Fish
feed plays a vital role in aquaculture by providing essential nutrients to
cultivated fish. It consists of fishmeal, fish oil, vitamins, minerals, and other
ingredients that help meet the dietary needs of farmed fish. Advancements in
aquaculture feed technology help ensure high nutritional value, enhanced
digestibility, and minimized environmental impact. The growing adoption of
compound and extruded sinking fish feed formulations is driving the global
aquaculture industry.
The
global sinking fish feed market is estimated to be valued at US$ 10.76 billion
in 2023 and is expected to exhibit a CAGR
of 9.9% over the forecast period 2023-2030, as highlighted in a new report
published by Coherent Market Insights.
Market Opportunity:
The development of next-generation floating and sinking fish feed presents a
major market opportunity. Technologies facilitating higher inclusion levels of
alternative proteins from plant, insect, and microbial sources without
compromising fish health are gaining traction. Moreover, the adoption of block
feed and slow-sinking particulate systems designed to maximize feed intake
while minimizing wastage will support the sustainable and efficient production
of aquaculture species. Continuous innovations in feed formulation, processing,
and delivery methods to cater to the nutrition needs and behavior of different
fish species cultivated in diverse environments will further augment industry
growth over the coming years.
Porter’s Analysis
Threat of new entrants: The threat
of new entrants in the sinking fish feed market is moderate owing to high
capital requirements to setup manufacturing facilities. However, threat is
expected to increase over the forecast period as market attracts new players
with potential opportunities.
Bargaining power of buyers: Buyers have moderate bargaining power due to
availability of alternatives. However, market differentiating factors such as
customized nutrition levels and digestibility provide some control to
manufacturers.
Bargaining power of suppliers: Raw
material suppliers have moderate bargaining power due to availability of
substitute materials and fragmented nature of suppliers. However, key suppliers
can influence prices.
Threat of new substitutes: Threat
from substitutes is low as sinking fish feed has established itself as
essential requirement in aquaculture with no cost-effective replacements.
Competitive rivalry: Market features
strong competition due to large number of regional and international
manufacturers. Prices and product differentiation remain the key competitive
factors.
SWOT Analysis
Strength: High nutritional content
and digestibility of sinking fish feed improves fish growth and health.
Customizable composition as per fish species enhances demand.
Weakness: Fluctuating raw material
prices and supply disruptions increases cost of production. Lack of
standardization complicates production.
Opportunity: Rising aquaculture industry
and growing fish consumption open new growth avenues. Product innovation to
reduce environmental impact would boost sales.
Threats: Stringent aquaculture
regulations and certifications raise compliance costs. Threat from emerging
novel technologies disrupting traditional methods.
Key Takeaways
The Global
Sinking Fish Feed Market Size is
expected to witness high growth during 2023-2030 supported by expanding
aquaculture industry worldwide. Asia Pacific dominates market with China,
India, Vietnam being leading producers and consumers of aquaculture products.
Regional growth is attributed to rising living standards, job opportunities in
fish farming, and government initiatives for sector development.
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., among others. Offering customized nutrition levels
tailored to individual fish species is the key differentiating strategy adopted
by leading manufacturers. Product innovation and expansion into emerging
markets through collaborations will be crucial for long term success.
Explore more information on this topic, Please visit @
https://www.marketwebjournal.com/sinking-fish-feed-market-is-expected-to-be-propelled-by-rising-aquaculture-production
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