- Fish food, also known as fish feed, are consumed by fish and help in their wellbeing. Fish feed help fish in their growth and ultimately the fish become suitable for human consumption.
Key Drivers of the Global Fish Food Market
- A rise in sale and production of animal feed is seen across the world. According to the 2019 Global Feed Survey by Alltech, global production of animal feed touched 1.103 billion metric tons in 2018. Global aquaculture or fish food market saw a year on year growth of 4.0% in 2018. As per Altech, Asia Pacific and European countries are seeing a rise in demand for fish food. Presently, fish feed holds a share of only 4.0% of the global animal feed production, with enough room for market growth.
- Asia Pacific and Europe are witnessing a rise in sale of shrimps and salmons respectively. The rise in sale of shrimps is evident from the fact that Asia Pacific is the dominant consumer and producer of shrimp feed in the world. Similarly, salmon is hugely popular across Europe which is apparent since Europe is the largest consumer and producer of salmon feed in the world. Thus, the market for shrimp and salmon feeds is growing in Asia Pacific and Europe respectively. Growth of fish feed has ample scope since the growth of fish as food exceeds the growth rate of fish.
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Market in Asia Pacific to Expand Rapidly
- In terms of geography, the global fish food market can be divided into five regions: North America (NA), Europe (EU), Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SA)
- North America country-level analysis features the U.S., Canada, and Rest of North America. Analysis and forecast of the fish food market in Europe includes markets across the U.K., Germany, France, and Rest of Europe. Similarly, Asia Pacific includes India, China, Japan, and Rest of Asia Pacific. Middle East & Africa includes the fish food market analysis and forecast of GCC countries, South Africa, and Rest of Middle East & Africa. The South America fish food market is segmented into Brazil, and Rest of South America.
- As per global fish food company Alltech, Asia Pacific is anticipated to be the dominant fish food market in the world. Asia Pacific is also expected to be the fastest growing fish food market during the forecast period
Key Players Operating in the Global Market
The fish food market is fragmented owing to the presence of few global and several domestic players. Also, companies are estimated to see growing demand for fish food during the forecast years due to a growing fishing industry. Players in the fish food market are launching new products, and entering into mergers and acquisition. The overall market is projected to observe a surge in the trend of rising sales due to higher purchasing power in developing countries. This in turn is expected to drive the adoption rate of fish food.
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A few of the key players operating in the global fish food market are:
- Archer Daniels Midland
- Cargill Corporation
- Ridley Corporation Ltd.
- Nutreco N.V.
- Aller Aqua A/S
- BIOMIN Holding GmbH