The fish meal consumer market is expected to be worth USD 8000 Mn in the year 2021, and to increase at an extraordinary pace to USD 15,000 Mn by 2032, with a CAGR of 7.7% over the forecast timeline. Fish meal has been extensively used as a vital element of the fertilizer and aquaculture industries.
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The usage of Trout and Salmon as a good source of raw material in the manufacture of fishmeal is fairly frequent. As the cultivation of trout and salmon has expanded dramatically in recent years, wastage output in fish processing plants has surged as well. Businesses have an adequate supply of low-cost raw materials to make fishmeal, which will satisfy customer demand worldwide. The usage of Trout and Salmon as a good source of raw material in the manufacture of fishmeal is fairly frequent.
As the cultivation of trout and salmon has expanded dramatically in recent years, wastage output in fish processing facilities has surged as well. Businesses have an adequate supply of low-cost raw materials to make fishmeal, which will satisfy customer demand worldwide.
Key takeaways:
- The fish meal market is expected to be worth USD 8000 Mn in 2021, and to increase at an extraordinary pace to reach USD 15,000 Mn by 2032, with a compound annual growth rate (CAGR) of 7.7% over the analysis period.
- The market segment has grown to a value of USD 4,180 million as a result of widespread demand. The United States is expected to be the most dominating region in the North American segment, accounting for more than 87 percent of overall North American sales for USD 2717 million.
- China has a fast-increasing aquaculture business and is the top producer of animal-derived products in the Asia-Pacific region, with a market share of over 345 percent and an estimated value of USD 704 million.
- In the United States, by-catch fishing wastes 1 million metric tons of fish each year. The fishery sector stimulates the manufacture of fishmeal since waste and by-catch are supplied as cheap raw materials to fishmeal producers, so paying for the losses that the fishing business might have sustained from wastage and by-catch.
“The market for fishmeal is projected to have a booming expansion attributed to the rise in the utilization in animal rearing including poultry and pig farms along with aquaculture. As an animal feed, fishmeal is a wonderful source of nutrients and protein, which boosts quality and productivity,” says a lead analyst at Future Market Insights.
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Competitive landscape
Fishmeal is seeing a staggering growth in the animal feed and fertilizer industry. Various companies are using technology and research to come up with a process that could efficiently extract nutrients from the fish waste that is produced in large amounts from the fish processing plants.
- Bergen and Biomega Group, for example, use the fish waste from several salmon fish processing units that aren’t meant for the human intake to make high-quality pet food. Fishmeal is a highly profitable alternative for pet owners since it provides improved fatty acids, minerals, and high-quality protein. These companies use a process known as ‘enzymatic hydrolysis,’ which turns fish waste into high-quality meals in the form of the high-protein peptide. The method supports the main objective of incorporating entire animal leftovers into usable products and accomplishing Zero Wastage.
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Explore More Valuable Insights
Future Market Insights, in its new report, offers an unbiased analysis of the global Fishmeal market, presenting historical data (2017-2021) and estimation statistics for the forecast period of 2022-2032.
By Application:
- Fertilizers
- Animal Feed
By End-Use:
- Swine
- Poultry
- Aquaculture
- Salmon & Trout
- Crustaceans
- Cyprinids
- Marine Fish
- Others
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- MEA
The report covers exhaustive analysis on:
- How much is the Fishmeal market currently worth?
- At what CAGR is the market expected to grow?
- What are the key trends boosting Fishmeal sales?
- How are market players reacting to the new developments in the market?
- How much share do the top 3 companies hold?
- Which are the major countries driving demand for Fishmeal?
- Who are the major players in Fishmeal Market?
- What outlook does APAC provide?
- At what rate will the U.S. Fishmeal market grow?
- At what level does the report reflect pricing analysis?
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