Market Trends of North America Aqua Feed Industry
Rising Aquaculture Drives the Market
Fisheries and aquaculture are becoming increasingly significant sources of protein, foreign exchange, livelihoods, and well-being for populations worldwide, including in North America. Population growth, rising incomes, and urbanization have led to a surge in the aquaculture market value in the region. According to the Canada Aquaculture Industry Alliance, the Finfish production value in Canada increased from USD 708.8 million in 2020 to USD 835.5 million in 2023.
The dramatic rise and emergence of aquaculture in the region's marketplace, along with increased nutritional awareness among consumers, have augmented the consumption of aquafeed in North American countries. Data published by the United States Department of Agriculture (USDA) shows that the domestic consumption of fish meal in Canada rose from 114 thousand metric tons in 2021 to 123 thousand metric tons in 2023.
In the United States, the value of sales from domestic marine aquaculture increased by an average of 2.4% annually between 2020 and 2023, according to NOAA Fisheries. However, commercial aquaculture volume by United States fishermen reached 3.8 million metric tons, valued at USD 5.9 billion in 2023, representing a 2.6% decrease compared to the previous year due to falling prices and reliance on imported fish. Despite this decline, there has been a notable increase in the production of other species, including Atlantic salmon and shellfish such as oysters and clams. This diversification is estimated to drive aquaculture growth and contribute to the rising demand for specialized aquafeeds.
United States Dominates the Market
The United States holds a significant share of the North American aquafeed market, primarily due to its well-developed aquaculture industry. The growth of the market in the United States is driven by increasing aquaculture activities, which are responding to the rising demand for aquaculture products. The country's aquaculture sector focuses on various fish species, including catfish, cyprinids, rainbow trout, tilapia, and salmon.
In the United States, bivalve mollusks, including oysters, clams, and mussels, account for around 80% of marine aquaculture production. Salmon and shrimp constitute the majority of the remaining production. The increasing focus on fish production is estimated to drive the establishment of new fish farms in the United States. Consequently, the aquafeed market is projected to expand, driven by limited marine feed resources and growing fish demand. Additionally, the market's growth is supported by a rise in seafood consumption, which averages 9.0 kg per person according to NOAA Fisheries, and increased consumer awareness of seafood quality.
Aquaculture exports from the United States are also on the rise. According to the ITC Trade Map, the country's exports of Live Fish increased from 5,457 metric tons in 2021 to 6,525 metric tons in 2023. This growth in aquaculture exports has led to increased aquafeed usage, further supporting the expansion of the studied market in the country.
Therefore, the studied market in the country is estimated to grow over the forecast period due to increasing domestic demand for aquaculture products, rising aquaculture exports, and initiatives taken by industry players.
