The fish meal industry share is estimated to show consistent growth throughout the forecast period, expanding at a CAGR of 4.4%. The fish meal market value is expected to expand from US$ 5,633.51 million in 2024 to US$ 8,698.72 million by 2034.
As a result of increased by-product utilisation and a growing aquaculture industry, production of fishmeal and fish oil is likely to climb moderately in the future years.
According to the OECD, aquaculture’s contribution to global fish culture will increase and eventually surpass that of fisheries by 2024. Aquaculture production is predicted to exceed catch by 10 million tonnes by 2029.
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Fish meal and fish oil have plainly declined in feed formulations as feed demand has climbed in concert with expanding aquaculture production, and they have been partially replaced by vegetable replacements like as soymeal and rapeseed oil.
Due to scarcity, fishmeal and fish oil will be used more frequently as strategic components at lower percentages and for certain stages of manufacturing.
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.
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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
Segmentation for fishmeal market
By Application:
- Fertilizers
- Animal Feed
By End-Use:
- Swine
- Poultry
- Aquaculture
- Salmon & Trout
- Crustaceans
- Cyprinids
- Marine Fish
- Others
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- MEA
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