Almost all fish food and koi food contain at least 10% water .... your pond contains enough water without paying another few dollars for more. The manufacturer can save money by increasing amount of water in products .. referred to as moisture on the pack. 8% is probably lowest you will ever see. 10% is normal and anything above this (or not mentioned) is bad news.

Worse still is the ash content. Might also be called inorganic content or non-organic on the pack.

Look for koi food with 5% ash in it. This means a good formulation, and high quality raw materials normally. Avoid all fish foods with more than 10% ash because the quality of raw material is doubtful and the stuff is a waste of money anyway. Not only that; the ash either
collects on the bottom of the pond (lots of fish faeces) or is removed in the biofilter.

Read the packaging on your fish food ... you might be surprised to find that 25% and even more of what you are paying for is water and rubbish.

If there is no such information on the packet then my advice would be to avoid it unless you can verify contents by talking to the seller.

High protein content (35% plus) and trace elements components are important components of good fish food