The global fish meal market is expected to grow at a compound annual growth rate (CAGR) of 7%, from a valuation of US$ 5.6 billion in 2023 to US$ 11 billion by the end of 2033. Crustacean consumption is expected to increase at a CAGR of 7.5%, which is faster than the average market growth rate due to the rapidly increasing demand from the nutritional supplements industry.
Fish oil and fish meal are produced from around one-third of the world’s wild-caught fish, and these products are then fed to pigs, chickens, and other animals as well as employed in the diets of farmed carnivorous fish. Given the projected rapid expansion of aquaculture in the next two decades, a number of experts fear that the growing demand for fish meal will put further strain on the already finite supply of fish. Fish meal is typically created from fish species that are not consumed by people directly or from leftovers from the preparation of seafood.
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Fish meal, which is produced by processing fish, is well known for providing important nutrients and protein to a variety of sectors. Fish meal is essential for providing nutrients to a wide range of species and applications, including aquaculture, animal feed, pet food, and fertilizers. This article explores the ever-changing fish meal market, revealing its history, major developments, and crucial function in the world’s food and agriculture sectors.
Competitive Landscape:
Fish meal suppliers are expanding quickly thanks to the application of innovative marketing strategies. Leading manufacturers of fish meal have invested adequately at every stage of product development in an effort to increase awareness of the health benefits of goods manufactured from marine byproducts, such as fish meal.
As an example:
The multinational producer of fish oil and fish meal, Biomega AS, is expanding its business venture by acquiring a biorefinery located in Denmark. The goal of this facility expansion is to promote the development of products derived from salmon and help the company become a major player in the fish meal market.
The abundance of the ocean:
Fish or fish by-products can be cooked, pressed, dried, and ground to create fish meal, a high-protein powder. Fish meal is highly valued for its abundance of vital amino acids, omega-3 fatty acids, vitamins, and minerals. It is generally obtained from tiny, oily fish like anchovies, sardines, and mackerel. This nutrient-dense substance promotes growth, development, and general health in livestock, poultry, aquaculture species, and pets. It is also a valuable feed element.
Dynamics of the Market and Growth Engines:
The growing need for animal feed high in protein, the increase of aquaculture production, and the expanding knowledge of the health benefits of diets based on fish are the main drivers of the fish meal market. The increasing need for animal protein due to the growing global population is anticipated to drive up demand for feed ingredients like fish meal. Furthermore, the demand for fish meal as a feed ingredient is fueled by the expansion of aquaculture as a sustainable source of seafood production. Furthermore, the market for premium fish meal formulations is driven by the growing demand for specialist animal feeds and premium pet foodÂ
Key Companies Profiled:
- 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
Important Market Trends:
The Fish Meal Market is evolving due to several dynamics. The growing emphasis on sustainability and ethical sourcing methods is one noteworthy trend. Customers and industry stakeholders are looking for guarantees that fish meal manufacturing is done in an environmentally responsible way due to worries about overfishing and its effects on the environment. Initiatives like certification programs for sustainable fisheries and the creation of alternative protein sources, like plant-based proteins and insect meal, to replace fish meal in animal feed formulations are the results of this movement.
Opportunities and Difficulties in the Market:
Notwithstanding its significance, the Fish Meal Market is confronted with obstacles such disturbances in the supply chain, fluctuations in prices, and limitations imposed by regulations concerning food safety and environmental sustainability. But these difficulties also offer chances for uniqueness in the market and creativity. Fish meal manufacturers can improve their competitive position and satisfy changing consumer demands by investing in sustainable fishing methods, implementing traceability and transparency policies, and investigating alternative protein sources.
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Prospects for the Future:
Looking ahead, the Fish Meal Market seems to have a bright future. The market for fish meal is predicted to stay robust due to the rising need for animal feed that is high in protein, the growth of aquaculture production, and the expanding awareness of the nutritional advantages of diets based on fish. Furthermore, by following to responsible sourcing procedures and certification criteria, fish meal producers can differentiate their products and gain market share, as industry stakeholders continue to prioritize environmental stewardship and sustainability.
Key Segments Covered in Fish Meal Industry Research:
- By Product :
- Crustaceans
- Crabs
- Lobsters
- Crayfish
- Shrimps
- Prawns
- Krill
- Woodlice
- Barnacles
- Cyprinids
- Tuna
- Tilapia
- Swordfish
- Salmons
- Milkfish
- Catfish
- Trout
- Marine Fish
- Eels
- Mollusos
- Crustaceans
- 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
To sum up, the fish meal market plays a significant role in the worldwide food and agriculture sectors. It is an essential component of animal feed formulations and helps to sustain and expand aquaculture production. Stakeholders in the fish meal industry can support the resilience and continuous growth of this vital sector by embracing market trends, resolving obstacles, and seizing opportunities for innovation and sustainability. This will guarantee a consistent supply of feed ingredients rich in protein for the expanding population and the future of food production.