Rockville, Dec. 09, 2022 (GLOBE NEWSWIRE) -- In its latest research, Fact.MR highlights key growth drivers, latest developments, opportunities and challenges, & market statistics to better understand the fish meal market. The study covers latest developments related to market segments such as products, nature, and applications across 5 key regions.
The fishmeal market is expected to grow at a CAGR of 7%, surpassing US$ 11 Billion by the end of 2033. Growth in the market is underpinned by rising consumption of seafood and increasing application in dietary supplement industry.
Fishmeal products are products made from fish and are used as fertilizers and feed. It is first cut & pressed, then dried and grounded to produce fishmeal in powder or cake form. Fishmeal is a rich source of phosphate and calcium found in animal nutrition. It is a dietary source and a high quality bypass protein for ruminant and monogastric animals.
The industry is expected to grow in retort to the increasing preference for natural protein additives in animal feeds. Other aspects improving the demand in the market include, rising consumption of fish, expansion of aquaculture, and growing use of fishmeal as a fertilizer. As fish meal is a rich source of organic nitrogen that stimulates plant growth, sales in fertilizer is expected to burgeon over the upcoming decade.
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The fishmeal market is driven by the development of the aquaculture industry and increasing demand for high quality seafood. The search for natural alternatives is likewise driven by growing ecological concerns about the detrimental effects of the chemical-based feed extracts on aquatic ecosystems.
However, growth might impede due to the burgeoning prevalence of numerous chronic diseases caused by ingestion of heavy metals such as mercury, lead found in conventionally farmed seafood. Hence, consumers are opting for organic fish meals, accelerating the demand in the market.
Furthermore, as meat and dairy production become more industrialized, there is a growing need for high-quality feed additives such as fishmeal to promote increase metabolism, reproduction, control disease outbreaks, etc. On the back of these factors, the sales in the market are predicted to exceed a valuation of US$ 5.6 Billion by 2023.
Key Takeaways:
- Fish meal industries have led to increased demand for crustacean fishmeal, tilapia Fishmeal, sardine fishmeal and anchovies are in high demand in North America.
- Germany fish meal market is predicted to witness robust growth over the upcoming decade.
- Sales of fish meal in Japan are projected to grow at a CAGR of 6.5% during the forecast period (2023-2033).
- Increasing consumption of seafood in the U.S. to push the sales in North America fish meal market.
- North America is estimated to account for the largest share of the fishmeal sector due to increasing demand for protein additives in feed.
Growth Drivers:
- Inclination for organic aquaculture industry, grounded on optimizing nutrient content, food quality and resource efficiency, is propelling demand for organic fishmeal.
- Demand for shellfish is anticipated to increase significantly as awareness of the nutritional properties of shellfish surges in pharmaceuticals.
- Increasing shift from high calorie foods to high protein diets is driving demand for organic fishmeal.
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Competitive Landscape:
The competitive landscape of the fishmeal market provides details of its competitors. Major players functioning in the fishmeal market include Croda International Plc, OCEANA GROUP LIMITED, Omega Protein Corporation, Calysta, Inc., Austevoll Seafood, Pioneer Fishing Swift Pace. Leading fishmeal manufacturers seek to increase knowledge about the health benefits of seafood by-products such as fishmeal by investing at all stages of product development.
For instance,
- In 2022, Asian Development Bank (ADB) & ABIS Exports India Private Limited (ABIS) signed an agreement to subscribe US$ 16 Million to building fish feed mills and training up to 6,000 farmers in the climate-resilient fish farming and financial literacy.
- In 2022, Northline Seafoods has announced to fund and launch a new project to build the world's most sustainable and efficient mobile commercial salmon processing platform.
- In November 2022, Ryan Orgera, a U.S.-based marine governance professional, has launched Accountability.Fish to surge operational change in regional fisheries management organizations (RFMOs).
Key Companies Profiled by Fact.MR
- Omega Protein Corporation
- Copeinca
- TripleNine
- Orizon SA
- Pesquera Diamente S.A.
- Biomega AS
- Animal Feeds International Corporation
- Pesquera Hayduk SA
- Oceana Group Limited S.A.
- Empresas Copec S.A.
- Sardina D.O.O
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More Valuable Insights on Fish Meal Market
In its latest research by Fact.MR, discuss key factors projected to boost the growth of the fish meal market. The study also provides a thorough analysis of the opportunities and drivers expected to boost sales of fish meal market through detailed segmentation as follows:
- By Product:
- Crustaceans
- Cyprinids
- By Nature:
- Organic Fish Meal
- Conventional Fish Meal
- By Application:
- Animal Feed
- Aqua Feed
- Poultry
- Pharmaceuticals
- Dietary Supplements
- Fertilizers
- By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Key Questions Covered in the Fish Meal Market Report
- How big is the opportunity for fish meal market during the forecast period?
- Which are the key factors restraining the demand in fish meal market?
- Which region will dominate the fish meal market during the upcoming decade?
- What is the projected market valuation of the fish meal market in 2033?
- What are the trends bolstering the demand for fish meal in the industry?
- Which application will generate maximum revenue in the global fish meal market?
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Cod Fish Market: Cod fish is popular as a dish characterized by its thick, mellow taste and plump white flesh. It is used in the food industry for the production of cod liver oil and is an important source of vitamin A, vitamin E, vitamin D, vitamin B-12, and omega-3 fatty. Significant factors such as significant increase in demand for seafood are overwhelmingly driving the global cod market during the forecast period.
Fish Oil Market - The global fish oil market is valued at US$ 2.1 Bn, and is expected to witness a significant growth rate at a CAGR of 5.5% to top a value of US$ 3.6 Bn by 2031. As health supplements are becoming popular, top fish oil brands are focusing on offering omega fish oil/omega-3 supplements in the global market. Due to the high level of competition, manufacturers are offering products with additional nutrients.
Fish Sauce Market - The global fish sauce market is projected to expand steadily at a CAGR of 6% during the forecast period 2022-2032. In the year 2022, the market size is projected to expand and gain a global market valuation of US$ 17.1 Billion. Considering this steady growth along with the booming demand in the global market, the fish sauce market is expected to reach US$ 30.5 Billion by 2032.
Bone Meal Supplement Market: Demand for bone meal additives is expected to increase during the forecast period due to the use of bone meal additives in animal feeds and fertilizers. Bone meal supplements are made from crushed & coarsely ground animal bones and slaughterhouse waste. They are also used in agriculture as fertilizers for fruits, vegetables and other plants as they nourish the soil and plants with phosphorus and calcium.
Plant Based Supplement Market: In recent years, the growing demand for meat substitutes, rising fad of veganism, and awareness of the benefits of protein and high-protein diets will boost the market. Hence, manufacturers are using a variety of approaches to extract herbal supplements to capitalize on the growing trend.
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