NEWARK, Del, Aug. 21, 2023 (GLOBE NEWSWIRE) -- The global fish silage market is anticipated to reach a market valuation of US$ 780.9 million in 2023. Over the forecast period (2023 to 2033), global fish silage demand is estimated to grow at 10.2% CAGR. By 2033, the total market is projected to reach a US$ 2,065.0 million valuation.
Fish silage is vital because it is a versatile feedstuff, cost-effective, simple to process, long-term storage life, along with an environmentally sound way of disposing of fish waste.
Despite the fact that the production and usage of fish silage have been commercialized in Scandinavia, many efforts have been made in Canada, primarily due to economic pressures, rigorous environmental rules, and the need for protein sources.
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More specifically, the production of fish silage is an appealing alternative for small processors for whom fish meal manufacturing is too expensive and raw material supply is insufficient or sporadic.
In small remote fishing ports where the supply of fish waste is limited, a fish meal factory is not economically feasible nonetheless, fish silage is an alternative feasible option for manufacturing value-added products.
Fish silage, like fish meal, is mostly used in animal feed. Fish meal has 65% protein, whereas fish silage contains just about 15%. Fish meals, on the other hand, can be supplemented with fish silage at various amounts to minimize feed costs. Silage appears to be more practicable in pig farms, where it may be applied directly as a liquid.
Aside from the pig industry, hens and cows fed silage yielded good results such as tainted milk and butter and high egg production. By isolating the oil phase and evaporating the moisture, silage can be utilized as a protein concentrate. Concentrated silage is preferable to regular silage because it has a higher nutritional value.
Key Takeaways from the Fish Silage Report:
- The Fish silage market is expected to be valued at US$ 780.9 million by 2023.
- Global demand for fish silage is likely to soar at 10.2% CAGR over the forecast period.
- Based on Type, demand for Wet type is expected to continue as it is holding a market share of 89.0% to reach a market valuation of US$ 1,837.8 million by the end of 2033.
- According to FMI analysis, the liquid segment is predicted to attain a market share of 78.0% during the assessment period, resulting in a market size of US$ 1,610.7 million by 2033.
- According to FMI, there is an increasing application of fish silage in aquaculture feed and it is estimated to hold a market share of 56.0% and is anticipated to reach a market valuation of US$ 1,156.4 million by the end of 2033.
“The Fish silage market is expected to expand due to rising consumer preference for sustainable agricultural practices along with alternative animal feed sources presenting an opportunity to Manufacturers to Innovate More,” - says a lead analyst at Future Market Insights (FMI).
Competitive Landscape in Fish Silage Market
Top Key Companies Profiled
- BioMar Group
- Calysta, Inc.
- Biomega AS
- Alltech Coppens
- Skretting
- Nutreco N.V.
- Ridley Corporation Limited
- Archer Daniels Midland Company
- Cargill, Inc.
- Dibaq A.S.
- Others (on additional request)
These companies are expanding product portfolios, employing strategies like advertising, partnerships, acquisitions, agreements, and mergers to maintain market relevance and drive growth in the fish silage market.
For instance,
• In November 2021, the Caribbean Agricultural Research and Development Institute (CARDI) and The United Nations Food and Agriculture Organisation (FAO) recently collaborated to offer a virtual Fish Silage for Animal Feed Seminar for stakeholders and 25 participants.
- In July 2019, Argentina's government recently hosted a workshop with the St. Kitts and Food and Agriculture Organisation (FAO) and Nevis Marine Resources Division. The project's goal is to convert unused fish parts into safe and nutritious products for cattle consumption and fertilizer. The idea creates jobs while also assisting in ensuring food security and lowering the food import expense.
- In March 2021, Iran intends to create three new fish silage production firms in the Iranian year (March 21, 2021 to March 20, 2022), according to Deputy Chairman of Iran Fisheries Organisation Isa Golshahi, according to Trend, quoting the Ministry of Agriculture Jihad.
Get More Valuable Insights:
Future Market Insights (FMI), in its new offering, provides an unbiased analysis of the global fish silage market presenting historical demand data (2018 to 2022) and forecast statistics for the period from 2023 to 2033.
The study incorporates compelling insights on the fish silage market based on Fish Type (Tuna, Salmon, Sardine, Mackerel, and Others), Type (Dry Silage and Wet Silage), Form (Powder, Liquid, and Pellet) Application (Aquaculture Feed, Pet Food, Agriculture Feed, and Others), across various regions.
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Market by Categorization:
By Type:
- Dry Silage
- Wet Silage
By Fish Type:
- Salmon
- Tuna
- Sardine
- Mackerel
- Others
By Application:
- Aquaculture Feed
- Pet Food
- Agriculture Feed
- Others
By Form:
- Pellets
- Powder
- Liquid
By Region:
- North America
- Europe
- Latin America
- East Asia
- Oceania
- South Asia
- Middle East & Africa
About the Food & Beverage Division at Future Market Insights (FMI):
FMI's Food & Beverage team offers comprehensive business intelligence services, with a vast array of reports and data points analyzed across 50+ countries over a decade. The team provides consulting services and end-to-end research, offering expert analysis, actionable insights, and strategic recommendations to clients worldwide. Contact them to explore how they can assist with your unique business intelligence needs.
Explore FMI’s related ongoing Coverage in Food and Beverage Domain:
Fish Feed Market Size: The global fish feed market is expected to accumulate a valuation of US$ 116,480 million in 2023 and is projected to expand at a CAGR of 3.5% from 2023 to 2033.
Fish Protein Isolate Market Share: The Fish Protein Isolate Market is slated to surpass US$ 565 Million in 2020 and register growth above 7.3% (CAGR) between 2020 and 2030.
Fish Waste Management Market Trends: The global Fish Waste Management Market is estimated to be worth US$ 5,412.0 million by 2023 and is projected to reach a value of US$ 7,234.0 million by 2033 reflecting a CAGR of 2.9% over the assessment period 2023 to 2033.
Fish Oil Alternatives Market Value: By registering a CAGR of 5% from 2023 to 2033, the global fish oil alternatives market opportunities seem promising. As per the global fish oil alternatives market analysis report, its net worth could be US$ 2.5 billion in 2023.
Fish Protein Market Analysis: The fish protein market value is estimated to be worth US$ 1 billion in 2023 and is expected to double in value, reaching US$ 2 billion by 2033.
About Future Market Insights (FMI):
Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization, and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel, and End Use over the next 10 years.
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