Anticipated Growth: The global fish silage market is poised to achieve a market valuation of US$ 780.9 million in 2023, with an estimated growth rate of 10.2% CAGR from 2023 to 2033. By 2033, the market is forecasted to reach a substantial valuation of US$ 2,065.0 million.
Versatile and Sustainable: Fish silage stands out as a versatile feedstuff that is not only cost-effective but also simple to process, boasting a long-term storage life. Additionally, it serves as an environmentally sound solution for disposing of fish waste.
Global Commercialization: While fish silage production is commercialized in Scandinavia, efforts are being made in Canada driven by economic pressures, stringent environmental regulations, and the demand for alternative protein sources.
Strategic Applications: Particularly appealing for small processors facing challenges in fish meal manufacturing, fish silage emerges as a feasible alternative. In remote fishing ports with limited fish waste supply, it serves as a practical option for manufacturing value-added products.
Nutritional Impact: Fish silage, with 15% protein content compared to fish meal’s 65%, is primarily used in animal feed. Notably, it complements fish meals to minimize feed costs, especially in pig farms, where it can be applied directly as a liquid.
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Market Analysis Highlights:
- The Fish silage market is expected to be valued at US$ 780.9 million by 2023.
- Global demand is projected to grow at 10.2% CAGR, reaching a valuation of US$ 2,065.0 million by 2033.
- Wet type holds a significant market share of 89.0%, reaching US$ 1,837.8 million by the end of 2033.
- The liquid segment is predicted to achieve a market share of 78.0%, resulting in a size of US$ 1,610.7 million by 2033.
- Increasing application in aquaculture feed, estimated to hold a market share of 56.0%, reaching US$ 1,156.4 million by 2033.
“The Fish silage market is expected to expand due to rising consumer preference for sustainable agricultural practices along with alternative animal feed sources presenting an opportunity to Manufacturers to Innovate More– says a lead analyst at Future Market Insights (FMI)
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Who is Winning?
BioMar Group, Calysta, Inc., Biomega AS, Alltech Coppens, Skretting, Nutreco N.V., Ridley Corporation Limited, Archer Daniels Midland Company, Cargill, Inc., Dibaq A.S. and others (on additional request) are key fish silage manufacturers listed in the report.
These companies are expanding product portfolios, employing strategies like advertising, partnerships, acquisitions, agreements, and mergers to maintain market relevance and drive growth in the fish silage market.
For instance,
- In November 2021, the Caribbean Agricultural Research and Development Institute (CARDI) and The United Nations Food and Agriculture Organisation (FAO) recently collaborated to offer a virtual Fish Silage for Animal Feed Seminar for stakeholders and 25 participants.
- In July 2019, Argentina’s government recently hosted a workshop with the St. Kitts and Food and Agriculture Organisation (FAO) and Nevis Marine Resources Division. The project’s goal is to convert unused fish parts into safe and nutritious products for cattle consumption and fertilizer. The idea creates jobs while also assisting in ensuring food security and lowering the food import expense.
- In March 2021, Iran intends to create three new fish silage production firms in the Iranian year (March 21, 2021 to March 20, 2022), according to Deputy Chairman of Iran Fisheries Organisation Isa Golshahi, according to Trend, quoting the Ministry of Agriculture Jihad.
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Get More Valuable Insights
Future Market Insights (FMI), in its new offering, provides an unbiased analysis of the global fish silage market presenting historical demand data (2018 to 2022) and forecast statistics for the period from 2023 to 2033.
Fish Silage Market by Category
By Type:
- Dry Silage
- Wet Silage
By Fish Type:
- Salmon
- Tuna
- Sardine
- Mackerel
- Others
By Application:
- Aquaculture Feed
- Pet Food
- Agriculture Feed
- Others
By Form:
- Pellets
- Powder
- Liquid
By Region:
- North America
- Europe
- Latin America
- East Asia
- Oceania
- South Asia
- Middle East & Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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