The global fish meal market is estimated to be valued at US$ 5,633.51 million in 2024. It will likely exhibit a CAGR of 4.4% during the forecast period, totaling US$ 8,698.72 million by the end of 2034.
Demand is anticipated to remain high for powdered fish meal during the assessment period, owing to its benefits like better convenience and versatility.
Multiple factors are expected to drive the growth of the Fish Meal market during the next ten years. These include:
- Rapid population growth, along with rising demand for protein-rich diets
- Booming aquaculture industry
- a
- Expanding usage of Fish Meal in fertilizers
- Increasing demand for premium aquaculture products like salmon and shrimp
Fish meat has become an ideal source of protein and nutrients in aquaculture, poultry, and livestock diets. It is widely used in animal feeds due to its high nutritional content, thereby fueling its demand globally.
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The demand for high-quality protein sources, such as fish meal in aquafeeds, is rising significantly due to the rise of the aquaculture industry, especially in Asian countries. This will persist in giving the fish meal market momentum to grow.
Global consumer preferences for healthier food products are causing a rise in the demand for fish and seafood. Consequently, it is anticipated that this will boost fish meal sales because it is becoming a more popular main element in aquafeeds.
The inclusion of fish meal in fertiliser formulation is becoming more and more common since it contains vital minerals and protein. During the evaluation phase, this will help the target market even more.
The escalating focus of farmers to provide high-nutritional feeds to their animals to cope with rising meat and dairy product demand is expected to fuel fish meal sales. Thus, a steady CAGR has been predicted for the target market during the forecast period.
Key Takeaways from the Fish Meal Market Report:
- The global fish meal industry is projected to total US$ 8,698.72 million by 2034.
- Based on form, the crustaceans constitute the fish meal segment is set to account for a prominent value share of 19.50% in 2024.
- Based on application, the Poultry segment is expected to hold a market share of 23.40% in 2024.
- The United States market is anticipated to total US$ 2,024.4 million by 2034.
- Fish meal demand in Japan is forecast to grow at 6.7% CAGR through 2034.
- China is poised to register a CAGR of 5.6% between 2024 and 2034.
“Rising consumption of meat and other animal products is expected to create significant demand for animal feed additives. This, in turn, will likely foster the growth of the fish meal industry during the assessment period,” – – Nandini Roy Choudhury, Client Partner at Future Market Insights
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Leading fish meal manufacturers listed in the report include
- Triplenine Group A/S
- Pesquera Diamante S.A.
- FF Skagen A/S
- Biomega AS
- Sarma Fish S.A.R.L
- Aker BioMarine Antarctic AS
- Omega Protein Corporation
- Calysta, Inc.
- Novus International Inc.
- Alpha Atlantique
- Oceana Group Limited S.A.
- Empresas Copec S.A.
- Others
Many of these companies are riding high on the increasing demand for alternative protein categories. These companies are expanding product portfolios and employing strategies like partnerships, advertising, mergers, acquisitions, and agreements to stay ahead of the competition.
Recent Development:
- In 2022, FMC and Cargill partnered to create and market fresh aquaculture nutrition products.
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Fish Meal Market Research by Application, Nature, and Other Categories
By Nature:
- Organic
- Conventional
By Application:
- Animal Feed
- Aqua Feed
- Poultry
- Pharmaceuticals
- Dietary Supplement
- Fertilizers
By Source:
- Crustaceans
- Crabs
- Lobsters
- Crayfish
- Shrimps
- Prawns
- Krill
- Woodlice
- Barnacles
- Cyprinids
- Tuna
- Tilapia
- Swordfish
- Salmons
- Milkfish
- Catfish
- Trout
- Marine Fish
- Eels
- Molluscs
By Region:
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
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