Aquafeed Market Outlook by Key players, Industry Overview and Analysis by 2035

 

A new comprehensive analysis reveals that the global aquafeed market is poised for significant expansion, with projections indicating a rise from USD 56.6 billion in 2025 to USD 109.2 billion by 2035, exhibiting a robust Compound Annual Growth Rate (CAGR) of 6.8% during the forecast period. This growth underscores the critical role of aquafeed in the rapidly expanding commercial aquaculture sector, particularly in the Asia-Pacific region.

The aquafeed industry, which accounted for 15.2% of the global animal feed market in 2025, is a cornerstone of high-efficiency protein production. It represents over 45% of total operational input costs within farmed seafood value chains, making it the most substantial expenditure. The market’s consistent expansion is driven by intensified aquaculture operations, especially in China, India, Vietnam, and Indonesia, which collectively contribute over 65% of global aquaculture production by volume.

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Key Market Segments and Competitive Landscape:

The analysis highlights several leading segments shaping the market’s trajectory:

• Fish Dominance: The fish segment is the undisputed leader, commanding a 69.4% share of the total revenue in 2025. This dominance is attributed to the intensive farming of species like tilapia, salmon, carp, and catfish across major producing nations.
• Pelletized Efficiency: Pellet feed remains the preferred format, capturing 62.7% of the market share. Its durability, controlled nutrient dispersion, and ease of handling in automated systems drive operational efficiency and reduce waste.
• Health-Focused Formulations: A significant trend is the rise of health-focused aquafeed formulations, projected to lead by function with 41.8% of the revenue share. This shift is a direct response to escalating disease pressures in intensive aquaculture and the growing global demand for antibiotic-free seafood. Producers are increasingly fortifying feed with immunostimulants, antioxidants, and functional proteins to minimize mortality and reduce reliance on antibiotics.
• Plant-Based Inputs: Vegetable and grain-based ingredients dominate the composition, accounting for 46.3% of the total revenue. This reflects a strategic shift towards cost-effective and scalable protein sources, driven by volatile marine input costs and increasing pressure to reduce marine ingredient dependency. Soybean meal, corn gluten, and wheat are increasingly replacing fishmeal in various formulations.
• Indirect Sales Channels: Indirect sales are the most dominant distribution channel, projected to account for 52.8% of total revenue. This model leverages extensive distributor networks, particularly in fragmented Asian and African markets, enabling producers to reach rural farming zones effectively.

Regional Growth Hotspots:

While the global market grows at 6.8% CAGR, regional variations are pronounced. India is identified as the fastest-growing market, with an impressive 8.4% CAGR between 2025 and 2035, propelled by its booming vannamei shrimp and inland fish farming sectors, supported by government schemes like PMMSY. China follows closely with a 7.1% CAGR, driven by its dominant aquaculture sector and modernization initiatives.

Mature markets like the United States (4.2% CAGR), the United Kingdom (4.8% CAGR), and France (5.2% CAGR) show steady, albeit slower, growth. These regions are characterized by a strong emphasis on precision nutrition, antibiotic-free labeling, and sustainable sourcing, with increasing investment in Recirculating Aquaculture Systems (RAS) and novel protein sources like insect-based proteins.

Competitive Dynamics:

Leading aquafeed suppliers are actively scaling operations through advanced formulations, feedstock localization, and strategic vertical integration. Global players such as Cargill, Incorporated, BioMar Group, and Skretting are investing heavily in enzyme-rich and health-enhancing formulations for high-value species. Regional powerhouses like Avanti Feeds Limited and The Waterbase Limited are capitalizing on India’s burgeoning shrimp sector with immune-boosting pellet formats.

In a notable competitive move, BioMar Group announced in March 2025 the acquisition of the remaining 66% stake in LetSea, Norway’s leading aquaculture research center. This strategic acquisition is expected to significantly enhance BioMar’s R&D capabilities, allowing for more rigorous testing of new feed solutions under real-life conditions and further solidifying its competitive edge in innovation. The market remains intensely competitive, with firms prioritizing localized R&D, species-specific formulations, and forward integration into the aquaculture value chain.

The robust growth trajectory of the aquafeed market underscores its indispensable role in meeting the escalating global demand for sustainable and healthy seafood.

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