Europe Aqua Feed Market Size (2024 - 2029)

Europe Aqua Feed Market Analysis

The Europe Aqua Feed Market size is estimated at USD 6.75 billion in 2024, and is expected to reach USD 8.88 billion by 2029, growing at a CAGR of 5.60% during the forecast period (2024-2029).

Although the European aquafeed market trails behind its Asia-Pacific and North American counterparts, it is on the brink of steady growth. This growth is largely attributed to stringent regulations and rising raw material costs. Key drivers of this expansion include a surge in fish farming, the European Commission's initiatives to enhance aquaculture, and a rise in seafood consumption, spurred by heightened awareness of its health benefits.

In 2022, Europe's aquaculture production reached 17.4 million metric tons, marking a 1.4% increase since 2019. This production boost has intensified the demand for feed, propelling the market forward. The Union Kingdom's aquaculture, predominantly rooted in Scotland, is now expanding into England and Wales. Salmon is the country's leading fish. Despite a recent decline in shellfish production, forecasts indicate a recovery, which would elevate aquafeed demand. Furthermore, the Union Kingdom sees smaller-scale cultivation of carp, brown trout, arctic char, sea bass, cod, turbot, halibut, and tilapia. With Scotland's dominance in salmon production, it stands as the Union Kingdom's aquafeed epicenter. In 2020, Scotland's fishing and aquaculture sectors represented nearly 70% of the Union Kingdom's total, outpacing the South-West and Northern Ireland, which accounted for 8% and 5%, respectively.

Aquaculture species, reliant on high-protein feed materials like fishmeal, underscore the industry's dedication to quality. Sustainable practices, incorporating plant-based proteins from species like Pangasius djambal and Pangasianodon hypophthalmus, alongside soybean meal, are set to amplify feed demand. As per the State of World Fisheries and Aquaculture 2022, the European Union's fisheries and aquaculture production is anticipated to grow from 3,263 thousand metric tons in 2020 to 3,704 thousand metric tons by 2030. Thus, with major global players ramping up investments in R&D and embracing fish farming, the market is primed for growth in the coming years.

Europe Aqua Feed Industry Segmentation

Aquafeed is a mixture of raw materials, additives, and other supplements, sourced from natural or synthetic sources and fed to farmed fish in the form of pellets, granules, and powders. Aquafeed is primarily sourced from cereals, fishmeal, supplements, and other ingredients. The Europe aquafeed market is segmented by type into fish feed, crustaceans feed, mollusks feed, and other aquafeed, ingredient into cereals, fishmeal, supplements, and other ingredients, and geography into Germany, France, Italy, Spain, United Kingdom, Norway, and Rest of Europe. The report offers the market size and forecasts in terms of value in USD for all the above segments.