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Fishmeal and Fish Oil Market 2024-2033: Outlook, Size, and Comprehensive Industry Analysis
Fishmeal & Fish Oil Global Market Report 2024
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According to The Business Research Company's, The fishmeal & fish oil market size has grown strongly in recent years. It will grow from $9.63 billion in 2023 to $10.33 billion in 2024 at a compound annual growth rate (CAGR) of 7.3%. The growth in the historic period can be attributed to increase in global fish consumption, nutritional benefits in animal feed, globalization of seafood trade, development of sustainable fishing practices, fishery by-product utilization.
The fishmeal & fish oil market size is expected to see strong growth in the next few years. It will grow to $13.65 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%. The growth in the forecast period can be attributed to continued growth in aquaculture, rising demand for nutraceuticals, innovation in alternative protein sources, increasing prevalence of hairfall, regulatory standards and certifications. Major trends in the forecast period include technological advances in processing, research on nutritional requirements, development of algal-based omega-3 products, integration of traceability systems, advancements in sustainable feed formulations.
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Market Drivers and Trends:
Increasing awareness about livestock and pet health nutrition is expected to boost the fish meal and fish oil market. Livestock and pet health nutrition refers to the science and practice of providing animals, both domesticated livestock and pets, with a balanced and appropriate diet to promote their overall health, well-being, and performance. As consumers become more conscious of the nutritional needs of their livestock and pets, there is a growing recognition of the benefits derived from incorporating fishmeal and fish oil into animal diets. For instance, in October 2021, according to the APPA (American Pet Products Association), US-based National Pet Owners Survey, 70% of households currently own pets. A growing segment of this population treats their pets like human family members, selecting food and treats based on their pets' dietary restrictions or their own values and diet regimens, like veganism. Therefore, the increasing awareness about livestock and pet health nutrition is driving the growth of the fish meal & fish oil market.
Strategic partnership is a key trend in the fishmeal and fish oil market. Major players are entering into a partnership to leverage each other's resources and sustain themselves in the market. For instance, in October 2022, Algorithm, a US-based company providing omega-3 solutions, partnered with Natures Crops International, a US-based manufacturer of specialty plant oils. Through this partnership, both companies created two new omega oil combinations for use as supplements, food, and drink ingredients. These novel mixtures, called Ahiflower 80DHA and 150DHA, are the only vegan sources of omegas that provide the broadest range of omegas with excellent sensory qualities. The association aims to offer various pollock fish products and advertising campaigns in the respective markets.
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Major Key Players of the Market:
FMC Corporation, Austevoll Seafood ASA, Croda International plc, Oceana Group Ltd., Omega Protein Corporation, The Scoular Company, GC Rieber Oils AS, Sürsan Su Ürünleri, TASA - Tecnologica de Alimentos SA, Corpesca SA, FF Skagen A/S, Orizon SA, Pioneer Fishing (Pty) Ltd., TripleNine Group A/S, Pesquera Exalmar SAA, Complex International SAS, Mukka Sea Food Industries, BASF SE, Pelagia AS, Diamante SA, HAYDUK Corporation, Coomarpes SA, Animal Feeds International Corporation, Kodiak Fishmeal Company, African Pioneer Group, Copeinca ASA, Rongcheng Blue Ocean Marine Bioengineering Co. Ltd., KT Group Ltd., Blue Gulf Seafoods Co. Ltd., Havsbrún ehf, China Fishery Group Limited
Fishmeal & Fish Oil Market 2024 Key Insights:
• The fishmeal & fish oil market size is expected to see strong growth in the next few years. It will grow to $13.65 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%.
• Rising Health Consciousness Drives Surge In Demand For Fish Meal And Fish Oil: A Nutritional Perspective
• Strategic Partnerships Transforming The Landscape Of The Fish Meal And Fish Oil Market
• Asia-Pacific was the largest region in the fishmeal and fish oil market share in 2023
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