The production of fish
feed and oil is projected to expand moderately in the coming years, due to
better application of by-products from the fish processing industry, and the
development of other raw material sources like algae, krill, and insects. The
growing aquaculture industry will be the main driver behind the market.
Future Market Insights (FMI) has projected the fishmeal and
fish oil market size to total USD 6 Bn in 2022. Demand for fishmeal and fish
oil is expected to grow at 6.0% CAGR, boosting the overall consumption to USD
12 Bn over the assessment period, from 2022 to 2032.
Fish oils are mainly extracted from fishes such as salmon,
anchovy, and trout. These fishes are rich in astaxanthin and carotenoids that
have diverse utilization in pharmaceutical industries. The essential omega 3
fatty acids are primarily extracted from fish oils. Fish oil also finds
increasing application in the pharmaceutical industry raw material for making
medicines.
Fishmeal is a natural fertilizer and an excellent source of
nutrients for gardens, lawns, and farms. Hence, the agricultural application of
fishmeal products is envisaged to be one of the main drivers of the fish feed
and oils market.
Key Takeaways from the market
- Future
Market Insights (FMI) report has projected the fish feed and oil market
size to total USD 6 Bn in 2022.
- From
2001 to 2010, the average yearly fishmeal production was around 5.5
million tonnes, while from 2011 to 2020 it was around 5 million tonnes.
The production of fish oil by volume amounts to between 0.8 and 1.3
million tonnes a year.
- In
2019, 68% of global utilization of fish oils was for aquaculture, i.e.
around 610,000 tonnes of fish oil.
- Nearly
71% of fish oil consumption in aquaculture was used to feed salmon and
trout.
- Peruvian
fisheries, the largest volume-wise in the world have seen an upward tick
in catches hence satisfying the rising demand for fishmeal.
- Fitness
enthusiasts and athletes frequently consume fish oil for their omega-3
needs. Rising awareness about the aforementioned health benefits of fish
oil will aid in the overall expansion of the market in the coming years.
- Regionally,
Western Europe has emerged as a leading market for fish feed and oils. The
market will also witness lucrative growth opportunities in the Asia
Pacific.
Competitive Landscape
Key market players have adopted expansion and investments as
key strategies to expand their presence in the fishmeal & fish oil market.
Their growth strategies will enable growth in the market in the coming years.
The global fish and seafood industry is undergoing a
transformation with big firms and government organizations linking with smaller
fisheries at both inter and intra-region levels. These collaborations have
opened the scope for increased demand for the aquatic feed additives market.
This in turn will propel demand in the fish feed and oil market. Furthermore,
the rising use of fish oil in health supplements will ensure attractive
prospects of growth for the market.
The fish feed and oil market is slightly fragmented,
diversified, and competitive with various small and mid-sized firms active
which are strategically involved in consistent research and development and
product innovations. The fishmeal & fish oil market in every region has
witnessed the development of business units, subsidiaries, and research centers
sponsored by key players. A few key players are Croda International Plc, The
Scoular Company, FMC Corporation, Pelagia, GC Rieber Oils, Oceana Group
Limited, Austevoll Seafood ASA, and Omega Protein Corporation.
“Fish meal and Fish oil manufacturers should establish
strategic alliances with fisheries and regional entities for an adequate supply
of raw materials, they should also do extensive marketing, specifically those
dealing with fish oil supplements and pharmaceuticals should acquire the
increasing market for omega-3 supplements. Manufacturers should also
collaborate with industries using fish oils and fishmeals and communicate its
benefits in agriculture and aquaculture,” says a Future Market
Insights analyst.
The global Fishmeal & Fish Oil market is segmented in
detail to cover every aspect of the market and present complete market
intelligence to readers.
Source:
- Salmon
& Trout
- Marine
Fish
- Crustaceans
- Tilapia
- Carps
- Others
Application:
- Aquaculture
& Aquatic Feeds
- Land
Animal Feeds and Livestock
- Agriculture
and Fertilizers
- Pharmaceuticals
- Dietary
Supplements
- Others
Region:
- North
America
- Latin
America
- Europe
- East
Asia
- South
Asia
- Oceania
- Middle
East & Africa
Thanks for reading this article; you can also get
individual chapter wise section or region wise report version like North
America, Europe or Asia.
Read More: https://www.futuremarketinsights.com/reports/fishmeal-and-fish-oil-market