Market share trends of shrimp feed manufacturing enterprises in 2024

It is expected that this trend will continue to maintain a rapid growth rate from 2024 to 2032.

It is expected that this trend will continue to maintain a rapid growth rate from 2024 to 2032. In that spirit, we will together explore and analyze in detail the developments of the food production market. for the shrimp industry in early 2023, and learn about the expected market share of shrimp feed in 2024.

Market share of shrimp feed production enterprises

Other countries are also heading towards the same point. In the context of increasingly deep integration, global corporations and large businesses from regions such as Europe, the United States and Asia are gradually consolidating and expanding their positions in the industry. This means increased corporate responsibility to encourage innovation and support shrimp farmers in achieving success in their crops.

Similar to Ecuador, the shrimp feed industry in Vietnam is mainly dominated by multinational corporations headquartered in Asia. Typical corporations include CP Vietnam (CP Foods, Thailand), Grobest Vietnam (Taiwan), Sheng Long Biotech (part of Guang Dong Haid, China), Uni-President (Taiwan) and Evergreen (China). National).

In addition, European and American companies such as Skretting, Cargill, De Heus and BioMar have also invested in the Vietnamese market. Although some companies have expanded their operations into livestock farming and processing, the integration of animal feed companies in Vietnam remains limited – especially compared to the situation in India.

Market share of shrimp feed production enterprises in 2023

Projected shrimp feed market share from 2024-2032

Projections from Global Market Insights Inc, a global market research and consulting company headquartered in the US, show that the scale of the shrimp feed industry is expected to grow at a compound growth rate. (CAGR) of 5.2% from 2024 to 2032. This is predicted based on the increasing global market demand for shrimp feed products.

Enhance sustainable production

With an increasing focus on sustainable aquaculture, major businesses are increasing shrimp production. Meeting the growing global demand for shrimp also means that the demand for high quality feed is increasing. For example, in February 2024, the amount of feed for shrimp and aquaculture increased by up to 9%.

Trends in plant-based shrimp feed and the need for specialized feed for farmed shrimp

The market share of plant-based shrimp feed may grow quite strongly in the period 2024-2032. At the same time, interest in sustainable and environmentally friendly dining options is growing among consumers. To respond to this trend, manufacturers are developing innovative new shrimp feed formulations that use plant-based ingredients as sustainable protein sources. Switching to plant-based shrimp feed not only meets consumer preferences but also helps reduce the environmental impact of shrimp farming.

The grower feed product segment in the shrimp feed market is expected to witness notable growth from 2024 to 2032. Grower feed plays an important role in supporting the growth rate. Optimal growth, improved health and maximized shrimp productivity. As shrimp grow, their dietary demands also increase, requiring feed formulations to be adapted to meet changing nutritional needs. As a result, demand for specialized grower feed is also increasing, as farmers prioritize the health and productivity of shrimp stocks.

Growth of the European shrimp feed market and strategies of manufacturers

The shrimp feed market in Europe is expected to grow strongly from 2024 to 2032. This growth is driven by rising seafood demand and a preference for sustainably sourced products from the EU. consumers. Stringent regulations from the European Union are also driving demand for high-standard shrimp feed formulations. With the growth of the shrimp farming industry, demand for sustainable and nutritious feed options is also increasing, contributing to the growth of the regional market.

Major manufacturers in the shrimp feed industry such as Charoen Pokphand Foods Public Company Limited (CP Foods), Nutreco NV, BioMar Group, Biomin Holding GmbH, Alltech, Thai Union Group PCL, Rangen, Inc., Cargill, Incorporated, Avanti Feeds Ltd. is focusing on growth initiatives and investing in research and development to meet the growing demand of shrimp at different stages of development.