Shrimp Feed Market Synopsis

Shrimp Feed Market Size Was Valued at USD 6581.97 Million in 2023 and is Projected to Reach USD 9951.21 Million by 2032, Growing at a CAGR of 4.7% From 2024-2032.

The shrimp aquaculture sector represents one of the most lucrative and fastest-growing segments of the global seafood industry. Valued at over US$16.6 billion, global farmed shrimp production was estimated at nearly 3.78 million tonnes in 2010, with production increasing over three-fold from 1.1 million tonnes in 2000, and growing at an average annual rate of 14.5 percent since 1950 (FAO, 2012). Moreover, the white leg shrimp (Litopenaeus vannamei) was ranked first in 2010 in terms of total farmed fish and crustacean production by value, at US$11.23 billion (FAO, 2012). It is estimated that the global average farm eFCR (economic feed conversion ratio) for shrimp and salmon in 2008 was 1.5:1 and 1.3:1, respectively; 5.06 million tonnes of shrimp feed and 2.04 million tonnes of salmon feed being consumed for the production of 3.40 million tonnes of shrimp and 1.57 million tonnes of salmon in that year (A.G. J. Tacon, unpublished data).

Shrimp aquaculture production is reported to the Food and Agriculture Organization of the United Nations (FAO) by 59 countries, with the major producing countries in 2010 being China at 1  448 019 tonnes or 38.4  percent of total global production by weight, followed by Thailand (566  796 tonnes or 15.0 percent), Viet Nam(478 700 tonnes or 12.7 percent), Indonesia (379 327 tonnes or 10.1 percent), Ecuador (223 313 tonnes or 5.9 percent), India (112  100 tonnes or 3.0 percent), Mexico (104 612 tonnes or 2.8 percent), Malaysia (87 202 or 2.3 percent), Brazil (69 422 tonnes or 1.8 percent), and the Philippines (55 899 tonnes or 1.5  percent) (FAO, 2012).

• In 2010, the bulk of global shrimp production was restricted to the culture of two major species, the white leg shrimp (L. vannamei; 2  720  929 tonnes or 72 percent of total production by weight) and the black tiger prawn (Penaeus monodon; 781 582 tonnes or 21 percent). Other minor cultivated species included, the kuruma prawn (P. japonicus; 56 739 tonnes or 1.5 percent), the fleshy prawn (P. chinensis; 45 339 tonnes or 1.2 percent), the Indian white prawn (P. indicus; 27 325 tonnes or 0.7 percent) and the banana prawn (Fenneropenaeus merguiensis; 19 821 tonnes or 0.5 percent) (FAO, 2012).
• The bottom line in any commercial farming operation is profitability, and, since feeds normally represent the greatest single cost, it follows that the successful development of appropriate shrimp feeds and on-farm feed management protocols is of paramount importance to the farmer. Moreover, it cannot be over-emphasized that shrimp feeds and feeding is a chain of linked interdependent processes in which feed formulation and nutrient content, for example, is only one of five different links.

Shrimp Feed Market Trend Analysis

Extrusion of shrimp feed as an alternative to pelleting enables feed producers to make a more nutritional high-value product.

• Extrusion technology allows producers to formulate a feed with a reduced starch content – reducing it from the usual 25-35% inclusion to as low as 15- 18% ultimately creating improved feed conversion rates and a higher quality end product. The extrusion technology also allows even starter feed to be produced directly on the extruder without the need for a pellet crumbler, which creates large amounts of scrap or recycle fines. Starch is commonly used as a binder that helps hold pellets together but starch has very little nutritional value for shrimp.
• Substitution of starch with other protein sources is inevitable and increases the nutritional value of the feed. Ingredients are ultra-fine grinded using unique double grinding technique using high-speed MultiMill hammer mills. As a second stage size reduction a pulverizer can be introduced to ensure the demand for ultra-fine particles in the meal. Subsequently, a screener recycles oversized particles back into the process line. All dry ingredients are mixed thoroughly using a unique dual rotation batch paddle mixer type OptiMix.

Opportunity

The shrimp market offers opportunities in sustainable farming, innovative feeds, and precision technologies for enhanced productivity and environmental stewardship.

• The shrimp market is growing worldwide due to rising demand and the expansion of aquaculture and Shrimp is becoming a common ingredient in a variety of global cuisines due to shifting dietary choices, increased awareness of health benefits. The increase in need puts stress on the aquaculture sector to improve production efficiency, underscoring the significance of tailored items.
• Shrimp farming has become a viable and economically profitable option compared to harvesting from the wild. The aquaculture sector has grown worldwide, requiring effective and nutritionally balanced feeds to ensure fast and healthy growth in order to satisfy market needs. Modern agriculture methods and improvements in infrastructure are driving the growing demand for top-notch feed, which is crucial for sustainable and improved shrimp farming. The market is being influenced by technological improvements in feed formulations that include ingredients to enhance growth and disease prevention.
• Concerns about the environment regarding where traditional fishmeal comes from have caused a move towards using different protein sources in shrimp feed. The Asia-Pacific region continues to lead the global shrimp feed market because it has a large number of key shrimp-producing countries. Nevertheless, other regions are starting to see new possibilities as aquaculture continues to grow on a global scale. Consumer demand for environmentally friendly seafood is driving the increasing popularity of sustainable shrimp feed production. Methods involve utilizing proteins derived from plants and minimizing the usage of antibiotics and chemicals. There is a growing demand for functional shrimp feed, which includes vitamins and minerals to enhance shrimp growth, disease resistance, and meat quality.
• Advanced shrimp feeding technology, which utilizes sensors and data analysis, improves feed accuracy and timing, ultimately decreasing waste and boosting feed effectiveness. While still new, it is predicted to become more common as expenses lower and advantages become clear. The shrimp industry's expansion is driven by increasing worldwide interest and growth in aquaculture, particularly emphasizing sustainability, innovative feed options, and precision feeding methods to improve productivity and environmental stewardship.

Challenge

Producing a sinking pellet that is water-stable is the first challenge in shrimp feed production.

• Creating a water-stable sinking pellet is a crucial obstacle in shrimp feed manufacturing because of shrimp's distinct feeding habits and habitat. Shrimp are benthic feeders, which indicates they consume food at the bottom of their aquatic habitat. Consequently, the bait needs to descend rapidly to reach the fish. Nevertheless, it is essential to achieve water stability to avoid the pellets breaking down or releasing nutrients into the water too soon.
• The development of sinking pellets that remain stable in water requires choosing suitable binders and feed components that are resistant to extended water contact. Substances such as starches, gums, and proteins are commonly employed as binding agents to guarantee the pellet stays whole. Moreover, the extrusion process is fine-tuned to achieve the desired density and stability of pellets by controlling temperature and pressure conditions.
• Ensuring water quality in aquaculture systems is dependent on the stability of the water. Pellets that disintegrate rapidly can contaminate the water, resulting in elevated ammonia levels and possible health problems for the shrimp. Hence, creating feed that stays intact in water not only helps deliver nutrients efficiently to shrimp but also promotes a healthier and more sustainable aquaculture setting.

Shrimp Feed Market Segment Analysis:

Shrimp Feed Market Segmented on the basis of Type, Ingredients, Application, and Additives.

By Type, Grower Segment Is Expected to Dominate the Market During the Forecast Period

• The shrimp feed market is significantly influenced by the grower industry because of its crucial role in shrimp production. This part is centered on feeds made specifically to fulfill the precise nutritional needs of young shrimp during their critical growth period. As shrimp grow from postlarvae to larger sizes, the demand for grower feeds also increases.
• Grower feeds are crucial as they contribute to shrimp growth, boost survival rates, and support overall health in their developmental phase. These diets contain important nutrients like proteins, lipids, vitamins, and minerals that are required for shrimp to grow and develop quickly. Feeds for growers are carefully created based on scientific principles to cater to the metabolic requirements of young shrimp, enhancing feed conversion rates and reducing feed wastage.
• Prioritizing growth rates is essential for the aquaculture sector as it has a direct influence on production efficiency and profitability. Increased growth rates result in shorter production times, enabling farmers to harvest shrimp more often and lower operational expenses. Furthermore, well-nourished and healthy shrimp demonstrate increased resilience to diseases and stress, leading to improved survival rates and decreased losses.
• The grower group's significance is connected to the industry's dedication to sustainable farming methods. By offering feeds that contain the correct nutrients, the shrimp industry can create a more sustainable production method, decreasing the need for wild fish in feeds and lessening the environmental impacts of shrimp aquaculture. In addition, modern agricultural feeds frequently include sustainable and alternative protein sources like plant-based proteins to tackle environmental issues linked to traditional fishmeal.
• In conclusion, the agricultural sector is crucial for promoting the growth of strong and healthy crops.

By Ingredients, Soybean meal Segment Held the Largest Share In 2023

• Analyzing the components of shrimp feed highlights soybean meal as the main ingredient, emphasizing its essential contribution to creating well-rounded feeds. Soybean meal is mainly selected for its high levels of protein, crucial for the development and well-being of shrimp. It is essential for the diet of shrimps as it supplies crucial amino acids needed for their growth.
• There are many reasons for the widespread use of soybean meal in shrimp feed. One of its major benefits is its cost-effectiveness. Soybean meal is typically a more cost-effective choice than fish meal, which makes it a feasible option for feed manufacturers in terms of expenses. Additionally, it is essential to have abundant access to this resource to fulfill the increasing needs of the aquaculture sector. The reason soybean meal is preferred is because sustainability is a significant factor to be taken into account. Soybean meal has a smaller environmental impact compared to fish meal, as it is derived from plants instead of relying on wild fish stocks which can lead to overfishing. This is in line with the growing emphasis in the field on sustainable and environmentally friendly farming methods. The shift towards plant-based protein alternatives is motivated by environmental concerns and the demand for sustainable feed options.
• In the end, soybean meal reigns supreme in the shrimp feed industry because of its high protein content, affordability, easy accessibility, and eco-friendly attributes. Its significance in the aquaculture industry is highlighted by its capacity to fulfill the nutritional requirements of shrimp and promote sustainable and affordable feed choices.

Shrimp Feed Market Regional Insights:

Asia Pacific is Expected to Dominate the Market Over the Forecast Period

• Asia Pacific leads the world shrimp feed market, with the biggest market share because of its significant role in worldwide aquaculture, specifically shrimp cultivation. This area consists of significant shrimp-producing nations such as China, India, Vietnam, Thailand, and Indonesia. These nations make a substantial impact on shrimp production, thanks to their advantageous weather conditions, plentiful water sources, and strong aquaculture facilities.
• The area's leadership in shrimp aquaculture is supported by its strategic emphasis on technological progress. Asia Pacific has adopted specific feed formulas and modern farming techniques to improve shrimp growth rates, increase feed efficiency, and support sustainable aquaculture in the region. These advancements assist in upholding the region's dominance in the shrimp feed industry by satisfying the increasing worldwide need for shrimp.
• Additionally, Asia Pacific's leading position is further strengthened by its extensive knowledge and established logistics networks in shrimp aquaculture. The area is advantaged by a proficient labor force, thorough research and development, and governmental backing for aquaculture projects. This extensive support system enables ongoing enhancements and adjustments in shrimp farming methods.
• Nevertheless, with the aquaculture industry picking up pace globally, new possibilities are arising for market participants to venture into different areas. Countries in regions other than Asia Pacific are now more frequently implementing advanced techniques in shrimp farming, driven by the growing need for seafood and investments in aquaculture infrastructure. Despite the upward trend in growth, the shrimp feed market encounters difficulties such as variable raw material costs and the requirement for sustainable sourcing methods. Securing a steady and long-lasting source of feed components is essential for keeping both financial success and environmental accountability. Stakeholders need to overcome these obstacles in order to maintain growth and take advantage of new opportunities in the worldwide shrimp feed market.

Shrimp Feed Market Active Players

• Charoen Pokphand Group Company, Ltd. (Thailand)
• Cargill, Incorporated (United States)
• Nutreco N.V. (Netherlands)
• BioMar Group A/S (Denmark)
• Guangdong Yuehai Feeds Group Co., Ltd. (China)
• Charoen Pokphand Food (Thailand)
• CP Aquaculture (Thailand)
• Thai Union Feedmill (Thailand)
• BernAqua (Belgium)
• Tongwei Co. (China)
• Guangdong HAID (China)
• Guangdong Evergreen Feed (China)
• Yuehai Feed (China)
• Guangdong Haid Group Co., Ltd. (China)
• Yuehai Feed Group Co., Ltd. (China)

  Global Shrimp Feed Market
  Base Year:	2023	Forecast Period:	2024-2032
  Historical Data:	2017 to 2023	Market Size in 2023:	USD 6581.97 Mn.
  Forecast Period 2024-32 CAGR:	4.7 %	Market Size in 2032:	USD 9951.21 Mn.
  Segments Covered:	By Type	Grower Finisher Starter
  	By Ingredients	Soyabean meal Fish meal Wheat flour Fish oil
  	By Application	Whiteleg Shrimp Giant Tiger Prawn Akiami Paste Shrimp
  	By Additives	Vitamins & Proteins Fatty Acids Antioxidants Feed Enzymes Antibiotics
  	By Region	North America (U.S., Canada, Mexico) Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe) Western Europe (Germany, UK, France, Netherlands, Italy, Russia, Spain, Rest of Western Europe) Asia Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New-Zealand, Rest of APAC) Middle East & Africa (Turkey, Bahrain, Kuwait, Saudi Arabia, Qatar, UAE, Israel, South Africa) South America (Brazil, Argentina, Rest of SA)
  Key Market Drivers:	The availability of enhanced product variations and the use of commercially manufactured shrimp feed have also helped the industry’s growth.
  Key Market Restraints:	Nutrient losses and destruction may result from the prolonged exposure of finished feeds to unfavourable storage conditions on the farm
  Key Opportunities:	The shrimp market offers opportunities in sustainable farming, innovative feeds, and precision technologies for enhanced productivity and environmental stewardship.
  Companies Covered in the report:	Charoen Pokphand Group Company, Ltd. (Thailand), Cargill, Incorporated (United States), Nutreco N.V. (Netherlands), BioMar Group A/S (Denmark), Guangdong Yuehai Feeds Group Co., Ltd. (China), Avanti (India), Charoen Pokphand Food (Thailand), and Other Active Players.