In all the places I’ve been to over the course of my career, I’ve noted a few commonalities among aquaculture producers. One in particular stands out: when things go wrong they tend to blame the seed (fry, fingerlings, spat, PL’s) or the feed. I’d like to focus on the feed issues facing the industry today.

As aquaculture continues to advance in a global economy, more and more production is fueled by manufactured feeds. The FAO estimates that as of 2022 species provided with feed during the production cycle accounted for roughly 73% of global aquaculture harvests. And, for many fed species, feed costs represent 40% to 60% of operating costs. Understandably, producers tend to focus on the cost of their feed, but there are a number of factors involved in that price that feed manufacturers have little influence over.

A handful of “traditional” feed ingredients make up the bulk of most aquafeeds and their short-term prices can be somewhat volatile from year to year or month to month. A glance at global commodity markets can provide some context here. The price of soybeans has gone down roughly 13% over the past 12 months (due to certain trade barriers we are all familiar with). Soybean meal is also down for the same period by some 27% but soybean oil is up 15%. And while wheat is down almost 10%, corn (maize) and fishmeal have seen little change.

Keep in mind that as global stocks of these commodities are utilized and replenished, current production costs will be reflected in turn. For many aquafeed diets with significant plant ingredient contents, increases of 35% and 25% over the past 12 months for triple superphosphate and urea, respectively, should be cause for concern. Fortunately, diesel prices have dropped by roughly 6% over the past 12 months. Global logistics and transport issues in ongoing trade wars and armed conflicts are yet another factor influencing feed ingredient prices, but they are beyond the scope of this discussion.

While “traditional” ingredients have significant influence over aquafeed costs, it’s the little things that also add up. Amino acids, vitamins and trace elements are all globally traded commodities, and according to some estimates micronutrients in aquafeeds were valued at $1,780,000,000 (US) in 2025. While L-Lysine and L-Threonine may range from $1.25 to $8.00 (US) per kg and DL-Methionine may be as inexpensive as $0.34 per kg, chelated minerals like zinc and selenium can cost as much as $110 per kg. Production of these ingredients is often dominated by only one or several countries, increasing the potential for significant market volatility in the context of trade wars.

As most of us know, a shift toward more plant-based diets is taking place for many aquatic species. As climate change accelerates, this may raise the risk of mycotoxin exposure if proper precautions cannot be put in place. While many terrestrial animals are capable of dealing with some exposure to these toxins, most aquatic species are not. Climate change is also projected to reduce supplies of many of the plant-based ingredients in question. And, policy decisions in a number of countries to increase their availability in the short term may further accelerate climate change as pressures increase to ignore concerns over deforestation and loss of topsoil.

So, the next time you’re upset about feed prices just remember – there’s plenty of blame to go around.
— C. Greg Lutz, Editor-in-Chief