Fishmeal Market to Grow with a CAGR of 5.44% through 2028
According to TechSci Research report, “Fishmeal
Market – Global Industry Size, Share, Trends, Competition Forecast &
Opportunities, 2028”, the Global Fishmeal Market stood at USD 5.25 billion
in 2022 and is anticipated to grow with a CAGR of 5.44% in the forecast period,
2024-2028. The awareness among individuals regarding Fishmeal has led to
favorable market conditions for the global Fishmeal market. Several factors
contribute to the growth of various Fishmeal products.
The growth of the fishmeal market is the rising demand
for aquaculture products. Fishmeal is a crucial component in aquafeed
formulations, providing essential nutrients such as proteins, omega-3 fatty
acids, and amino acids. With the global population increasing and traditional
capture fisheries facing sustainability challenges, aquaculture has emerged as
a sustainable alternative to meet the growing demand for seafood. As
aquaculture production expands, so does the demand for high-quality and
nutritionally balanced aquafeed, driving the consumption of fishmeal.
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Fishmeal is valued for its nutritional profile,
containing high levels of proteins, amino acids, vitamins, and minerals. The
awareness of these nutritional benefits, both among consumers and aquaculture
producers, is a key driver for the market. As consumers become more
health-conscious and seek nutritious and protein-rich diets, the demand for
seafood, and consequently fishmeal, rises. Moreover, aquaculture producers
recognize the importance of providing optimal nutrition to enhance the growth
and health of farmed fish, further fueling the demand for fishmeal.
In September 2023 - Ff Skagen A/S signs a strategic
partnership with a leading European animal nutrition company to develop and
commercialize innovative feed ingredients using Ff Skagen's sustainable
fishmeal and fish oil products. The partnership aims to create next-generation
feed solutions that enhance animal health and productivity while minimizing
environmental impact.
Fishmeal is not only a crucial ingredient in aquafeed
but also finds applications in the livestock and poultry industries. The growth
of these industries, driven by increasing global meat consumption and demand
for high-protein animal feed, contributes significantly to the expansion of the
fishmeal market. Poultry and livestock farmers use fishmeal to enhance the
nutritional content of feed, promoting healthier and faster growth of animals.
As emerging economies witness a rise in disposable income and changing dietary
patterns, the demand for meat and animal products is on the upswing, further
boosting the use of fishmeal in feed formulations.
In today's fast-paced world, with the global
population increasing and traditional capture fisheries facing sustainability
challenges, aquaculture has emerged as a key player in meeting the rising
demand for seafood. Fishmeal serves as a vital component in aquafeed
formulations, providing essential nutrients such as proteins, amino acids,
omega-3 fatty acids, and vitamins. Its nutritional superiority contributes to
the rapid growth and productivity of farmed fish, facilitating the efficient
production of seafood to keep up with the fast-paced demand for protein-rich
aquatic products. The livestock and poultry industries, essential for meeting
global meat and protein demands, benefit from fishmeal's nutritional profile.
As these industries strive for efficient and rapid growth of animals,
incorporating fishmeal into feed formulations enhances the overall nutritional
content. This accelerates the growth rates of livestock and poultry,
contributing to the swift production of meat and other animal products in
response to the fast-paced nature of the global food market. Fishmeal is
derived from fishery by-products, often utilizing species like anchovies and
herring that are not directly consumed by humans. This sustainable utilization
of resources contributes to the resilience of the food supply chain. In a
fast-paced world with growing concerns about food security, fishmeal offers a
valuable source of nutrition for farmed animals, reducing pressure on
traditional fisheries and supporting the sustainable production of food.
The sustainability of fishmeal production is a
critical factor influencing the market. With concerns about overfishing and
environmental impact, there is a growing emphasis on sustainable fishing
practices and responsible sourcing of raw materials. Certification programs
such as the Marine Stewardship Council (MSC) and others promote sustainable
fisheries management. As consumers and businesses increasingly prioritize
sustainability, there is a higher demand for certified and responsibly sourced
fishmeal. This trend not only aligns with environmental conservation goals but
also enhances the marketability of fishmeal products.
In recent times, Fishmeal is a fundamental component
in aquafeed formulations. With the rapid expansion of the aquaculture industry
to meet the increasing global demand for seafood, fishmeal serves as a crucial
protein source in the diets of farmed fish and shrimp. It provides essential
amino acids, omega-3 fatty acids, vitamins, and minerals, promoting the growth,
health, and overall quality of aquaculture products. Fishmeal is widely used in
the livestock and poultry industries to enhance the nutritional content of
animal feed. Its high-quality protein, amino acid profile, and nutrient density
contribute to the growth, development, and overall health of livestock and
poultry. In recent times, as consumer preferences shift towards high-quality
and ethically sourced meat, fishmeal plays a role in meeting the nutritional
demands of animals in these industries. Fishmeal has found applications in the
pet food industry, particularly in formulations targeting premium and
high-quality pet nutrition. Pet owners increasingly seek nutritious and
balanced diets for their pets, and fishmeal, with its rich protein and nutrient
content, aligns with these preferences. It contributes to the production of pet
foods that support the health and well-being of dogs and cats. However, the sustainability
concerns and overfishing may hinder market growth. Moreover, challenges related
to fluctuations in raw material supply and prices and substitutes and
alternative protein sources may pose obstacles to the Fishmeal market in the
near future.
The Global Fishmeal Market is segmented into
application, end-user, regional distribution, and company.
Based on its application, the Animal Feed segment has
emerged as the predominant market leader, This dominance is driven by the
unique nutritional profile of fishmeal, making it an essential ingredient in
animal feed formulations, particularly for aquaculture and livestock.
Fishmeal is an exceptionally rich source of protein,
typically containing around 60-65% protein. This high protein content is
crucial for supporting growth, development, and muscle formation in animals,
particularly aquatic species like fish and shrimp. Fishmeal contains a
well-balanced amino acid profile, including essential amino acids that animals
cannot synthesize on their own. These essential amino acids are vital for
various bodily functions, including tissue repair, hormone production, and
enzyme production. Fishmeal possesses a high degree of palatability, making it
readily accepted by animals. Additionally, it is highly digestible, allowing
animals to efficiently absorb the essential nutrients it provides.
Based on region, Asia-Pacific segment is expected to
grow during the forecast period. Rapidly growing aquaculture
industry in the region, particularly in China, Vietnam, and India, Increasing
demand for animal protein, particularly seafood, Growing focus on animal
nutrition and efficient feed utilization. Within Asia Pacific, China is the
largest market for fishmeal, followed by Vietnam and India. These countries are
experiencing significant growth in their aquaculture and livestock production
sectors.
The North America market is poised to be the
fastest-growing market, offering lucrative growth opportunities for Fishmeal
players during the forecast period. Factors such as the demand for fishmeal are
also expected to see steady growth. The shift towards sustainable and
responsible sourcing in these regions, driven by consumer preferences and
regulatory initiatives, may influence the sourcing of fishmeal from certified
fisheries. As aquaculture practices continue to evolve in these regions, the
demand for high-quality aquafeed, including fishmeal, is likely to contribute
to market growth.
Major
companies operating in Global Fishmeal Market are:
- Triplenine Group A/S
- Pesquera Diamante S.A.
- Ff Skagen A/S
- Biomega AS
- Sarma Fish S.A.R.L
- Aker BioMarine Antarctic AS
- Omega Protein Corporation
- Calysta, Inc.
- Novus International Inc.
- Alpha Atlantique
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“The emphasis on sustainable
fishing practices and increasing shift in pet food industry are key drivers
of the Fishmeal market. In recent years, The nutritional benefits of fishmeal,
including high-quality proteins, amino acids, omega-3 fatty acids, vitamins,
and minerals, contribute to its demand in the market. The quest for
high-quality animal nutrition to ensure optimal growth and health drives the
inclusion of fishmeal in feed formulations. As awareness of the nutritional
benefits of fishmeal increases, the demand for this ingredient grows across
various animal production sectors. Moreover, the growing consumer emphasis on
preventative products has enhanced production and marketing efforts. To meet
the demands of the market, manufacturers are increasingly incorporating
cutting-edge technologies with high production efficiency. Rising consumer
acceptance and continuous product innovation will further ensure the growth of
the Fishmeal market in the coming years.,” said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based management consulting firm.
“Fishmeal Market – Global Industry Size, Share, Trends, Opportunity,
& Forecast 2018-2028 Segmented By Application (Fertilizers,
Animal Feed), By End-User (Swine, Poultry, Aquaculture, Others), By Region, Competition”, has evaluated the future growth potential of
Global Fishmeal Market and provides statistics & information on market
size, structure and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges, and opportunities in Global Fishmeal
Market.Contact
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