Aquafeed sector optimistic despite drop in production

The aquafeed sector’s feed output declined in 2023 for the first time in several years, but industry stakeholders say they are optimistic the sector will see growth in 2024.

According to Alltech’s 2024 Agri-Food Outlook, global aquafeed tonnage was down 4.4%, or 2.42 million metric tons (MMT) in 2023. The decline was driven in part by a significant drop in China’s aquafeed production due to lower fish prices. Meanwhile, aquafeed production grew 3.87% (0.27 MMT) in Latin America, where demand is strong and producers are resilient, Alltech said.