The ‘Global Fishmeal and Fish Oil Market Size Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global fishmeal and fish oil market, assessing the market on the basis of its segments like type, species, application, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2022): USD 11.8 billion
- Forecast CAGR (2023-2028): 6.90%
- Forecast Market Size (2028): USD 17.61 billion
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Rising demand for animal-based food products and meat of poultry, swine, and aquatic animals are driving the growth of the global fishmeal and fish oil market. With an increasing focus on good quality animal-based food products, there is a heightened focus on providing livestock with suitable feed that helps in optimum growth. Fishmeal and fish oil offer multiple nutritional advantages for livestock, as they are high in proteins and calories while being easy to digest. The high levels of omega-3 fatty acids in fishmeal and fish oil, such as DHA and EPA, and increasing awareness of the benefits of omega-3 fatty acids, are bolstering the use of fishmeal and fish oil further.
Expansion of the aquaculture sector supported by improvements in infrastructure and rising investments is contributing to the growth of the fishmeal and fish oil market. Fishmeal and fish oil are versatile and can be sourced from numerous species of fish. As the demand for seafood continues to rise and more consumers and livestock farmers seek protein sources that are sustainable and low cost, there is increased development of aquaculture setups. Through adequate aquaculture, there is a steady supply of raw materials for the production of fishmeal and fish oil, thereby streamlining the supply chain and bolstering the fishmeal and fish oil market.
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Fishmeal and Fish Oil Industry Definition and Major Segments
Fishmeal and fish oil are byproducts of small foraging fish and are protein-rich, calorie rich, and easily digestible with low costs of production making them suitable for animal feed for various animals. While fishmeal is a type of powder that is obtained after raw fish have been cooked, pressed, dried, and milled, fish oil is a fatty acid that is sourced from tissues of specific fish.
Based on type, the market is bifurcated into:
- Fish Meal
- Fish Oil
On the basis of species, the market is divided into:
- Salmon and Trout
- Marine Fish
Based on application, the market is segmented into:
- Aquatic Animal
On the basis of region, the market is categorised into:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Fishmeal and Fish Oil Market Trends
Growing concerns regarding sustainability are a key trend influencing the fishmeal and fish oil market resulting in an increased focus on responsible sourcing of raw materials for fishmeal and fish oil. As more governments pass regulations pass guidelines related to sustainable aquaculture, a greater number of fisheries are switching to sustainable methods for fish farming. Increasing funding towards research and development of new processing techniques for fishmeal and fish oil production are further providing impetus to the market for fishmeal and fish oil. With the growing demand for fish species such as salmon and trout, that are bred for human consumption, their byproducts are increasingly being used for the production of fishmeal and fish oil.
At a regional level, the Asia Pacific accounts for a sizable share of the global fishmeal and fish oil market, fuelled by the growing development of aquaculture setups, widespread coastline, and cultural preferences for seafood consumption. Various species of fishes used for seafood generate byproducts that can be used for fishmeal and fish oil production. Meanwhile, North America is generating a growing demand for fishmeal and fish oil, due to the increasing demand for animal-based products and use of fishmeal and fish oil in animal feed. In countries such as the United States, the government is offering additional support for the expansion of marine production, thereby aiding the regional market for fishmeal and fish oil.
Key Market Players
The major players in the global fishmeal and fish oil market report are FF SKAGEN A/S, Sürsan A.Ş, GC Rieber VivoMega AS, The Scoular Company, Omega Protein Corporation, Oceana Group Limited, Pelagia AS, Diamond Aqua Fishes Meal, Corporación Pesquera Inca S.A.C., and Colpex International S.A.C., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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