The global shrimp feed market size reached US$ 6.5 Billion in 2022. Looking forward, the analyst expects the market to reach US$ 9.0 Billion by 2028, exhibiting a growth rate (CAGR) of 5.44% during 2023-2028.
Shrimp feed is formulated from wheat flour, soybean meal, fishmeal, and yeast. It is usually fortified with a significant amount of proteins, amino acids, fats, carbohydrates, sugars, minerals, trace elements, vitamins, and other essential nutrients required to meet the nutritional requirements of farmed shrimps. At present, several product manufacturers are introducing high-quality shrimp feed with improved water stability, nutrition density, hygienic raw materials, and palatability.
Shrimp feed Market Trends:
The rising consumption of seafood around the world on account of the increasing awareness about its health benefits represents one of the key factors contributing to the market growth. This can also be attributed to changing dietary patterns and the rising health consciousness among the masses. In addition, the growing consumption of shrimp-based ready-to-eat (RTE) food products due to rapid urbanization, busy lifestyles, and expanding purchasing power of individuals are influencing the market positively. Besides this, the escalating demand for value-added products, such as whole shrimp, varied cuts, coated shrimp, and frozen shrimp, is creating a positive outlook for the market. Moreover, the introduction of products with improved functionality and additives, such as antioxidants, antibiotics, and anti-microbial preservatives, is strengthening the market growth. Apart from this, governments of numerous countries are undertaking several initiatives to promote the adoption of sustainable fish farming practices and enhance seafood productivity. As a result, several manufacturers are introducing shrimp feed made without artificial ingredients, which is further encouraging the consumption of shrimp-based food products worldwide. This, in confluence with the increasing focus on improving the cost-effectiveness of shrimp feeds, is expected to provide a positive thrust to the market in the upcoming years.
Key Market Segmentation:
the analyst provides an analysis of the key trends in each sub-segment of the global shrimp feed market report, along with forecasts at the global and regional level from 2023-2028. Our report has categorized the market based on type, ingredients and additives.
Breakup by Type:
Grower shrimp feed dominates the market due to its longer shelf-life and high nutritional value.
Breakup by Ingredients:
Soybean meal exhibits a clear dominance in the market on account of its easy availability and high protein content.
Breakup by Additives:
Vitamins and Proteins
Vitamins and proteins represent the largest additive types as they aid in improving the quality of feed.
Breakup by Region:
Middle East and Africa
The Asia Pacific holds the majority of the global shrimp feed market share on account of the growing preference for seafood among the masses of the region.
The competitive landscape of the market has been analyzed in the report, along with the detailed profiles of the major players operating in the industry. Some of these players are Charoen Pokphand Group Company, Ltd., Cargill, Incorporated, Nutreco N.V., BioMar Group A/S, and Guangdong Yuehai Feeds Group Co., Ltd.
This report provides a deep insight into the shrimp feed market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the shrimp feed industry in any manner.
Key Questions Answered in This Report:
How has the global shrimp feed market performed so far and how will it perform in the coming years?
What are the key regions in the global shrimp feed market?
What has been the impact of COVID-19 on the global shrimp feed market?
Which are the popular types of shrimp feed in the global market?
What are the key ingredients in the global shrimp feed market?
What are the major additives in the global shrimp feed market?
What are the price trends in the shrimp feed market?
What are the various stages in the value chain of the global shrimp feed market?
What are the key driving factors and challenges in the global shrimp feed market?
What is the degree of competition in the global shrimp feed market?
How is shrimp feed manufactured?