Dublin, Sept. 05, 2023 (GLOBE NEWSWIRE) -- The "Global Fishmeal Market, Size, Forecast 2023-2030, Industry Trends, Growth, Share, Outlook, Impact of Inflation, Opportunity Company Analysis" report has been added to ResearchAndMarkets.com's offering.
The Global Fishmeal Market is anticipated to be valued at US$ 10.80 Billion in 2030 from US$7.23 Billion in 2022, growing at a CAGR of 5.14%
Fishmeal has established its pivotal role in revolutionizing and enhancing global aquaculture practices, cementing its status as an indispensable element within aquaculture feeds. The ever-growing demand for increased fish production has placed a premium on the necessity for nutritious and top-tier feeds. As a result of its extraordinary nutritional composition, enriched with essential amino acids, minerals, and omega-3 fatty acids, fishmeal has positioned itself as an optimal protein source for cultivated fish.
Amidst the flourishing aquaculture sector and the soaring demand for superior seafood products, the need for fish meal has gained substantial momentum. As the aquaculture industry continues its expansion, the significance of nutrient-rich feed ingredients, notably fish meal, has taken center stage due to its exceptional nutritional profile.
Simultaneously, environmental considerations have fueled the demand for fish meal as an eco-conscious alternative to chemically-derived feed additives. The burgeoning awareness of the adverse ecological effects stemming from chemical additives has triggered a shift towards sustainable and ecologically-friendly alternatives like fish meal.
The presence of heavy metals such as mercury, lead, and cadmium in conventionally-cultivated seafood has kindled concerns regarding the proliferation of chronic disorders affecting consumer health. This apprehension has further propelled the market for fish meal, given its role as a safer alternative for feed production, ultimately diminishing the risk of consuming contaminated seafood.
The industrialization of meat and dairy production has galvanized the demand for premium-grade feed additives, including fish meal. These additives serve to stimulate reproduction, enhance metabolism, and curtail disease outbreaks within livestock. As the meat and dairy industries continue their upward trajectory, the urgency for efficacious feed ingredients intensifies, underscoring the indispensable role of fish meal.
Consumer preferences for fishmeal have evolved in tandem with the upsurge in environmental and ethical awareness. The demand for ethically and sustainably sourced fishmeal is on the ascent, as consumers are increasingly willing to pay a premium for products adhering to such principles. The driving factors behind this trend encompass sustainability, ethics, quality, and overall value.
As consumers increasingly prioritize responsibly sourced fishmeal that aligns with animal welfare and environmental preservation while meeting stringent safety standards, the global fishmeal market is embracing sustainable practices, investing in groundbreaking research and development, and enhancing traceability mechanisms. The adaptability to these evolving preferences constitutes a pivotal determinant of industry competitiveness, with companies that successfully align with consumer demands poised to thrive.
Peru holds a prominent position as the leading producer in the global fishmeal market
By Production, the global fishmeal market is classified into Peru, Vietnam, EU-27, Chile, China, Thailand, United States, Norway, Japan, and Morocco. Peru, the world's largest fishmeal producer, accounted for producing 2.28 million metrictons (MMT) of fishmeal, as reported by the International Fishmeal and Fish Oil Organization (IFFO), in 2022.
This versatile product is utilized in aquaculture feed, poultry feed, and pet food, providing essential nutrition to farmed fish, marine animals, chickens, turkeys, and pets like dogs and cats. With increasing demand for aquaculture products and a growing global population, the demand for fishmeal is anticipated to maintain its upward trajectory, driving further growth in the Peruvian fishmeal industry in the foreseeable future.
Norway, the fastest growing country in the global fishmeal market, benefits from a robust aquaculture industry and abundant fish resources. The country's focus on research and development has led to technological advancements in fishmeal production. Government support through subsidies and incentives further strengthens Norway position as a leader in the fishmeal market.
Turkey robust aquaculture industry is playing a pivotal role in driving the country rising consumption within the global fishmeal market
By Consumption, the global fishmeal market is broken up into China, EU-27, Vietnam, Japan, Norway, Thailand, Turkey, United States, Chile, and Taiwan. Turkey leads the global fishmeal market in consumption growth, driven by its expanding aquaculture industry supported by increasing seafood demand, government support, and favorable resources.
With a decline in domestic fish catch, Turkey relies heavily on imported fishmeal to meet its aquaculture sector's protein requirements. Economic growth and rising disposable incomes contribute to the growing demand for quality seafood products and, subsequently, fishmeal. The Turkish government's policies, including subsidies, research and development investments, and seafood promotion, further bolster the aquaculture industry expansion and drives fishmeal demand.
China, the largest global consumer of fishmeal, accounted consumption volume of less than 2 million metric tons in 2022, according to the report. The country's thriving aquaculture industry, driven by increasing seafood demand, government support, and abundant resources, fuels its continuous expansion. Supportive government policies, such as subsidies, research investments, and seafood promotion, create a favourable environment for industry growth and contribute to the growing demand for fishmeal.
China is poised to retain its position as the largest importer of fishmeal globally, maintaining its significant role in the market for the foreseeable future.
By Import, the global fishmeal market is fragmented into China, EU-27, Turkey, Japan, Norway, Vietnam, Taiwan, Indonesia, United Kingdom, and the Republic of Korea. China, the largest global fishmeal importer, owes its position to rapid economic growth that has driven a surge in fishmeal demand, mainly for aquaculture purposes. Simultaneously, declining domestic fish stocks resulting from overfishing and environmental degradation have escalated the need for imports.
To bolster the aquaculture industry, the Chinese government has implemented supportive policies, including subsidies for fishmeal imports. Moreover, China's advantageous geographic location near major fishmeal producers like Peru and Chile facilitates convenient and cost-effective importation.
Russian Federation is poised to flourish as a key player in the export segment of the global fishmeal market in the coming years
By Export, the global fishmeal market is divided into Peru, Chile, Vietnam, EU-27, Morocco, United States, Thailand, Russian Federation, Iceland, and Mexico. In 2022, the Russian Federation emerged as a notable player in fishmeal production and export, with an estimated 1.5 million metric tons shipped.
This growth can be attributed to various factors, such as the availability of plentiful fish resources, the presence of advanced fish processing facilities, and government backing. The fishmeal industry in the country contributes significantly to the economy by generating employment opportunities, generating tax revenue, and bolstering export figures. It also plays a role in conserving fish stocks by alleviating the pressure on low-value fish species that are commonly used in fishmeal production.
Crustaceans, such as shrimp, crab, and lobster, hold a dominant position in the global fishmeal market owing to their abundant availability and exceptional nutritional value
By Aquaculture, the global fishmeal market is categorized into Freshwater Fish, Tilapias, Cyprinids, Eels, Salmon & Trout, Marine Fish, and Crustaceans. Crustaceans provide a rich source of protein, essential fatty acids, and vitamins, making them valuable for aquaculture feed in fish and shrimp production.
Their relatively easy harvesting process ensures a sustainable protein source with low environmental impact compared to other fishmeal production methods. As aquaculture gains popularity as an efficient seafood production method, the global demand for fishmeal is expected to increase. Crustaceans are well-positioned to maintain their market dominance due to their nutritional value, abundance, and ease of harvest.
Tilapia, a versatile freshwater fish, has significant potential in the global fishmeal market due to its adaptability, suitability for aquaculture in developing countries, and high protein content. The growing demand for aquaculture products and seafood as a protein source is driving the expansion of tilapia production. Its sustainability attributes and advancements in technology further boost its growth in the global fishmeal market.
Seafood demand increases and concerns over depleting wild fish stocks rise, the global fishmeal market expands alongside the growth of sustainable aquaculture practices
By end-users, the global fishmeal market is categorized into Aquaculture, Pigs, Poultry, and Others. Aquaculture offers an eco-friendly approach through closed systems and benefits from advancements in technology, leading to the expansion of aquaculture farms and higher demand for fishmeal.
Government support in the form of subsidies, research funding, and favorable regulations further boosts aquaculture growth. So, the global aquaculture industry is expected to continue expanding, driving the demand for fishmeal, and positively impacting the global fishmeal market.
Competitive Landscape
FMC Corporation, Croda International Plc, Mukka Proteins Limited, FKS Multi Agro, and GC Rieber Oil are the companies prominent in the global fishmeal market.
In February 2022, FMC announced that it had entered into a strategic partnership with Cargill to develop and commercialize new aquaculture nutrition products. This partnership will combine FMC's expertise in fishmeal and fish oil with Cargill's global reach and distribution network.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 290 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value (USD) in 2022 | $7.23 Billion |
| Forecasted Market Value (USD) by 2030 | $10.8 Billion |
| Compound Annual Growth Rate | 5.1% |
| Regions Covered | Global |
Report Scope
Global Fishmeal Market & Volume break up in 10 viewpoints
- China
- EU-27
- Vietnam
- Japan
- Norway
- Thailand
- Turkey
- United States
- Chile
- Taiwan
Production - Global Fishmeal Market break up in 10 viewpoints
- Peru
- Vietnam
- EU-27
- Chile
- China
- Thailand
- United States
- Norway
- Japan
- Morocco
Export - Global Fishmeal Market break up in 10 viewpoints
- Peru
- Chile
- Vietnam
- EU-27
- Morocco
- United States
- Thailand
- Russian Federation
- Iceland
- Mexico
Import - Global Fishmeal Market break up in 11 viewpoints
- China
- EU-27
- Turkey
- Japan
- Norway
- Vietnam
- Taiwan
- Province of China
- Indonesia
- United Kingdom
- Republic of Korea
Aquaculture - Global Fishmeal Market break up in 7 viewpoints
- Freshwater Fish
- Tilapias
- Cyprinids
- Eels
- Salmon & Trout
- Marine Fish
- Crustaceans
End-User - Global Fishmeal Market break up in 4 viewpoints
- Aquaculture
- Pigs
- Poultry
- Others
Company has been covered from 3 Viewpoints:
- Overview
- Recent Developments
- Revenue
Company Analysis:
- FMC Corporation
- Croda International Plc
- Mukka Proteins Limited
- FKS Multi Agro
- GC Rieber Oil
For more information about this report visit https://www.researchandmarkets.com/r/5nzsfx
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