Sinking Fish Feed Market Poised to Expand at a Robust Pace Due to Rising Demand for Aquaculture Products
Sinking Fish Feed Market Poised to Expand at a Robust Pace Due to Rising Demand for Aquaculture Products
Blog Article
The rising consumption of seafood has surged the demand for aquacultured aquatic species significantly. Fish feed plays a pivotal role in ensuring quality fish production and the health of cultivated fishes. Sinking variety of fish feed has gained widespread traction among fish farmers as it ensures optimal feeding of fish per quantity of feed used. These feeds slowly descend through water columns, allowing maximum contact time with fish and minimum wastage by uneaten feed settling on pond/cage/tank bottoms.
The global sinking fish feed market is estimated to be valued at US$ 11.76 Bn in 2024 and is expected to exhibit a CAGR of 4.5% over the forecast period 2024 to 2031.
Rising demand for aquaculture products has necessitated sustainable fish farming practices, fuelling adoption of sinking fish feeds. The aquaculture industry has been growing at an unprecedented rate to meet consumer demand for protein-rich seafood varieties. Key players operating in the sinking fish feed market include Admera Health, Abbott Laboratories, Agilent Technologies, Novartis AG, and Dynamic DNA Laboratories.
Key Takeaways
Key players: Key players operating in the Sinking Fish Feed Companies are Admera Health, Abbott Laboratories, Agilent Technologies, Novartis AG, Dynamic DNA Laboratories, Empire Genomics, LLC., F. Hoffmann-La Roche Ltd., Illumina, Inc., OneOme, LLC, Myriad Genetics Inc., OPKO Health, Inc. (GeneDx.), Thermo Fisher Scientific, Inc., and AltheaDx.
Key opportunities: Favourable regulations and initiatives by governments worldwide to promote sustainable aquaculture practices present lucrative opportunities for manufacturers of sinking fish feeds. Additionally, growing demand for aquacultured premium fish species including salmon and sea bream augurs well for market expansion.
Global expansion: Leading fish feed producers are strategically scaling up production capacities and expanding global footprint to cater to the rising demand across Asian, European, and Americas markets. Apart from major fish farming nations, manufacturers are also targeting markets with nascent aquaculture industries like Africa and South America.
Market drivers
The aquaculture industry has been contributing significantly to the global fish supply, given heavy fishing pressures on wild fish stocks. Rising consumer health awareness about nutrition-rich fish and seafood has been driving the growth of aquaculture industry worldwide. This growing demand for aquacultured fish and protein has been a key driver for the adoption of sinking fish feeds to ensure balanced nutrition levels and quality yields for fish farmers.
PEST Analysis:
Political: Regulations regarding sustainable fishing practices and environmental protection have a significant impact on the Sinking Fish Feed Market Demand. Production facilities must meet certain emission and waste treatment standards.
Economic: Rising global demand for fish and seafood is driving growth in the aquaculture industry and in turn boosts demand for high-quality sinking fish feed. However, rising raw material costs can squeeze manufacturer profit margins.
Social: Consumer awareness of environmental and health issues pushes demand for sustainably and ethically sourced seafood products. This increases demand for environmentally-friendly fish feed that minimizes pollution.
Technological: Advances in feed formulation allow manufacturers to improves the nutritional value and digestibility of sinking fish feed. New processing technologies also help minimize waste and byproduct generation during production. Precision techniques allow customization of feed for different fish breeds and life stages.
Major geographic regions where the sinking fish feed market is concentrated in terms of value include Asia Pacific and Europe. Asia Pacific accounts for the largest market share currently due to large aquaculture industries in China, India, Japan and other Southeast Asian nations. Europe is another sizable market led by countries such as Norway, Denmark, the UK and Spain with major salmon and trout farming industries.
The fastest growing regional market for sinking fish feed is expected to be South America over the forecast period. Nations like Chile, Peru, Colombia and Brazil have increasingly been raising their aquaculture outputs to keep up with growing global demand for seafood while reducing reliance on wild catches. Supportive government policies and investments in infrastructure and hatcheries are helping to spur further growth.
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About Author
Alice Mutum is a seasoned senior content editor at Coherent Market Insights, leveraging extensive expertise gained from her previous role as a content writer. With seven years in content development, Alice masterfully employs SEO best practices and cutting-edge digital marketing strategies to craft high-ranking, impactful content. As an editor, she meticulously ensures flawless grammar and punctuation, precise data accuracy, and perfect alignment with audience needs in every research report. Alice's dedication to excellence and her strategic approach to content make her an invaluable asset in the world of market insights.
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