The global market for fish meal alternatives achieved a valuation of USD 1,924.2 million in 2023. The market’s primary growth drivers are attributed to its expanding nutritional value and wide-ranging applications. Sales of fish meal alternative products are forecasted to grow robustly at a CAGR of 7.1% from 2023 to 2033, reaching approximately USD 3,674.0 million by the end of 2033.
Consumers are increasingly adopting healthy and vegan food habits due to their numerous health and environmental benefits. Fish meal alternatives are gaining popularity as a means to achieve broad social acceptance and support diets that exclude animal products.
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Market Overview: A Sustainable Future for Aquaculture
Traditional fish meal, derived from small fish, has long been a staple in aquaculture feed. However, concerns about overfishing and the environmental impact of this practice are prompting a shift towards sustainable alternatives. Fish meal alternatives, primarily derived from plant-based sources and insect protein, offer a viable solution with a lower environmental footprint.
Demand on the Rise: Ethical and Sustainable Food Production Takes Center Stage
The demand for ethical and sustainable food production practices is fueling the growth of the fish meal alternative market. Consumers are increasingly conscious of the environmental impact of their food choices and are seeking out products raised on sustainable feed sources. This trend is expected to continue, creating a long-term opportunity for fish meal alternative manufacturers.
Several key factors are propelling the fish meal alternative market forward:
- Sustainability Concerns: The environmental impact of traditional fish meal production is a major driver of the market. Fish meal alternatives offer a more sustainable solution, appealing to environmentally conscious consumers and producers alike.
- Rising Protein Demand: Global protein demand is expected to rise in tandem with population growth. Fish meal alternatives offer a valuable source of protein, addressing food scarcity concerns while lowering the carbon footprint of food production.
- Organic Food Boom: The burgeoning demand for organic poultry products is driving the fish meal alternative market. Plant-based alternatives are viewed favorably due to their high protein content, omega-3 fatty acids, and digestibility.
Market Scenario
- The rapid surge in the vegan population in North America has boosted the market growth in several countries. The United States held a global market value of 20.1% dominating the global market for fish meal alternatives.
- The fish meal alternative market in Germany is valued at 7.6% shares of the global market. This rise can be attributed to the rising consumer awareness of the importance of eating healthy food and the rise in health concerns.
- Over the projection period, the fish meal alternative market in India is likely to see a rise in demand with a CAGR of 3.4%. The developments in technology and availability of more realistic alternatives with a higher nutritional value in the global market leads the producers to invest more in emerging economies such as India.
- The fish meal alternative market will increase with a CAGR of 5.3% in the United Kingdom because of the significant optimism about animal activism and welfare.
Competiton among Key Players
FMI identified Archer Daniels Midland, Angel Yeast Co. Ltd, Cargill Corporation, Lallemand Inc., Alltech and Nutreco N.V as the major players in the fish feed alternative market. These players are continuously working towards developing strategies to launch new products and innovate new techniques to diversify their customer base.
The market is expected to attract many investments from both established players and startups in the forecast period. Market players are aiming to expand their market presence by adopting strategies such as partnerships, collaborations, acquisitions and mergers to increase their revenue share.
For instance,
- Archer-Daniels-Midland Company ADM announced expansion plans in April 2022 to meet the growing demand for alternative proteins. ADM intends to invest approximately $300 million to expand its alternative protein production in Decatur, Illinois.
- Cargill announced in March 2022 that it will attempt to incorporate algal oil into all feed delivered to the Norwegian market. Algae oil is one of the few alternative ingredients for aquaculture that can replace fishmeal and oil without sacrificing omega-3 levels.
- In June 2023, Angel Yeast signed a partnership agreement with PhaBuilder to widen the scope of synthetic biology.
- 2023 Alltech Agri-food Outlook released by Alltech highlighted the global feed production data. It states that despite the challenges faced in 2022, production remained steady in 2022 and feed production in several regions, including Latin America, North America and Oceania increased.
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Key Segments of Fish Meal Alternative Industry Survey
Type:
- Organic
- Conventional
Source:
- Plant
- Peas
- Lupins
- Corn
- Rice
- Canola
- Rapeseed
- Barley
- Wheat
- Animal
- Micro-organism
By Application:
- Feed
- poultry
- livestock
- pet food
- Treats
- Fertilizers
- Pharmaceuticals
- Dietary
By Region:
- North America
- Latin America
- Europe
- East Asia
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