Market Overview
The fishmeal market was valued at USD 8,756.59 million in 2016 and is projected to grow at a CAGR of 8.5% from 2017 to reach 14,288.46 million by the end of the current period in 2027. The fundamental objective of the global market report is to define, segment, and project the global market size of the fishmeal industry based on source, livestock application, industrial application, and region. It will also help to understand the fishmeal fish oil market structure by identifying its various segments.
The arrival of the pandemic was a worrisome situation for the functioning of the global market. The lockdown and strict functional impositions had impacted the market profits.
With a substantial rise in aquaculture production, large amounts of fishmeal are diverted from terrestrial livestock feed to aquatic feed. As a part of the market, fish oil is the principal source of both energy and essential fatty acids; therefore, its usage in the aquaculture industry has increased. Fishmeal fish oil offer many benefits to aquatic animals, such as improved immunity against diseases, higher survival growth, and reduced deformities.
The challenges faced by fishmeal market manufacturers include a wide usage of alternative feed ingredients and microbial contamination in aquafeed. Plant-based ingredients are acting as an alternative to marine raw materials such as fishmeal fish oil, thus, fulfilling the high requirement of balanced and easily digestible proteins by aquaculture in the global market premises. The availability of a mixture of plant ingredients provides essential amino acids. Microalgae, insect meal, and GM plants are among other substitutes that can replace fish oil. These alternatives serve as a challenge for the fishmeal fish oil market.
Market Segmentation
The fishmeal industry segment is based on the following:
Source-based Segmentation
- Salmon trout
- Crustaceans
- Marine fish
- Carps
- Tilapias
- Others (eels, crabs, and lobsters)
Livestock Application
- Aquatic animals
- Poultry
- Swine
- Cattle
- Pets
- Others (equine and other marine species)
Industrial Application
- Aquaculture
- Pharmaceuticals
- Fertilizers
Region-based segmentation
- North America
- Europe
- Asia Pacific
- South America
- RoW (Ecuador and South Africa)
Regional Analysis
The Asian Pacific region dominated the fishmeal fish oil market in 2015, followed by the ongoing forecast period ending in 2027. The APAC region witnesses the maximum consumption of fishmeal fish oil due to the increasing livestock population and the demand for new and enhanced products. Developing economies in the APAC region, such as China, India, Vietnam, Thailand, and Japan, contribute to a larger market share for fishmeal fish oil due to increased local outputs followed by a high import and export of aquaculture products.
Some of the prominent players in the fishmeal market are as follows:
- Austevoll Seafood ASA (Norway)
- Oceana Group Limited (South Africa)
- Omega Protein Corporation (US)
- Croda International Plc. (UK)
Industry News
The fishmeal fish oil market in each region has witnessed the development of critical players' subsidiaries, business units, and research centers. These market subsidiaries employ strategies through active research and building regional distribution networks with regional players to sustain competition and capture a significant market share during the period.
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.
