New York, United States , May 31, 2023 (GLOBE NEWSWIRE) -- The Global Fishmeal & Fish Oil Market Size is To Grow from USD 12.2 billion in 2022 to USD 19.4 Billion By 2032, at a Compound Annual Growth Rate (CAGR) of 4.7% during the projected period. The rising consumer awareness of the benefits of omega-3 fatty acid consumption is propelling the fishmeal and fish oil markets forward.
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The market for fishmeal and fish oil is an important component of the global aquaculture and animal feed industries. Fishmeal and fish oil are made from a variety of fish, primarily small pelagic fish such as anchovies, sardines, and herring. Because of their high protein and nutritional content, they are widely used in animal and aquaculture feeds. The market for fishmeal and fish oil has grown steadily over the years, driven by rising demand for protein-rich animal feed, particularly in the poultry, pig, and aquaculture sectors. Fishmeal is a good source of essential amino acids, vitamins, and minerals, so it's a popular ingredient in animal feed. In contrast, fish oil contains omega-3 fatty acids, which are known for their health benefits and are in high demand in the functional food and dietary supplement industries.
The rapidly expanding aquaculture industry is a major factor in the fishmeal and fish oil markets. High-quality feeds are required in aquaculture to promote healthy growth and increase the nutritional value of farmed fish, prawns, and other aquatic species. Fishmeal and fish oil are essential nutrients that improve the overall health and productivity of aquaculture operations. However, the sustainability of sourcing fish for these products is a major restraint for the Fishmeal & Fish Oil market. Overfishing, habitat destruction, and fish stock depletion are major concerns. The fishing industry must balance the demand for fishmeal and fish oil with the need to protect marine ecosystems and ensure the long-term viability of fish populations.
Browse key industry insights spread across 200 pages with 120 market data tables and figures & charts from the report on "Global Fishmeal & Fish Oil Market Size, Share, and COVID-19 Impact Analysis, By Type (Fishmeal, Fish Oil), By Source (Salmon & Trout, Crustaceans, Marine Fish, Tilapia, Carps), By Livestock Application (Aquatic Animals, Swine, Poultry, Cattle, Pets), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032." Get Detailed Report Description Here:
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The fish oil segment is expected to grow at the highest pace in the global fishmeal & fish oil market over the projected period.
The global fishmeal & fish oil market is divided into two types: fishmeal and fish oil. The fish oil segment is projected to expand at the fastest rate in the global fishmeal & fish oil market during the forecast period. They are expected to have the highest growth prospects during the forecast period due to their multifunctional qualities and increasing acceptance across a wide range of industries.
The marine fish segment is expected to grow at the highest pace in the global fishmeal & fish oil market over the projected period.
The global fishmeal & fish oil market is segmented into salmon & trout, crustaceans, marine fish, tilapia, and carps, according to the source. The marine fish segment is projected to expand at the fastest rate in the global fishmeal & fish oil market during the forecast period. The abundance of small pelagic fish such as anchovies, sardines, and herring, which are widely used for fishmeal and fish oil production, can be attributed to segmental growth.
The swine segment is estimated to grow at the fastest rate in the global fishmeal & fish oil market during the forecast period.
The global fishmeal & fish oil market is segmented by livestock application into aquatic animals, swine, poultry, cattle, and pets. The swine segment is expected to expand at the highest pace in the global fishmeal & fish oil market throughout the forecast period. The expansion of the swine segment is being driven primarily by rising global demand for pork products.
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Asia Pacific is estimated to hold the largest share of the global fishmeal & fish oil market over the predicted timeframe.
Asia Pacific is expected to hold the largest share of the global fishmeal & fish oil market during the forecast period. The region occupies a significant portion of the world's fishmeal and fish oil, owing primarily to the demand for aquaculture feed. Because of the growing awareness of the health benefits of omega-3 fatty acids, Asia-Pacific has a growing demand for fish oil in the dietary supplement and functional food industries. Europe is projected to expand at the highest pace in the global fishmeal & fish oil market throughout the forecast period. The region has a well-established aquaculture industry, particularly in Norway, Denmark, and Scotland, which is driving demand for fishmeal as feed for farmed fish and crustaceans.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Fishmeal & Fish Oil Market include FKS Multi Agro, Mukka Proteins Limited, Pelagia, Sandakan Fishmeal Sdn Bhd, Wudi Deda Agriculture Co., Ltd., Raj Fishmeal and Oil Company, Asia Fish Oil Corporation, Dai Dai Thanh Seafoods, Pattani Fish Meal (1988) Co., Ltd., Austevoll Seafood ASA, The Scoular Company, GC Reiber Oil, Croda International Plc, Oceana Group Limited, Omega Protein Corporation, and Others.
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Recent Developments
In February 2022, The Scoular Company (US) opened a new fishmeal plant in Myanmar to expand its capacity for production in the country. The increased demand for fishmeal in Myanmar and other Asian countries prompted this launch.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Fishmeal & Fish Oil Market based on the below-mentioned segments:
Global Fishmeal & Fish Oil Market, By Type
- Fishmeal
- Fish Oil
Global Fishmeal & Fish Oil Market, By Source
- Salmon & Trout
- Crustaceans
- Marine Fish
- Tilapia
- Carps
Global Fishmeal & Fish Oil Market, By Livestock Application
- Aquatic Animals
- Swine
- Poultry
- Cattle
- Pets
Global Fishmeal & Fish Oil Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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