The global Floating Fish Feed Market is estimated to be valued at US$ 9.95 Billion In 2023 and is expected to exhibit a CAGR Of 4.7% over the forecast period of 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Floating fish feed is a specialized product that is designed to float on the surface of water for a longer period of time, providing adequate nutrition to the fish. These feeds are highly efficient and cost-effective for aquaculture activities. The floating nature of the feed allows for easy feeding and minimizes feed wastage. Moreover, it offers several advantages such as enhanced nutrient utilization, better growth, and improved feed conversion ratio in fish. The increasing demand for fish as a protein-rich food source, coupled with the rising trend of aquaculture activities, is driving the growth of the floating fish feed market.
Market Key Trends:
One key trend in the Floating Fish Feed Market is the increasing adoption of alternative ingredients in fish feed. With the growing concerns over overfishing and the sustainability of fishmeal and fish oil, there is a rising demand for alternative protein and lipid sources in fish feed. Manufacturers are increasingly using plant-based ingredients, such as soybean meal, corn gluten meal, and canola meal, as substitutes for fishmeal and fish oil in floating fish feeds. These alternative ingredients not only help in reducing the dependency on marine resources but also offer economic benefits to farmers. The use of alternative ingredients is expected to continue to rise in the coming years, driven by the need for sustainable and environmentally friendly fish farming practices.
PEST Analysis:
Political: The political factors affecting the floating fish feed market include government regulations and policies related to fishing, aquaculture, and feed production. This also includes trade agreements and import/export restrictions that may impact the industry.
Economic: The economic factors influencing the market include the overall economic growth, purchasing power of consumers, and disposable income. The demand for floating fish feed is influenced by the affordability and cost-effectiveness of the feed, which is dependent on factors like raw material prices and production costs.
Social: The social factors influencing the market include consumer awareness and preferences towards sustainably sourced and environmentally friendly fish feed. Changing dietary patterns and the increasing demand for seafood products are also social factors influencing the market.
Technological: The technological factors influencing the market include advancements in fish feed manufacturing techniques, innovative ingredients, and technologies used in feed production. Automation and digitization of the manufacturing process also impact the industry by improving productivity and reducing costs.
Key Takeaways:
The global floating fish feed market is expected to witness high growth, exhibiting a CAGR of 4.7% over the forecast period from 2023 to 2030. This growth can be attributed to the increasing demand for seafood and the rising aquaculture industry. The market size is projected to reach US$ 9.95 billion by 2023.
In terms of regional analysis, Asia Pacific is expected to be the fastest-growing and dominating region in the floating fish feed market. The increasing population, rising disposable incomes, and changing dietary patterns in countries like China and India are driving the demand for seafood and aquaculture, thereby boosting the market growth in the region.
Key players operating in the floating fish feed market include Cargill, Incorporated, Archer Daniels Midland Company, Skretting, Aller Aqua Group, BioMar Group, Ridley Corporation Limited, Purina Animal Nutrition, Nutriad International NV, BENEO GmbH, and Dibaq Aquaculture. These key players contribute to the growth of the market through product innovations, expansions, mergers and acquisitions, and strategic collaborations.
