Market Scenario

The global fishmeal industry value is predicted to acquire a significant CAGR of 7.5% during the forecast period (2020-2030), owing to the increased consumption of seafood, asserts Market Research Future (MRFR). Fishmeal is referred to as a ground brown cake or powder which is obtained by pressing the cooked fish by removing the oil and water from it. Being an important source of proteins and nutrients, fishmeal is used to improve the feed quality in the manufacturing process. Fishmeal comprises essential fatty acids, amino acids, and other minerals, required for the development and growth of the livestock animals. Salmon, carps, trout, tilapias fish, and crustaceans are some of the most common sources of fishmeal.

Drivers and Constraints Impacting the Market

With the shifting consumer preference towards healthy diet coupled with the high consumption of seafood, the market for fishmeal is considered to flourish during the assessment period. Trout fish and salmon are extensively used in several food formulations due to its nutritive attributes. Fishmeal contains the high amount of vitamins and proteins which has uplifted the market across the globe. With the rising demand for non-vegan food items, the demand for nutritive feed has increased, thereby gearing up the market during the assessment period. Additional factors promoting the market growth are technological advancements and product enhancement. The augmenting demand for naturally sourced protein additives in animal feed, increased number of non-vegetarian individuals, and high consumption of fish as the main food in different economies are some of the other factors contributing to the growth of the market across the globe.

On the flip side, high-cost fluctuation coupled with the increasing substitutes of fishmeal products is considered to dampen the market growth throughout the assessment period. Despite such hurdles, market players are coming up with latest and improved products which are presumed to boost the share of the product globally.

Global Fishmeal Market: Segmental Analysis

The global fishmeal industry segment on the basis of source and livestock.

By mode of source, the global fishmeal market has been segmented into trout, salmon, crustaceans, carps, tilapias, and others. Among these, the salmon segment is predicted to dominate the market closely followed by trout. The segment is considered to retain its dominance due to the presence of high vitamins and proteins coupled with its higher utilization for high nutrition attributes.

By mode of livestock, the global fishmeal market has been segmented into swine, poultry, aquatic, ruminants, and others. Among these, the aquatic segment is considered to dominate the global market owing to the growing consumption of marine products across the globe. On the other hand, poultry segment is also estimated to flourish due to the increasing demand for meat and meat products.

Competitive Dashboard

The prominent players operating the global fishmeal market are Pioneer Fishing (Pty) Ltd., Aker Biomarine Antarctic AS (Norway), FMC Corporation (U.S.), The Scoular Company (U.S.), Croda International Plc. (U.K), Omega Protein Corporation (U.S.), (South Africa), Biomega AS (Norway), Oceana Group Limited (South Africa), Calysta Inc. (U.S.), and Empresas Copec S.A. (Chile).

Regional Insights

Geographically, the fishmeal market has been studied under regions namely, Europe, North America, Asia Pacific, and Rest-of-the-World (RoW).

Among these, the Asia Pacific region is estimated to dominate the fishmeal market and is estimated to retain its dominance throughout the appraisal period. China and India are predicted to be the major consumers of fishmeal in this region, which have further contributed to the growth of the market. Additional factors promoting the growth of the market are increased consumption of aquatic animals and seafood in the developing economies of Asia Pacific region have positively impacted the growth of the fishmeal market.

The European market is anticipated to exhibit a significant CAGR owing to the presence of the U.K. which is considered to dominate the market in this region. With major market players involved in research and development activities in order to enhance the efficiency of animal feed, the market in this region is flourishing.

Industry Updates

January 15, 2019: A team of researchers from the U.S. and China has recently explored the use of yeast or bacteria-fermented soybean meal which can be used as protein alternatives in the diet of Japanese seabass.

NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.