Fish Meal Market Anticipates US$ 11 Billion Valuation by 2033, Driven by 7% CAGR

The global fish meal market is forecasted to grow at a Compound Annual Growth Rate (CAGR) of 7%, escalating from a value of US$ 5.6 billion in 2023 to US$ 11 billion by the culmination of 2033. The consumption of crustaceans is anticipated to outpace the market average, with a CAGR of 7.5%, propelled by surging demand from the dietary supplements sector.

Nearly one-third of the world's wild-caught fish undergoes processing to produce fish oil and fish meal, which are subsequently utilized as feed for livestock such as pigs and poultry, as well as in the diets of farmed carnivorous fish. With the rapid expansion of aquaculture expected in the next two decades, concerns have been raised by experts regarding the heightened demand for fish meal potentially exacerbating fishing pressure on already depleted stocks. Typically, fish meal is derived from fish species not directly consumed by humans or from by-products of seafood processing.

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The fish meal market is undergoing significant growth, fueled by shifting dietary patterns, heightened demand for animal protein, and the burgeoning aquaculture sector. This article explores the latest trends driving the fish meal market and their impact on the broader food and feed industries.

Expansion of Aquaculture:

With aquaculture expanding to meet the surging appetite for seafood, fish meal remains indispensable in aquafeed formulations. As aquaculture production outpaces wild fish catch, the need for premium fish meal as a protein-rich feed component escalates. This trend spurs increased production and innovation within the fish meal sector to cater to the global aquaculture market.

Key Companies Profiled:

• Omega Protein Corporation
• Copeinca
• TripleNine
• Orizon SA
• Pesquera Diamente S.A.
• Biomega AS
• Animal Feeds International Corporation
• Pesquera Hayduk SA
• Oceana Group Limited S.A.
• Empresas Copec S.A.
• Sardina D.O.O

Increasing Demand for Animal Protein:

In response to a growing global populace and shifting dietary preferences, the call for animal protein, including fish-derived products, is on the rise. Fish meal emerges as a prized protein source in animal feed, especially for livestock and poultry. As consumers gravitate toward healthier and more sustainable protein alternatives, the demand for fish meal in feed applications is projected to soar.

Emphasis on Sustainability and Ethical Sourcing:

Amid concerns about overfishing and environmental sustainability, the fish meal industry is doubling down on responsible sourcing practices. Manufacturers are embracing sustainable fishing methods, enforcing traceability measures, and pursuing certifications like Marine Stewardship Council (MSC) accreditation to ensure the eco-friendliness of their fish meal offerings. This commitment to sustainability resonates with eco-conscious consumers and bolsters the market's long-term prospects.

Technological Innovations and Processing Advancements:

Technological breakthroughs in fish meal processing are driving efficiency gains and product quality enhancements. Innovations such as low-temperature drying, enzymatic treatments, and hydrolysis enable manufacturers to produce superior fish meal with heightened nutrient retention and reduced ecological footprint. Moreover, strides in by-product utilization and waste minimization underscore the industry's commitment to sustainability.

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Competitive Landscape:
Creative marketing strategies are fueling the rapid expansion of fish meal suppliers. Leading fish meal producers are actively promoting the health benefits of products derived from marine by-products, such as fish meal, through strategic investments at every stage of product development.

For example, Biomega AS, a prominent global producer of fish oil and fish meal, is set to expand its operations with the establishment of a biorefinery in Denmark. This expansion aims to support the development of salmon-derived products, further solidifying the company's position in the fish meal industry.

Diversification of Usage:

Beyond its conventional role as a feed ingredient, fish meal finds applications in diverse sectors, including pet nutrition, fertilizers, and aquaponics. Renowned for its high protein content, balanced amino acid profile, and nutritional richness, fish meal garners appreciation across various industries. This diversification of usage heralds fresh avenues for market expansion and product innovation in the fish meal realm.
 
Key Segments Covered in Fish Meal Industry Research:
• By Product :
o Crustaceans
 Crabs
 Lobsters
 Crayfish
 Shrimps
 Prawns
 Krill
 Woodlice
 Barnacles
o Cyprinids
 Tuna
 Tilapia
 Swordfish
 Salmons
 Milkfish
 Catfish
 Trout
 Marine Fish
 Eels
 Mollusos
• By Nature :
o Organic Fish Meal
o Conventional Fish Meal
• By Application :
o Animal Feed
o Aqua Feed
o Poultry
o Pharmaceuticals
o Dietary Supplements
o Fertilizers
• By Region :
o North America
o Europe
o Asia Pacific
o Latin America
o Middle East & Africa

In conclusion, the fish meal market is primed for sustained growth driven by the burgeoning aquaculture sector, surging demand for animal protein, and heightened focus on sustainability and ethical sourcing. As the global population burgeons and dietary preferences evolve, fish meal remains a linchpin protein source for humans and animals alike. By embracing technological advancements, sustainable practices, and diversified applications, the fish meal industry stands ready to tackle future challenges and capitalize on emerging opportunities while contributing to global food security and sustainability.

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This release was published on openPR.