Aquafeed Market Size, Sustainable Feed Innovations, and Growth Forecast 2026–2034

Aquafeed Market Overview Analysis By Fortune Business Insights

Market Snapshot

According to Fortune Business Insights: The global aquafeed market was valued at USD 71.28 billion in 2025 and is projected to grow from USD 75.42 billion in 2026 to USD 131.07 billion by 2034, registering a compound annual growth rate (CAGR) of 7.15% over the forecast period. Asia Pacific dominated the market with a commanding 73.88% share in 2025, reflecting the region's deep-rooted aquaculture traditions and rapidly expanding production capabilities.

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Key Growth Drivers

Rising Global Seafood Consumption Seafood demand has been on a sustained upward trajectory. According to the U.S. Food and Agriculture Organization, global seafood consumption is projected to exceed 20 kg per capita by 2030. This growing appetite for fish and seafood products directly fuels demand for high-quality aquafeed, particularly across emerging markets where dietary protein consumption is expanding.

Expanding Seafood Trade Increased trade in fish-derived products — including fish oil, fishmeal, and fish silage — is accelerating aquaculture production globally. Rising animal protein consumption in established Western economies, combined with broader international seafood trade, is expected to sustain robust market momentum through the forecast period.

R&D Investment and Innovation Market players are making significant investments in research and development to identify cost-effective and sustainable feed alternatives. A notable example is the Milkfish Aquafeeds Research, Development, and Extension Project (RDEP), launched in 2020, which focuses on plant-based proteins as substitutes for traditional fish feed ingredients. Strategic mergers and acquisitions — such as Wilbur-Ellis's acquisition of Renger Inc. in 2019 — further signal the industry's commitment to diversifying product portfolios and strengthening distribution networks.

Government Support and Initiatives Governments across key markets are actively supporting aquaculture development. India's "Blue Revolution Scheme" received an allocation of USD 73.84 million in the 2020–21 financial year, encompassing marine fishery, mariculture, and broader aquaculture programs. In 2023, India's Ministry of Fisheries launched three new flagship programs aimed at genetic improvement, disease surveillance, and aquaculture insurance — all contributing to feed demand growth.

Market Restraints

The primary restraint facing the market is the volatility of raw material prices. Fluctuations in the cost of soybean, corn, fishmeal, and other key feed inputs can significantly affect production costs and final product pricing, potentially dampening sales. Additionally, a gradual global shift toward vegetarian and plant-based diets may reduce fish consumption over time, presenting a long-term challenge to market growth.

Segmentation Overview

By Type: The fish segment leads the global market, driven by strong demand for tilapia and carp — both high-protein species widely farmed across Asia and Africa. Mollusks, particularly oysters and clams, hold the second-largest share, supported by their growing nutritional appeal.

By Ingredient: Soybean dominates as the preferred feed ingredient, expected to hold a 26.13% share in 2024, owing to its affordability and high protein content. The additives segment — especially amino acids — is projected to grow at the highest CAGR, reflecting aquaculture producers' increasing preference for performance-enhancing feed solutions.

By Form: Dry feed leads the market and is expected to sustain this position throughout the forecast period. Its superior palatability, higher feed conversion ratio, extended shelf life, and ease of transport make it the preferred choice for commercial aquaculture operations globally.

Regional Insights

Asia Pacific remains the undisputed leader, with China projected to reach USD 40.23 billion and India USD 3.98 billion by 2026. China, the world's largest seafood producer with output of approximately 67.5 million metric tons in 2022, relies heavily on imported fishmeal, particularly from South America. Meanwhile, India's rapidly growing aquaculture sector — supported by government programs and private investment such as Cargill Inc.'s dedicated fish feed plant in Andhra Pradesh — presents significant growth opportunity.

North America benefits from the presence of major industry players, including Cargill Incorporated, Archer Daniels Midland Company, and Alltech Inc. The U.S. market is projected to reach USD 2.05 billion by 2026, supported by strong aquaculture export profitability.

Europe is driven by increasing salmon production, particularly in Norway, with the UK market forecast to reach USD 0.67 billion by 2026.

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Competitive Landscape

Key players shaping the global aquafeed market include Cargill Incorporated, Archer Daniels Midland Company, Nutreco N.V., BioMar A/S, Aller Aqua A/S, Alltech Inc., Ridley Corp Ltd, and Dibaq Aquaculture, among others. Recent developments include Skretting's launch of a new production facility in Surat, India (February 2024) and India's introduction of its first vegan aquafeed — Bio Guru 3F Pro — at the Global Bio-India 2023 event, marking a significant milestone for cruelty-free aquaculture.

Outlook

The global aquafeed industry is poised for strong and sustained growth, underpinned by rising seafood demand, expanding aquaculture infrastructure, increasing government support, and a wave of product innovation. With Asia Pacific anchoring global production and North America and Europe contributing incremental growth, the market is well-positioned to nearly double in value by 2034. The growing emphasis on organic, sustainable, and additive-enhanced feed formulations will continue to redefine competitive dynamics and open new revenue streams for market participants.