Fishmeal Market Size, Share, Trends, Growth, and Industry Analysis, By Source (Salmon & Trout, Marine Fish, Carps, Crustaceans, Tilapia and Others), By Livestock (Ruminants, Poultry, Swine, Aquatic Animals, Pets and Others), By Application (Fertilizers, Animal Feed and Others), Regional Analysis and Forecast 2032.
Fishmeal Market Trend
Global Fishmeal Market size was USD 11.52 billion in 2023 and the market is projected to touch USD 20.63 billion by 2032, at a CAGR of 7.56% during the forecast period.
Fishmeal is mainly used in the feeding of aquaculture, livestock, and pets. It has a rich nutrient content, which includes essential amino acids, omega-3 fatty acids, and vitamins, making it a vital component in the promotion of growth and health in animals.
There has been steady growth within the market due to a rise in demand globally for fish and seafood. With more people using fish as their primary source of protein, aquaculture is expanding rapidly and increasing the demand for quality fishmeal. Increased awareness of the benefits of fishmeal in animal nutrition are also pushing its application to include livestock and pet food. The key players in this market include the manufacturer of fishmeal, aquaculture producers, and feed companies that work energetically to meet the spiraling demand for fishmeal while maintaining profitable fishing. Challenges in the market are those imposed by overfishing and environmental restrictions that propel companies into finding alternative sources for protein.
Fishmeal Report Scope and Segmentation.
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Report Attribute |
Details |
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Estimated Market Value (2023) |
USD 11.52 Billion |
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Projected Market Value (2032) |
USD 20.63 Billion |
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Base Year |
2023 |
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Historical Year |
2018-2022 |
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Forecast Years |
2024 – 2032 |
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Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- Based on By Source, By Livestock, By Application, & Region. |
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Segments Covered |
By Source, By Livestock, By Application, & By Region. |
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Forecast Units |
Value (USD Million or Billion), and Volume (Units) |
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Quantitative Units |
Revenue in USD million/billion and CAGR from 2024 to 2032. |
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Regions Covered |
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. |
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Countries Covered |
U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others. |
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Report Coverage |
Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis. |
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Delivery Format |
Delivered as an attached PDF and Excel through email, according to the purchase option. |
Dynamic Insights
One of the significant push factors is the increasing need for aquaculture and the excellent quality of animal feed. As the population continues to rise, so also does the demand for fish and seafood along with the production in aquaculture. Fishmeal holds a lot of proteins and necessary nutrients and therefore cannot miss out in healthy growth and assimilation in farmed fish and other livestock.
The market, however, faces some challenges, mainly on issues of sustainability and environmental issues. Overfishing and the depletion of fish stocks are two of the major problems affecting the availability of raw materials for fishmeal manufacturing. Consequently, measures, including regulation and consumer awareness of sustainability, force manufacturers to consider eco-friendly methods of sourcing and production. On the other hand, there is the rising alternative sources of protein like plant-based feeds and by-products that have been competing with traditional fishmeal, making players in the industry look for ways to innovate and diversify their lines of products.
Drivers Insights
The primary driver for the fishmeal market is the global shift to aquaculture as the major source of seafood. Depletion of wild fish stocks will be a catalyst for sustainability in aquaculture, which will be the only way to satisfy demand for fish protein. Fishmeal is therefore critical feed component for aquaculture, providing an essential source of nutrition to promote healthy growth and improve feed conversion efficiency. The rising aquaculture activities in the Asian-Pacific region, Europe, and North America are also boosting the demand for fishmeal-a key market growth driver.
Fishmeal is highly regarded for its superior nutritional profile, which includes high levels of protein, omega-3 fatty acids, and essential vitamins and minerals. These attributes make it an ideal ingredient in animal feed for both aquaculture and livestock production. As the global population continues to grow and dietary preferences shift towards healthier protein sources, the demand for fishmeal is expected to increase. Furthermore, the rising awareness of the importance of nutrition in animal husbandry is propelling the use of fishmeal, as it enhances the overall quality and health of livestock and pets.
Restraints Insights
Sustainability of fishery resources has been one of the major concerns for the fishmeal market. Overfishing and depletion of fish stocks have raised quite a few red flags regarding the sustainability of fishmeal production in the long term. The regulatory measures towards the protection of marine ecosystems are always increasing, thus putting increasing controls on fishing quotas and practices. This might restrict the supply of raw material for fishmeal and thereby pose a high growth barrier for the market.
Increased alternative protein sources-such as feed with a predominance of plant-based ingredients and other insect meal-have put pressure on the fishmeal market. Concerns about sustainability and environmental impact drive consumer and producer demand for these alternatives, which can offer similar nutritional profiles to traditional products but at lower environmental costs. Reduced demand for traditional fishmeal is accordingly likely, especially where feed formulation practices are changing in favor of more sustainable ingredients..
Opportunities Insights
The fishmeal market has a significant opportunity to innovate and adopt sustainable practices. Developing eco-friendly sourcing methods, such as using by-products from fisheries or implementing aquaculture systems that minimize waste, can enhance the sustainability of fishmeal production. Additionally, investing in technology for efficient processing and reduction of environmental impact can help companies differentiate themselves in a competitive market. This focus on sustainability can appeal to environmentally conscious consumers and open new market segments.
Segment Analysis
Source-wise, the fishmeal market is broadly categorized into salmon & trout, marine fish, carps, crustaceans, tilapia, and others. As a highly oily ingredient and highly nutritional, demand for salmon and trout is quite high in aquaculture as well as livestock feed. Marine fish, consisting of sardines and anchovies, are also substantial contributors since these are plentiful and possess a balanced nutrient composition. In addition to these, the use of fish in regions such as Asia where carps are a primary component of aquaculture is on the rise. Crustaceans contribute a unique source of protein and are an increasingly important part of specialty feeds. Tilapia, with its record growth rate and excellent feed conversion, is still another important species in aquaculture. Different sources allow fishmeal producers to cater for needs and preferences within different markets, thus increasing the overall flexibility and appeal of fishmeal in animal nutrition.
The fishmeal market is also categorized by the type of livestock, including ruminants, poultry, swine, aquatic animals, pets, and others. Ruminants like cattle and sheep benefit from the higher protein in the fishmeal that will encourage growth and milk production. In poultry, fishmeal increases the number of eggs layed while the quality of the meat produced is improved due to the presence of essential amino acids and omega-3 fatty acids. Fishmeal also has many advantages for swine production, targeting optimal growth rates and feed efficiency. Aquatic animals, especially in aquaculture, have substantial reliance on mainly fishmeal, and the nutrient base for healthy development has been provided. In pet food, fishmeal is increasingly preferred, due to its nutritional advantages for the general health and vitality of pets. Such segmented livestock shows that the application of fishmeal among animals is far-reaching and, therefore, the product is significant in animal nutrition between different sectors.
The fishmeal market is segmented based on application, with fertilizers, animal feed, and others. In the segment of animal feed, fishmeal has a significant role due to the high protein content and the density of nutrients to promote growth, health, and productivity in livestock and aquaculture. For example, the use of fishmeal in aquaculture, such as an important component of animal feed due to its efficiency and growth-promoting effects in fish and shrimp, is significant. In addition to animal feeds, fishmeal has application in fertilizers, where its organic content will provide means for essential nutrient supply to enhance the fertility of soil and plant growth. This dual application of fishmeal serves to underscore the versatility of its value in both animal nutrition and practice in agriculture.
Regional Analysis
Asia-Pacific is the dominant region. Countries like China, India, and Vietnam make significant contributions to the rising demand for seafood because of rapid expansion in aquaculture in the region. China has the largest production and consumption of fishmeal; the region widely employs it to feed and maintain large-scale aquaculture enterprises. Sustainable practices and improvements in aquaculture technology drive increased demand for high-grade fishmeal in the region.
North America showed development in awareness of the nutritional importance of fishmeal in animal feed, particularly in aquaculture and pet food. Extremely important regional markets are the United States and Canada, where strong demand for sustainable sourcing and production exists. Europe is at once a region with opportunities and challenges: it encompasses countries that take responsible fishing practices as a means to extend protection to the marine environment by being a "step further" in regulatory approaches. Norway and Denmark are other principal fishmeal producing countries, which they owe to their very strong marine resources.
Latin America has also been an important player in the fishmeal market, especially in countries like Peru and Chile, which have been best known for their richness in marine biodiversity and long histories of fishing industries. The said countries are among the biggest fishmeal exporters to the markets of other regions. In the Middle East and Africa, fishmeal consumption is still in its evolving stages as aquaculture is slowly emerging in these regions, thus presenting new fishmeal consumption opportunities in the future as local industries seek out sustainable feed alternatives.
Competitive Landscape
Large firms like Hagens Fishmeal, Austevoll Seafood ASA, and Marubeni Corporation dominate this market and can exploit their strong distribution networks and relationships with aquaculture and livestock producers, fairly exploiting their vast production capacities. Notably, such players are expected to focus on sustainability and invest in green sourcing and production processes, given the upswelling consumer demand for responsible fishmeal origins. Quality and sustainability value, such as that provided by large-scale players, keeps such firms competitive in an increasingly regulated environment.
Lately, smaller, niche companies specialized in fishmeal products are also on an upswing; these niche companies concentrate on a focused market segment such as organic or high-protein formulas. The niche companies, therefore, are capitalizing on the acceleration in animal nutrition tailored solutions growth to attract the new customer seeking innovative feed options. Alternative sources of protein for aquaculture, plant-based feeds, and insect meal yet put more competitive pressure as such fishmeal producers using traditional processes need to innovate and diversify their product offerings. Companies often strengthen their market presence and product portfolios through partnerships or collaborations, partnerships, or even through merger and acquisition.
List of Key Players:
Global Fishmeal Report Segmentation:
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ATTRIBUTE |
DETAILS |
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By Source |
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By Livestock |
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By Application |
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By Geography |
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Customization Scope |
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Pricing |
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Objectives of the Study
The objectives of the study are summarized in 5 stages. They are as mentioned below:
Research Methodology
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Primary Research
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Secondary Research
A secondary research process is conducted to identify and collect information useful for the extensive, technical, market-oriented, and comprehensive study of the market. Secondary sources include published market studies, competitive information, white papers, analyst reports, government agencies, industry and trade associations, media sources, chambers of commerce, newsletters, trade publications, magazines, Bloomberg BusinessWeek, Factiva, D&B, annual reports, company house documents, investor presentations, articles, journals, blogs, and SEC filings of companies, newspapers, and so on. We have assigned weights to these parameters and quantified their market impacts using the weighted average analysis to derive the expected market growth rate.
Top-Down Approach & Bottom-Up Approach
In the top – down approach, the Global Batteries for Solar Energy Storage Market was further divided into various segments on the basis of the percentage share of each segment. This approach helped in arriving at the market size of each segment globally. The segments market size was further broken down in the regional market size of each segment and sub-segments. The sub-segments were further broken down to country level market. The market size arrived using this approach was then crosschecked with the market size arrived by using bottom-up approach.
In the bottom-up approach, we arrived at the country market size by identifying the revenues and market shares of the key market players. The country market sizes then were added up to arrive at regional market size of the decorated apparel, which eventually added up to arrive at global market size.
This is one of the most reliable methods as the information is directly obtained from the key players in the market and is based on the primary interviews from the key opinion leaders associated with the firms considered in the research. Furthermore, the data obtained from the company sources and the primary respondents was validated through secondary sources including government publications and Bloomberg.
Market Analysis & size Estimation
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