Europe Aqua Feed Market - Growth, Trends, and Forecasts (2023-2028)

The European aqua feed market is anticipated to register a CAGR of 5.0% during the forecast period.

Key Highlights

• The European aquafeed market is quite small compared to other regions such as Asia-Pacific and North America. It has the potential for steady growth in the near future due to stringent regulations and hikes in raw materials prices. The growth of the European aquafeed market is majorly driven by an increase in fish farming and the introduction of new species, programs, and strategies for boosting aquaculture by the European Commission and the increased consumption of seafood due to the rising awareness about their health benefits.
• The total aquaculture production in Europe was 17.4 million metric tons in 2022 which increased by 1.4% from 2019. The increase in production leads to increased demand for feed, thereby driving the market.
• Aquaculture species require high protein content in feed materials, such as fishmeal, for quality produce. Sustainable aquaculture practices are effective due to plant-based protein content, such as Pangasius djambal and Pangasianodon hypophthalmus, and soybean meal, which are expected to boost the demand for feed in the market.

Europe Aqua Feed Market Trends

Increase in Consumption of Seafood with Rising Awareness on Thier Health Benefits

• The consumption of seafood has been rising steadily across the region. The increasing population, urbanization, demographics, incomes, prices, and environmental and health concerns are key factors that influence the level and type of seafood consumption. This is enhancing the demand for the aqua feed market.
• Seafood is nutritious and includes vital nutrients for health and wellness at all ages. It is a rich source of vitamins, protein, minerals, and essential fatty acids. Fish and shellfish supply the nutrients, vitamins, and omega-3s essential for strong bones, brain development, and a healthy heart and immune system. Increasing awareness about these factors boosts regional consumption, thereby driving production.
• In Europe, fish is the major aquaculture species produced and consumed. Tuna, salmon, and cod were the species in the highest demand in the market. It is evident from the recent figures that the opportunity to continue building on the current momentum and grow further is vibrant in Europe. The increased per capita consumption of aquaculture products and the benefits associated with seafood products are expected to intensify commercial aqua production in the country. This factor is expected to drive the aquafeed market in the future.

Fish Segment is Dominating the Market

• Fish are the major aquaculture species produced in the European region. In 2022, the total fish production was 15.6 million metric tons which increased by 1.8% from 2019. An increase in fish production boosts the fish feed market in the region. Fish production in the region accounted for 89.9% of the total aquaculture production. Therefore, the fish segment dominates the market. Fisheries are increasingly becoming a primary source of protein, foreign exchange, livelihoods, and well-being of the population in the region.
• Spain, France, Italy, and Greece are the major European countries that produce the most fish in terms of volume. Despite the diversity of aquaculture, the European region mostly focuses on a few species, the most important being mussels, salmon, seabream, rainbow trout, seabass, oysters, and carp.
• The distinguishing feature that characterizes the fish feed industry in the European region is the ongoing research and consideration of alternative protein sources, such as fish trimmings, insects, and other invertebrate-based ingredients in fish feed. Europe accounted for 8.9% of the global fish feed production with a production volume of 3.8 million metric tons in 2022, a substantial increase from 3.3 million metric tons registered in 2018. The upsurge in the feed production volume can be attributed to the corresponding rise in fish production in the region.

Europe Aqua Feed Market Competitor Analysis

The Europe aquafeed market is relatively consolidated, with major players holding a significant market share. Alltech, Nutreco N.V, Cargill Inc., Biomar Group, and Aller Aqua group are some major players in this region. New product launches, partnerships, and expansions are some of the major strategies adopted by these players to strengthen their position in the market.

Additional benefits of purchasing the report:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

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