Disease Strikes, Demand Swings: Risk Lessons from the Aquafeed Market

As wild catches level off, farmed seafood is filling the gap, and every farmed fish and shrimp depends on feed. That makes aquafeed one of the most important links in the global protein supply chain. Here is where the market stands, what is driving it, and who is competing for position.

Market Overview & Projections

According to Grand View Research, the global aquafeed market was valued at USD 81.9 billion in 2025. It is estimated at USD 85.6 billion in 2026 and projected to reach USD 118.1 billion by 2033, a CAGR of 4.7% over 2026-2033.

Asia Pacific led with a 44.6% revenue share in 2025, backed by large-scale carp, tilapia, shrimp, and catfish production, with China the biggest single market. Europe held 21.0% and North America 18.2%. Europe's share rests on premium salmon and trout farming, and North America's on Canadian salmon and the rise of land-based recirculating aquaculture systems (RAS).

Leading segments in 2025:

• Form: Dry feed led with a 43.0% share. Extruded pellets offer better storage, water stability, and compatibility with automated feeding.
• Additive: Amino acids led with 32.6%. Lysine, methionine, and threonine help balance plant-based diets as producers cut back on fishmeal.
• Feed type: Grower feed led with 34.5%, since the grow-out stage consumes the most feed.
• Application: Carp led with 24.8% on sheer production volume. Premium species such as salmon and shrimp contribute disproportionately to revenue.

What's driving growth

Rising seafood consumption and stagnant capture fisheries are pushing aquaculture to scale up, especially in China, India, Vietnam, Indonesia, and Norway. As farms intensify, demand grows for species-specific, functional feeds that improve feed conversion ratios (FCR), immunity, and disease resistance. Better extrusion technology, precision feeding, and water-quality management add further momentum.

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Where the opportunities are

• Alternative proteins: Insect meal, algae-based omega-3, and microbial proteins are gaining ground as producers reduce dependence on fishmeal and fish oil.
• Antibiotic-free nutrition: Tighter limits on antibiotic use are boosting demand for probiotics, prebiotics, enzymes, and immune-supporting additives, which can command premium pricing. Probiotics and prebiotics are among the fastest-growing additive categories.
• RAS expansion: Growth in North America and Europe is increasing demand for highly digestible, low-waste formulations.
• Emerging regions: Africa and Southeast Asia offer volume potential as production scales toward export markets.

What's holding the market back

• Raw material volatility: Price swings in fishmeal, soybean meal, and fish oil put pressure on margins.
• Disease outbreaks: Outbreaks in shrimp and finfish farms can cause abrupt shifts in demand.
• Regulation: Rules on nutrient discharge and sustainability certification add compliance costs.
• Fragmented farming: Small-scale operations in developing regions limit uptake of premium feed.

Top Players & Competitive Landscape

The market is moderately consolidated. Multinationals lead through vertical integration, global manufacturing, advanced extrusion technology, and species-specific nutrition expertise, reinforced by R&D spending, sustainability programs, and long-term partnerships with large producers. Regional players compete on localized production, cost competitiveness, and species focus, while ingredient specialists support innovation in functional and sustainable formulations.

Key players profiled in the report:

• Cargill, Inc.
• BioMar Group
• Skretting
• Charoen Pokphand Foods PCL
• Purina Animal Nutrition LLC
• Alltech
• BENEO
• Aker BioMarine
• Aller Aqua
• INVE Aquaculture
• Ridley Corp. Ltd.
• Dibaq Aquaculture
• Avanti Feeds Ltd.
• Biostadt India Ltd.
• The Waterbase Ltd.

How they group:

• Mature global players: Cargill, BioMar, Skretting, Charoen Pokphand Foods, Purina Animal Nutrition, Alltech, BENEO, and Aker BioMarine. They invest in advanced feed technology, functional nutrition, and sustainable sourcing, backed by global distribution and integrated supply chains. Their main exposure is raw material price volatility and the sustainability concerns around marine-based ingredients.
• Emerging and regional players: Ridley, Aller Aqua, Dibaq, INVE Aquaculture, Avanti Feeds, Biostadt India, and The Waterbase. They focus on species-specific, cost-effective formulations and strong local presence in fast-growing aquaculture economies. They face tougher scaling, raw material security, and technology competition against larger rivals.

Strategic realignment is already visible. Cargill recently exited aquafeed in Vietnam, closing two feed plants to refocus on higher-growth regions and species. Competition is increasingly decided by raw material security, sustainability compliance, and performance-led differentiation rather than price alone.

The Bottom Line

With steady 4.7% growth, a clear shift toward sustainable and functional formulations, and Asia Pacific anchoring volume, aquafeed offers opportunities for both established manufacturers and specialized newcomers. The winners will be those who secure raw materials, innovate on alternative proteins and gut-health additives, and align with tightening sustainability standards.

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