NEWARK, Del, Jan. 25, 2023 (GLOBE NEWSWIRE) -- The fishmeal & fish oil market size is projected to be valued at US$ 7.4 billion in 2023 and is expected to rise to US$ 13.0 billion by 2033. The sales of fishmeal & fish oil are expected to grow at a significant CAGR of 5.8% during the forecast period.
The production of fishmeal and fish oil is expected to increase moderately in the coming years as a result of improved by-product utilization and a growing aquaculture industry.
According to the OECD, aquaculture's contribution to global fish culture will continue to grow and will surpass that of fisheries by 2024. Aquaculture production is expected to reach 105 million tons by 2029, ten million tons more than the capture sector.
As feed demand has increased in tandem with increased aquaculture production, the inclusion of fish meal and fish oil in feed recipes has clearly declined, and has been partially replaced by vegetable substitutes such as soymeal and rapeseed oil.
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Due to their scarcity, fishmeal and fish oil will be employed more frequently as strategic ingredients at lower percentages and for particular production stages.
The development and dynamics of the markets for fish oil and fishmeal on a worldwide scale can be influenced by a variety of variables. Included in them are extrinsic variables like the weather and environment, fishery management, trade policies, etc.
Key Takeaways from the Fishmeal & Fish Oil Market
- The fishmeal and fish oil market were dominated by salmon and trout and is expected to grow at a CAGR of 5.6% by 2033. This is because salmon oil is high in the omega-3 fats DHA and EPA. Consuming omega-3 fatty acids from salmon oil has been linked to a number of health benefits.
- Pharmaceutical sector will register a growth of 5.4% and lead the application segment. Pharmaceutical industry will be highly benefitted from the fish oil and fish feed market owing to growing trend of fish-based supplementation and high adoptability of fish by-products in medical sector.
- The U.S. to contribute a whooping US$ 4.6 billion by 2033 in the global market. Favorable policies and the thriving marine industry are the key reason driving the market in the region.
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- The U.K. is witnessing a growth of 4.9% in the fish oil and fish feed market. The growing concern and awareness on animal nutrition and wellbeing is the key factor behind this significant growth of the region.
- China is the most lucrative region among all growing at an astonishing rate of 5.2%. China is the top consumer of fish and fish products among other regions. Growing awareness on cardiac issues is promoting the adoption of fish oil among population.
- Asia Pacific is likely to be the dominant region for the market till the end of the forecast period.
Latest Developments
In April 2022, Evolve Supplements initiated its online store for aiding in the buying process for consumers.
In April 2022, Trident Seafoods came out with its Omega 3 food for dogs. They forayed into the pet food market with this initiative.
Key Players Include
- Austevoll Seafood ASA
- Colpex International SAC
- Corpesca S.A.
- Corporacion Pesquera Inca S.A.C.
- Croda International PLC
- FF Skagen A/S
- FMC Corporation
- Gc Rieber Oil
- Marvesa Holding NV
- Mukka Sea Foods Industries Pvt. Ltd.
- Oceana Group Ltd.
- Omega Protein Corporation
- Orizon S.A.
- Pesquera Exalmar S.A.A.
- Pioneer Fishing
- Scoular Company
- SURSAN
- Tasa
- TripleNine Group A/S
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Key segments
Source:
- Salmon & Trout
- Marine Fish
- Crustaceans
- Tilapia
- Carps
Application:
- Aquaculture & Aquatic Feeds
- Land Animal Feeds and Livestock
- Agriculture and Fertilizers
- Pharmaceuticals
- Dietary Supplements
Table of Content
1. Executive Summary | Fishmeal & Fish Oil Market
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
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Explore FMI’s related ongoing Coverage on Food and Beverage Domain
Fish Oil Market Share: The global fish oil market size was valued at USD 12.3 Bn in 2022, and is estimated to reach USD 23.8 Bn by 2032 with a CAGR of 6.8% from 2021 to 2032.
Fish Meal Alternative Market Size: Fish Meal Alternative products are projected to grow at a robust CAGR of 6.9% between 2022 and 2032, totaling around US$ 1800 Mn by the end of 2032.
Fishmeal Market Analysis: The fish meal market is estimated to be valued at USD 8,000 Mn in the year 2022 and is estimated to grow at an unprecedented rate to achieve a value of USD 15,000 Mn by the year 2032 with a CAGR of 7.7% during the assessment period.
Fish Feed Market Forecast: The fish feed market is estimated to account for about USD 112 billion in 2022 and is projected to reach a value of about USD 158.5 billion by 2032, at a CAGR of 8.0%.
Fish Gelatin Market Value: The Fish Gelatin market is valued at USD 287.0 Mn in 2022 and is projected to grow at a CAGR of 3.1% during the forecast period, reaching a value of USD 397.1 Mn by 2032.
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