The global fishmeal market is estimated to be valued at US$ 8325.6 million in 2024. It will likely exhibit a CAGR of 5.2% during the forecast period, totaling US$ 13,874.3 million by the end of 2034.
Demand is anticipated to remain high for powdered fishmeal during the assessment period, owing to its benefits like better convenience and versatility. The target segment will likely account for a revenue share of 31.5% in 2024.
Multiple factors are expected to drive growth of the fishmeal market during the next ten years. These include:
- Rapid population growth, along with rising demand for protein-rich diets
- Booming aquaculture industry
- Rising demand for high-quality, nutritious animal feeds and aquafeeds
- Expanding usage of fishmeal in fertilizers
- Increasing demand for premium aquaculture products like salmon and shrimp
Fishmeal 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.
The expansion of aquaculture industry, particularly in Asian nations, is creating significant demand for high-quality protein sources, including fishmeal in aquafeeds. This will continue to provide impetus for the growth of the fishmeal market.
There is a rising demand for fish and seafood globally amid shifting consumer preferences for healthier food products. This, in turn, is expected to fuel sales of fishmeal as it is increasingly used as a primary ingredient in aquafeeds.
Fishmeal is also gaining wider popularity in fertilizer production due to presence of protein and other essential micronutrients. This will further boost the target market during the assessment period.
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 fishmeal sales. Thus, a steady CAGR has been predicted for the target market during the forecast period.
Key Takeaways from the Fishmeal Market Report:
- The global fishmeal industry is projected to total US$ 13,874.3 million by 2034.
- Based on form, the powdered fish meal segment is set to account for a prominent value share of 5% in 2024.
- Based on application, the animal feed segment is expected to hold a market share of 9% in 2024.
- The United States market is anticipated to total US$ 2,024.4 million by 2034.
- Fishmeal demand in Japan is forecast to grow at 7% CAGR through 2034.
- China is poised to register a CAGR of 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 growth of the fishmeal industry during the assessment period,” – Nandini Roy Choudhury, Client Partner at Future Market Insights
Who is Winning?
Leading fishmeal manufacturers listed in the report include Triplenine Group A/S, Oceana Group Limited S.A., Empresas Copec S.A., Pesquera Hayduk S.A., Ff Skagen A/S, Pesquera Diamante S.A., and Austevoll Seafood ASA, among 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.
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
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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