Market Size –
The fishmeal market size has grown strongly in recent years. It will grow from $8.36 billion in 2023 to $8.88 billion in 2024 at a compound annual growth rate (CAGR) of 6.2%. The growth in the historic period can be attributed to increased global demand for aquaculture and animal feed, growth in the livestock and poultry industries, rise in awareness of the nutritional benefits of fishmeal, expansion of commercial fishing and processing activities, need for high-protein and nutrient-rich animal feeds, demand for fishmeal in pet food and specialty feed industries.
The fishmeal market size is expected to see strong growth in the next few years. It will grow to $11.25 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%. The growth in the forecast period can be attributed to adoption of fishmeal as a source of omega-3 fatty acids in functional foods, emphasis on sustainable and responsible fishing practices, research and development in alternative protein sources for animal feed, need for nutrient-dense feeds in animal husbandry and farming, expansion of fishmeal applications in nutraceutical and pharmaceutical industries, growing demand for organic and non-gmo certified fishmeal products. Major trends in the forecast period include advanced processing technologies, focus on omega-3 fatty acids, fortification of animal feeds, innovations in fishmeal quality assurance, bioactive compounds and functional additives.
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Scope Of Fishmeal Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Fishmeal Market Overview
Market Drivers –
The growth of the aquaculture industry is expected to propel the growth of the fishmeal market going forward. Aquaculture is the practice of harvesting fish shellfish, and aquatic plants (algae, for example) in fresh, salt, and brackish waterways. Aquaculture is used to provide food, rebuild populations of endangered species, replenish natural stocks, and restore habitats of water-based species. Due to the huge demand for seafood and the decreasing annual catch of wild fish, aquaculture is predicted to grow which in turn increases the demand for the fishmeal market. For instance, in 2022, according to the Food and Agriculture Organization of the United Nations, a US-based specialized agency that leads international efforts to defeat hunger and improve nutrition and food security, in 2020, global production of fisheries and aquaculture production reached 214 million tonnes and worth about USD 424 billion. Additionally, in 2020, aquaculture production consisted of 87.5 million tonnes of aquatic animals mostly for use as human food, and 35.1 million tonnes of seaweed and other algae for both food and non-food use. Therefore, the growth of the aquaculture industry is driving the demand for the fishmeal market.
The fishmeal market covered in this report is segmented –
1) By Livestock: Ruminants, Poultry, Swine, Aquatic Animals, Other Livestocks
2) By Source: Salmon and Trout, Marine Fish, Carps, Crustaceans, Tilapia, Other Sources
3) By Application: Fertilizers, Animal Feed, Other Applications
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Regional Insights –
Asia-Pacific was the largest region in the fishmeal market in 2023. The regions covered in the fishmeal market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Key Companies –
Major companies operating in the fishmeal market include Aker Biomarine Antarctic AS, Alpha Atlantique, Animalfeeds International Corporation, Austevoll Seafood ASA, Biomega AS, Oceana Group Limited, Omega Protein Corporation, Pioneer Fishing (Pty) Ltd., Sarma Fish S.A.R.L, Pesquera Diamante S.A., Pesquera Exalmar S.A.A, Pesquera Hayduk SA, FF Skagen A/S, Pelagia AS, Orizon SA, Sardina D.O.O, Austral Group S.A.A, Corporacion Pesquera Inca S.A.C. Copeinca S.A.C., FMC Corporation, Croda International PLC, TASA Pvt. Ltd., Corpesca SA, Colpex International S.A., Triplenine Group A/S, Pescanova SA, Pilmifresh S.A.
Table of Contents
1. Executive Summary
2. Fishmeal Market Report Structure
3. Fishmeal Market Trends And Strategies
4. Fishmeal Market – Macro Economic Scenario
5. Fishmeal Market Size And Growth
…..
27. Fishmeal Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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