Shrimp Feed Global Market Report 2024

The shrimp feed market size has grown strongly in recent years. It will grow from $4.24 billion in 2023 to $4.51 billion in 2024 at a compound annual growth rate (CAGR) of 6.4%. The increase in aquaculture production, advancements in feed production technology, significant investments in shrimp farming, sustainability efforts in feed production, and heightened research and development have fueled growth in the historical period.

The shrimp feed market size is expected to see strong growth in the next few years. It will grow to $5.83 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%. Anticipated growth in the forecast period can be attributed to soaring global shrimp demand, the proliferation of shrimp farming, regulatory modifications, escalating seafood consumption, and technological progress. Dominant trends during this period encompass heightened demand for sustainable feeds, escalating costs of animal feed ingredients, progress in aquaculture technology, a shift towards plant-based proteins, and stricter environmental regulations.

The increasing demand for seafood is anticipated to drive the growth of the shrimp feed market in the coming years. Seafood encompasses edible aquatic animals or plants harvested from freshwater or saltwater environments for human consumption. The surge in seafood demand is influenced by factors such as health consciousness, cultural preferences, convenience, sustainability concerns, and globalization. High-quality shrimp feed plays a crucial role in supporting the sustainable expansion of shrimp aquaculture, meeting the rising global seafood demand while minimizing environmental impact and preserving the health of aquatic ecosystems. For example, as reported by the National Oceanic and Atmospheric Administration in February 2024, per capita consumption of seafood products, including canned, fresh, frozen, and cured items, rose to 20.5 pounds per person in 2021, marking a 1.5-pound increase from 2020. Consequently, the growing demand for seafood propels the growth of the shrimp feed market.

Prominent companies in the shrimp feed market are concentrating on developing innovative products, such as functional shrimp feed, to improve feed efficiency and sustainability. Functional shrimp feed refers to specialized diets formulated not only to fulfill the basic nutritional requirements of shrimp but also to enhance their overall health, growth, and disease resistance. These feeds often incorporate additional ingredients to provide specific benefits beyond basic nutrition. For instance, in May 2024, Skretting, a Norway-based aquafeed production company, introduced Armis, a functional shrimp feed. This new feed is engineered to bolster the resilience of shrimp facing adverse conditions and deliver optimal nutrition to support farm performance. It was specifically tailored to address the needs of shrimp farmers in India, addressing challenges posed by parasites such as Enterocytozoon hepatopenaei (EHP) and other shrimp farming diseases.

In March 2021, BioMar, a Denmark-based feed manufacturing company, acquired Viet-UC for an undisclosed sum. This acquisition grants BioMar access to one of the world's leading shrimp-producing nations, with a production output nearing 500,000 metric tons of shrimp. Viet-UC is a Vietnam-based shrimp feed producer, further strengthening BioMar's position in the market.

Major companies operating in the shrimp feed market are Cargill Incorporated, The Archer-Daniels-Midland Company, Tongwei Co Ltd, Evonik Industries AG, Charoen Pokphand Food Public Company Limited, Nutreco Holding N.V., Novozymes AS, Alltech Inc., Virbac Corp, Guangdong Yuehai Feeds Group Co Ltd, Ridley Corporation, Avanti Feeds Ltd, Aller Aqua A/S, Rangen Inc, Zeigler Bros Inc, BioMar Ltd, INVE Aquaculture, Growel Feeds Pvt. Ltd, Blue Aqua International Pte Ltd, Bern Aqua NV, ACI Godrej Agrovet Pvt, Guangdong Evergreen Feed Industry Co. Ltd., Thai Union Feedmill Public Company Limited.

Asia-Pacific was the largest region in the shrimp feed market in 2023. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the shrimp feed market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the shrimp feed market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Shrimp feed comprises specialized diets tailored to fulfill the nutritional needs of cultivated shrimp. These formulations typically incorporate a well-balanced combination of proteins, carbohydrates, fats, vitamins, and minerals, aimed at promoting optimal shrimp growth, health, and reproduction.

The primary categories of shrimp feed include starter grade, grower grade, finisher grade, and specialized shrimp feed. Starter-grade feed is designed specifically for young shrimp during their initial developmental stages. It caters to various shrimp species such as Pacific whiteleg shrimp, black tiger shrimp, among others. Ingredients commonly found in these feeds include fish meal, plant-based feeds, soybean meal, wheat-based feeds, corn-based feeds, and others. Additionally, additives such as vitamins, proteins, antioxidants, antibiotics, fatty acids, and feed enzymes are often incorporated.

The shrimp feed research report is one of a series of new reports that provides shrimp feed market statistics, including the shrimp feed industry's global market size, regional shares, competitors with a shrimp feed market share, detailed shrimp feed market segments, market trends and opportunities, and any further data you may need to thrive in the shrimp feed industry. This shrimp feed market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The shrimp feed market consists of sales of formulated feeds, pelleted feeds, extruded feeds, organic feeds, and natural feeds. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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