In addition, The Market Size was valued at USD 8459.5 million in 2021. The market industry is projected to grow from USD 9093.96 million in 2022 to USD 15087.33 million by 2030, exhibiting a compound annual growth rate (CAGR) of 7.5% during the forecast period (2022 - 2030) Fish may be dried and ground into fish powder, or the water and oil can be removed from the fish. Fish meal is also known as another name for fish powder. Since fish powder includes amino acids, protein, fatty acids, and other minerals, it is a crucial component of animal feed. The fish powder may be prepared from any seafood, although it is often made from tiny, wild-caught marine fish rich in oil and bones.
Manufacturing fish powder from various fish species, including sand eels, anchovies, capelin, pilchards, horse mackerel, and menhaden, is driving the worldwide fish powder industry. Along with its active concentration of mineral content, the fish powder also has a protein content acceptable for human consumption. Additionally, the fish powder may be used as a functional component, making it appropriate for ready-to-eat meals. In both developed and emerging nations, quick-service restaurants' introduction and fast growth have increased the demand for fish powder.
Health experts have significantly raised the recommended daily dietary intake of omega-3 fatty acids worldwide, leading to a corresponding rise in fish oil consumption. The market is also being driven by an increase in the claimed health advantages of omega-3 fatty acids, the main extraction source of which is fish oil. Fish oil pioneered a new trend, and so dominated the health industry. During the projection period, the fishmeal market size and the oil market will expand correspondingly to the expansion of the aquaculture and agricultural sectors.
The global market has been divided into four sections source, livestock, application and regional basis. With the source section, the market is further divided into five sections salmon trout, marine fish, crustaceans, tilapia and others. The livestock is further classified into ruminants, poultry, swine, aquatic animal and others. The application section is further classified into fertilisers, animal feed and others. Five parts are further separated into a regional basis. The Middle East, Africa, Asia-Pacific, North and South America, and Europe.
The country's growing government backing is a crucial factor in the growth of fish meal and fish oil. Two hundred twenty nautical miles are covered in total by the Exclusive Economic Zone, which is the region where the US has exclusive sovereignty over all maritime natural resources. This vast territory offers the marine sector tremendous opportunities, eventually expanding the nation's fish meal and oil market.
Due to the increased need for protein supplementation in feed, the North American region is anticipated to capture a significant market share over the forecast period. Another factor driving the expansion of this market in the North American area is the shift in customer preference from red meat to alternative meat sources. Lastly, the sector is predicted to develop rapidly as aquaculture operations increase. Additionally, the usage of fish meal market overview as fertiliser is prized in this market. Additionally, fish meal is typically offered as a powder and used in compound diets for farm-raised chickens, pigs, and fish.
The widespread blending of fishmeal and fish oil is expanding the usage of the product in sectors of the economy, including agriculture, swine, and poultry. The nutrition given to agricultural animals has a steering desire for the same. Additionally, aquaculture production and environmental performance have greatly improved globally.
Key Companies in the fishmeal market include
Empresas Copec S.A. (Chile)
Croda International Plc. (UK)
Biomega AS (Norway)
Omega Protein Corporation (US)
Oceana Group Limited (South Africa)
FMC Corporation (US)
Calysta Inc. (U.S.)
Austevoll Seafood ASA (Norway)
Pioneer Fishing (Pty) Ltd. (South Africa)
Aker Biomarine Antarctic AS (Norway)
The Scoular Company (U.S.)
Sarma Fish S.A.R.L (Morocco)
Alpha Atlantique (Morocco)
Animalfeeds International Corporation (USA)
Novus International Inc. (US)
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