The fishmeal market is projected to be valued at US$ 8,000 million in 2022. Over the assessment period, it is poised to experience an extraordinary growth trajectory, with a remarkable CAGR of 7.7%. Furthermore, this rapid development is expected to drive the market’s value to reach an impressive US$ 15,000 million by 2032.
Fishmeal and fish oil creation are supposed to rise modestly before very long because of improved result usage and a flourishing hydroponics industry.
Fish Dinner and Fish Oil Diminish in Feed Plans Amid Rising Hydroponics Production
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 tonnes by 2029, ten million tonnes higher than the capture sector.
As feed demand has increased along with the growth of the hydroponics industry, fish supper and fish oil have plainly fallen in feed plans and have been partially replaced by vegetable equivalents like 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 growth and dynamics of the world markets for fish oil and fishmeal can be influenced by a wide range of factors. Extrinsic factors include things like the environment and weather, fishery management, trade laws, and so forth.
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.
- 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 well being 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 launched its online store, thereby facilitating the buying process for consumers. Furthermore, in the same month
Trident Seafoods entered the pet food market by introducing its Omega 3 food for dogs. This marked their foray into a new market segment, diversifying their product portfolio.
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Key Segments Fish meal & Fish Oil Market
Source:
- Primarily, Salmon & Trout, Marine Fish, Crustaceans, Tilapia, and Carps contribute to…
- Within this context, we can observe that…
- Interestingly, these species collectively shape…
- Additionally, the role of each species in…
- Furthermore, looking at the various species involved…
Application:
- Aquaculture & Aquatic Feeds, for instance,…
- Similarly, Land Animal Feeds and Livestock show…
- In contrast, Agriculture and Fertilizers applications highlight…
- Conversely, Pharmaceuticals application emphasizes…
- Moreover, the role of Dietary Supplements comes into play…
By Region:
- In North America these trends are evident…
- Latin America on the other hand, portrays…
- Western Europe meanwhile, illustrates…
- Comparatively Eastern Europe showcases…
- Notably Asia Pacific excluding Japan (APEJ) experiences…
- Japan interestingly, contributes…
- Similarly The Middle East & Africa (MEA) demonstrates…
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