The fishmeal 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. Fishmeal is produced using fish by-products from the food processing and filleting industries.
New York, Jan. 07, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Fishmeal Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Source and Application" - https://www.reportlinker.com/p06195591/?utm_source=GNW
It is mainly used as a high protein (60–72%) ingredient in feed produced for farmed animals and aquaculture species. The demand for fishmeal exceeds the supply for it; therefore, the feed industry has considerably changed the composition of fishmeal in feed. The fishmeal market has witnessed the growth over historic period owing to the development of aquaculture due to rising demand for seafood products and increasing reliance on aquaculture by developing countries to resolve food scarcity. Also, fishmeal is sustainable in nature as it is produced from waste components of other industry. Therefore, it is a part of various environmental conservation programs. The market is thereby benefitting from sustainable practices, such as organic farming.
Based on source, the global fishmeal market is segmented into salmon, mackerel, anchovy, capelin, and others.The anchovy segment held the largest share in the market in 2020.
Anchovies have high DHA and EPA polyunsaturated fatty acids concentration.Although anchovies are eaten as a whole fish, they are majorly utilized as fish capsule or fishmeal.
The low quantity of consumption by human has led to a greater use of the fish for the purpose of feed.Moreover, anchovies are fragile fish that cannot be transported easily and has limited storage options.
Anchovy fishmeal helps in providing appropriate nutrition to carnivorous fish that cannot be fed on plant-based food. Anchovies are rich in essential amino acids suitable for feed requirements. These characteristics are driving the market growth for the anchovy segment.
Geographically, the fishmeal market is segmented into North America, Europe, Asia Pacific, South and Central America, and Middle East & Africa.In 2020, Asia-Pacific accounted for the largest share in the market.
Asia-Pacific comprises several economies such as India, China, Japan, South Korea, and Australia.These countries are witnessing an upsurge in industrialization and urbanization activities, offering ample opportunities for the key players in the fishmeal market.
The surge in demand for fishmeal in the aquaculture sector is expected to drive the fishmeal market in the region in the coming years.China accounted for the biggest share in the global fishmeal market as the aquaculture production in the country is highest across the world.
Growth in seafood processing in India and China is subsequently boosting the demand for fishmeal. Moreover, specialty organic farming techniques are increasingly utilizing fishmeal as an organic fertilizer. Thus, growing investments in seafood processing activities, increasing aquaculture, and rising organic farming are predicted to bolster the fishmeal market in the region during the forecast period.
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 a growth trend during the upcoming years.
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 are among the well-established players operating in the global fishmeal market.
The overall global fishmeal market size has been derived in accordance with both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the global fishmeal market.
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