Fishmeal & Fish Oil Market Share, Size, Trends, Industry Analysis Report, By Source (Salmon & Trout, Marine Fish, Crustaceans, Tilapia, Carps, and Other Sources); By Livestock; By Industrial Application; By Region; Segment Forecast, 2024-2032
- Published Date:Jan-2024
- Pages: 115
- Format: PDF
- Report ID: PM3324
- Base Year: 2023
- Historical Data: 2019-2022
Report Outlook
The global fishmeal & fish oil market was valued at USD 13.87 billion in 2023 and is expected to grow at a CAGR of 4.60% during the forecast period. The rapidly increasing consciousness regarding the livestock nutrition and surging pet humanization trend all over the world, that has encouraged consumers to spend higher on health focused feed ingredient like fishmeal & fish oil coupled with the growing utilization in several industrial applications like fertilizers, pharma, and aquaculture applications, are the major factors influencing the global market growth. Increased consumer awareness towards the consumption of omega 3 fatty acids and continuous rise in the investment for the development of more improved and enhanced products among key market players are also creating huge potential and growth opportunities for the market.
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For instance, in February 2023, Grontvedt Biotech, unveiled ‘CETO3’ for their Cetoleic acid & omega 3 ingredients. It is used as the liquid formulations & the capsules in the formation of nutraceuticals & is also regarded as the functional ingredient in food & beauty related products. The company is further investing in a new production facility to boost up the production of CETO3.
Moreover, fishmeal & fish oil have wide range of nutritional values and are gaining traction as major source of omega-3 fatty acids including EPA and DHA, that are currently highly recognized globally, as a crucial factor in human health, that are impacting the demand of the market studied. For instance, according to the International Fishmeal and Fish Oil Organization, a standard fishmeal contains anywhere around 64-67% of crude protein with up to 12% fat and also have lower amine content that reflects the fresher raw material.
The outbreak of the COVID-19 pandemic has significantly impacted the growth of the fishmeal & fish oil market. The rapid spread of the deadly coronavirus across the globe resulted in closure of production facilities and high disruptions in the global supply chain because of the imposed lockdowns and other stringent regulations. However, there were an increase in the consumption of supplements to increase and boost their immunity, due to which market has seen a surge in demand as well.
Industry Dynamics
Growth Drivers
The exponential growth in the pharmaceutical industry especially in emerging economies like China, India, South Korea, and Indonesia along with the rising penetration to offer significant business opportunities for the manufacturers of fishmeal & fish oil products are driving the global fishmeal & fish oil market growth. In order to meet the rising need, companies are constantly focusing on the expansion of their production capacity by incorporating technological innovations in production facilities, that also create huge demand for the market. Furthermore, the growing efforts towards the research & development mainly aimed at improving procuring practices and streamlining the overall industry’s entire value chain in the long run coupled with increased usage of fishmeal in the pharmaceutical sector as a raw material in the preparation of various antibiotics, are further expected to drive the global market.
Report Segmentation
The market is primarily segmented based on source, livestock, industrial application, and region.
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By Source |
By Livestock |
By Industrial Application |
By Region |
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Crustaceans segment is expected to witness highest growth during forecast period
The crustaceans segment is projected to grow at a higher CAGR during the anticipated period, which is largely attributable to increasing number of crustaceans applications in fishmeal & fish oil products as a major or primary dietary protein source. It contains significant amount of fishmeal and with the rising crustaceans culturing because of the increased demand for seafood worldwide, that are likely to fuel the demand and growth of the segment market in the near future.
The salmon & trout segment captured the largest market revenue share in 2022, on account of widespread use of the product in salmon & trout feed as one of the major substantial ingredients that benefits from offering various vital nutritional supplements to the fish.
Aquatic animals segment accounted for the largest market share in 2022
Aquatic animals held major global market share, and is likely to retain its market position throughout the forecast period. The growth of the segment market can be largely attributed to growing incorporation of fish oil into the diets of numerous water animals, that causes less pollution waste-water effluents through providing improved and better nutrient digestibility.
The swine segment is projected to account for substantial growth rate over the course of study period, which is highly accelerated by extensive rise in the swine industry mainly in the Asia Pacific countries like Brazil, Indonesia, and China. In addition, there are wide range of health benefits associated with fishmeal & fish oil in terms of swine breeding, that have led to its increased popularity and acceptability in swine sector in the recent years.
Pharma segment is expected to hold significant market share during projected timeframe
The pharma segment is anticipated to hold significant market share at a considerable growth rate throughout the projected period. The increasing prevalence towards the positive perception and rich nutrient content of these products along with the rapid growth in the awareness with regards to several personal health and nutrition, that are positively contributing to the acceptance of product across the globe, are major factors expected to fuel the demand and growth of the segment market.
Furthermore, carotenoids and astaxanthins derives from fish is extremely helping in improving the immunity system and also works as an anti-oxidant in the health care sector. Many scientists across the world are consistently trying to extract these molecules from seafood by processing waste products, that are widely used in many pharmaceutical preparations, which is further likely to bode well for market growth over the next coming years.
North America region dominated the global market in 2022
North America region dominated the global market with healthy revenue share, and is projected to maintain its dominance throughout the forecast period. The growth of the regional market can be highly attributable to increasing government support towards the development of the industry and surge in the demand for aquatic feed additives in countries like US and Canada. Moreover, a rise in the investment by major companies for new technological advancements and increased performance of aquaculture across the region are some other prominent aspects fueling the growth of the market.
Asia Pacific region also account for considerable market share and is expected to be the fastest growing region over the study period. The significant rise in the awareness regarding to health and nutrition of livestock and pet animals and also increasing penetration for fishmeal & fish oil due to its several benefits on skin and coat health, joint health, cognitive health, among others are factors propelling the demand and growth of the market. Additionally, several APAC countries like Thailand and Vietnam, are large scale producers of shrimps and have been growing rapidly their aquaculture industry in the recent past, that are also likely to contribute strongly towards the growth of the market in the region.
Competitive Insight
Some of the major players operating in the global fishmeal & fish oil market include FKS Multi Agro, Mukka Proteins, Sandakan Fishmeal, Raj Fishmeal, Asia Fish Oil, Pattani Fish Meal, Austevoll Seafood, Scoular Company, Croda International, Oceana Group, Omega Protein, FF Skagen, Pioneer Fishing, Maxland, and Gold Fin International.
Recent Developments
- In March 2022, Scoular, established its new fish-meal facility in Myanmar. This facility provided high-quality shipment to the Asian markets and the facility will further expands Scoular’s capabilities to produce and supply high-quality ingredients.
- In June 2022, Phileo, introduced new product ‘Prosaf’. This yeast extract, is primarily obtained by the primary fermentation with high protein content that offers highly bio-available nutrients to boost the digestibility of the plant-based diets.
Fishmeal & Fish Oil Market Report Scope
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Report Attributes |
Details |
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Market size value in 2024 |
USD 14.3 billion |
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Revenue forecast in 2032 |
USD 20.42 billion |
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CAGR |
4.60% from 2024– 2032 |
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Base year |
2023 |
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Historical data |
2019– 2022 |
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Forecast period |
2024– 2032 |
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Quantitative units |
Revenue in USD billion and CAGR from 2024 to 2032 |
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Segments covered |
By Source, By Livestock, By Industrial Application, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
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Key companies |
FKS Multi Agro, Mukka Proteins, Sandakan Fishmeal, Raj Fishmeal, Asia Fish Oil, Pattani Fish Meal, Austevoll Seafood, Scoular Company, Croda International, Oceana Group, Omega Protein, FF Skagen, Pioneer Fishing, Maxland, and Gold Fin International.Austevoll Seafood ASA, The Scoular Company, Croda International Plc, Oceana Group Limited, Omega Protein Corporation, FF Skagen A/S, Pioneer Fishing, Maxland Group, and Gold Fin International. |
FAQ's
The global fishmeal & fish oil market size is expected to reach USD 20.42 billion by 2032
Key players in the fishmeal & fish oil market are FKS Multi Agro, Mukka Proteins, Sandakan Fishmeal, Raj Fishmeal, Asia Fish Oil, Pattani Fish Meal, Austevoll Seafood, Scoular Company, Croda International.
North America contribute notably towards the global fishmeal & fish oil market.
The global fishmeal & fish oil market expected to grow at a CAGR of 4.39% during the forecast period.
The fishmeal & fish oil market report covering key segments aresource, livestock, industrial application, and region.
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