The rising fish farming industry has increased the demand for high-quality sinking fish feed globally. Sinking fish feed provides optimum nutrition to farmed fish and enhances their growth. It contains essential proteins, vitamins, minerals, and other nutrients required by various fish species. The fish feed pellets are compact, durable, and sink rapidly allowing easy accessibility for bottom-feeding fish species. With many countries promoting aquaculture to meet the rising seafood demand, the market for sinking fish feed is experiencing steady growth over the years.
The global sinking fish feed market is estimated to be valued at US$ 10.76 Bn in 2023 and is expected to exhibit a CAGR of 9.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Rising aquaculture production is one of the major trends driving the growth of the global sinking fish feed market. The demand for farmed fish and seafood is increasing globally due to growing population and changing dietary patterns of consumers. Countries like China, India, Vietnam, Bangladesh, and Indonesia are the leading producers as well as consumers of aquaculture products. According to data by the FAO, global aquaculture production was around 114.5 million tons in 2020 and is growing annually, thereby augmenting the consumption of fish feed, including sinking variety. Moreover, advances in feed formulation technologies and inclusion of novel ingredients arehelping address various fish health issues and nutrient deficiencies. Leading market players are focusing on developing customized sinking fish feeds tailored to the requirements of different fish species reared. This is expected to boost the market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: The sinking fish feed market requires high initial capital to set up feed manufacturing plants and R&D facilities for feed formulations. These costs pose barriers for new companies.
Bargaining power of buyers: Buyers in the sinking fish feed market including fish farmers and aquaculture companies have moderate bargaining power due to the availability of substitute options. However, branded and customized sinking fish feeds attract dedicated customers.
Bargaining power of suppliers: A few major international companies dominate the supply of raw materials such as fishmeal, soy, and wheat used in sinking fish feeds. This concentration gives suppliers significant influence over prices.
Threat of new substitutes: Alternatives like extruded floating fish feeds have gained ground in recent years. However, sinking feeds are irreplaceable for certain fish species cultured in cages and pens.
Competitive rivalry: Leading players compete based on nutrition expertise, customer service, and global supply networks. High initial costs of production limit the threat of new competition.
Key Takeaways
The Global Sinking Fish Feed Market Size is expected to witness high growth. The Asia Pacific region currently dominates the market due to rising aquaculture production in China, India, Vietnam, and other countries. Sinking fish feeds based on locally available raw materials have gained popularity.
Key players operating in the sinking fish feed market are Medtronic, Dexcom, Inc., Abbott, Novo Nordisk A/S, Ypsomed, GlySens Incorporated, and F. Hoffmann-La Roche Ltd. Innovation in formulating sinking feeds compatible with different fish species and life stages is a key focus area. Customized solutions help clients boost yields and profitability.
Western European nations like Norway and the UK have progressed from extensive to intensive aquaculture systems requiring specialized sinking feeds. South American markets like Chile and Brazil are expanding rapidly due to strong government impetus on marine protein sufficiency.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it