Fishmeal & Fish Oil Market Expected to Expand at 5.8% CAGR by 2033, According to Future Market Insights

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The fishmeal and fish oil market is anticipated to reach a value of USD 7.4 billion in 2023 and USD 13.0 billion in 2033. During the projection period, fishmeal and fish oil sales are anticipated to expand at a substantial CAGR of 5.8%.

The production of fishmeal and fish oil is expected to increase moderately in the coming years as a result of improved by-product utilization and a growing aquaculture industry.

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 tons by 2029, ten million tons more than the capture sector.

As feed demand has increased in tandem with increased aquaculture production, the inclusion of fish meal and fish oil in feed recipes has clearly declined, and has been partially replaced by vegetable substitutes such as soymeal and rapeseed oil.

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 development and dynamics of the markets for fish oil and fishmeal on a worldwide scale can be influenced by a variety of variables. Included in them are extrinsic variables like the weather and environment, fishery management, trade policies, etc.

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.

In-Depth Market Analysis: A Complete Report

Latest Developments

In April 2022, Evolve Supplements initiated its online store for aiding in the buying process for consumers.

In April 2022, Trident Seafoods came out with its Omega 3 food for dogs. They forayed into the pet food market with this initiative.

Key Segments Fish meal & Fish Oil Market

Source:

  • Salmon & Trout
  • Marine Fish
  • Crustaceans
  • Tilapia
  • Carps

Application:

  • Aquaculture & Aquatic Feeds
  • Land Animal Feeds and Livestock
  • Agriculture and Fertilizers
  • Pharmaceuticals
  • Dietary Supplements

By Region:

  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • Asia Pacific excluding Japan (APEJ)
  • Japan
  • The Middle East & Africa (MEA)

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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About the Author

Nikhil Kaitwade

Associate Vice President at Future Market Insights, Inc. has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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