Shrimp Feed Market Size to Reach USD 7.4 Billion by 2032 growing at 5.4% CAGR - Exclusive Report by Acumen Research and Consulting

Author: Acumen Research and Consulting

Shrimp Feed Market, valued at USD 4.4 Billion in 2022, is projected to surpass USD 7.4 Billion by 2032, indicating a robust CAGR of 5.4%.

Shrimp feed is a specially formulated food designed to meet the nutritional needs of shrimp raised in aquaculture (fish farming). Similar to how humans consume a variety of foods to maintain their health, shrimp also require a diverse and balanced diet to thrive. Shrimp feed contains a mix of proteins, carbohydrates, fats, vitamins, and minerals that help them grow, stay healthy, and reproduce. It typically comes in the form of pellets or granules that are easy for the shrimp to eat. By providing shrimp with the right feed, farmers can ensure they grow quickly and are less susceptible to diseases, ultimately leading to a successful shrimp farming operation. However, fluctuations in the cost of raw materials became a restraint for the shrimp feed market. Furthermore, seafood consumption prompted the shrimp feed market. As a consequence, market participants are looking into new advancements, indicating a growing trend toward technological advancements in the shrimp feed market.

Shrimp Feed Market Value

Shrimp Feed Market Statistics

  • The global shrimp feed market, generating USD 4.4 billion in 2022, projects a robust CAGR exceeding 5.4% from 2023 to 2032
  • Asia-Pacific leads with a substantial 34% market share in 2022
  • Europe anticipates impressive growth with a projected CAGR of 6%
  • Grower feeds type dominance, holding a 44% of share in 2022
  • Fish meal-based feeds sub-segment achieves 38% share in 2022
  • A discernible trend in the shrimp feed market is the development of sustainable and eco friendly feed options

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Shrimp Feed Market Dynamics

Rising Demand for Shrimp Products Fuels the Shrimp Feed Market Value

The burgeoning demand for shrimp products is a pivotal driver propelling the value of the shrimp feed market. Shrimp farming has witnessed a notable surge worldwide, attributed to a factors including escalating consumer preference for seafood, population upsurge, heightened disposable incomes, and shifts in dietary patterns. Moreover, technological advancements in aqua feed formulations, encompassing nutritionally balanced diets and innovative feed additives, have notably enhanced the efficiency of shrimp farming, thus fostering a greater demand for specialized shrimp feed products. Additionally, the growing emphasis on environmental sustainability in aquaculture practices, has led to a heightened adoption of high-quality shrimp feed.

Expansion of Aquaculture Industries Offers Significant Shrimp Feed Market Opportunity

The expanding aquaculture industry offers a significant opportunity for the shrimp feed market. With increasing demand for shrimp globally, aquaculture has become crucial for meeting this demand sustainably. Advancements in shrimp feed formulation, focusing on nutrition and sustainability, are driving the market's growth. Additionally, emerging regions, particularly in Asia-Pacific and Latin America, are witnessing rapid expansion in shrimp farming, creating substantial market potential for shrimp feed manufacturers. Overall, the rise of aquaculture presents a beneficial market opportunity for the shrimp feed industry to support sustainable shrimp farming practices and meet the growing global demand for shrimp.

Shrimp Feed Market Segmentation

The global market for shrimp feed has been segmented into type, ingredient, additive, shrimp species, and region.

  • Type is sub-divided into starter feed, grower feed, and finisher feed.
  • Ingredients sub-segmented into fish meal-based feeds, soybean meal-based feeds, plant-based feed, wheat-based feeds, and corn-based feeds
  • Additives are sub-segmented into vitamins and proteins, antioxidants, antibiotics, fatty acids, feed enzymes, and others.
  • Shrimp species are sub-segmented into pacific white leg shrimp, black tiger shrimp, and others
  • The shrimp feed market is geographically split into Europe, North America, Latin America, APAC, and the Middle East and Africa

Shrimp Feed Market Regional Outlook

In terms of shrimp feed market analysis, Asia-Pacific’s dominance in the shrimp feed market can be attributed to several factors. Firstly, the region boasts advanced aquaculture technologies and infrastructure, facilitating efficient shrimp farming operations into countries like China, India, Vietnam, and Indonesia that are witnessing substantial expansion. Additionally, stringent quality standards and regulations ensure the production of high-quality shrimp feeds, meeting the demands of both domestic and international markets. Moreover, the growing consumer preference for shrimp as a healthy and sustainable protein source has fueled the demand for specialized feeds tailored to shrimp farming needs. Lastly, the presence of key market players and ongoing research and development initiatives contribute to Asia-Pacific’s leading position in the global shrimp feed market.

Additionally, the Europe region is the fastest-growing in the shrimp feed market, fueled by rising consumption and increasing aquaculture activities. Firstly, factors such as technological advancements, improved farming techniques, and rising demand for high-quality shrimp contribute to this growth trajectory. Moreover, governmental support and investments in the aquaculture sector further propel the market's upward in the European region.

Furthermore, North America is the second-largest growing region in the shrimp feed market, due to several factors. Moreover, countries like U.S, Canada and Mexico have the presence of robust number of key players due to their research and development this region maintain its position as second-largest in the shrimp feed market.

Shrimp Feed Market Players

Shrimp feed companies profiled in the report include Cargill Incorporated, Guangdong Yuehai Feeds Group Co., Ltd., Charoen Pokphand Group Company, Ltd., Nutreco N.V., BioMar Group A/S, Nutreco N.V., BioMar Group A/S, BernAqua., Avanti, and CP Aquaculture.

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Mr. Frank Wilson

Acumen Research and Consulting

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