The fish meal alternative market is expected to experience steady growth, with a projected CAGR of 7.10% between 2023 and 2033. The market is estimated to be valued at US$ 1,924.2 million in 2023, with an anticipated increase to US$ 3,674.0 million by 2033. The rise in popularity of vegan eating habits can be ascribed to their positive effects on the environment and human health. In an effort to substitute traditional animal-based food items with plant-based diets, consumers are looking for fish meal substitutes.
The global market for alternatives to fish meal is expected to increase on average between 2023 and 2033, with a compound annual growth rate of 7.10%. The market share is projected to grow from its estimated US$ 1,924.2 million in 2023 to US$ 3,674.0 million in 2033.
Customers are gradually embracing better, vegan eating habits because of the many benefits for the environment and human health. Fish meal substitutes are becoming more and more well-liked as a way to get widespread acceptability in society and fit into diets free of animal products.
The main objective of the growing vegan movement is to substitute various, mostly plant-based, alternatives for traditional animal-based food items. The increasing consumption of seafood and fish has a negative impact on both aquaculture and the environment. Fish and other aquatic species get more intoxicated due to traditional marine farming methods, declining biodiversity, and negative environmental effects. This encourages producers to move towards plant-based alternatives to fish and seafood that are just as tasty, nutritious, and have the same texture as the genuine thing.
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Fish Meal Alternative Market: Segmentation
Technological advancements have brought various methods of structuring the stimulation of the nanometric fibrous-gel structure of fish and seafood, using techniques such as hydro spinning, extrusion and 3D printing.
Scaling up production and developing an efficient cost-effective supply chain to compete with the traditional fish feed, which has been operating the market as a dominant threat for a longer time is a real challenge for fish meal alternative market players. Moreover, the lack of awareness and acceptance perspective in consumers about newer and unconventional alternative sources of proteins derived from plants or insects comes as a barrier in the development of the fish feed alternative market. Consumers may be hesitant to make a shift from traditional options.
In the realm of alternative fish meal and seafood, the manufacturers have several growth opportunities as the market is particularly booming and rapidly moving from niche to more mainstream requirements. The producers have the benefit of exploiting the consumers interest in the rising awareness about ethical practices and environmental impacts of industrial fishery.
Market Scenario
- The rapid surge in the vegan population in North America has boosted the market growth in several countries. The United States held a global market value of 20.1% dominating the global market for fish meal alternatives.
- The fish meal alternative market in Germany is valued at 7.6% shares of the global market. This rise can be attributed to the rising consumer awareness of the importance of eating healthy food and the rise in health concerns.
- Over the projection period, the fish meal alternative market in India is likely to see a rise in demand with a CAGR of 3.4%. The developments in technology and availability of more realistic alternatives with a higher nutritional value in the global market leads the producers to invest more in emerging economies such as India.
- The fish meal alternative market will increase with a CAGR of 5.3% in the United Kingdom because of the significant optimism about animal activism and welfare.
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- because of the significant optimism about animal activism and welfare.
Competiton among Key Players
FMI identified Archer Daniels Midland, Angel Yeast Co. Ltd, Cargill Corporation, Lallemand Inc., Alltech and Nutreco N.V as the major players in the fish feed alternative market. These players are continuously working towards developing strategies to launch new products and innovate new techniques to diversify their customer base.
The market is expected to attract many investments from both established players and startups in the forecast period. Market players are aiming to expand their market presence by adopting strategies such as partnerships, collaborations, acquisitions and mergers to increase their revenue share.
Recent Developments
- Lallemand, aiming to accelerate research and development in the field of fermented foods, gets involved in the committee of Grand Défi Ferments du Futur Programme in December 2022.
- In May 2023, Archer Daniels Midland (ADM), announced the acquisition of DCA Finance BV, to extend the geographical footprint of ADMIS to provide risk management for consumers. This agreement is expected to be completed by the second half of 2023.
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Key Segments of Fish Meal Alternative Industry Survey
Type:
- Organic
- Conventional
Source:
- Plant
- Peas
- Lupins
- Corn
- Rice
- Canola
- Rapeseed
- Barley
- Wheat
- Animal
- Micro-organism
By Application:
- Feed
- poultry
- livestock
- pet food
- Treats
- Fertilizers
- Pharmaceuticals
- Dietary
By Region:
- North America
- Latin America
- Europe
- East Asia
Regional analysis includes
- North America (U.S., Canada)
- Latin America (Mexico. Brazil)
- Western Europe (Germany, Italy, France, U.K, Spain)
- Eastern Europe (Poland, Russia)
- Asia Pacific (China, India, ASEAN, Australia & New Zealand)
- Japan
- Middle East and Africa (GCC Countries, S. Africa, Northern Africa)
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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