Aquafeed & AquacultureBronze report

Published April 2026Insight Research19 min read2026 Edition9 sources, 6 primary-gradeStandard source depth

Thai Fishmeal and Aquafeed: CPF, Thai Union Feedmill, and the Aquaculture Feed Cluster

Thai aquafeed, fishmeal industry ~USD 1-2B annual production segment supporting Thai shrimp, tilapia, pangasius, sea-bass aquaculture. CPF Aquafeed (CPF division) tier-1, Thai Union Feedmill (TFM SET-listed; Thai Union-affiliated tier-2). Sustainable-fishmeal certifications growing. Watchpoints: EU IUU compliance, sustainable-fishmeal certifications, alt-feed trial programmes (insect-based feed).

Key takeaways

1
Thai aquafeed, fishmeal industry ~ annual production.
2
CPF Aquafeed tier-1 vertical-integrated.
3
Thai Union Feedmill (TFM SET-listed Thai Union-affiliated) tier-2.
4
Centaco Group, Avant Industries tier-2 private.
5
Sustainable-fishmeal certifications (MarinTrust, IFFO RS, ASC) growing.
6
Watchpoints: EU IUU compliance, sustainable-cert, alt-feed pilots, climate stress.

Questions this report answers

How big is Thai aquafeed, fishmeal? Per CPF, Thai Union Feedmill SET: Thai aquafeed, fishmeal industry ~ annual production segment supporting Thai shrimp, tilapia, pangasius, sea-bass aquaculture. Tier-1: CPF Aquafeed (CPF division; vertical-integrated feed → shrimp-farm → processing → export), Thai Union Feedmill (TFM SET-listed; Thai Union-affiliated; tier-2). Tier-2: Centaco Group, Avant Industries.^{[, ]}

What's feedstock, EU IUU compliance? Per EU, Bangkok Post: Fishmeal feedstock — anchovies, sardines, tuna byproduct, shrimp-byproduct (recycled). EU IUU yellow-card compliance forced fishmeal traceability post-2015. Sustainable-fishmeal certifications: MarinTrust, IFFO RS (Responsible Supply), Aquaculture Stewardship Council (ASC).^[]

What's alt-feed, watchpoints? Per Bangkok Post / FAO: Alt-feed trial programmes — insect-based feed (cricket-flour, black-soldier-fly larvae) Thai Union, CPF pilot 2024-2026; algae-based fishmeal alternatives. Watchpoints: EU IUU compliance, MarinTrust, IFFO RS sustainable-certification, alt-feed trial programmes (insect, algae), ASF, avian-flu impact on feed-demand cycle, climate stress on anchovy, sardine fishery.^[]

Public-record references

Data as of: 2025-2030 horizon

Executive summary

Thai aquafeed, fishmeal industry ~ annual production. CPF Aquafeed tier-1; Thai Union Feedmill TFM SET-listed tier-2.^{[, ]}

EU IUU yellow-card compliance fishmeal traceability post-2015. MarinTrust, IFFO RS, ASC sustainable-cert growing.^[]

Alt-feed insect, algae pilot 2024-2026. Watchpoints: EU IUU, sustainable-cert, climate stress on anchovy fishery.^[]

Public-record references

Data as of: 2025-2030 horizon

Thai aquafeed, fishmeal structure

Annual production

Value

~USD 1-2B

Notes

Aquafeed, fishmeal.

CPF Aquafeed

Value

Tier-1 vertical-integrated

Notes

CPF division; shrimp-farm-feed.

Thai Union Feedmill (TFM)

Value

Tier-2 SET-listed

Notes

Thai Union Group-affiliated.

Fishmeal feedstock

Value

Anchovies, sardines, tuna byproduct, shrimp-byproduct

Notes

Recycled byproduct.

Sustainable-cert

Value

MarinTrust, IFFO RS, ASC

Notes

Growing certification framework.

Alt-feed pilot

Value

Insect (cricket, BSF), algae

Notes

2024-2026 Thai Union, CPF pilot.

Metric	Value	Notes
Annual production	~USD 1-2B	Aquafeed, fishmeal.
CPF Aquafeed	Tier-1 vertical-integrated	CPF division; shrimp-farm-feed.
Thai Union Feedmill (TFM)	Tier-2 SET-listed	Thai Union Group-affiliated.
Fishmeal feedstock	Anchovies, sardines, tuna byproduct, shrimp-byproduct	Recycled byproduct.
Sustainable-cert	MarinTrust, IFFO RS, ASC	Growing certification framework.
Alt-feed pilot	Insect (cricket, BSF), algae	2024-2026 Thai Union, CPF pilot.

Public-record references

Data as of: 2024-2026

Thai aquafeed market volume (000 tonnes, 2022-2026e)

2022

Volume (000 t)

~388

Drivers

Post-COVID shrimp recovery; tilapia, sea-bass steady.

2023

Volume (000 t)

~412

Drivers

Vietnam shrimp competitive pressure; CPF feed efficiency improvements.

2024

Volume (000 t)

~439

Drivers

IMARC baseline: 438,740 tonnes; TFM Q4 strong shrimp feed momentum.

2025e

Volume (000 t)

~470

Drivers

TFM Q2 net profit up 49.7% YoY; full-year revenue guidance +7-9%; CPF Ban Bueng ASC-certified.

2026e

Volume (000 t)

~502

Drivers

Trajectory toward IMARC 2033 estimate of 812K t (6.73% CAGR through 2025-2033).

Year	Volume (000 t)	Drivers
2022	~388	Post-COVID shrimp recovery; tilapia, sea-bass steady.
2023	~412	Vietnam shrimp competitive pressure; CPF feed efficiency improvements.
2024	~439	IMARC baseline: 438,740 tonnes; TFM Q4 strong shrimp feed momentum.
2025e	~470	TFM Q2 net profit up 49.7% YoY; full-year revenue guidance +7-9%; CPF Ban Bueng ASC-certified.
2026e	~502	Trajectory toward IMARC 2033 estimate of 812K t (6.73% CAGR through 2025-2033).

IMARC Thailand Aquafeed Market 2025-2033, TFM Q2 2025 results (Kaohoon International), SEAFDEC

Data as of: FY2024 actual; FY2025-26 derived

Analyst framing

Why this report matters

Thai aquafeed market ~440K tonnes (2024) growing toward ~812K t by 2033 (~6.73% CAGR); ~USD 1-2B value. CPF Aquafeed tier-1; Thai Union Feedmill (TFM) tier-2. EU IUU fishmeal traceability post-2015. MarinTrust, IFFO RS, ASC sustainable-cert. Fishmeal inclusion rate in shrimp feed has collapsed from ~35% to ~7% (CPF). Alt-feed insect, algae pilot 2024-2026.

Operator playbooks

CPF Aquafeed (Charoen Pokphand Foods, SET: CPF) is the tier-1 vertical-integrated player — feed mill, shrimp-farm, hatchery, processing, and export under one group. The November 2025 ASC Feed Standard certification of CPF's Ban Bueng aquafeed mill in Chonburi (the second CPF feed mill to receive it) is the structural moat update: CPF can now sell into European, Japanese retail customers whose procurement specifications require ASC-certified feed alongside ASC-certified shrimp. CPF's published fishmeal reduction roadmap — ~35% historical inclusion rate down to ~7% in 2025, targeting ~5% within three years — is the credible operator benchmark for the rest of the Thai industry.

Thai Union Feedmill (SET: TFM) reported a record Q2 2025: net profit THB 194M (~USD 5.9M) up 49.7% YoY on revenue THB 1,476M (~USD 44.9M) up 13.8%, with shrimp feed revenue at THB 929M (~USD 28.3M) up 13.8%. Full-year 2025 revenue guidance is +7-9% with a longer-term target of THB 10B by 2030. TFM's competitive position rests on (a) six fishmeal-free shrimp-feed formulations using tuna by-product (sourcing leverage from parent Thai Union's tuna processing footprint), (b) MarinTrust-certified fishmeal sourcing for residual fishmeal needs, and (c) a USD 9M production upgrade. Interim THB 0.30 per share dividend (~92% payout) signals capital-light operating profile.

Tier-2 private (Centaco Group, Avant Industries, Inteqc Group) serves the long tail of Thai shrimp, tilapia, sea-bass farmers who buy via distributor rather than direct from CPF or TFM. Pricing is more commoditised; ESG certification pressure is weaker; margins are thinner. Strategic position: M&A targets if CPF or TFM seek consolidation, or partnership opportunities for Western feed players (Skretting, BioMar, Cargill Aqua Nutrition) looking for Thai distribution. The November 2025 ASC certification of CPF Ban Bueng resets the bar — tier-2 will face mounting pressure to certify or lose European-bound shrimp customer mandates.

Fishmeal feedstock economics: per IFFO, ~34% of global fishmeal and ~55% of fish-oil came from by-products in 2024, with tuna trimmings at ~19% — directly relevant to Thailand given Thai Union's tuna footprint. Thai capture-fishery production was ~1.35M tonnes in 2023, with trash-fish ~365K tonnes feeding the fishmeal raw stream. EU IUU yellow-card compliance (post-2015) made traceability table-stakes; MarinTrust and IFFO RS are now buyer-mandated for European, Japanese offtake.

Fishmeal inclusion rate and reformulation progress

CPF shrimp feed fishmeal share — historical

Value

~35%

Notes

Industry-standard inclusion rate pre-reformulation.

CPF shrimp feed fishmeal share — 2025

Value

~7%

Notes

Cut by alt-protein, by-product substitution; ASC Feed Standard alignment.

CPF shrimp feed fishmeal share — 2028e target

Value

~5%

Notes

Public CPF roadmap; conditional on alt-protein scaling.

TFM fishmeal-free shrimp feed formulations

Value

6 SKUs

Notes

Use tuna by-product trimmings; market-deployed.

Global fishmeal from by-product (IFFO 2024)

Value

~34%

Notes

Tuna trimmings ~19%; sardines, mackerel, anchovy balance.

Global fish-oil from by-product (IFFO 2024)

Value

~55%

Notes

Higher by-product share than fishmeal.

Thai capture-fishery production (2023)

Value

~1.35M t

Notes

SEAFDEC profile; trash-fish ~365K t feeds reduction stream.

Metric	Value	Notes
CPF shrimp feed fishmeal share — historical	~35%	Industry-standard inclusion rate pre-reformulation.
CPF shrimp feed fishmeal share — 2025	~7%	Cut by alt-protein, by-product substitution; ASC Feed Standard alignment.
CPF shrimp feed fishmeal share — 2028e target	~5%	Public CPF roadmap; conditional on alt-protein scaling.
TFM fishmeal-free shrimp feed formulations	6 SKUs	Use tuna by-product trimmings; market-deployed.
Global fishmeal from by-product (IFFO 2024)	~34%	Tuna trimmings ~19%; sardines, mackerel, anchovy balance.
Global fish-oil from by-product (IFFO 2024)	~55%	Higher by-product share than fishmeal.
Thai capture-fishery production (2023)	~1.35M t	SEAFDEC profile; trash-fish ~365K t feeds reduction stream.

CPF SET disclosures, TFM sustainability disclosure, IFFO 2024 by-product update, SEAFDEC

Data as of: FY2024-2025

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