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United States Aqua Feed Market Size, Share and Demand Forecast 2031
Posted: Sep 13, 2024
United States aqua feed market is projected to witness a CAGR of 5.91% during the forecast period 2024-2031, growing from USD 4.56 billion in 2023 to USD 7.22 billion in 2031. Demand from high-value species such as salmon, trout, and shrimp is what primarily drives the aquafeed market in the United States. Consumers’ preference for sustainability and efficiency in the region holds new feed products at the forefront of innovation and changing market dynamics. Regulations of governmental and other regulatory authorities, consumer demand for farmed seafood that is sustainably produced, and new innovations in feed ingredients and technologies are pushing growth in the United States aqua feed market.
As per the May 2024 report by National Oceanic and Atmospheric Administration, the United States Department of Commerce, and the United States commercial and recreational fishing provided 2.3 million jobs and generated USD 321 billion in sales across the broader economy in 2022.
A significant trend is the shift towards sustainable aqua feed formulations and explorations by producers for alternative protein sources to reduce reliance on fishmeal and fish oil is expected to lead to market growth. Ingredients such as algae, insect meal, and plant-based proteins are gaining popularity due to their lower environmental impact and potential to offer balanced nutrition.
There is a growing demand for functional feeds that enhance fish health and boost immunity. These feeds often include probiotics, prebiotics, and other bioactive compounds designed to improve fish resistance to diseases, thus reducing the need for antibiotics.
Rise in Aquaculture to Propel Market GrowthA huge accelerator of demand for aqua feed market in the United States extends in the form of aquaculture expansion by fish and shellfish farms willing to increase seafood supplies to the ever-growing consumer demand. The more aquaculture is adopted as a major food system in the United States, more interest is triggered in feeds that are accurately formulated, with high-quality and nutritionally optimized ingredients. The global share of fisheries and aquaculture production by volume in the United States in 2022 was 4.58%.
Intensive aquaculture systems will help boost the market growth. In these cases, there might be specific needs in terms of feeds to maximize efficiency and output. This industry growth has propelled investment in research and development for sustainability feed options, such as plant-based and alternative protein sources, which further fuels the growth of the aquafeed market in the country.
Technological Advancements to Drive Market Growth
The United States aquafeed market is witnessing expansion due to the technological advancements in the formulation of the aquafeed to offer more sustainable, efficient, and nutritious feeds to the aquatic animals. Developing alternative protein sources, such as algae, insect meal, and single-cell proteins, helps in reducing the dependence upon traditional fishmeal. Customization by precision nutrition technologies allows that feed will be formulated based on species-specific requirements, optimizing growth and health through advanced feed formulation software.
Moreover, research in the areas of probiotics and functional feeds will focus on the enhancement of immune responses and disease resistance in aquaculture species. All these processes are powered by state-of-the-art biotechnology, which enables the formulation of environment-friendly and cost-effective feeds.
In July 2024, NovoNutrients collected USD 18 million for carbon-dioxide to aqua feed protein development. The United States based startup, The Sunnyale provides a pioneering technology which uses microorganisms to convert CO2 into protein for aquaculture feed in USD 10.3 million estimate.
Government Support to Accelerate Market Growth
The government of the United States is constantly supporting the aqua feed market through various initiatives aimed at promoting sustainable aquaculture practices and ensuring food security. Major support comes from agencies such as the National Oceanic and Atmospheric Administration (NOAA) and the U.S. Department of Agriculture (USDA), which provide funding for research and development in the aqua feed innovation. These efforts include grants for exploring alternative protein sources such as plant-based or insect-based feeds, to reduce reliance on fishmeal and fish oil. For instance, in August 2024, Biden-Harris Administration announced over USD 34 million in Inflation Reduction Act (IRA) for funding towards cooperative institutes, grants, contracts, and federal employment to modernize the data, infrastructure, and workforce of NOAA Fisheries.
Additionally, regulatory frameworks set by the Food and Drug Administration (FDA) ensure feed safety and quality standards, thereby supporting industry growth and consumer confidence. In June 2022, Food and Drug Administration (FDA) approved krill aquafeed for the United States salmon segment. Aker BioMarine secured approvals from FDA for QRILL Aqua which is its krill-based feed ingredient. The approval came after the 10 years comprehensive research and development for the aqua feeds.
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Future Market Scenario (2024 – 2031F)
The expansion in the aqua feed market can be witnessed in the forecast period due to factors such as technological advancement and sustainability.
- Technological improvement allows precise formulations, matching the requirements of different species and growth stages. On the contrary, precision nutrition aids in the optimization of feed conversion ratios, efficient growth of fish and shellfish, less wastage, and higher sustainability.
- Extrusion and microencapsulation of feed hold great promise for improving the quality and stability of feed in the forecast period. It will ensure nutrients are delivered in the most appropriate forms and concentrations for maintaining health and growth of aquaculture species.
Report Scope
"United States Aqua Feed Market Assessment, Opportunities and Forecast, 2017-2031F", is a comprehensive report by Markets and Data, providing in-depth analysis and qualitative and quantitative assessment of the current state of the United States aqua feed market, industry dynamics, and challenges. The report includes market size, segmental shares, growth trends, opportunities, and forecast between 2024 and 2031. Additionally, the report profiles the leading players in the industry, mentioning their respective market share, business models, competitive intelligence, etc.
Click here for full report- https://www.marketsandata.com/industry-reports/united-states-aqua-feed-market
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