The Global Sinking Fish Feed Market Growth Accelerated By Rising Aquaculture Industry
Sinking fish feed are tailor-made floating fish feeds that dissolve and sink quickly in water bodies. These fish feed provide essential nutrients to various fish species and help boost their growth substantially. Sinking fish feed solutions offer advantages like uniform coating of ingredients, slow sinking rate ensuring maximal nutrient intake by fishes, and higher digestive efficiency. With growing aquaculture industry worldwide to meet the rising seafood demand, the need for high-quality sinking fish feed has increased tremendously.
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:
The rising aquaculture industry has been the major driver of the sinking fish feed market over the past few years. According to FAO, the global aquaculture production reached about 113 million tonnes in 2020 and is estimated to grow at an annual rate of 3.4% between 2020 and 2030 to reach about 133 million tonnes. This growing demand for seafood has increased the production of various fish species through aquaculture practices, thereby boosting the adoption of sinking fish feed solutions to maximize production and growth. Innovations focused on developing species-specific sinking fish feed formulations and solutions attuned to the nutritive requirements of different fishes are some key trends expected to offer lucrative opportunities over the coming years.
Segment Analysis
The global sinking fish feed market is dominated by the sinking pellet segment. Sinking pellets account for over 60% of the overall market share owing to their distinct benefits. Fish feed pellets are designed to sink quickly and disintegrate slowly, providing nutrition to fish over a longer duration. This ensures maximum feed consumption by fish and minimum wastage. Also, sinking pellets facilitate easier feeding and uniform distribution of nutrients in water bodies.
Key Takeaways
The Global Sinking Fish Feed Market Size is expected to witness high growth over the forecast period of 2023-2030. The demand for nutritious and high-quality sinking fish feed is increasing with the rising aquaculture industry across regions.
Regional analysis
Asia Pacific dominates the global sinking fish feed market and is expected to maintain its leading position during the forecast years. This can be attributed to the massive aquaculture production from countries such as China, India, Vietnam, Indonesia, and Thailand in the region. China alone contributes to over 65% of global fish production and demands large volumes of fish feed to meet the nutritional requirements.
Key players
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. These players are focusing on new product launches, expansions, partnerships and mergers & acquisitions to gain a competitive advantage in the market.
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