion in 2023 and is expected to exhibit a CAGR of 34.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Technological advancements in feed production processes are expected to drive the growth of floating fish feed market. Manufacturers are investing in research & development activities to produce customized and nutrient-rich floating fish feed. For instance, Pelletico has developed floating fish feed pellets using extrusion technology that are able to float for desired time on the water surface. This helps fish to easily access feed and maximizes feed intake. Rising popularity of aquaculture in developing nations is another factor fueling the market growth. Additionally, growing consumer preference for protein-rich seafood is increasing the demand for fish farming, which in turn is propelling the adoption of floating fish feed globally.
Segment Analysis
The global floating fish feed market is dominated by the pellet sub-segment owing to its high nutritious value and ease of application. As pellets provide balanced nutrition and is cost-effective, fish farmers prefer feeding pelleted floating fish feed. Extruded feed pellets made from a combination of fishmeal, soy, wheat and other plant-based proteins provide fish with essential amino acids, vitamins, minerals and fatty acids for optimal growth.
PEST Analysis
Political: Governments in many countries are supporting the development of sustainable aquaculture through subsidies and favorable policies that promote the use of compound fish feed including floating fish feed.
Economic: The rising demand for aquaculture products and declining fish catches from wild fisheries is driving higher production and consumption of manufactured fish feed. The growth of the global aquaculture industry will boost demand for floating fish feed.
Social: Population growth and rising income levels in developing nations are increasing seafood consumption globally. Floating fish feed helps improve fish harvest and meet the demand for affordable protein.
Technological: Feed manufacturers are utilizing new technologies to produce floating fish feed formulations that fulfill the precise nutritional requirements of fish at different growth stages for better feed conversion rates. Digital monitoring solutions also help optimize feed management.
Key Takeaways
The Global Floating Fish Feed Market Size is expected to witness high growth over the forecast period of 2023 to 2030 supported by rising aquaculture production.
Regional analysis: The Asia Pacific region accounts for the major share in the global floating fish feed market led by China, India, Vietnam and Thailand. Vietnam and Thailand are emerging as fast growing markets supported by government incentives for aquaculture development and growing marine shrimp farming. North America and Europe are also lucrative market for floating fish feed with increasing salmon aquaculture in regions like Norway, Chile and Canada.
Key players operating in the floating fish feed market are Cargill, Aller Aqua, Alltech, Purina Animal Nutrition and Nutreco. Cargill is one of the largest producers of compounded aquafeeds globally including floating fish feed. Aller Aqua and Alltech specialize in manufacturing fish feed for different fish species and life stages.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
