ID: MRFR/AGR/4085-HCR | 110 Pages | Author: Snehal Singh | March 2024
As per market dynamics, the development of animal immunization and antibiotic technology has significantly changed industrial livestock production. The Food and Agriculture Organization (FAO) estimates that industrial livestock farming is the source of more than half of the world's pork and poultry, one-tenth of its beef and mutton, and more than two-thirds of its egg supply. Demand for highly nutritious animal feed products has significantly increased due to the expansion of industrial livestock production. According to market research, in contrast to grazing and mixed farming, industrial production of mutton, cattle, hog, and poultry has increased, necessitating the need for high-quality animal feed, driving demand for feed ingredients like fishmeal. Fishmeal aids in increasing feed effectiveness and promoting the digestibility, nutritional uptake, and absorption of feed. By utilizing economies of scale, industrial livestock production has ensured a high volume of meat output at a low cost. As per market data, the industrial livestock production industry has had a strong expansion, which has increased demand for high-quality animal feed that is used to raise a variety of livestock, including cattle, swine, goats, fowl, fish, and shrimp. Industrial livestock farms have increased worldwide due to the vital role that industrial livestock production plays in supplying the human population's nutritional needs. It has also increased the demand for animal feed and its components, thus improving market CAGR. As a result, the market is expanding due to increased industrial livestock production. Fishmeal is used as a natural, protein-rich component of animal feed. The International Fishmeal and Fish Oil Organization (IFFO) states that typical fishmeal has a crude protein content of 64-67% and up to 12% fat.
In addition to having many nutritional benefits, fishmeal is the main source of the omega-3 fatty acids EPA and DHA, which are now widely acknowledged as important for human health. As a result, its linked health advantages are affecting product demand. The International Fishmeal and Fish Oil Organization (IFFO) states that typical fishmeal has a crude protein content of 64-67% and up to 12% fat. Special fishmeal and fish oil products often include 68–72% higher protein. The Food and Agriculture Organization (FAO) reports that bioactive compounds from crustaceans are used in the pharmaceutical business. Therefore, increasing scientific innovation and using fish byproducts in feeds and the pharmaceutical industry are helping the fishmeal market revenue growth ly.
Additionally, innovative fishmeal products are becoming increasingly well-liked as a prominent trend in the fishmeal market. Major players in the fishmeal industry are launching products on the market to meet the rising demand for fresh, nutrient-dense fishmeal for animals. For instance, Interpet, a UK-based fish-keeping, and aquarium care company, introduced Blagdon Fit & Wild Pond Sticks in July 2022. This new pond fish food recipe is made from insects and small crustaceans and is sold under the Blagdon brand. The protein sources of Blagdon Fit & Wild Pond Sticks, which are more akin to what fish would eat in the wild and free of fishmeal, include mealworm meal, daphnia, bloodworms, and black soldier fly larvae.
The fishmeal market segmentation, based on source, includes salmon & trout, marine fish, crustaceans, tilapia, and others. Crustaceans accounted for the largest share of the market. In the aquaculture business, it is an important source of protein for fish and other aquatic animals, thus increasing fishmeal market revenue. Because salmon is frequently utilized as a source of fishmeal, salmon and trout farms have been slowly increasing their output of salmon to satisfy the rising customer demand. Additionally, the fish and seafood industry is in a strong developmental stage. Market players, government fisheries, and small inter- and intra-regional fishing farms work together to produce a great demand loop on the market for aquatic feed additives.
April 2021: The international manufacturer of fish oil and fishmeal, Biomega AS, will expand its business by funding a biorefinery in Denmark. The company wants to strengthen its position in the fishmeal market by promoting the development of products derived from salmon with the help of this facility's expansion.
The market, based on livestock, includes ruminants, poultry, swine, aquatic animals, and others. As per the market forecast, the swine accounts for the largest sector and continues to grow rapidly in the forecast period. Fishmeal and oil are the main health benefits in swine breeding; thus, their sales and revenue have accelerated briskly. The Chinese swine sector will continue to grow at a rapid rate. Aquatic animals are also gaining significant traction in the coming years, thus positively affecting the market growth.
The market outlook, based on application, include fertilizers, animal feed, and others. The fertilizer category held a major share of the market. Fishmeal is widely used as an organic, natural fish fertilizer since it contains necessary plant nutrients. It is a widely used, excellent natural fertilizer that is extremely affordable. Organic farming is growing in popularity due to rising consumer health consciousness and awareness of the health dangers of chemical fertilizers. Fish waste is used to make fishmeal fertilizers, which are both economical for businesses and beneficial for plants' nourishment. Because the trash is delivered to fertilizer companies for additional processing, it also assists the fish processing industry. For a long time, people have valued fishing as a good supply of raw materials for fertilizer.
By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. According to market statistics, North America is one of the most promising regions for expanding the fishmeal market, accounting for USD 3959.04 million in 2021, and is expected to exhibit a 46.80% CAGR during the study period. Fishmeal is one of the most popular ingredients for animal feed or pet food because of its high protein content, general quality, and nutritional value. Due to strong demand, the North America fishmeal market has increased in size. The primary causes driving the segment's growth might be increased fish production, poultry farming, rising pork consumption, pig farming, and rising pet food consumption due to the growing trend of having pets.
Furthermore, the major countries studied in the market report are the US, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Europe's Fishmeal market is anticipated to grow significantly over the forecast period. The demand for salmon fishmeals in the fishmeal market will continue to increase due to the pervasiveness of a sizable food industry and restaurant chains Sales of fishmeals will also continue to rise due to rising per capita seafood spending and growing public knowledge of the health benefits of seafood. Further, the Germany fishmeal market held the largest market share, and the UK fishmeal market was the fastest-growing market in the European region.
Players of the market focus on the growing need for premium feed additives like a fishmeal as meat and dairy products become more industrialized to stimulate reproduction, boost metabolism, stop disease outbreaks, etc. The rise in chronic diseases is connected to the consumption of heavy metals like mercury, lead, cadmium, etc., that are found in conventionally-cultured seafood. Thus, major market developments are trying to solve these problems to capture a bigger share of the fishmeal market.
According to the market competitive landscape, the players are focusing on producing fishmeal products that are high in nutrition. Most fishmeal industry products are either produced from by-products of the fish processing industry or are derived from small, bony fish that are unfit for human consumption. As a result, animal feed made from fishmeal is cost-effective due to the valorization of byproducts. The demand for the product is therefore driven by the improvement of animal feed made possible by fishmeal. Fishmeal industry products have a high energy content per unit weight and are a highly digested feed element. The ingredient is a great source of vitamins, minerals, oils (lipids), protein, and minimal carbohydrates. Major market players include FMC Corporation (US), Empresas, Copec S.A. (Chile), and Croda International Plc. (UK), Omega Protein Corporation (US), Calysta Inc. (U.S.), Biomega AS (Norway), Austevoll Seafood ASA (Norway), Pioneer Fishing (Pty) Ltd. (South Africa), Aker Biomarine Antarctic AS (Norway), Oceana Group Limited (South Africa), and Novus International Inc. (US).
The biorefining experts at biomega enabled them to create and patent their own patented continuous enzymatic hydrolysis process technology. The ideal processing conditions are necessary to optimize product attributes. As a result, it created and patent several reactors tailored especially for particular applications. Salmon, chicken, and turkey pet food and meal ingredients are currently produced using the method. In April 2021, the international manufacturer of fish oil and fishmeal, Biomega AS, will expand its business by funding a biorefinery in Denmark. The company wants to strengthen its position in the fishmeal industry by promoting the development of products derived from salmon with the help of this facility's expansion.
Also, innovative process solutions are provided by Organic Technologies to the custom chemical manufacturing sector. It is based in east central Ohio and concentrates on toll production, specialized olefins, and fine chemical intermediates. Its goods, including our certified sustainable AlaskOmega Omega-3 product line, are also used in taste, functional food, and nutraceutical markets. Two additional DHA omega-3 concentrates were added to organic Technologies' existing product line in October 2019 and were positioned as alternatives to tuna oil.
Fishmeal Industry Developments
April 2021: The international manufacturer of fish oil and fishmeal, Biomega AS, will expand its business by funding a biorefinery in Denmark. The company wants to strengthen its position in the fishmeal market by promoting the development of products derived from salmon with the help of this facility's expansion.
Sept 2021: Peru is reclaiming its position as the leading fishmeal producer among the other competitive nations worldwide. This is a significant step that will spur regional fishmeal demand, and excessive demand will help bring down the high rates of fishmeal prices ly. Due to a large decline in the region's fishmeal production over the previous projection period, these were increased.
Report Attribute/Metric | Details |
Market Size 2021 | USD 8459.5 million |
Market Size 2022 | USD 9093.96 million |
Market Size 2030 | USD 15087.33 million |
Compound Annual Growth Rate (CAGR) | 7.50% (2022-2030) |
Base Year | 2021 |
Market Forecast Period | 2022-2030 |
Historical Data | 2018 & 2020 |
Market Forecast Units | Value (USD Million) |
Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Product Type, Operating Platforms, and Region |
Geographies Covered | North America, Europe, Asia-Pacific, and the Rest of the World |
Countries Covered | The U.S, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
Key Companies Profiled | Â Biomega AS (Norway), Omega Protein Corporation (US), Oceana Group Limited (South Africa), FMC Corporation (US), Calysta Inc. (U.S.), Austevoll Seafood ASA (Norway), Pioneer, Fishing (Pty) Ltd. (South Africa), Aker, Biomarine Antarctic AS (Norway), The Scoular Company (U.S.), Sarma Fish S.A.R.L (Morocco), Alpha Atlantique (Morocco), Animalfeeds International Corporation (USA) Novus International Inc. (US) |
Key Market Opportunities | Growing awareness for fishmeal products Increased use in pharmaceutical industries |
Key Market Dynamics | Rising needs for nutrients |
The fishmeal market size was valued at USD 8495.5 Million in 2021.
The market is projected to register a CAGR of 7.5% during the forecast period 2022-2030.
North America had the largest share of the market
The key players in the market are Empresas Copec S.A. (Chile), Biomega AS (Norway), Omega Protein Corporation (US), Calysta Inc. (U.S.), Oceana Group Limited (South Africa), FMC Corporation (US), Austevoll Seafood ASA (Norway), Pioneer Fishing (Pty) Ltd. (South Africa), Aker Biomarine, Croda International Plc. (UK) and Antarctic AS (Norway).
The Crustaceans category dominated the market in 2021.
Swine had the largest share of the market.
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