The global sinking fish feed market is estimated to be valued at US$ 10.76 billion in 2023 and is expected to exhibit a CAGR of 4.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Sinking fish feed refers to the specialized type of feed that is used for feeding fish species which primarily reside at the bottom of the water bodies. This type of feed is denser and sinks rapidly, making it easily accessible to bottom-dwelling fish. Sinking fish feed offers several advantages, such as better feeding conversion ratio, reduced feed wastage, and increased protein intake for fish. The need for sinking fish feed is associated with the growing aquaculture industry, as it provides essential nutrients required for the growth and development of farmed fish.
Market Key Trends:
One key trend in the global sinking fish feed market is the increasing adoption of technology-driven feed formulations. With advancements in aquaculture practices, there is a rising demand for specialized sinking fish feed that meets the nutritional requirements of different fish species. Manufacturers are leveraging technologies such as genetic manipulation, functional genomics, and feed additives to develop high-quality sinking fish feeds. For example, Skretting has developed “MicroBalance” technology, which focuses on enhancing digestion and absorption efficiency in fish, resulting in improved growth and health.
PEST Analysis:
Political: The political factors influencing the sinking fish feed market include government regulations on aquaculture practices, environmental policies, and import-export regulations. For instance, in some countries, stringent regulations are imposed on fish farming practices to ensure environmental sustainability.
Economic: Economic factors such as GDP growth, disposable income, and consumer spending patterns influence the demand for sinking fish feed. As economies grow, the demand for seafood increases, leading to higher fish production and the need for quality sinking fish feed.
Social: The social factors influencing the market include changing consumer preferences towards healthy seafood options, increasing awareness about the benefits of aquaculture, and the rise in fish consumption due to its nutritional value.
Technological: Technological advancements play a crucial role in the sinking fish feed market. Innovations in feed formulations, feed additives, and genetic manipulation techniques are enhancing the quality and nutritional value of sinking fish feed. Additionally, advancements in packaging technologies ensure the preservation of feed quality during transportation and storage.
Key Takeaways:
– The global Sinking Fish Feed Market Share is expected to witness high growth, exhibiting a CAGR of 4.5% over the forecast period, due to increasing aquaculture practices.
– Regional analysis shows that Asia Pacific is the fastest-growing and dominating region in the sinking fish feed market. Factors such as favorable climatic conditions for aquaculture, increasing fish consumption, and government initiatives to promote sustainable aquaculture drive the market growth in this region.
– Key players operating in the global sinking fish feed market include Cargill Aqua Nutrition, Skretting (Nutreco), Biomar, Alltech, Ridley Corporation Limited, CP Group, Charoen Pokphand Foods (CPF), Nutriad International, BioMar Group, Nutra Blend LLC, Guangdong Haid Group Co., Ltd., Tongwei Group, Avanti Feeds Limited, Nutrivet, and BRF S.A. These companies focus on product innovation, strategic partnerships, and mergers & acquisitions to strengthen their market position and cater to the growing demand for sinking fish feed.
In conclusion, the global sinking fish feed market is expected to experience significant growth due to the increasing adoption of aquaculture practices. Technological advancements and innovation in feed formulations are driving the market’s growth. The Asia Pacific region is anticipated to witness the fastest growth in the market, supported by favorable climatic conditions and government initiatives. Key players in the market are actively investing in research and development to offer high-quality sinking fish feed products and meet the growing demand.
