The fish meal alternative market iis 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. This growth is attributed to the increasing adoption of healthier, vegan eating habits, driven by environmental and health benefits. Consumers are turning to alternatives to fish meals to align with plant-based diets, aiming to replace conventional animal-based dietary items.
The fish meal alternative market is projected to witness an average growth momentum in the global market at a CAGR of 7.10% during 2023 and 2033. The market share is estimated to be valued at US$ 1,924.2 million in 2023 and is anticipated to reach US$ 3,674.0 million by 2033.
Due to the many advantages for both the environment and human health, consumers are progressively adopting healthier, vegan eating habits. Alternatives to fish meals are gaining popularity as a means of achieving broad societal acceptance and being included in diets devoid of animal products.
The primary goal of the expanding vegan movement is to replace conventional animal-based dietary items with a variety of substitutes, primarily plant-based equivalents. The rising consumption of fish and seafood has a detrimental influence on aquaculture as well as the natural ecosystem. The traditional techniques of marine farming, the dwindling biodiversity and severe environmental effects increase the intoxication level of fish and other aquatic organisms. This promotes a business strategy by manufacturers to shift towards plant-based substitutes for fish and seafood that have the same texture, flavour, and nutritional content as the real 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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