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.
As consumers pivot towards healthier and vegan dietary habits, driven by health and environmental concerns, the demand for fish meal alternatives is gaining traction. These alternatives offer a pathway to broader social acceptance of diets devoid of animal products.
Market Dynamics: Paving the Way for Sustainable Aquaculture
Traditional fish meal, sourced from small fish, has been a cornerstone of aquaculture feed. Yet, mounting apprehensions regarding overfishing and its ecological ramifications are propelling the adoption of sustainable substitutes. Plant-based sources and insect protein, constituting fish meal alternatives, present viable solutions with reduced environmental footprints.
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Increasing Demand: Championing Ethical and Sustainable Food Practices
The surge in demand for ethically and sustainably produced food is propelling the growth of the fish meal alternative market. Consumers are increasingly attuned to the environmental repercussions of their dietary choices and are actively seeking products cultivated on sustainable feed sources. This trend is anticipated to persist, offering enduring opportunities for manufacturers in the fish meal alternative sector.
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.
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.
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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.
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
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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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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