According to Future Market Insights (FMI), the fishmeal and fish oil market would be worth USD 6 Bn in 2032. Over the assessment period, from 2022 to 2032, demand for fishmeal and fish oil is anticipated to increase at a 6.0% CAGR, bringing total consumption to USD 12 Bn.
The production of fishmeal and fish oil is projected to expand moderately in the coming years, due to better application of by-products from the fish processing industry, and the development of other raw material sources like algae, krill, and insects. The growing aquaculture industry will be the main driver behind the market.
Fish oils are mainly extracted from fishes such as salmon, anchovy, and trout. These fishes are rich in astaxanthin and carotenoids that have diverse utilization in pharmaceutical industries. The essential omega 3 fatty acids are primarily extracted from fish oils. Fish oil also finds increasing application in the pharmaceutical industry raw material for making medicines.
Fishmeal is a natural fertilizer and an excellent source of nutrients for gardens, lawns, and farms. Hence, the agricultural application of fishmeal products is envisaged to be one of the main drivers of the fishmeal and fish oils market.
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Key Takeaways from the market
- Future Market Insights (FMI) report has projected the fishmeal and fish oil market size to total USD 6 Bn in 2022.
- From 2001 to 2010, the average yearly fishmeal production was around 5.5 million tonnes, while from 2011 to 2020 it was around 5 million tonnes. The production of fish oil by volume amounts to between 0.8 and 1.3 million tonnes a year.
- In 2019, 68% of global utilization of fish oils was for aquaculture, i.e. around 610,000 tonnes of fish oil.
- Nearly 71% of fish oil consumption in aquaculture was used to feed salmon and trout.
- Peruvian fisheries, the largest volume-wise in the world have seen an upward tick in catches hence satisfying the rising demand for fishmeal.
- Fitness enthusiasts and athletes frequently consume fish oil for their omega-3 needs. Rising awareness about the aforementioned health benefits of fish oil will aid in the overall expansion of the market in the coming years.
- Regionally, Western Europe has emerged as a leading market for fishmeal and fish oils. The market will also witness lucrative growth opportunities in the Asia Pacific.
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Competitive Landscape
Key market players have adopted expansion and investments as key strategies to expand their presence in the fishmeal & fish oil market. Their growth strategies will enable growth in the market in the coming years.
The global fish and seafood industry is undergoing a transformation with big firms and government organizations linking with smaller fisheries at both inter and intra-region levels. These collaborations have opened the scope for increased demand for the aquatic feed additives market. This in turn will propel demand in the fishmeal and fish oil market. Furthermore, the rising use of fish oil in health supplements will ensure attractive prospects of growth for the market.
The fishmeal and fish oil market is slightly fragmented, diversified, and competitive with various small and mid-sized firms active which are strategically involved in consistent research and development and product innovations. The fishmeal & fish oil market in every region has witnessed the development of business units, subsidiaries, and research centers sponsored by key players. A few key players are Croda International Plc, The Scoular Company, FMC Corporation, Pelagia, GC Rieber Oils, Oceana Group Limited, Austevoll Seafood ASA, and Omega Protein Corporation.
“Fish meal and Fish oil manufacturers should establish strategic alliances with fisheries and regional entities for an adequate supply of raw materials, they should also do extensive marketing, specifically those dealing with fish oil supplements and pharmaceuticals should acquire the increasing market for omega-3 supplements. Manufacturers should also collaborate with industries using fish oils and fishmeals and communicate its benefits in agriculture and aquaculture,” says a Future Market Insights analyst.
The global Fishmeal & Fish Oil market is segmented in detail to cover every aspect of the market and present complete market intelligence to readers.
Source:
- Salmon & Trout
- Marine Fish
- Crustaceans
- Tilapia
- Carps
- Others
Application:
- Aquaculture & Aquatic Feeds
- Land Animal Feeds and Livestock
- Agriculture and Fertilizers
- Pharmaceuticals
- Dietary Supplements
- Others
Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa
Frequently Asked Questions
- How much is the current worth of fishmeal and fish oils market?
- At what CAGR is the fishmeal and fish oils market expected to grow?
- What is the demand outlook forecast for the fishmeal and fish oils market?
- Who are the top 5 players operating in the market?
- How are market players reacting to the new developments in the market?
- Which are the major countries driving demand for fishmeal and fish oils?
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