Asia Pacific Aqua Feed Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 8.67 Billion |
| Market Size (2029) | USD 11.33 Billion |
| CAGR (2024 - 2029) | 5.50 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Asia Pacific Aqua Feed Market Analysis
The Asia Pacific Aqua Feed Market size is estimated at USD 8.67 billion in 2024, and is expected to reach USD 11.33 billion by 2029, growing at a CAGR of 5.5% during the forecast period (2024-2029).
- In the long term, seafood is anticipated to play a major role in the dietary habits of various Asian countries, such as Thailand, Vietnam, Indonesia, India, etc. With the increasing incomes and rising health consciousness, the dietary habits of people in the region are witnessing a transition from a high carbohydrate-based diet to one that is rich in protein, which is catalyzing the growth of the market in the region.
- Countries like India, Indonesia, the Philippines, Thailand, and Vietnam are some of the leading players in the aquaculture and aqua feed markets. The main driver for the market is the increased aquaculture and fisheries production, coupled with the growth in the per capita consumption of aquaculture products. These regions are expected to witness huge growth during the forecast period. The aqua feeds prepared from plants, such as cereals (majorly wheat), soybean meal, peanut meal, cottonseed meal, etc., are popular in the rural regions of India, Vietnam, and China. Fishmeal, fish oil, and trash fish accounted for a considerable share of aqua feed in Asia during the study period.
- Few countries in the region have already begun their initiatives to create a self-sufficient aquaculture system. In addition, various government initiatives to increase the production of certified sustainable seafood are further accelerating the requirement for aqua feed in the region. According to the national plan for 2022, Vietnam's total export revenue of shrimp products is expected to hit USD 10 billion by 2025. The accumulated brackish water shrimp farming area is set at 750,000 ha, while total shrimp output is over 1.15 million metric ton, as mentioned by the Vietnam Association of Seafood Exporters and Producers (VASEP). To hit this target, the government is focusing on improving the production of black tiger shrimp, primarily due to the higher price compared to white leg shrimp. This is expected to augment the demand while expanding the customer base for black tiger shrimp feed over the forecast period.
Asia Pacific Aqua Feed Market Trends
This section covers the major market trends shaping the APAC Aqua Feed Market according to our research experts:
Increased Fish Demand
Fisheries and aquaculture are not only the primary sources of protein, but they are also becoming crucial to foreign exchange, livelihoods, and the well-being of the population in the Asia-Pacific region. With increasing incomes and urbanization, consumption is increasing at a faster pace. Fish and fish products are vital to the food and nutritional security of rural, urban, and coastal inhabitants across the Asia-Pacific region. Foraging or farming aquatic resources is an important part of rural livelihoods in many countries, and it provides a significant supply of protein, particularly for vulnerable communities.
Essentially, Asian countries' rising fish consumption has been driven by a mix of a large and growing urban population, rising incomes, and a substantial increase in fish production (especially from aquaculture). It has also been aided by the expansion of international fish trade routes. Moreover, the most beneficial and healthy aspect of consuming seafood is linked to omega-3 fatty acids. Fatty fish is an excellent source of two important omega-3 fatty acids: eicosapentaenoic acid (EPA) and docosahexaenoic acid (DHA). Compared to other meats (like beef, mutton, pork, and chicken), fish has less fat and a high protein value. Owing to these health benefits of seafood, its consumption is increasing.
According to the OECD in 2021, fish consumption in Asia was estimated at 72% of the food consumption in the region. By 2030, aquaculture is expected to provide 57% of the fish for human consumption, compared to the 53% in the base period. This creates an increasing need to raise fish production to cater to the growing consumer demand in the region. This is possible with a proper diet and the addition of feed. According to FAO in 2020, Asian countries were the main producers, accounting for 70% of the total fisheries and production of aquatic animals; about 33% of the aquatic animals were produced in inland waters in Asia, followed by 22% in the Pacific Northwest, and 10% in the Western Central Pacific.
Litopenaeus vannamei dominates the Indian Aqua Feed Market
Litopenaeus vannamei accounts for the largest share in the Indian aqua feed market. Indian companies are producing 1.25 million ton of aqua feed per year on average. Shrimp is one of the most important cultured species globally, especially in Asia, due to its high economic value and export. The Litopenaeus vannamei (whiteleg shrimp) species, which was introduced to many coastal states of India, account for the majority of the country's total shrimp culture. According to the Marine Products Export Development Authority (MPEDA), in 2020, the total area under cultivation of white leg shrimp in the country was estimated at 108,526.3 hectares, with an approximate production of 815,745 metric ton in 2020. Moreover, the area under production of white-leg shrimp in Andhra Pradesh accounted for 71,921 hectares, with an approximate production of 634,672 metric ton.
Further, the estimated brackish water area suitable for undertaking white leg shrimp cultivation in India is around 1.2 million ha spread over ten states and union territories, namely West Bengal, Orissa, Andhra Pradesh, Tamil Nadu, Pondicherry, Kerala, Karnataka, Goa, Maharashtra, and Gujarat. There are many feed manufacturers capable of manufacturing and supplying a wide range of nutritionally high-quality vannamei feed, which are enriched with digestible contents that assist in enhancing the standards of used feeds. Currently, the country holds nearly 38 feed companies offering shrimp feed. With the rising export demand for Litopenaeus vannamei from the international market, this segment is expected to witness growth during the forecast period.
Asia Pacific Aqua Feed Industry Overview
The Asia-Pacific aqua feed market is fragmented; some of the major players in the market are Charoen Popkhand Group, Avanti Feeds Ltd, Masan Group, Thai Union Group, PT Japfa Comfeed Indonesia Tbk, and Godrej Agrovet Ltd. These players in the market studied have extended their product portfolio and broadened their businesses to maintain their position in the market. Broadening the product portfolio by introducing new and innovative products, expansions, and acquisitions for business expansions into the market are the most adopted strategies by these companies. Another major area of investment is the increased focus on R&D to launch new products at lower prices.
Asia Pacific Aqua Feed Market Leaders
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Charoen Popkhand Group
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Avanti Feeds Ltd
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Masan Group
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Thai Union Group
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Greenfeed Vietnam
*Disclaimer: Major Players sorted in no particular order
Asia Pacific Aqua Feed Market News
November 2021: Avanti Feeds expanded its feed manufacturing capacity at Unit-IV Bandapuram, Andhra Pradesh, to a capacity of 175,000 metric ton by setting up a new plant for the manufacture of shrimp feed.
October 2021: Charoen Pokphand Foods (CP Foods) announced its plan to raise its ownership in CP Pokphand (CPP), its Hong Kong-listed arm, which has aqua feed and livestock operations in Vietnam and China.
April 2021: Thai Union Feedmill Public Company Limited established a new livestock and aqua feed manufacturing and distribution joint venture in Pakistan, called AMG-Thaiunion Feedmill (Private) Limited. Thai Union Feedmill is expected to own a 51% stake in the new joint venture.
Asia Pacific Aqua Feed Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 India Aqua Feed Market
5.1.1 Species
5.1.1.1 Litopenaeus vannamei
5.1.1.2 Penaeus monodon
5.1.1.3 Pangasius
5.1.1.4 Carp
5.1.1.5 Catfish
5.1.1.6 Tilapia
5.1.1.7 Other Species
5.2 Vietnam Aqua Feed Market
5.2.1 Species
5.2.1.1 Litopenaeus vannamei
5.2.1.2 Penaeus monodon
5.2.1.3 Pangasius
5.2.1.4 Carp
5.2.1.5 Catfish
5.2.1.6 Tilapia
5.2.1.7 Other Species
5.3 Thailand Aqua Feed Market
5.3.1 Species
5.3.1.1 Litopenaeus vannamei
5.3.1.2 Penaeus monodon
5.3.1.3 Pangasius
5.3.1.4 Carp
5.3.1.5 Catfish
5.3.1.6 Tilapia
5.3.1.7 Other Species
5.4 Indonesia Aqua Feed Market
5.4.1 Species
5.4.1.1 Litopenaeus vannamei
5.4.1.2 Penaeus monodon
5.4.1.3 Pangasius
5.4.1.4 Carp
5.4.1.5 Catfish
5.4.1.6 Tilapia
5.4.1.7 Other Species
5.5 Philippines Aqua Feed Market
5.5.1 Species
5.5.1.1 Litopenaeus vannamei
5.5.1.2 Penaeus monodon
5.5.1.3 Pangasius
5.5.1.4 Carp
5.5.1.5 Catfish
5.5.1.6 Tilapia
5.5.1.7 Other Species
6. COMPETITIVE LANDSCAPE
6.1 Most Adopted Strategies
6.2 Market Share Analysis
6.3 Company Profiles
6.3.1 Avanti Feeds Ltd
6.3.2 Godrej Agrovet Ltd
6.3.3 Growel Feeds Pvt. Ltd
6.3.4 The Waterbase Ltd
6.3.5 Grobest International
6.3.6 Thai Union Group
6.3.7 Inve Aquaculture Inc.
6.3.8 Charoen Popkhand Group
6.3.9 PT Japfa Comfeed Indonesia Tbk
6.3.10 Pilmico Animal Nutrition Joint Stock Company
6.3.11 Greenfeed Vietnam
6.3.12 Masan Group
6.3.13 Vitarich Corporation
6.3.14 Santeh Feeds Corporation
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Asia Pacific Aqua Feed Industry Segmentation
Aqua feed forms an integral part of commercial and personal aquaculture and provides a wholesome and balanced diet for farmed fish. Aqua feed is primarily sourced from vegetables, grains, oilseeds, and other significant components. The Asia-Pacific aqua feed market is segmented by species into Litopenaeus vannamei, Penaeus monodon, Pangasius, Carp, Catfish, Tilapia, and Other Species and by Geography into India, Vietnam, Thailand, Indonesia, and the Philippines. A detailed country-wise analysis of every species type is provided in the report. The report offers an estimation and forecast of the market in value (USD million) for the abovementioned segments.
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Asia Pacific Aqua Feed Market Research FAQs
How big is the Asia Pacific Aqua Feed Market?
The Asia Pacific Aqua Feed Market size is expected to reach USD 8.67 billion in 2024 and grow at a CAGR of 5.5% to reach USD 11.33 billion by 2029.
What is the current Asia Pacific Aqua Feed Market size?
In 2024, the Asia Pacific Aqua Feed Market size is expected to reach USD 8.67 billion.
Who are the key players in Asia Pacific Aqua Feed Market?
Charoen Popkhand Group, Avanti Feeds Ltd, Masan Group, Thai Union Group and Greenfeed Vietnam are the major companies operating in the Asia Pacific Aqua Feed Market.
What years does this Asia Pacific Aqua Feed Market cover, and what was the market size in 2023?
In 2023, the Asia Pacific Aqua Feed Market size was estimated at USD 8.22 billion. The report covers the Asia Pacific Aqua Feed Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Asia Pacific Aqua Feed Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
APAC Aqua Feed Industry Report
The Asia-Pacific aquafeed market is a dynamic sector segmented by species such as Litopenaeus vannamei, Penaeus monodon, Pangasius, Carp, Catfish, Tilapia, and others, with a geographical focus on India, Vietnam, Thailand, Indonesia, and the Philippines. The market analysis provides an in-depth look at the industry size and market trends influencing the region. The market report highlights the market leaders and their contributions to the market growth.
The industry report offers a comprehensive industry overview, including market research and market forecast, which are crucial for understanding the market dynamics. The market data and market segmentation are essential for identifying key growth areas and market value. The industry statistics and industry information are pivotal for stakeholders aiming to make informed decisions.
The industry outlook and market predictions provide insights into future market trends and market growth prospects. The market review and industry research emphasize the importance of staying updated with the latest market developments. The report example and report pdf serve as valuable resources for further exploration of the market.
The industry analysis sheds light on the industry trends and industry sales, while the market outlook and market forecast are integral for strategic planning. The market overview and market segmentation help in understanding the diverse aspects of the market. The market value and industry size are critical metrics for assessing the market's economic impact.
In summary, the Asia-Pacific aquafeed market is poised for significant growth, driven by comprehensive market research and industry reports that provide valuable insights into market trends, market growth, and industry outlook. The report is an essential tool for research companies and stakeholders looking to navigate the complexities of the aquafeed market.
