Latest released industry analysis on the global fish meal market by Fact.MR estimates that the industry accounts for US$ 4.73 Bn at present, and is expected to witness significant growth at a CAGR of 6.3% to reach a valuation of US$ 8.7 Bn by 2031. Over the coming years, demand for organic fish meal is set to increase faster as compared to the conventional form. Fish meal business research performed by Fact.MR includes key findings such as the latest and speculative production capacity, capacity utilisation rates of each manufacturer, recent and speculative pricing, and price optimization strategy across the value chain, as well as economic evaluation of fish meal production.
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Will Increased Use of Fish Meal in Animal Feed and Pet Food Aid Market Growth?
Majority of commercial fish meal is made from marine by-products that are unfit for human consumption. Application of fish meal in animal feed improves feed efficiency and livestock growth by improving digestion and absorption.
The balanced amino acid profile of fish meal complements other animal and vegetable proteins in animal feed to promote rapid growth and reduce feeding costs. It also aids in disease resistance by building and maintaining a healthy, functional immune system. High-quality fish meal in aquaculture feed helps reduce contamination from wastewater effluents by increasing nutrient digestion.
Application of fish meal in animal feed and pet food is propelling the growth of global market, owing to quality amino acids content in the matrix of protein, nutritionally accessible minerals, and a considerable amount of omega-3 fatty acids in the remaining fat.
Omega-3 fatty acids are critical for the growth and development of dogs in their early years. Omega-3 fatty acids EPA and DHA, which are vital for brain and eye development, are naturally abundant in fish, fish meal, and fish oil. Application of fish meal in pet food is gaining traction owing to its nutritional properties.
Which Factors are Driving the Sales of Fish Meal in the U.S.?
The US fish meal market accounts for more than 87% of the North American market, according to the most recent analysis.
The U.S. offers a diverse range of shellfish and fish products. It is estimated that hundreds of different types of shellfish and fish are marketed each year.
However, eight different species of fish and shellfish items account for more than 80% of all seafood consumed in the United States. In 2017, shrimp, canned tuna, and salmon accounted for around 55% of all seafood ingested.
Increased consumption of seafood in the U.S. is one of the important factors propelling demand growth of various sources of fish meal such as blue whiting fish meal, capelin fish meal, Norway pout fish meal, and sprat fish meal.
Why is Organic Fish Meal Highly Sought-after?
According to Fact.MR, conventional fish meal accounts for more than 94% market share, and overall sales of fish meal are expected to witness a significant CAGR 6.7% over the next ten years.
Rising organic aquaculture industry, which is based on optimizing nutritional content, food quality, and resource productivity, is primarily driving market expansion. Furthermore, increasing consumer shift away from high-calorie foods and towards protein-rich diets is also driving demand for organic fish meal.
Demand for conventional fish meal is expected to decrease over the coming years owing to rising awareness and preference for organic fish meal.
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Competition Landscape
Use of creative marketing methods is enabling fish meal suppliers to grow at a rapid pace. Top producers of tilapia fish meal have sought to raise knowledge about the health advantages of products made from marine by-products such as fish meal by investing appropriately at each step of product development.
Top producers of salmon fish meal are also focusing on research & development activities for new product development. Continuous developments from producers of salmon fish meal are boosting market progress.
Biomega AS, a global fish oil and fish meal producer, will extend its operations by investing in a biorefinery in Denmark. This facility expansion is intended to drive salmon-derived product development, assisting the company in establishing a strong presence in the fish meal industry.
Similarly, recent developments related to companies offering fish meal have been tracked by the team at Fact.MR, which are available in the full report.
Market Segments Covered in Fish Meal Industry Research
By Nature
- Organic Fish Meal
- Conventional Fish Meal
By Application
- Fish Meal for Animal Feed
- Fish Meal for Aqua Feed
- Fish Meal for Poultry
- Fish Meal for Pharmaceuticals
- Fish Meal for Dietary Supplements
- Fish Meal for Fertilizers
By Product Type
- Crustaceans
- Crabs
- Lobsters
- Crayfish
- Shrimps
- Prawns
- Krill
- Woodlice
- Barnacles
- Cyprinids
- Tuna
- Tilapia
- Swordfish
- Salmons
- Milkfish
- Catfish
- Trout
- Marine Fish
- Eels
- Mollusos
Key Points Covered in Fish Meal Industry Survey:
- Fish Meal Market Estimates and Forecasts (2016-2031)
- Production Capacity Analysis of Prominent Manufacturers
- Fish Meal Pricing Analysis
- Product Pricing Optimization Strategy
- Associated Industry Analysis (Food and Beverage Market Overview)
- Key Drivers and Restraints Shaping Market Growth
- Segment-wise, Country-wise, and Region-wise Analysis
- Competition Mapping and Benchmarking
- Market Share Analysis
- COVID-19 Impact on Fish Meal Demand and How to Navigate
- Exclusive sales assessment of Fish Meal
- Recommendation on Key Winning Strategies
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