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.
Because to increased result use and a thriving hydroponics industry, fishmeal and fish oil production are expected to rise modestly in the near future.
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 fisheries by 2024. The aquaculture sector is expected to produce 105 million tonnes by 2029, ten million tonnes more than the capture sector.
Fish meal and fish oil have obviously fallen in feed programmes as feed demand has increased in tandem with the rise of the hydroponics industry, and have been partially replaced by vegetable alternatives like as 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.
A variety of factors can influence the growth and dynamics of the global markets for fish oil and fishmeal. Extrinsic influences include the environment and weather, as well as fishing management and trade restrictions.
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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