Global Premium Plant-Based Fish Feed Market Size To Exceed USD 7.54 Billion By 2033 | CAGR of 11.81%
Category: AgricultureGlobal Premium Plant-Based Fish Feed Market Size To Exceed USD 7.54 Billion By 2033
According to a research report published by Spherical Insights & Consulting, the Global Premium Plant-Based Fish Feed Market Size is Expected to Grow from 2.47 Billion in 2023 to USD 7.54 Billion by 2033, at a CAGR of 11.81% during the forecast period 2023-2033.
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Browse key industry insights spread across 233 pages with 110 Market data tables and figures & charts from the report on the "Global Premium Plant-Based Fish Feed Market Size, Share, and COVID-19 Impact Analysis, By Product Type (Complete Feed, Concentrates, and Supplements), By Application (Aquaculture, Ornamental Fish, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033." Get Detailed Report Description Here:https://www.sphericalinsights.com/reports/premium-plant-based-fish-feed-market
The premium plant-based fish feed market is the industry devoted to developing, producing, and distributing high-quality plant-based feed products specifically designed for aquaculture. These feeds offer an environmentally responsible and sustainable alternative to traditional fish feed, which usually contains fish caught in the wild. Plant-based components like soy protein, pea protein, and algal protein are used to make them. This significant growth can be attributed to several causes, such as the increasing need for sustainable aquaculture practices and the expanding understanding of the benefits of plant-based diets for fish health. Commercial fish feed has been a mainstay of the aquaculture industry, providing farmed fish with essential nutrition. The growing concerns about environmental sustainability are the main factor driving the market expansion for high-quality plant-based fish feed. Overfishing and the depletion of marine resources are the results of traditional fish feed, which mostly consists of fishmeal and fish oil from wild fish stocks. However, plant-based fish feed lowers reliance on these finite marine resources and provides a sustainable alternative. Due to the increasing backing of industry stakeholders and legal frameworks for this transition to sustainable practices, the market is expanding. The industry is also greatly influenced by the rising consumer demand for seafood that is produced healthily and ethically. However, one of the biggest challenges is the potential resistance from traditional fish farmers accustomed to using diets made of fishmeal and fish oil.
The complete feed segment held the highest share in 2023 and is anticipated to grow at a significant CAGR during the projected timeframe.
Based on product type, the global premium plant-based fish feed market is categorized as complete feed, concentrates, and supplements. Among these, the complete feed segment held the highest share in 2023 and is anticipated to grow at a significant CAGR during the projected timeframe. The purpose of complete feeds is to provide fish with all the essential nutrients they require throughout their entire life cycle. This market area is expected to dominate because of the convenience it offers fish producers.
The aquaculture segment held the highest share in 2023 and is anticipated to grow at a significant CAGR during the projected timeframe.
Based on the application, the global premium plant-based fish feed market is categorized as aquaculture, ornamental fish, and others. Among these, the aquaculture segment held the highest share in 2023 and is anticipated to grow at a significant CAGR during the projected timeframe. Aquaculture, which includes the rearing of fish, crustaceans, mollusks, and aquatic plants, depends on efficient and nourishing feed to ensure high yields and nutrient-dense products. More and more, aquaculture is adopting plant-based fish meals to meet these demands and promote environmental sustainability.
Asia Pacific is projected to hold the largest share of the global premium plant-based fish feed market over the forecast period.
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Asia Pacific is projected to hold the largest share of the global premium plant-based fish feed market over the forecast period. The extensive use of aquaculture and the supportive rules and regulations of the government are the main drivers of the region. Countries that play major roles in the global aquaculture business, such as China, India, and Indonesia, are seeing an acceleration of the shift to sustainable practices. because of rising investments in aquaculture infrastructure and increased knowledge of the benefits of plant-based fish feed. The region's large population and growing demand for seafood are further factors propelling the market rise.
North America is expected to grow at the fastest CAGR growth of the global premium plant-based fish feed market during the forecast period. The adoption of sustainable aquaculture methods is being led by the United States. The market in North America is expected to rise gradually as consumers' concerns about sustainability and health increase. Significant industry players and ongoing R&D projects are also driving market expansion in this sector. The region's robust regulatory framework and consumers' desire for ethical products both significantly contribute to market expansion.
Major vendors in the global premium plant-based fish feed market are Cargill Inc., Aller Aqua Group, Skretting, BioMar Group, Nutreco N.V., ADM Animal Nutrition, Purina Animal Nutrition LLC, Ridley Corporation Limited, Inve Aquaculture Inc., Zeigler Bros., Inc., Biomin Holding GmbH, Evonik Industries AG, and others.
Key Target Audience
- Market Players
- Investors
- End-users
- Government Authorities
- Consulting and Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global premium plant-based fish feed market based on the below-mentioned segments:
Global Premium Plant-Based Fish Feed Market, By Product Type
- Complete Feed
- Concentrates
- Supplements
Global Premium Plant-Based Fish Feed Market, By Application
- Aquaculture
- Ornamental Fish
- Others
Global Premium Plant-Based Fish Feed Market, By Regional
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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