The North American Aquafeed Market is valued at USD 1,987.8 million in 2024 and is anticipated to grow at a CAGR of 6.2%, reaching USD 2,687.9 million by 2029. This market includes the United States, Canada, and Mexico, with North America being a major importer of aquaculture products and exhibiting high consumption of fish and seafood. According to the 2020 Fisheries of the United States report, commercial fishers in the U.S. harvested 8.4 billion pounds of fish, valued at USD 4.7 billion. Additionally, data from the World Bank shows that North America’s aquaculture production reached 645,287 metric tons in 2022. This growing activity boosts the demand for specialized aquafeed, essential for meeting the nutritional needs of various aquatic species, driving market growth in the region.
Fish Meal Segment: The Fastest Growing Category
The fish meal segment is anticipated to grow the fastest, as it improves the efficiency of aquatic animal feed. Including fish meal in the diet of aquatic animals enhances growth, palatability, nutrient absorption, digestion, and overall health. High-quality fish meal typically contains 60% to 72% crude protein. It is a preferred animal protein supplement for fish, prawns, and even as a minor component (usually 5% or less) in terrestrial animal feed. Its inclusion ensures essential protein availability, especially benefiting aquaculture species such as fish and prawns.
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North America’s Leading Role in the Fish Segment of Aquafeed
The fish segment is expected to maintain a dominant position in the North American aquafeed market, fueled by global seafood demand, advancements in feed technology, and sustainability efforts. According to the FAO, global aquaculture production is projected to reach 114 million tons by 2030, with fish species contributing significantly to production volumes. This expansion is driven by consumer demand for fish, known for its health benefits, and the growth of aquaculture to meet the rising seafood needs.
United States: Dominating the Aquafeed Market in North America
The U.S. holds the largest share of the North American aquafeed market, driven by consistent growth in aquaculture production. Between 2000 and 2022, U.S. production of aquatic animals rose from 457,000 tons to 478,000 tons, accounting for 9.6% of the regional total. Federal programs by NOAA and USDA support sustainable practices and technological innovation, further enhancing market growth. This ongoing rise in aquaculture production reflects an increasing demand for innovative aquafeed solutions, driving market expansion.
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Key Market Players
Key players in the North American aquafeed market include ADM (US), Cargill, Incorporated (US), dsm-firmenich (Switzerland), Nutreco (Netherlands), Alltech (US), Purina Animal Nutrition (US), Biomar GROUP (Denmark), Kemin Industries (US), Novus International, Inc. (US), Wilbur-Ellis Company LLC (US), Adisseo (France), Aller Aqua Group (Denmark), and Norel Animal Nutrition (Spain).
