The fish meal market is expected to be worth US$ 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.
The production of fishmeal and fish oil is predicted to rise moderately in the coming years as a result of enhanced by-product utilisation and a burgeoning 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 tonnes by 2029, ten million tonnes more than the capture sector.
Fish meal and fish oil have clearly declined in feed formulations as feed demand has risen in concert with increasing aquaculture production, and have been partially replaced by vegetable substitutes such 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 multitude of factors can influence the development and dynamics of the global markets for fish oil and fishmeal. Extrinsic variables such as weather and environment, fishery management, trade regulations, and so on are included.
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 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)
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