Floating fish feed products are made by incorporating balanced proportions of protein sources, vitamins, minerals and other nutrients which enhance fish growth, pigmentation and strengthen its immune system. These feeds prevent various diseases in fish farming and improve the yield by 30-40%. As the demand for fish and other seafood rises due to rapid urbanization and increasing health awareness, the floating fish feed market is witnessing steady growth.
The global Floating Fish Feed Market is estimated to be valued at US$ 34 Billion in 2023 and is expected to exhibit a CAGR of 34% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing preferences for nutrient-rich and healthy fish as an alternative to meat has led to the increased adoption of floating fish feed in commercial aquaculture. One of the major trends in the market is the rising popularity of extruded floating fish feed which contains high-density nutrients in a compact form. Extruded feeds have several advantages such as longer shelf life, controlled floating properties and uniform nutrition distribution. Manufacturers are also focusing on developing organic and all-natural floating fish feeds without the use of preservatives, antibiotics and synthetic additives. This is expected to boost the sales of premium feeds especially in developed markets.
Porter’s Analysis
Threat of new entrants: Low, as it requires high capital investments and well established distribution channels.
Bargaining power of buyers: Moderate, as customized floating fish feed is available from various manufacturers.
Bargaining power of suppliers: Moderate, as raw materials suppliers have sufficient customer base in the industry.
Threat of new substitutes: Low, as floating fish feed has no close substitutes and offers unique nutrition requirements for fish farms.
Competitive rivalry: High, as the market is dominated by major international players.
Key Takeaways
The Global Floating Fish Feed Market Size is expected to witness high growth over the forecast period of 2023 to 2030.
The Asia Pacific region currently dominates the market owing to large scale commercial operations and supportive aquaculture policies by governments in countries like China, Vietnam, and India.
Key players operating in the floating fish feed market are Cargill, Aller Aqua A/S, Alltech Inc., Nutreco N.V., Charoen Pokphand Foods, BioMar A/S, Land O’Lakes. These companies invest heavily in R&D to develop cost effective and customized floating feeds as per requirement of different fish species.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it