The Fishmeal Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Fishmeal Global Market Report 2024, 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.
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.
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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
Innovative fishmeal products are gaining popularity as a major trend in the fishmeal market across the world. Major companies operating in the fishmeal sector are introducing new products in the market to comply with the growing demand for new and nutrition-rich fishmeal for animals. For instance, in July 2022, Interpet, a UK-based fish-keeping, and aquarium care company launched Blagdon Fit & Wild Pond Sticks, a new recipe food for pond fish under the Blagdon brand made from insects and small crustaceans. Blagdon Fit & Wild Pond Sticks are free of fishmeal and include protein sources including mealworm meal, daphnia, bloodworms, and black soldier fly larvae which are more similar to what fish would consume in the wild. This product is created in order to provide fish with the greatest and most natural diet possible to help keep them fit and healthy.
The fishmeal market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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