The fish meal market is anticipated to be worth USD 8,000 million in 2022 and to develop at an unprecedented rate to reach USD 15,000 million by 2032 with a CAGR of 7.7% over the assessment period.
Trout and salmon are frequently used as a good source of raw material in the production of fishmeal. As the cultivation of trout and salmon has increased considerably in recent years, so has waste output in fish processing companies. Businesses have a enough supply of low-cost raw resources to manufacture fishmeal, which will meet global customer demand. Trout and salmon are frequently used as a good source of raw material in the production of fishmeal.
As the cultivation of trout and salmon has expanded dramatically in recent years, wastage output in fish processing facilities has surged as well. Businesses have an adequate supply of low-cost raw materials to make fishmeal, which will satisfy customer demand worldwide.
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Key takeaways:
- The fish meal market is expected to be worth USD 8000 Mn in 2021, and to increase at an extraordinary pace to reach USD 15,000 Mn by 2032, with a compound annual growth rate (CAGR) of 7.7% over the analysis period.
- The market segment has grown to a value of USD 4,180 million as a result of widespread demand. The United States is expected to be the most dominating region in the North American segment, accounting for more than 87 percent of overall North American sales for USD 2717 million.
- China has a fast-increasing aquaculture business and is the top producer of animal-derived products in the Asia-Pacific region, with a market share of over 345 percent and an estimated value of USD 704 million.
- In the United States, by-catch fishing wastes 1 million metric tons of fish each year. The fishery sector stimulates the manufacture of fishmeal since waste and by-catch are supplied as cheap raw materials to fishmeal producers, so paying for the losses that the fishing business might have sustained from wastage and by-catch.
Competitive landscape
Fishmeal is seeing a staggering growth in the animal feed and fertilizer industry. Various companies are using technology and research to come up with a process that could efficiently extract nutrients from the fish waste that is produced in large amounts from the fish processing plants.
- Bergen and Biomega Group, for example, use the fish waste from several salmon fish processing units that aren’t meant for the human intake to make high-quality pet food. Fishmeal is a highly profitable alternative for pet owners since it provides improved fatty acids, minerals, and high-quality protein. These companies use a process known as ‘enzymatic hydrolysis,’ which turns fish waste into high-quality meals in the form of the high-protein peptide. The method supports the main objective of incorporating entire animal leftovers into usable products and accomplishing Zero Wastage.
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Explore More Valuable Insights
Future Market Insights, in its new report, offers an unbiased analysis of the global Fishmeal market, presenting historical data (2017-2021) and estimation statistics for the forecast period of 2022-2032.
By Application:
- Fertilizers
- Animal Feed
By End-Use:
- Swine
- Poultry
- Aquaculture
- Salmon & Trout
- Crustaceans
- Cyprinids
- Marine Fish
- Others
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- MEA
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