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

Global Premium Plant-Based Fish Feed Market Insights Forecasts to 2033 

• The Global Premium Plant-Based Fish Feed Market Size was Valued at USD 2.47 Billion in 2023
• The Market Size is Expected to Grow at a CAGR of around 11.81% from 2023 to 2033
• The Worldwide Premium Plant-Based Fish Feed Market Size is Expected to Reach USD 7.54 Billion by 2033 
• North America is Expected to Grow the fastest during the forecast period.   

The Global Premium Plant-Based Fish Feed Market Size is anticipated to Exceed USD 7.54 Billion by 2033, Growing at a CAGR of 11.81% from 2023 to 2033.  

Market Overview

The sector focused to the creation, manufacturing, and distribution of premium plant-based feed products especially made for aquaculture is known as the premium plant-based fish feed market. These feeds provide a sustainable and eco-friendly substitute for conventional fish feed, which frequently uses fish that are captured in the wild. They are made with plant-based ingredients such soy protein, pea protein, and algae protein. Numerous factors, including the growing need for sustainable aquaculture methods and growing knowledge of the advantages of plant-based diets for fish health, are responsible for this notable expansion. Commercial fish feed, which gives farmed fish vital nutrition, has been a mainstay of the aquaculture sector. These feeds are designed to satisfy the distinct nutritional requirements of different fish species, guaranteeing the best possible growth and well-being. The development of commercial feeds that are more environmentally friendly and sustainable is becoming increasingly important as the industry changes. This change is motivated by the need to guarantee the long-term sustainability of fish farming and to lessen the negative environmental effects of aquaculture.

Report Coverage

This research report categorizes the global premium plant-based fish feed market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the global premium plant-based fish feed market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the global premium plant-based fish feed market.  

Driving Factors

The market for premium plant-based fish feed is primarily expanding due to increased environmental sustainability concerns. Because traditional fish feed mostly consists of fishmeal and fish oil from wild fish stocks, overfishing and the depletion of marine resources result. On the other hand, a sustainable substitute that lessens dependency on these limited marine resources is plant-based fish feed. The market is growing as a result of the growing support from industry stakeholders and regulatory frameworks for this shift towards sustainable practices. Additionally, the market is significantly impacted by the growing customer demand for seafood that is farmed ethically and healthily. Because they are more conscious of the effects that their food choices have on the environment and their health, consumers are choosing seafood that is produced in a humane and sustainable manner. This trend is supported by plant-based fish feed, which provides a product that promotes fish health while having a minimal negative impact on the environment. Over the course of the projection period, it is anticipated that this consumer-driven demand will continue to fuel market expansion.

Restraints & Challenges

The possible opposition from conventional fish farmers who are used to utilizing feeds based on fishmeal and fish oil is one of the main obstacles. Comprehensive education and awareness programs that emphasize the advantages of plant-based feeds in terms of sustainability, fish health, and cost-effectiveness are necessary to overcome this opposition.

Market Segmentation

The global premium plant-based fish feed market share is classified into product type and application.

• The complete feed segment held a significant share in 2023 and is expected to grow at a significant CAGR during the forecast period.                            

Based on the product type, the global premium plant-based fish feed market is categorized as complete feed, concentrates, and supplements. Among these, the complete feed segment accounted for a significant share in 2023 and is expected to grow at a significant CAGR during the forecast period. Complete feeds are designed to give fish all the vital nutrients they need at every stage of growth. Because of the convenience it provides to fish farmers, this market sector is anticipated to dominate.

• The aquaculture segment held a significant share in 2023 and is expected to grow at a significant CAGR during the forecast period.       

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 a significant share in 2023 and is expected to grow at a significant CAGR during the forecast period. Effective and nourishing feed is essential to aquaculture, which comprises the cultivation of fish, crustaceans, mollusks, and aquatic plants, in order to guarantee high productivity and nutritious produce. Aquaculture is using plant-based fish feeds more and more to satisfy these needs and support environmental sustainability.

Regional Segment Analysis of the Global premium plant-based fish feed Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

Asia Pacific is projected to hold a significant share of the global premium plant-based fish feed market over the forecast period.

Asia Pacific is projected to hold a significant share of the global premium plant-based fish feed market over the forecast period. The region is driven by the widespread use of aquaculture and the favorable laws and regulations of the government. The transition to sustainable techniques is accelerating in nations like China, India, and Indonesia, which are significant participants in the global aquaculture industry. Due to growing expenditures in aquaculture infrastructure and growing awareness of the advantages of plant-based fish feed. Additional factors driving market expansion are the region's sizable population and rising demand for seafood.

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 United States is spearheading the implementation of sustainable aquaculture practices. North America's market is anticipated to expand steadily due to customers' growing emphasis on sustainability and health. Market expansion in this area is also fueled by the existence of significant industry players and continuous R&D initiatives. Market growth is greatly aided by the region's strong regulatory environment and consumer desire for ethical goods.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global premium plant-based fish feed market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• 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
• 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