Global fish feed demand set to hit $231bn by 2034 as aquaculture expands. The global fish feed business is projected to rise nearly 60 percent within the next ten years, rising from $145 billion in 2025 to $231 billion in 2034, due to increased demand for fish in Asia, Europe, and America from fish farms as the world population becomes increasingly dependent on seafood. The industry, which produces all types of feeds ranging from starter to high-value fish like salmon, is increasing at a compound annual growth rate of 5.2 percent, reveals new market research.

As highlighted by Dataintelo, the present market valuation stands at $145 billion in 2025 and will increase yearly up to 2034, when it will stand at $231 billion. The increase can be attributed not only to an increase in fish reared but also due to production of intelligent feed formulation to facilitate growth and immunity.

Why Demand Continues to Grow

The basic reason is not hard to understand: wild capture fisheries have reached a point where no significant growth is possible, but demand for seafood continues to grow, and aquaculture makes up for that increase. Over 50 percent of the fish consumed by humans come from aquaculture operations today, and by 2030 production will be 120 million tonnes. Every extra tonne of farmed fish needs feeding, and that arithmetic underpins the entire market.

Southeast Asia is where this is playing out most visibly. Vietnam, Thailand and Indonesia are continuously increasing their number of intensive farms, while the Chinese aquaculture industry alone is estimated to be consuming over 28 million metric tons of feed per year. Farming of tilapia in Africa and Latin America, which is associated with programs to alleviate food insecurity and poverty in these areas, creates constant demand for economical starter and grower feeds.

Where the Money Is Going

By product type, grower feed is the largest single segment, accounting for 38.2% of the market, as it covers the extended mid-growth phase where feed conversion efficiency matters most to a farm’s bottom line. Starter feed follows at 35.8%, valued at roughly $51.9 billion in 2025 and the fastest-growing of the three at 5.8% CAGR, reflecting how much emphasis hatcheries now place on getting fingerlings through their most vulnerable weeks. Finisher feed makes up the remaining 26%, and is the most price-sensitive category as farmers try to hold down costs in the final weeks before harvest without compromising flesh quality.

Pellets remain the industry’s default format, holding 48.2% of the market thanks to their compatibility with automated feeding systems and their water stability. Granules take 26.4%, popular in Asia among smallholders using gravity-fed systems, while powder feeds, used mainly for fry in hatcheries, hold 16.2%.

Ingredients Under Pressure

Fishmeal continues to be the leading ingredient segment with a 28.4% market share due to its complete protein content but is faced with actual shortages. In particular, Peru provides approximately 35% of the global fishmeal, while the prices in 2025 ranged from $920 to $1,180 per tonne because of the fluctuating Peruvian stocks and climate impact on fish resources. The reason behind the increased popularity of soybean-based feed ingredients (from 14.5% in 2018 to 19.2% currently) and additives, such as vitamins, probiotics, and immunostimulants (6.8% CAGR) is the need to increase productivity and resistance to diseases of livestock.

However, alternative protein sources account for just 3.2%, but they are forecasted to increase their share nearly twice (7.5%) by 2034. More precisely, it can be claimed that black soldier fly larvae insect meal will play a key role in such an increase in shares because the capacity of production in Netherlands, Germany and North America will increase three times (from 8,400 tonnes in 2023 to 24,600 tonnes in 2030).

Species Tell Their Own Story

Tilapia has the highest species-specific demand of 32.5 percent, not surprising when one considers the omnivorous nature of its feeding habits and its ability to sustain itself on cost-effective plant feed sources – tilapia is produced annually in quantities of 6.8 million tonnes within Africa and Asia. Salmon on the other hand has a significant demand share of 26.8 percent, though not surprising, the price of fish food for salmon is very different from tilapia – specialized fish feed, marine-based oils and pigmentation components make the feed price of salmon between $1,020-$1,240/tonne compared to $450-$580/tonne for tilapia.

Regulation Is Reshaping Formulations

Sustainability rules are no longer a background consideration — they’re actively changing what goes into the bag. The premium price for MSC-certified wild fish meal is currently at 8%-15%, whereas environmental regulation in the EU, North America and more recently Asia for nitrogen and phosphorous discharges and banning antimicrobial growth promoters has resulted in a cost increase of 3%-7%. For companies, sustainable practices have become a cost as well as a competitive advantage, especially for those that export to Europe.

Regional Picture

Asia Pacific dominates the global market with a 45.2% share, generating around $65.6 billion in 2025 revenues on the back of shrimp and tilapia farming across Vietnam, Thailand, China and India. Europe holds 22.4%, anchored by Norway, Scotland and Ireland’s salmon industries and their strict sourcing and traceability requirements. North America accounts for 18.6%, with catfish farming in the Mississippi Delta and a growing cold-water species sector in Canada. Latin America, led by Brazil’s expanding tilapia sector, holds 11.2%, while the Middle East and Africa remain the smallest region at just 2.6% — but also the fastest-growing, as Egypt and South Africa invest in inland aquaculture to bolster food security.

A Consolidating Supplier Base

Increasingly, only a few global companies will make up the competitive scene. Cargill is unmatched in terms of scale of operations; it has feed manufacturing facilities across four continents and is able to pellet feeds for 8.5 million tonnes per year. Nutreco is well positioned in terms of premium salmon and shrimp feeds due to the company’s value chain which covers the area of genetics and farm management. BioMar, Charoen Pokphand Foods and ADM Animal Nutrition complete the top players while regional companies like Avanti Feeds and Growel Feeds in India maintain a competitive edge in their markets despite multinational competition eroding their margins.

What’s Next?

Of course, none of this growth is without conflict; fluctuations in the prices of ingredients, outbreaks of disease in shrimp and salmon farms, and increasingly strict environmental laws all represent significant threats. But with aquaculture accounting for more than half of the world’s fish consumption and wild fisheries incapable of making up for that loss, there’s no doubt as to where the future of the sector lies. In the absence of any major shocks to the supply of ingredients or demand for farmed fish, the fish feed industry will likely be worth more than $200 billion in ten years’ time.

Reference: https://dataintelo.com/report/fish-feed-for-aquaculture-market

Image: Dataintelo