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The fishmeal market is a significant segment within the aquaculture and animal feed industry; hence, firms in this sector adopt different market share positioning strategies to gain a competitive advantage over their rivals. One primary strategy involves differentiation through sourcing and product quality. Another crucial market share positioning strategy revolves around strategic alliances and partnerships in the Fishmeal Market. Many companies establish collaborations with fisheries bodies, aquaculture associations, or regulatory authorities to ensure that they are sourcing fish in a responsible way and in line with the industry standards through which these companies have been viewed as practicing sustainable fishing. The company also enhances its customers' trust by contributing to the sustainability of its products.
Moreover, price positioning is another crucial aspect of market share strategies within the Fishmeal Market. Cost leadership is one of these strategies, and some firms aim to provide fishmeal at affordable prices. This allows them to attract a large segment of such price-sensitive consumers while targeting cost-conscious feed manufacturers or aquaculture producers. Companies that manufacture fish meal products apply different strategies for segmentation purposes depending on various types of farming systems, species, and other related factors. With such targeted mixtures meant for specific kinds or aims of aquatic animals, organizations can capitalize on those opportunities. As a result, they gain entry into niche markets, thereby boosting their overall market share since each segment has distinct feeding requirements.
The fishmeal market has started to be influenced by the extent of market share positioning strategies and sustainability business. With overfishing being an increasingly important issue and its environmental impact gaining prominence, companies are investing in sustainable sourcing practices and getting certified. Consequently, branding and marketing are important ingredients that determine how a company places itself within the market shares. Building a strong brand image that effectively communicates the sustainability and quality attributes of fish meals while engaging customers through multiple channels boosts brand visibility and recognition. Consequently, businesses should always aim to develop a positive, recognizable brand image since feed manufacturing firms and aquaculture producers often go for fish meal products produced by reliable brands; this is one way of increasing market share.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Market Opportunities | Growing awareness for fishmeal products Increased use in pharmaceutical industries |
| Market Dynamics | Rising needs for nutrients |
Fishmeal Market Highlights:
Global Fishmeal Market Overview
Fishmeal Market Size was valued at USD 9,688.03 million in 2023. The market industry is projected to grow from USD 10,320.91 million in 2024 to USD 16,798.60 million by 2032, exhibiting a compound annual growth rate (CAGR) of 6.28% during the forecast period (2024 - 2032).The market driver can be the rising demand for fishmeal in the livestock and aquaculture feed industries. Since sustainability in pet food production is not only economically advantageous but also helps save the ecology and restore the natural balance that civilization has disturbed, businesses.
Fishmeal Market Trends
- Increasing Production of Industrial Livestock to Boost Market Growth
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.
Fishmeal Market Segment Insights
Fishmeal Source Insights
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.
Fishmeal Livestock Insights
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.
Fishmeal Application Insights
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.
Dec 2021: Dramm Corporation created a variety of all-natural liquid fish fertilizer formulations for both conventional and organic agriculture. To preserve the natural amino acids, vitamins, hormones, and enzymes, fresh fish wastes are properly processed at relatively low temperatures before making fertilizers, thus positively affecting the fishmeal industry.
Fishmeal Market Regional Insights
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.
Over the forecast period, the Asia-Pacific Fishmeal Market is anticipated to register a CAGR of 6.5%. The need for high-quality fishmeals is being fueled by improvements in the shrimp farming business, pushing farmers' desire to secure high-protein fishmeals in their aquatic systems. Additionally, a constrained supply and rigorous fishing regulations enable local businesses to create safer and more effective means of gathering and selling fishmeals, fostering market expansion. Moreover, China's fishmeal market held the largest market share, and Japan was the fastest- growing market in the region.
Key Market Players & Competitive Insights
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.
Recent News:
In July 2023, an experimental endeavor was initiated by the Kerala University of Fisheries and Ocean Studies (Kufos) to convert organic refuse into fish meal. Using black soldier fly larvae, the initiative intends to produce the protein required for fish feed from organic waste. For this purpose, organic waste will be separated at the source. The initiative is currently being executed in partnership with Amala Eco Clean Private Limited, an Alappuzha-based organization specializing in the management of organic waste. Using black soldier fly larvae, the initiative intends to produce the protein required for fish feed from organic waste.
September 2022: Scoular, one of the largest suppliers of feed ingredients in the world, introduced the Encompass brand of fishmeal in September 2022 as part of its aggressive expansion into the aquafeed industry. The demand for fishmeal has increased due to the expansion of the aquaculture and pet food sectors. This product provides valuable omega-3 fatty acids and easily digestible protein, sourced from a diverse range of species, characteristics, and countries.
Scoular provides a global selection of marine proteins sourced from over 40 countries throughout the year, encompassing a substantial inventory of sustainable products. For decades, Scoular has been involved in fishmeal on a global scale. The company intends to pursue aggressive global expansion, has a significant presence in Mexico, and is the largest importer of fishmeal in the United States. Investing $12 million with two partners in a fishmeal processing facility in Oregon that serves pet food and aquaculture manufacturers with locally sourced fish processing waste. Scoular's initial investment in fishmeal production within the United States is anticipated to commence operations at the facility in 2022.
Key Companies in the fishmeal market include
- Empresas Copec S.A. (Chile)
- Croda International Plc. (UK)
- 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)
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.
Fishmeal Market Segmentation
Fishmeal Source Outlook
- Salmon & Trout
- Marine Fish
- Crustaceans
- Tilapia
- Others
Fishmeal Livestock Type Outlook
- Ruminants
- Poultry
- Swine
- Aquatic Animals
- Others
Fishmeal Application Outlook
- Fertilizers
- Animal Feed
- Others
Fishmeal Regional Outlook
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
- Rest of the World
- Middle East
- Africa
- Latin America
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