Sustainability Concerns in Aquaculture Fuel Demand for Alternative Feeds
The plant-based fish feed market is projected to witness noteworthy growth in the coming years owing to several crucial growth factors. Growing concerns over sustainable development of aquaculture, limited availability of fish species, and demand for feed with low environmental footprint among others have influenced the market growth in recent years. Sustainability of aquaculture has been a major concern for several decades as it requires more fish to feed than the rate at which fish is produced.
Currently, as the consumption rate overpowers the production rate, it has raised alarm bells as far as sustainability is concerned. Hence, finding alternatives for traditional fish feed including fish meal and fish oil has become pivotal in the last couple of decades. Expanding aquaculture without diminishing fisheries is a key challenge that needs to be addressed moving forward.
Fish oil is expensive and scarce due its growing demand as a health supplement. Thus, players involved in the fish-feed market have started focusing on developing cost-effective alternatives which do not compromise with the desired nutritional value required for optimum growth in fish. In recent years, plant-based fish feed derived from soybean, canola oil, supplement lipids from algae sources and amino acid supplements gained significant amount of popularity owing to their long-term benefits. Further, as plant-based fish are safer to eat and contain 100-fold low levels of polychlorinated biphenyl and mercury, its demand is expected to grow in the coming years.
Plant-based Fish Feed Market - Key Research Findings
- The global plant-based fish feed market size in 2018 was ~US$ 6 Bn.
- The plant-based fish feed market is expected to grow at a CAGR of ~6% during the forecast period 2019-2029.
- The rising demand for organic and natural ingredients in the aquafeed industry from aquaculture farmers is expected to propel the demand for organic plant-based fish feed in the forecast period 2019-2029.
- Collectively, Latin America and MEA are expected to account for major revenue share in the plant-based fish feed industry, by the end of 2029.
- Latin America is expected to account for a major consumption share of plant-based fish feed in the forecast period due to the changing patterns of feed industry for aqua animals.
- The increasing consumption of seafood is generating demand for plant-based fish food in the market.
- Global seafood consumption picked up in the last few years, supported by the improving economic environment in both developed and developing regions. This increasing consumption of seafood is generating demand for plant-based fish feed from manufacturers.
Key Factors Shaping the Plant-Based Fish Feed Market
Aquaculture - Finding Retail Shelf Space in Potential Markets
Apart from major producers such as China and Egypt or significant importers such as the U.S. or other European countries, aquaculture is still widespread in other emerging markets. The aquaculture market is gaining traction over other species in various countries across the world. Emerging markets such as Fiji, India, etc., are promoting fresh water fishes as good for health and for the environment in a season when many marine stocks have been severely depleted. Slowly and steadily, the product is gaining retail shelf space in far remote areas of these regions due to its ability to breed quickly, taste bland, and survive harsh environmental conditions. This retail shelf space of aquaculture worldwide is directly impacting the demand for plant-based fish feed.
Dwindling Supply of Feed Forcing Development of a New Solution
In the current scenario, the feed industry is not able to fulfil production capacity because of low stocks of traditional inputs, such as menhaden and anchovy, are declining. Overfishing of small species in key production regions of Latin America and Europe has caused sources to drop to unsustainable levels, and some species are likely to never fully recover. Fish meal and oil are used not only for aquaculture, but also as ingredients in common foods. These factors are expected to generate high demand for plant-based fish feed and drive market growth in the forecasted period.
Fish Feed Industry Producers Focusing on Innovation to Lower Production Costs
Fish feed manufacturers need support from investors to grow and investors have medium- to long-term horizons and a willingness to invest in capital-intensive infrastructure. Manufacturers are exploring new ways to overcome this problem. Therefore, plant-based fish feed is the best alternative to traditional ingredients in fish feed, which reduce the cost of production as well as ensure a good source of protein.
Plant-based fish feed is expected to offer better long-term value but to withstand the price fluctuations of fish and grain meals, it may compete on enhanced functionality as compared to other sources of fish feed.
Plant-based Fish Feed Market Structure Analysis
- The global plant-based fish feed market represents a fairly consolidated competition landscape, where majority of the key players maintain their strategic focus on the development of solid distribution partnerships and joint ventures, targeting a firmer global footprint.
- The plant-based fish feed market has been relatively moderate in size, which remains a key factor for its dynamic competitive nature.
- Leading manufacturers of plant-based fish feed are currently prioritizing R&D and new product launches to resonate with the booming demand for plant-based fish feed in Middle East and Africa and Latin America.
- Portfolio extension is also identified to remain one of the key developmental strategies adopted by manufacturers of plant-based fish feed.
- For a stronger foothold in target markets, plant-based fish feed manufacturers will continue to rely on inorganic strategies, such as mergers and acquisitions.
- Deeper understanding of the market trends and preferential shifts of end-use segments across various regions are likely to create a bottleneck for prominent players, looking forward to untapped opportunities in the plant-based fish feed market.
Disruptive Technologies Gain Attention of Investors and Stakeholders
According to the United Nation’s Food and Agriculture Organization (FAO), aquaculture, which is one of the fastest-growing industries, accounts for than 50% of the global edible seafood supply. However, industry players have established that investment in innovation and R&D will be the key to finding feed alternatives. In the current scenario, although the production of novel fish meal and fish oil alternatives is small-scale, market players pin their hopes on sourcing these ingredients to produce innovative aqua feed alternatives tailor-made for species according to their nutritional requirements.
Prominent players in the industry are now increasing investment in new technologies. Further, investment from venture capitalists is also expected to grow as the plant-based fish feed market offers lucrative opportunities.
Innovations Apace in North America and East Asia
In the current scenario, North America and East Asia are at the forefront in terms of investment in the development of innovative and novel plant-based fish feed. Further, market players and prominent companies in the aforementioned regions are increasing their R&D activities in their efforts to meet the growing demand for alternative fish feed products. In addition, as fish meal and fish oil prices head towards the upward direction, the demand for plant-based fish feed is expected to grow worldwide.
Soy-based Products Emerge as Top Contenders
The growing demand for alternative fish feed coupled with rising concerns over aquaculture’s dependability on fish meal and fish oil have paved way for plant-based products. Plant-based fish feed have gained a significant amount of popularity in recent years owing to factors such as progress in digestibility, the protein content, and omega-3 levels. In the current scenario, advanced soy products including, soybean protein concentrate (SPC) and fermented soy are tipped to be the top contenders moving forward with plant-based ingredients. Further, as these products play an instrumental role in decreasing anti-nutritional factors in soy, it enhances digestibility. Moreover, soy products are expected to substitute a high proportion of fishmeal in the aquaculture industry in the coming years. Further, apart from replicating the nutritional requirements of fish, soy products are also cost-effective. Thus, several companies are seeking ways to leverage the benefits of plant-based products by relying on innovation and R&D activities.
Cornmeal and soybean meal remain preferred
Wheat bran consumption to gather pace
Demand from households rising at a healthy pace
Commercial application to capture significant shares
Over half of total sales accounted by fish feed pellets
Fish feed flakes continue to see steady demand
How Growth will Unfold
The growth of the aquaculture industry will directly impact the growth of the plant-based fish market as fishmeal and fish oil prices continue to surge. The future of the plant-based fish feed market will primarily depend on innovation and adoption of new technologies. Further, the growing human seafood consumption will play a vital role in the development of the plant-based fish feed as it creates huge potential for market players operating in the plant-based fish feed industry. The high demand for farmed fish food has generated high demand for fish meal that has led to a significant increase in its prices. Thus, several fish farms especially in the developing nations have established feed alternatives such as plant-based fish feed as one of the most feasible and viable substitutes for fish meal and fish oil.
In the current scenario, North America and East Asia are at the forefront in terms of investment in the development of innovative and novel plant-based fish feed. Further, market players and prominent companies in the aforementioned regions are increasing their R&D activities in their efforts to meet the growing demand for alternative fish feed products. In addition, as fish meal and fish oil prices head towards the upward direction, the demand for plant-based fish feed is expected to grow worldwide.
* This data is only a representation. Actual data may vary and will be available in report.
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Overview
Plant-based Fish Feed Market Assessment 2019-2029
A recent market study published by FMI on the plant-based fish feed market includes global industry analysis 2014-2018 & forecast 2019-2029, and offers a comprehensive assessment of the most important market dynamics. After conducting thorough research on the historical, as well as current growth parameters of the plant-based fish feed market, the growth prospects of the market are obtained with maximum precision.
Plant Based Fish Feed Market Taxonomy
The global plant-based fish feed market is segmented in detail to cover every aspect of the market and present complete market intelligence to the reader.
By Product Type
- Soybean Meal
- Cottonseed Meal
- Corn Meal
- Distillers Dried Grains with Soluble
- Wheat Bran
- Rice Bran
- Other Product Types (Canola Meal, Sunflower Meal, etc.)
By Nature
- Organic
- Conventional
By End-Use Application
- Commercial
- Household
By Form
- Pellet
- Powder
- Granule
- Flake
By Sales Channel
- Direct Sales
- Indirect Sales
- Modern Trade
- Convenience Stores
- Specialty Stores
- Online Retailers
- Other Sales Channels
By Region
- North America
- Latin America
- Europe
- Middle East and Africa
- East Asia
- South Asia
- Oceania
What's Included
The report commences with the executive summary of the plant-based fish feed market, which includes the market country analysis, segmental opportunity analysis, demand & supply-side trends pertaining to the plant-based fish feed market, along with recommendations on the global plant-based fish feed market.
Readers can find the detailed taxonomy and definition of the plant-based fish feed market in this chapter, which will help them understand the basic information about the plant-based fish feed market. This section also highlights the inclusions and exclusions, which help the reader understand the scope of the plant-based fish feed market report.
This chapter explains the production innovations in the plant-based fish feed market by various manufacturers. Current development trends in the plant-based fish feed market are also included in this chapter.
This section in the plant-based fish feed market report includes the market background and associated industry assessment of the plant-based fish feed market. It includes the market dynamics, supply and value chain analysis, policy and regulatory landscape, macro-economic factors, forecast factors, their relevance and impact, and the scenario forecast of the plant-based fish feed market.
This chapter explains key drivers, opportunities, and restraints of the plant-based fish feed market along with the list of manufacturers that are impacting the plant-based fish feed market. It also includes key market trends that are expected to significantly impact market growth during the forecast period.
This section highlights the price point assessment by product type, average price of different types of plant-based fish feed such as soybean meal, cottonseed meal, corn meal, distillers dried grains with soluble, wheat bran, rice bran, and other product types (canola meal, sunflower meal, etc.) in different regions throughout the globe and forecast till 2029. The factors influencing the prices of the plant-based fish feed are also explained in this section.
This section explains the global market value analysis and forecast for the plant-based fish feed market in the historical period 2014-2018 and the forecast period 2019-2029. This chapter includes a detailed analysis of the historical plant-based fish feed market, along with an opportunity analysis of the future. Readers can also find the absolute opportunity for the current year (2018 – 2019) and incremental opportunity for the forecast period (2019–2029).
This chapter explains how the plant-based fish feed market will grow across various geographic regions such as North America, Latin America, Europe, East Asia, South Asia, Oceania, and Middle East & Africa (MEA).
Based on product type, the plant-based fish feed market is segmented into different product types such as soybean meal, cottonseed meal, corn meal, distillers dried grains with soluble, wheat bran, rice bran, and other product types (canola meal, sunflower meal, etc. In this chapter, readers can find information about key trends and developments in the plant-based fish feed market and market attractiveness analysis based on product type.
Based on nature, the plant-based fish feed market is segmented into organic and conventional. This section shows the market attractiveness analysis based on nature.
This chapter provides details about the plant-based fish feed market based on end-use application, and has been classified into commercial and household. In this chapter, readers can understand the market attractiveness analysis based on end-use application.
Based on form, the plant-based fish feed market is segmented into pellets, powder, granules, and flakes. This section shows the market attractiveness analysis based on form.
Based on form, the plant-based fish feed market is segmented into direct and indirect sales channels. Indirect sales channel is future segmented into modern trade, convenience stores, specialty, online retailers, and other sales channels. This section shows the market attractiveness analysis based on the sales channel.
This chapter includes a detailed analysis of the growth of the North America plant-based fish feed market, along with a country-wise assessment that includes the U.S. and Canada. Readers can also find the pricing analysis, regional trends, and market growth based on the type and countries in North America.
This chapter provides the growth scenario of the plant-based fish feed market in Latin American countries such as Brazil, Mexico, and the Rest of Latin America. Along with this, assessment of the market across target segments has been provided.
Important growth prospects of the plant-based fish feed market based on its end users in several countries such as Germany, the U.K., France, Spain, Italy, Russia, BENELUX, and the Rest of Europe are included in this chapter.
In this chapter, India and ASEAN countries are the prominent countries in the South Asia region that are the prime subjects of assessment to obtain the growth prospects of the South Asia plant-based fish feed market. Readers can find detailed information about the growth parameters of the South Asia plant-based fish feed market during the forecast period 2019-2029.
This chapter highlights the growth of the plant-based fish feed market in East Asia by focusing on China, Japan, and South Korea. This section also helps readers understand key factors that are responsible for the growth of the plant-based fish feed market in East Asia.
This chapter highlights the growth of the plant-based fish feed market in Oceania by focusing on Australia and New Zealand. This section also help readers understand key factors that are responsible for the growth of the plant-based fish feed market in Oceania.
This chapter provides information about how the plant-based fish feed market will grow in major countries in the MEA region such as GCC Countries, South Africa, Turkey, and the Rest of MEA, during the forecast period 2019-2029.
In this chapter, readers can find detailed information about tier analysis and market concentration of key players in the plant-based fish feed market along with their market presence analysis by region and product portfolio. Also, readers can find a comprehensive list of all leading stakeholders in the plant-based fish feed market, along with detailed information about each company, which includes the company overview, revenue shares, strategic overview, and recent company developments. Some of the market players featured in the report are Cargill, Incorporated, ADM Animal Nutrition, MJI Universal Pte Ltd, Tate & Lyle, Diana Aqua, Maschinenfabrik Reinartz GmbH & Co. KG, Kemin Industries, Skretting, BIOMIN Benelux, Aller Aqua A/S, BioMar A/S, Roquette, Prairie Aquatech, Green Plains Inc., Duynie Ingredients, and many others.
This chapter includes a list of acronyms and assumptions that provide a base to the information and statistics included in the plant-based fish feed report.
This chapter helps readers understand the research methodology followed to obtain various conclusions, as well as important qualitative and quantitative information about the plant-based fish feed market.
How the research was conducted?
Primary Research
- C - Level Executives
- Marketing Directors
- Sales Heads
- Production Managers
- Distributors Heads
- Sales Executives
- Product Manufacturers
- Distributors
- Traders
- Industry Experts
- End Users
- Current Market Dynamics and Challenges
- Market Characteristics
- Market Performance and Growth Quadrants
- Competition Structure and Market Structure
- Strategic Growth Initiatives
- Near-term and Long-term Market Growth Prospects
- Market Segment Splits and Authenticity
- Opinions on Market Projections and Validity Of Assumptions
Secondary Research
- Industry Publications
- Industrial Week
- Industrial Product Review
- Industrial Magazine
- Industry Associations
- Trade Map
- Company Press Releases
- Annual Reports and Investor Presentations
- Research Papers
- Government Websites and Publications
- Food and Agriculture Organization of United States (FAO)
- United States Department of Agriculture (USDA)
- Trade Websites
Primary Interview Splits
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