Fishmeal Market: An Exclusive Study On Upcoming Trends And Growth Opportunities | The Insight Partners

According to our latest market study on "Fishmeal Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Source (Salmon and Trout, Marine Fish, Crustaceans, Tilapia, Others); Application (Fertilizers, Animal Feed, Others) and Geography," the market accounted for US$ 8,153.6 million in 2020 and is expected to grow at a CAGR of 8.3% during 2021-2028 to reach US$ 15,264.6 million by 2028. The report highlights key factors driving the market growth and prominent players along with their developments in the market.

Major vendors in the global Fishmeal Market are TripleNine, The Scoular Company, FF SKAGEN A/S, Pelagia AS, Soytex LTD, Pesquera Diamante S.A., TASA, Oceana Group Limited, Omega Protein Corporation, COPEINCA

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Fishmeal is produced using fish by-products from the food processing and filleting industries. It is mainly used as a high protein (60–72%) ingredient in feed produced for farmed animals and aquaculture species. The demand for fishmeal exceeds the supply for it; therefore, the feed industry has considerably changed the composition of fishmeal in feed. The fishmeal market has witnessed the growth over historic period owing to the development of aquaculture due to rising demand for seafood products and increasing reliance on aquaculture by developing countries to resolve food scarcity. Also, fishmeal is sustainable in nature as it is produced from waste components of other industry. Therefore, it is a part of various environmental conservation programs. The market is thereby benefitting from sustainable practices, such as organic farming.

In 2020, Asia-Pacific held the largest revenue share of the global fishmeal market. Also, the region is expected to register the highest CAGR during the forecast period. Asia-Pacific comprises several major economies such as India, China, Japan, South Korea, and Australia. These countries are witnessing an upsurge in industrialization in the food sector and urbanization activities, offering ample opportunities for the key players in the fishmeal market. Asia-Pacific is anticipated to witness a rising demand for fishmeal in the coming years owing to the presence of numerous small and medium level domestic players in the market. During the forecast period, the fishmeal market is expected to witness huge demand from the aquaculture and organic farming industries due to its highly nutritious profile containing essential amino acids. Besides, fishmeal finds applications in nutraceutical, pharmaceutical, and other industries. The fishmeal market in Asia-Pacific is expected to grow during the forecast period due to enormous growth in the aquaculture sector, especially in India and China. Additionally, the rising population and growing government support are driving the market growth in the region.

The COVID-19 pandemic has negatively impacted the fisheries industry with disruptions in its supply chain. The decline in the demand for seafood has resulted in the decreased production of fish. Low fish demand reduced fish fleet activities, which negatively impacted the production of fish by-products, especially fishmeal. However, with the launch of vaccination drives globally, the economies are reviving, and industries are witnessing demand for their products. Various governments are also taking initiatives to minimize the loss of the fisheries industry due to this pandemic. With this, the fishmeal market is expected to witness growth in the coming years.

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Market Insights

Increasing Demand for Protein Rich Animal Feed

The industrialization of animal farming has increased the demand for protein-rich animal feed ingredients to raise the feed conversion rate. Industrially raised livestock are mainly fed on concentrates made from cereal and vegetable protein such as soybean meals to assist them in gaining weight and producing protein-rich meat. Farm animals depend on proteins and other elements as building blocks essential for growth. Proteins in animal feeds are an excellent energy source and essential amino acids, such as lysine and methionine. The growing awareness about the health benefits of proteins on animal health has created a substantial demand for various protein feeds, such as animal protein meals, feather meals, fishmeal, bone meal, and blood meal. Fishmeal is a rich source of protein, minerals, and fatty acids and is easily digested by the livestock upon consumption. High-quality fishmeal enables the formulation of nutrient-dense livestock diets, promoting their optimal growth. As livestock and farm animals contribute significantly to the global food supply chain, the demand for protein-rich nutritious animal feed is rising and is expected to continue during the forecast period. The constantly burgeoning demand for protein-rich animal feeds to promote growth in livestock at all stages of life is driving the overall fishmeal market substantially.

Fishmeal Market, by Source
• Salmon
• Mackerel
• Anchovy
• Capelin
• Others

Fishmeal Market, by Application
• Animal Feed
• Agriculture
• Others

Regional and Country-wise Analysis: Global Fishmeal Market

- North America (U.S., Canada, Mexico)

- Europe (U.K., France, Germany, Spain, Italy, Central & Eastern Europe, CIS)

- Asia Pacific (China, Japan, South Korea, ASEAN, India, Rest of Asia Pacific)

- Latin America (Brazil, Rest of L.A.)

- The Middle East and Africa (Turkey, GCC, Rest of Middle East)

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