Shrimp Feed Market, by Type (Grower, Finisher, Starter), Ingredient (Soybean Meal, Fish Meal, Wheat Flour, Fish Oil, Others), Additives (Vitamins and Proteins, Fatty Acids, Antioxidants, Feed Enzymes, Antibiotics, Others) and region (North America, Europe, Asia-Pacific, Middle East and Africa and South America).
Shrimp Feed Market Overview
The Shrimp Feed market size was estimated at USD 9.96 billion in 2023 and is projected to reach USD 14.35 billion in 2030 at a CAGR of 5.36% during the forecast period 2023-2030.
Shrimp feed is a specialized type of feed specifically formulated to meet the nutritional requirements of shrimp in aquaculture. It is an essential component in shrimp farming as it provides the necessary nutrients and energy for healthy growth, development, and reproduction of shrimp. Shrimp feed typically contains a balanced combination of proteins, lipids (fats), carbohydrates, vitamins and minerals. The composition of the feed is tailored to the specific species of shrimp being farmed, as different shrimp species have different dietary needs and preferences.
Shrimp feed can be formulated in different forms, including pellets, crumbles, and powders, depending on the size and life stage of the shrimp. The feed formulation and feeding practices are crucial in optimizing the growth and overall health of the shrimp population in aquaculture ponds or tanks. In commercial shrimp farming, proper nutrition and feeding management are essential to achieve optimal growth rates, high survival rates, and disease resistance. The use of quality shrimp feed has become increasingly important in modern shrimp aquaculture to support sustainable and efficient production practices.
The shrimp feed market can be segmented based on type into grower, finisher and starter. Based on ingredient, the market can be segmented into soybean meal, fish meal, wheat flour, fish oil and others. Based on additives, the market is bifurcated into vitamins and proteins, fatty acids, antioxidants, feed enzymes, antibiotics, others and lastly, based on region, the market is segmented into North America, Europe, Asia-Pacific, Middle East and Africa and South America. Changing dietary patterns and growing pescatarian population is one of the key factors for the growth of the market. Moreover, increased focus on adding high protein to the diet and growing demand for ready to eat shrimp-based products has increased the demand for shrimp which in turn positively impacted the shrimp feed market.
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The COVID-19 pandemic had a significant impact on the shrimp feed market. The pandemic led to a decrease in the demand for shrimp in countries such as China, Vietnam, Thailand and India which in turn led to a decrease in the demand for shrimp feed. Moreover, the pandemic caused major disruptions in the supply chains and severely impacted the packaging sector, as a result of which there was a shortage of raw materials which led to rise in their prices. In addition, shutting down of restaurants and other food service enterprises during the pandemic led to decrease in the demand for seafood, which in turn affected the shrimp feed market.
Delvens Industry Expert's Standpoint
The shrimp feed market is expected to grow during the forecast period. This growth can be attributed to changing dietary patterns of people as more people are adopting pescatarian food in order to increase protein in their diet. Moreover, research in the field of shrimp feed has led to the development of cost-effective feed that reduces the expenditure in shrimp aquaculture and helps farmers to increase their profit margin. Moreover, major companies in the industry are focusing on the introduction of shrimp feed with health enhancing ingredients, such as enzymes, probiotics and nucleotides to improve the immunity of the population.
Key Findings
- Based on type, the market is segmented into grower, finisher and starter. Grower dominated the market in this segment due to their increasing adoption for growing shrimp of 7 grams until they attain a mass of 25 grams. Moreover, the demand for growers has been largely influenced by the increasing consumption and easy availability of seafood products across online and offline distribution channels.
- Based on ingredient, the market is bifurcated into soybean meal, fish meal, wheat flour, fish oil and others. The soybean meal accounted for the largest share in this segment. This is because soybean meal provides consistent quality and serves as the major plant-based protein source, which makes it ideal for shrimp feed profiles. In addition to this, it is readily available resistant to oxidation and spoilage, and naturally clean from bacteria, fungi, and viruses that are harmful to shrimp.
- Based on additives, the market is segmented into vitamins and proteins, fatty acids, antioxidants, feed enzymes, antibiotics, others. Vitamins and proteins dominated the market in this segment due to the increasing awareness about the health benefits of consuming shrimp. Moreover, vitamins and proteins are added to the shrimp feed to improve its quality.
- The market is also divided into various regions such as North America, Europe, Asia-Pacific, South America, and Middle East and Africa. Asia Pacific is estimated to account for the largest market share during the forecast period. In Asia Pacific, the market is driven by huge-scale farming of shrimp in countries, such as China, India, Thailand, and Indonesia. The growing production has led to increased demand for shrimp feed in the region. Moreover, with the increase in shrimp export to other countries, countries within the region are focusing on the farming of healthy shrimp, which is in turn driving the shrimp feed market.
Shrimp Feed Market Regional Analysis
Asia Pacific to Dominate the Market
- Asia Pacific is estimated to account for the largest market share during the forecast period. Increased production of shrimp and growing export of shrimp to other countries has led to an increase in the demand of shrimp feed.
- In addition, the rising purchasing power of the middle-class population, surging popularity of seafood, and the expansion of the food chain are also driving the growth of the shrimp feed market.
Shrimp Feed Market Competitive Landscape
· Charoen Pokphand Group Company, Ltd.
· Cargill, Incorporated
· Nutreco N.V.
· BioMar Group A/S
· Guangdong Yuehai Feeds Group Co., Ltd.
· ADM
· Avanti Feeds Ltd
· DuPont
· Evonik Industries AG
· Growel Feeds Pvt. Ltd.
· Novozymes AS
· Alltech Inc.
· Aller Aqua AS
· Biomin GmbH
· Ridley Corporation
· Archer Daniels Midland Co.
· BASF SE
· Nutriad International
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Shrimp Feed Market Recent Developments
- In May 2023, Aller Aqua and VDS, a premix specialist, launched a range of feed products that are specifically designed for use in shrimp RAS farms. On-farm trials show that the new feed has delivered faster growth and a more even size distribution of shrimp.
- In June 2023, Skretting has launched a new shrimp feed, Elivia, which is a stable micro diet that is said to improve larval performance in hatcheries while simplifying and enabling a cleaner system.
Reasons to Acquire in the Shrimp Feed Market
- Increase your understanding of the market for identifying the most suitable strategies and decisions based on sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends, and factors.
- Gain authentic and granular data access for the Shrimp Feed Market to understand the trends and the factors involved in changing market situations.
- Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future.
- In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns.
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