According to The Insight Partners study on “Fishmeal Market to 2028 – Global Analysis and Forecast – by Source and Application,” the market was valued at US$ 8,153.6 million in 2020 and is projected to reach US$ 15,264.6 million by 2028; it is expected to grow at a CAGR of 8.3% from 2021 to 2028. Factors such as rising industrial livestock production and increasing demand for protein rich animal feed drive the market growth. However, the availability of substitutes restrains the growth of the fishmeal market.
| Report Coverage | Details |
| Market Size Value in | US$ 8,153.6 million in 2020 |
| Market Size Value by | US$ 15,264.6 million by 2028 |
| Growth rate | CAGR of 8.3% from 2021 to 2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2020 |
| No. of Pages | 125 |
| No. Tables | 56 |
| No. of Charts & Figures | 67 |
| Historical data available | Yes |
| Segments covered | Source, and Application |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
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In 2020, Europe held the significant revenue share of the global fishmeal market. In Europe, aquaculture accounts for over 20–30% of the overall shellfish and fish supply and employs many people. The sector primarily consists of SMEs located in rural areas as well as coastal regions. The aquaculture production in Europe has been stable since 2000, and Italy and France record higher production volumes than other countries. The aquaculture production also includes premium seafood options such as oysters. The high volume of aquaculture production requires a large amount of fishmeal feed, especially for premium species, in fish farming to ensure the highest possible quality. The high fish farming activities, therefore, contribute to high demand for fishmeal in Europe. In addition, the organic food market in Europe is growing due to elevating awareness regarding the side-effects of chemicals used in food production. Health-conscious consumers are more inclined toward organic food, which leads to high demand for fishmeal as a fertilizer as well as feed.
Impact of COVID-19 Pandemic on Fishmeal Market
The ongoing COVID-19 pandemic has affected economies and industries in various countries due to lockdowns, travel bans, and the shutdown of production facilities. The animal feed and aquaculture industries are amongst the worst hit sectors from this pandemic, going through severe disruptions, such as supply chain breaks and the shutdown of production plants. The shutdown of various plants and factories in various regions, such as North America, Europe, and Asia-Pacific, has affected the global supply chain and negatively impacted the manufacturing, delivery schedules, and sales of various animal feed ingredients and raw materials for agrochemicals. Additionally, the global travel bans imposed by countries in Europe, Asia, and North America are affecting the business collaborations and partnership opportunities. All these factors negatively impact the fishmeal market and, thus, act as a restraint in its growth.
The COVID-19 pandemic has negatively impacted the fisheries industry with disruptions in its supply chain. The decline in the demand for seafood has resulted in the decreased production of fish. Low fish demand reduced fish fleet activities, which negatively impacted the production of fish by-products, especially fishmeal. However, with the launch of vaccination drives globally, the economies are reviving, and industries are witnessing demand for their products. Various governments are also taking initiatives to minimize the loss of the fisheries industry due to this pandemic. With this, the fishmeal market is expected to witness growth in the coming years.
Rise in Industrial Livestock Production to Drive Fishmeal Market Growth During Forecast Period
Industrial livestock production has undergone substantial transformation due to technological advancements in animal vaccinations and antibiotics. According to the Food and Agriculture Organization (FAO), more than half of the world’s pork and poultry, one-tenth of beef and mutton, and more than two-thirds of egg supply have originated from industrial livestock production. The development of industrial livestock production across the world has led to a significant rise in the demand for highly nutritious animal feed products. The surge in the industrial production of mutton, beef, pork, and poultry compared to grazing and mixed farming has necessitated the demand for high-grade animal feed, which, in turn, is boosting the demand for feed ingredients, including fishmeal. Fishmeal helps in enhancing feed efficiency and improving feed palatability, digestion, nutrient uptake, and absorption.
Industrial livestock production has ensured a high volume of meat production at low cost by taking advantage of economies of scale. The availability of dairy and meat products at low prices has led to an increase in their consumption and thereby contributed to the growth of the industrial livestock production industry. The robust growth witnessed by the industrial livestock production sector has spurred the demand for high-quality animal feed used in rearing a range of livestock, including cattle, swine, goats, chicken, fish, and shrimps. The crucial role played by industrial livestock production in meeting the nutritional requirement of humans worldwide has led to the proliferation of industrial livestock farms across the world and augmented the sale of animal feed and its ingredients. Thus, the rise in industrial livestock production is fueling the market growth of fishmeal, as fishmeal is used as a natural protein-rich ingredient in animal feed.
Fishmeal Market: Segment Overview
Based on source, the global fishmeal market is segmented into salmon, mackerel, anchovy, capelin, and others. In 2020, the anchovy segment accounted for the largest revenue share. Anchovies are majorly found in SAM, especially in Peru. The volume of fishmeal production manufactured from Peruvian anchovies is equivalent to the requirement of half of the global fed farmed fish production. The market for the anchovy segment is expected to witness growth during the forecast period due to the availability of anchovies in ample quantity. The high availability of anchovies also has a positive impact on the global food security.
Based on application, the global fishmeal market is segmented into animal feed, agriculture, and others. In 2020, the animal feed segment accounted for the largest revenue share. Fishmeal is a highly digestible feed ingredient, carrying high amount of energy per unit weight. The ingredient also contains little carbohydrate and is an excellent source of vitamins, minerals, oils (lipids), and protein. Most commercial fishmeal is made from small, bony fishes which are not suitable for human consumption or manufactured from by-products of fish processing industry. Therefore, the valorization of by-products makes the fishmeal animal feed economical. Therefore, the enhancement of animal feed with the help of fishmeal is driving the demand for the product.
Fishmeal Market: Competition Landscape and Key Developments
A few key players operating in the fishmeal market are TripleNine, The Scoular Company, FF SKAGEN A/S, Pelagia AS, Soytex LTD, Pesquera Diamante S.A., TASA, Oceana Group Limited, Omega Protein Corporation, and COPEINCA. Major market players are adopting strategies, such as mergers and acquisitions, to expand geographical presence and consumer base globally.
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