Fishmeal Market Size, Share, and Forecast Outlook (2023-2030)"
Global Fishmeal Market Highlights
The Global Fishmeal Market is accounted to register a CAGR of 7.5% during the forecast period and is estimated to reach USD 15087.33 million by 2030.
The global fishmeal market refers to the worldwide trade and consumption of fishmeal, which is a protein-rich powder or cake produced from fish or fish by-products. Fishmeal is primarily used as a high-quality animal feed ingredient in the aquaculture, poultry, and livestock industries.
The market is also influenced by factors such as the availability and sustainability of fish stocks, regulatory policies on fishing and aquaculture, and the overall economic conditions. Overfishing and environmental concerns have led to efforts to promote sustainable fishing practices and alternative protein sources in animal feed, which may impact the fishmeal market dynamics.
Segment Analysis
The Global Fishmeal Market has been segmented based type, source and application.
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On the basis of type, the market is segmented into ruminants, poultry, swine and aquatic animals. Fishmeal and oil are the main health benefits in swine breeding; thus, their sales and revenue have accelerated briskly.
Based on source, the market has been segmented into salmon & trout, marine fish and crustaceans. salmon is frequently utilized as a source of fishmeal, salmon and trout farms have been slowly increasing their output of salmon to satisfy the rising customer demand.
Based on application, the market has been segmented into fertilizers and animal feed. Organic farming is growing in popularity due to rising consumer health consciousness and awareness of the health dangers of chemical fertilizers.
Regional Analysis
The Global Fishmeal Market, based on region, has been divided into the North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe Global Fishmeal Market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The Global Fishmeal Market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World Global Fishmeal Market comprises of Middle East, Africa, and Latin America.
North America, particularly the United States, is a prominent consumer of fishmeal. The demand for fishmeal in the region is driven by its use in the aquaculture and livestock sectors. The U.S. also imports fishmeal from various countries to meet its domestic requirements.
The Asia-Pacific region, especially countries like China, Thailand, and Vietnam, plays a crucial role in the fishmeal market. China is a major consumer and importer of fishmeal, driven by its rapidly expanding aquaculture industry.
Europe has a considerable presence in the fishmeal market, both as a producer and consumer. Countries such as Denmark, Norway, and Iceland are known for their fishmeal production from fishery by-products and trimmings. European countries also import fishmeal for their aquaculture and livestock industries.
Furthermore, the rest of the world's Global Fishmeal Market is divided into the Middle East, Africa, and Latin America. Countries such as Morocco, Mauritania, and South Africa in Africa have significant fishmeal production and export capabilities. Oceania countries like Australia and New Zealand also have a presence in the market. The Middle East region relies on fishmeal imports to support its growing aquaculture industry.
Key Findings of the Study
- The Global Fishmeal Market is expected to reach USD 15087.33 million by 2030, at a CAGR of 7.5% during the forecast period.
- North America, particularly the United States, is a prominent consumer of fishmeal. The demand for fishmeal in the region is driven by its use in the aquaculture and livestock sectors. The U.S. also imports fishmeal from various countries to meet its domestic requirements.
- Based on type, the market is segmented into ruminants, poultry, swine and aquatic animals holding the largest market in 2022.
- Croda International Plc., Biomega AS, Omega Protein Corporation, Oceana Group Limited, FMC Corporation, Calysta Inc., Austevoll Seafood ASA, Pioneer Fishing (Pty) Ltd., Aker Biomarine Antarctic AS, The Scoular Company and Sarma Fish S.A.R.L .
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