The fish meal alternative market is projected to witness an average growth momentum in the global market at a CAGR of 7.10% during 2023 and 2033. The market share is estimated to be valued at US$ 1,924.2 million in 2023 and is anticipated to reach US$ 3,674.0 million by 2033.
Consumers are gradually shifting to healthy and vegan food habits because of the numerous health benefits and environmental benefits. Fish meal alternatives gain momentum as a way to achieve wide social acceptance and include diets free from animal products.
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.
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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.
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Recent Developments
- Lallemand, aiming to accelerate research and development in the field of fermented foods, gets involved in the committee of Grand Défi Ferments du Futur Programme in December 2022.
- In May 2023, Archer Daniels Midland (ADM), announced the acquisition of DCA Finance BV, to extend the geographical footprint of ADMIS to provide risk management for consumers. This agreement is expected to be completed by the second half of 2023.
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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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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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