Fish Meal Market Size, Share Analysis, Growth and Trends, Forecast 2024-2031
Market Overview:
The Fish Meal Market is projected to grow at a compound annual growth rate (CAGR) of 7.8% from 2024 to 2031. Fish meal, a brown solid material derived from the bones and offal of fish such as anchovy, sardine, menhaden, and capelin, serves as a high-nutrient feed ingredient for farm animals due to its high protein content and essential nutrients.
Market Trends:
The increasing use of fish meal in animal feed is driven by its high protein content, typically ranging between 60% to 72%. It is particularly valued in diets for fish, shrimp, and other farm animals due to its rich composition of essential amino acids, lipids, minerals, and vitamins.
The growing aquaculture and livestock farming industries are boosting the demand for fish meal. This growth is driven by economic needs and the exploration of new markets and products that leverage the unique nutritional properties of fish oils and proteins.
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Market Segmentation:
Fish meal is extensively used in different segments of animal farming, including dairy production, poultry, swine, and aquaculture. The dairy industry has seen a particular increase in demand for fish meal due to its role in enhancing reproductive performance in dairy cows. Additionally, it is used in specialty feeds for other livestock and in producing omega-3 enriched eggs.
The market faces challenges from the development of sustainable and plant-based alternatives. Soybean meal, among other plant proteins, is increasingly used as a substitute, impacting the demand for traditional fish meal.
Geographical Analysis:
The Asia-Pacific region dominates the global fish meal market, supported by extensive aquaculture and livestock farming activities. Countries like Thailand, Vietnam, India, and Japan are significant contributors to the market's growth, driven by the rising need for nutrient-rich animal feeds.
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Competitive Landscape:
The global fish meal market is highly competitive, with numerous players such as Croda International Plc, ADM Animal Nutrition, OCEANA GROUP LIMITED, Omega Protein Corporation, and Austevoll Seafood ASA leading the market. These companies are involved in producing and marketing fish meal, leveraging its widespread use in animal feed to maintain a competitive edge.
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