Plant-based Fish Feed Market Expand at the Fastest CAGR of 6% During the Forecast Period 2019 – 2029
VALLEY COTTAGE, N.Y. – As per the recent report published by Future Market Insights (FMI), the global plant-based fish feed market revenues roughly equated US$ 6 Bn in 2018, which are likely to see a robust CAGR over the course of next decade. The market growth is likely to be driven by factors including, growing consumption of seafood worldwide, concerns over depleting aquatic species, sustainability, and rising prices of fishmeal and fish oil among others.
The report also opines that the innovative and cost-effective plant-based feeds derived from canola oil, soybean, corn, and wheat bran among others, will replace conventional feed such as fish meal and fish oil in the coming years.
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The growing global demand for seafood in recent years has directly impacted the demand for plant-based fish feed. Further, as per the Food and Agriculture Association of the United Nations, the aquaculture industry accounts for more than 50% of the global edible seafood supply. Hence, the market players operating in the aquaculture sector need to find alternative feeds to meet the rising demand for seafood worldwide.
Ever-rising Seafood Consumption Points to New Opportunities
The global seafood consumption has witnessed a remarkable growth in recent years. High seafood consumption in recent years has created lucrative opportunities in the plant-based fish feed market as aquaculture farmers pin their hopes on alternative feeds. In the current scenario, soybean and corn meals dominate the plant-based fish feed market in terms of market share and value and the trend is expected to continue through the forecast period.
Soybean and corn meals have illustrated strong potential in the last couple of years and are gaining tremendous popularity owing to enhanced digestibility, optimum protein content and omega-3 levels. According to the analyst, state-of-the-art soy products such as soybean protein concentrate (SPC) and fermented soy are likely to emerge as excellent fish feed alternatives in the coming years. Other crucial factor shaping the growing adoption of soybean and corn meals is its price. The aforementioned plant-based fish feed is cost-effective and also replicate the desired nutritional values required for fish.
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Technological Advances Merging with Innovations
As the demand for plant-based fish feed is expected to surge in the next decade, existing players pin their hopes on innovation and R&D to consolidate a strong position in the market. Several companies worldwide are increasing investment in the adoption of new technologies to find cost-effective plant-based fish feed alternatives to meet the global edible seafood demand.
Currently, although the production of alternative feeds is at a nascent stage, major companies are relying on sourcing ingredients from these substitutes to develop customized aqua feed for different species based on their nutritional requirement. Investments for developing novel plant-based aqua feed are expected to rise as investors and stakeholders are eyeing the lucrative opportunities and high potential within the plant-based fish market especially in North America and Europe.
North America and East Asia to Witness Significant Growth
While North America, Europe, and East Asia currently represent the key regional markets for stakeholders in the plant-based fish feed market, the trend will further continue throughout the next decade. The report attributes this trend to growing investments in R&D activities in these regions.
FMI’s report suggests that the changing investment patterns in North America will influence market growth in the region during the forecast period. Further, apart from innovation, companies are eyeing inorganic growth strategies such as mergers and acquisitions to gain a stronger foothold in the market. However, East Asia has emerged as one of the most lucrative markets owing to the growing middle-class population and increasing disposable income in nations such as China, South Korea, Vietnam, and Japan.
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