Table of Content

1 INTRODUCTION 30
1.1 OBJECTIVES OF THE STUDY 30
1.2 MARKET DEFINITION 30
1.3 STUDY SCOPE 31
FIGURE 1 AQUAFEED MARKET SEGMENTATION 31
FIGURE 2 REGIONAL SEGMENTATION 32
1.4 PERIODIZATION CONSIDERED 32
1.5 CURRENCY CONSIDERED 33
TABLE 1 USD EXCHANGE RATES, 2014–2019 33
1.6 VOLUME UNIT CONSIDERED 33
1.7 STAKEHOLDERS 34

2 RESEARCH METHODOLOGY 35
2.1 RESEARCH DATA 35
FIGURE 3 AQUAFEED MARKET: RESEARCH DESIGN 35
2.1.1 SECONDARY DATA 36
2.1.2 PRIMARY DATA 36
2.1.2.1 Key industry insights 36
2.1.2.2 Breakdown of primary interviews 37
FIGURE 4 BREAKDOWN OF PRIMARY INTERVIEWS: BY COMPANY TYPE, DESIGNATION, AND REGION 37
2.2 MARKET SIZE ESTIMATION 37
FIGURE 5 MARKET SIZE ESTIMATION METHODOLOGY: BOTTOM-UP APPROACH 38
FIGURE 6 MARKET SIZE ESTIMATION METHODOLOGY: TOP-DOWN APPROACH 38
2.3 DATA TRIANGULATION 39
FIGURE 7 DATA TRIANGULATION METHODOLOGY 39
2.4 RESEARCH ASSUMPTIONS 40
2.5 LIMITATIONS 40

3 EXECUTIVE SUMMARY 41
TABLE 2 AQUAFEED MARKET SNAPSHOT (VALUE), 2020 VS. 2025 41
FIGURE 8 AQUAFEED MARKET SIZE, BY INGREDIENT, 2020 VS. 2025 (USD MILLION) 42
FIGURE 9 AQUAFEED MARKET SIZE, BY LIFECYCLE, 2020 VS. 2025 (USD MILLION) 42
FIGURE 10 AQUAFEED MARKET SIZE, BY ADDITIVE, 2020 VS. 2025 (USD MILLION) 43
FIGURE 11 AQUAFEED MARKET SHARE (VALUE), BY REGION, 2020 44
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4 PREMIUM INSIGHTS 45
4.1 OPPORTUNITIES IN THE AQUAFEED MARKET 45
FIGURE 12 INCREASE IN CONSUMPTION OF SEAFOOD AND GROWTH IN AQUACULTURE INDUSTRY TO SUPPORT MARKET GROWTH 45
4.2 AQUAFEED MARKET, BY SPECIES & REGION, 2020 45
FIGURE 13 ASIA PACIFIC TO BE THE LARGEST CONSUMER OF AQUAFEED IN 2020 45
4.3 ASIA PACIFIC: AQUAFEED MARKET, BY INGREDIENT & COUNTRY 46
FIGURE 14 CHINA AND SOYBEAN TO DOMINATE AQUAFEED MARKET IN 2020 46
4.4 AQUAFEED MARKET, BY FORM 46
FIGURE 15 AQUAFEED IN DRY FORM TO BE MOST WIDELY CONSUMED IN 2020 46
4.5 AQUAFEED MARKET, BY KEY COUNTRY 47
FIGURE 16 CHINA IS PROJECTED TO WITNESS HIGHEST SHARE IN THE AQUAFEED MARKET IN 2020 47

5 MARKET OVERVIEW 48
5.1 INTRODUCTION 48
5.2 MARKET DYNAMICS 48
FIGURE 17 AQUAFEED MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES,
AND CHALLENGES 48
5.2.1 DRIVERS 49
5.2.1.1 Growth in the aquaculture industry 49
TABLE 3 GLOBAL AQUACULTURE PRODUCTION, 2011–2016 (MILLION TONNE) 49
5.2.1.2 Rise in seafood trade propelling the demand 49
TABLE 4 TOP EXPORTERS AND IMPORTERS OF FISH & FISH PRODUCTS,
2016 (USD MILLION) 50
5.2.2 RESTRAINTS 50
5.2.2.1 Fluctuations in raw material prices 50
5.2.3 OPPORTUNITIES 51
5.2.3.1 Growth in support from governments 51
5.2.3.2 Development of innovative products as a source of protein 51
5.2.4 CHALLENGES 51
5.2.4.1 Growth in environmental and human health concerns 51
5.2.5 COVID-19 IMPACT ON MARKET OVERVIEW OF AQUAFEED MARKET 52
5.2.5.1 The increasing Covid-19 impact on various aquafeed ingredients has affected the market and the seafood industry globally 52
FIGURE 18 AQUAFEED MARKET: PRE- & POST-COVID-19 SCENARIO 52
5.3 REGULATORY FRAMEWORK 53
5.3.1 CHINA 53
5.3.2 EUROPEAN UNION 53
5.3.3 JAPAN 54
5.3.4 SOUTH AFRICA 54
5.4 VALUE CHAIN FRAMEWORK 54
FIGURE 19 AQUAFEED: VALUE CHAIN FRAMEWORK 54

6 AQUAFEED MARKET, BY INGREDIENT 55
6.1 INTRODUCTION 56
FIGURE 20 AQUAFEED MARKET SIZE, BY INGREDIENTS, 2020 VS. 2025 (USD MILLION) 56
TABLE 5 AQUAFEED MARKET SIZE, BY INGREDIENTS, 2016–2019 (USD MILLION) 56
TABLE 6 AQUAFEED MARKET SIZE, BY INGREDIENTS, 2020–2025 (USD MILLION) 57
6.2 SOYBEAN 57
6.2.1 PROCESSED SOYBEAN IS THE WORLD’S LARGEST SOURCE OF ANIMAL PROTEIN FEED 57
6.2.1.1 Soybean meal 57
6.2.1.2 Soy oil 57
6.2.1.3 Soy lecithin 58
TABLE 7 AQUAFEED MARKET SIZE FOR SOYBEAN, BY REGION,
2016–2019 (USD MILLION) 58
TABLE 8 AQUAFEED MARKET SIZE FOR SOYBEAN, BY REGION,
2020–2025 (USD MILLION) 58
6.3 FISH MEAL 59
6.3.1 FISHMEAL IMPROVES THE OVERALL EFFICIENCY OF THE FEED AND AIDS IN DIGESTION 59
TABLE 9 AQUAFEED MARKET SIZE FOR FISH MEAL, BY REGION,
2016–2019 (USD MILLION) 59
TABLE 10 AQUAFEED MARKET SIZE FOR FISH MEAL, BY REGION,
2020–2025 (USD MILLION) 59
6.4 CORN 60
6.4.1 CORN OIL IS A LOW-COST ALTERNATIVE TO ANIMAL FEED PROTEINS USED IN AQUACULTURE 60
6.4.1.1 Corn gluten meal 60
6.4.1.2 Corn gluten feed 60
6.4.1.3 Corn oil 60
TABLE 11 AQUAFEED MARKET SIZE FOR CORN, BY REGION,
2016–2019 (USD MILLION) 60
TABLE 12 AQUAFEED MARKET SIZE FOR CORN, BY REGION,
2020–2025 (USD MILLION) 61
6.5 FISH OIL 61
6.5.1 FISH OIL IS A VALUABLE FEED INGREDIENT FOR THE AQUACULTURE INDUSTRY 61
TABLE 13 AQUAFEED MARKET SIZE FOR FISH OIL, BY REGION,
2016–2019 (USD MILLION) 62
TABLE 14 AQUAFEED MARKET SIZE FOR FISH OIL, BY REGION,
2020–2025 (USD MILLION) 62
6.6 ADDITIVES 63
6.6.1 THE GROWING DEMAND FOR HIGH-PROTEIN DIETS IS AIDING THE GROWTH OF ADDITIVES 63
TABLE 15 AQUAFEED MARKET SIZE FOR ADDITIVES, BY REGION,
2016–2019 (USD MILLION) 63
TABLE 16 AQUAFEED MARKET SIZE FOR ADDITIVES, BY REGION,
2020–2025 (USD MILLION) 63
6.7 OTHER INGREDIENTS 64
6.7.1 WHEAT HAS GOOD PELLET-BINDING PROPERTIES DUE TO WHICH IT IS PREFERRED IN FEED AS AN ALTERNATIVE INGREDIENT 64
TABLE 17 AQUAFEED MARKET SIZE FOR OTHER INGREDIENTS, BY REGION,
2016–2019 (USD MILLION) 64
TABLE 18 AQUAFEED MARKET SIZE FOR OTHER INGREDIENTS, BY REGION,
2020–2025 (USD MILLION) 64

7 AQUAFEED MARKET, BY ADDITIVES 66
7.1 INTRODUCTION 67
FIGURE 21 AQUAFEED MARKET SIZE, BY ADDITIVES, 2020 VS. 2025 (USD MILLION) 67
TABLE 19 AQUAFEED MARKET SIZE, BY ADDITIVES, 2016–2019 (USD MILLION) 68
TABLE 20 AQUAFEED MARKET SIZE, BY ADDITIVES, 2020–2025 (USD MILLION) 68
7.2 AMINO ACIDS 69
7.2.1 AMINO ACIDS AID IN OVERCOMING DIETARY DEFICIENCIES IN AQUATIC ANIMALS 69
TABLE 21 AQUAFEED MARKET SIZE FOR AMINO ACIDS, BY REGION,
2016–2019 (USD MILLION) 69
TABLE 22 AQUAFEED MARKET SIZE FOR AMINO ACIDS, BY REGION,
2020–2025 (USD MILLION) 69
7.3 VITAMINS & MINERALS 70
7.3.1 VITAMINS AID IN COPING WITH THE DEFICIENCIES AND DEFORMITIES IN YOUNG, DEVELOPING FISH 70
TABLE 23 AQUAFEED MARKET SIZE FOR VITAMINS & MINERALS, BY REGION,
2016–2019 (USD MILLION) 70
TABLE 24 AQUAFEED MARKET SIZE FOR VITAMINS & MINERALS, BY REGION,
2020–2025 (USD MILLION) 70
7.4 PREBIOTICS & PROBIOTICS 71
7.4.1 USE OF PROBIOTICS & PREBIOTICS ENHANCING THE GUT HEALTH OF AQUATIC ANIMALS 71
TABLE 25 AQUAFEED MARKET SIZE FOR PREBIOTICS & PROBIOTICS, BY REGION, 2016–2019 (USD MILLION) 71
TABLE 26 AQUAFEED MARKET SIZE FOR PREBIOTICS & PROBIOTICS,
BY REGION, 2020–2025 (USD MILLION) 71
7.5 ENZYMES 72
7.5.1 FEED ENZYMES AID IN NUTRIENT ABSORPTION DUE TO WHICH ITS APPLICATION IS GROWING IN FEED 72
TABLE 27 AQUAFEED MARKET SIZE FOR ENZYMES, BY REGION,
2016–2019 (USD MILLION) 72
TABLE 28 AQUAFEED MARKET SIZE FOR ENZYMES, BY REGION,
2020–2025 (USD MILLION) 72
7.6 ANTIBIOTICS 73
7.6.1 OUTBREAK OF INFECTIOUS DISEASES IN AQUATIC ANIMALS LEADING TO THE ADOPTION OF ANTIBIOTICS 73
TABLE 29 AQUAFEED MARKET SIZE FOR ANTIBIOTICS, BY REGION,
2016–2019 (USD MILLION) 73
TABLE 30 AQUAFEED MARKET SIZE FOR ANTIBIOTICS, BY REGION,
2020–2025 (USD MILLION) 73
7.7 ANTIOXIDANTS 74
7.7.1 RISE IN DEMAND FOR FISH FEED STEERING THE GROWTH OF ANTIOXIDANTS AS AN ADDITIVE 74
TABLE 31 AQUAFEED MARKET SIZE FOR ANTIOXIDANTS, BY REGION,
2016–2019 (USD MILLION) 74
TABLE 32 AQUAFEED MARKET SIZE FOR ANTIOXIDANTS, BY REGION,
2020–2025 (USD MILLION) 74
7.8 OTHER ADDITIVES 75
7.8.1 ADDITION OF CAROTENOIDS ENHANCING THE COMMERCIAL VALUE OF FISH 75
TABLE 33 AQUAFEED MARKET SIZE FOR OTHER ADDITIVES, BY REGION,
2016–2019 (USD MILLION) 75
TABLE 34 AQUAFEED MARKET SIZE FOR OTHER ADDITIVES, BY REGION,
2020–2025 (USD MILLION) 75
8 AQUAFEED MARKET, BY SPECIES 76
8.1 INTRODUCTION 77
FIGURE 22 AQUAFEED MARKET SIZE, BY SPECIES, 2020 VS. 2025 (USD MILLION) 77
TABLE 35 AQUAFEED MARKET SIZE, BY SPECIES, 2016–2019 (USD MILLION) 78
TABLE 36 AQUAFEED MARKET SIZE, BY SPECIES, 2020–2025 (USD MILLION) 78
8.2 FISH 78
8.2.1 FISH IS THE LARGEST CONSUMER OF AQUAFEED INGREDIENTS AMONG ALL SPECIES 78
TABLE 37 AQUAFEED MARKET SIZE FOR FISH, BY REGION, 2016–2019 (USD MILLION) 79
TABLE 38 AQUAFEED MARKET SIZE FOR FISH, BY REGION, 2020–2025 (USD MILLION) 79
8.2.2 TILAPIA 80
8.2.3 SALMON 80
8.2.4 CARP 80
8.2.5 TROUT 80
8.2.6 OTHER FISH SPECIES 80
TABLE 39 AQUAFEED MARKET SIZE FOR FISH, BY SUB-TYPE,
2016–2019 (USD MILLION) 81
TABLE 40 AQUAFEED MARKET SIZE FOR FISH, SUB-TYPE, 2020–2025 (USD MILLION) 81
8.3 CRUSTACEANS 81
8.3.1 GROWTH IN SHRIMP PRODUCTION TO BOOST THE AQUAFEED CONSUMPTION AMONG CRUSTACEANS 81
TABLE 41 AQUAFEED MARKET SIZE FOR CRUSTACEANS, BY REGION,
2016–2019 (USD MILLION) 82
TABLE 42 AQUAFEED MARKET SIZE FOR CRUSTACEANS, BY REGION,
2020–2025 (USD MILLION) 82
8.3.2 SHRIMP 82
8.3.3 CRABS 82
8.3.4 KRILL 82
8.3.5 OTHER CRUSTACEANS 83
TABLE 43 AQUAFEED MARKET SIZE FOR CRUSTACEANS, BY SUBTYPE,
2016–2019 (USD MILLION) 83
TABLE 44 AQUAFEED MARKET SIZE FOR CRUSTACEANS, BY SUBTYPE,
2020–2025 (USD MILLION) 83
8.4 MOLLUSKS 84
8.4.1 OYSTERS AND MUSSELS ARE THE MOST WIDELY CULTURED GROUPS UNDER MOLLUSKS 84
TABLE 45 AQUAFEED MARKET SIZE FOR MOLLUSKS, BY REGION,
2016–2019 (USD MILLION) 84
TABLE 46 AQUAFEED MARKET SIZE FOR MOLLUSKS, BY REGION,
2020–2025 (USD MILLION) 84
8.4.2 OYSTERS 85
8.4.3 MUSSELS 85
8.4.4 OTHER MOLLUSKS 85
TABLE 47 AQUAFEED MARKET SIZE FOR MOLLUSKS, BY SUBTYPE,
2016–2019 (USD MILLION) 85
TABLE 48 AQUAFEED MARKET SIZE FOR MOLLUSKS, BY SUBTYPE,
2020–2025 (USD MILLION) 85
8.5 OTHER SPECIES 86
TABLE 49 AQUAFEED MARKET SIZE FOR OTHER SPECIES, BY REGION,
2016–2019 (USD MILLION) 86
TABLE 50 AQUAFEED MARKET SIZE FOR OTHER SPECIES, BY REGION,
2020–2025 (USD MILLION) 86

9 AQUAFEED MARKET, BY FORM 87
9.1 INTRODUCTION 88
FIGURE 23 AQUAFEED MARKET SIZE, BY FORM, 2020 VS. 2025 (USD MILLION) 88
TABLE 51 AQUAFEED MARKET SIZE, BY FORM, BY REGION, 2016–2019 (USD MILLION) 88
TABLE 52 AQUAFEED MARKET SIZE, BY FORM, 2020–2025 (USD MILLION) 88
9.2 DRY FORM 89
9.2.1 THE FREE-FLOWING STRUCTURE AND CONSISTENCY OF THE DRY AQUAFEED MAKES IT A PREFERRED FORM 89
TABLE 53 DRY AQUAFEED MARKET SIZE, BY REGION, 2016–2019 (USD MILLION) 89
TABLE 54 DRY AQUAFEED MARKET SIZE, BY REGION, 2020–2025 (USD MILLION) 89
9.3 WET FORM 90
9.3.1 THE WET FORM OF FEED IS USED TO MEET THE REQUIREMENTS OF CARNIVOROUS FISH 90
TABLE 55 WET AQUAFEED MARKET SIZE, BY REGION, 2016–2019 (USD MILLION) 90
TABLE 56 WET AQUAFEED MARKET SIZE, BY REGION, 2020–2025 (USD MILLION) 90
9.4 MOIST FORM 91
9.4.1 THE MOIST FORM IS MORE PALATABLE TO AQUATIC ANIMALS DUE TO ITS SOFT CONSISTENCY 91
TABLE 57 MOIST AQUAFEED MARKET SIZE, BY REGION, 2016–2019 (USD MILLION) 91
TABLE 58 MOIST AQUAFEED MARKET SIZE, BY REGION, 2020–2025 (USD MILLION) 91
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10 AQUAFEED MARKET, BY LIFECYCLE 92
10.1 INTRODUCTION 93
TABLE 59 FEED FORMULAE AND PROXIMATE COMPOSITION OF THE COMMONLY USED PELLET FEED FOR NILE TILAPIA 93
FIGURE 24 AQUAFEED MARKET SIZE, BY LIFECYCLE, 2020 VS. 2025 (USD MILLION) 93
TABLE 60 AQUAFEED MARKET SIZE, BY LIFECYCLE, 2016–2019 (USD MILLION) 94
TABLE 61 AQUAFEED MARKET SIZE, BY LIFECYCLE, 2020–2025 (USD MILLION) 94
10.2 GROWER FEED 95
10.2.1 GROWER FEED IS ADMINISTERED TO MEET THE PROTEIN REQUIREMENTS OF SMALL FISH 95
TABLE 62 GROWER AQUAFEED MARKET SIZE, BY REGION, 2016–2019 (USD MILLION) 95
TABLE 63 GROWER AQUAFEED MARKET SIZE, BY REGION, 2020–2025 (USD MILLION) 95
10.3 FINISHER FEED 96
10.3.1 PROTEIN LEVELS IN FINISHER FEED VARY BY DIFFERENT SHRIMP SPECIES 96
TABLE 64 FINISHER AQUAFEED MARKET SIZE, BY REGION, 2016–2019 (USD MILLION) 96
TABLE 65 FINISHER AQUAFEED MARKET SIZE, BY REGION, 2020–2025 (USD MILLION) 96
10.4 STARTER FEED 97
10.4.1 STARTER FEED AIDS IN IMPROVING THE DIGESTION AND NUTRITIONAL INTAKE OF SMALL AQUATIC ANIMALS 97
TABLE 66 STARTER AQUAFEED MARKET SIZE, BY REGION, 2016–2019 (USD MILLION) 97
TABLE 67 STARTER AQUAFEED MARKET SIZE, BY REGION, 2020–2025 (USD MILLION) 97
10.5 BROODER FEED 98
10.5.1 BROODERS OUGHT TO RECEIVE NATURAL FOOD INGREDIENTS AND ARTIFICIAL FEEDS TO ENSURE BETTER REPRODUCTION 98
TABLE 68 BROODER AQUAFEED MARKET SIZE, BY REGION, 2016–2019 (USD MILLION) 98
TABLE 69 BROODER AQUAFEED MARKET SIZE, BY REGION, 2020–2025 (USD MILLION) 98