The global fishmeal and fish oil market is estimated at USD 7.8 billion by the year 2024 and is projected to reach USD 13.8 billion by 2034, with sales growing at a robust CAGR of 5.8% during the forecast period.
In response to increasing demand, many manufacturers in the fishmeal and fish oil industry are focusing on expanding production capabilities and adopting advanced processing technologies. Strategic partnerships and innovations are being pursued to secure a year-round supply of raw materials.
Additionally, most producers have embraced sustainable practices, utilizing waste and by-product fish to meet growing global demand while adhering to environmental regulations.
The global fishmeal and fish oil industry has witnessed significant shifts in its competitive dynamics, driven by increasing fish consumption, heightened focus on nutrition by aquaculture product manufacturers, and advancements in research aimed at boosting marine production efficiency.
Various factors propelling the demand for fishmeal & fish oil include:
• Fish meal and fish oil have numerous nutritional benefits and are also main sources of omega-3 fatty acids EPA and DHA, which are now widely recognized as important factors in human health.
• Steadily increasing use of fishmeal and fish oil in swine and poultry diets, as well as improved aquaculture productivity and environmental performance, is elevating farm standardization levels.
• Fish meal in the pharmaceutical sector is primarily used as a raw material in the preparation of certain antibiotics. The use of fish oil in the pharmaceutical industry improves memory and protects against mental illnesses such as bipolar disorder.
• The fish oil and feed market is driven by research and development efforts aimed at improving procurement practices and streamlining the industry’s entire value chain in the long run.
• Soaring innovation in the fishmeal & fish oil market, as well as technological advancements that improve the efficiency of fishmeal & fish oil, have contributed to the market’s growth in recent years.
• Fish oil established a new trend, capturing the health market. As the aquaculture and agribusiness industries grow, so will the fish feed and oil market during the forecast period
Key Takeaways from the Fishmeal & Fish Oil Market
- The market is expected to grow at a CAGR of 5.8% throughout the forecast period.
- By 2034, the sales value is expected to be worth USD 13.8 billion.
- Increased product innovation and demand for new products with nutritional balance are expected to boost sales.
- Asia-Pacific is expected to dominate the global consumption.
“The global Fishmeal and Fish Oil Market is experiencing significant growth, driven by rising demand for aquaculture and livestock feed. Increasing awareness of the nutritional benefits of omega-3 fatty acids and sustainable sourcing practices further fuels market expansion. This industry is expected to witness continued innovation in extraction and processing technologies”, says Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.).
Country wise Insights
| Countries | CAGR 2024 to 2034 | |
| USA | 4.2% | |
| China | 5.7% | |
| Norway | 3.8% | |
How is Aquaculture Propelling Growth in This Market?
The production of fishmeal and fish oil is projected to grow moderately in the upcoming years owing to the better utilization of by-products from the fish processing industry, as well as the rapid development of other raw material sources, such as krill, algae, and insects. The ongoing expansion of the aquaculture industry is also expected to drive the demand for fish and animal feed additives in future years.
According to the Organization for Economic Co-operation and Development (OECD), the contribution of aquaculture to global fish production may continue to grow and surpass that of fisheries by 2024. The maintainable intensification of aquaculture is expected to provide potential opportunities for the growth of the fishmeal and fish oil market in the coming years.
The expansion of the retail market and changes in the food consumption pattern of consumers are also expected to augment the growth. In addition to that, the high demand for fish in the dietary nutrition industry for the production of omega-3 supplements is anticipated to augment the fish oil omega-3 market. However, the rising utilization of substitute feed ingredients and microbial contamination of the aqua feed may challenge the growth of the fish feed and oil market in the near future. Aquaculture has been in focus for the use of alternative sources of proteins in animal feed, and the development of these may obstruct the growth of the fishmeal and fish oil market.
Key Industry Highlights on Fishmeal And Fish Oil Market
Here are some key industry highlights for the fishmeal and fish oil market:
- Market Growth: The fishmeal and fish oil market is witnessing significant growth, driven by increasing demand in aquaculture, livestock feed, and pet food industries.
- Aquaculture Demand: Rising global seafood consumption and the expansion of aquaculture practices are primary factors fueling demand for fishmeal and fish oil, as they are vital ingredients for fish feed.
- Sustainability Concerns: The industry faces pressure to adopt sustainable fishing practices, with growing emphasis on sourcing fishmeal and fish oil from responsible fisheries and ensuring minimal environmental impact.
- Nutritional Benefits: Fishmeal and fish oil are recognized for their high protein content and omega-3 fatty acids, leading to their increased usage in dietary supplements and functional foods.
- Technological Advancements: Innovations in processing techniques are enhancing the quality and nutritional profile of fishmeal and fish oil, making them more appealing to consumers and producers alike.
- Regional Insights: Major producers of fishmeal and fish oil include countries like Peru, Chile, and the United States, with specific regional regulations and climate conditions affecting production levels.
- Price Volatility: The market experiences price fluctuations due to factors such as raw material availability, regulatory changes, and global demand-supply dynamics.
- Health and Wellness Trends: Growing awareness of the health benefits associated with omega-3 fatty acids is boosting the market for fish oil in dietary supplements and functional food sectors.
Challenges of Fishmeal And Fish Oil Market
Here are some key challenges facing the fishmeal and fish oil market:
- Overfishing and Sustainability Concerns: Unsustainable fishing practices lead to depletion of fish stocks, raising ethical and environmental concerns and prompting regulations that restrict fishing.
- Competition from Alternative Proteins: The rise of plant-based proteins and synthetic alternatives poses a threat to the traditional fishmeal and fish oil market, as consumers seek sustainable and health-conscious options.
- Regulatory Pressure: Increasing environmental regulations and sustainability standards can impact production processes and increase compliance costs for fishmeal and fish oil manufacturers.
- Price Volatility: Fluctuations in fish prices due to market dynamics, weather conditions, and geopolitical factors can lead to instability in the fishmeal and fish oil market.
- Supply Chain Disruptions: Global events, such as pandemics or geopolitical tensions, can disrupt supply chains, affecting availability and increasing costs of raw materials.
- Consumer Awareness and Preferences: Growing consumer awareness of the environmental impact of fish sourcing can lead to demand for more sustainably sourced fishmeal and fish oil products.
Leading Manufacturers
- Austevoll Seafood ASA
- Colpex International SAC
- Corpesca S.A.
- Corporacion Pesquera Inca S.A.C.
- Croda International PLC
- FF Skagen A/S
- FMC Corporation
- Gc Rieber Oil
- Marvesa Holding NV
- Mukka Sea Foods Industries Pvt. Ltd.
- Oceana Group Ltd.
- Omega Protein Corporation
- Orizon S.A.
- Pesquera Exalmar S.A.A.
- Pioneer Fishing
- Scoular Company
- SURSAN
- Tasa
- TripleNine Group A/S
Key Segments of the Report
By Source:
In this segment Salmon & Trout, Marine Fish, Crustaceans, Tilapia, Carps are included in the report
By Application:
Various applications like Aquaculture & Aquatic Feeds, Land Animal Feeds and Livestock, Agriculture and Fertilizers, Pharmaceuticals, Dietary Supplements are considered in the report
By Region:
Industry analysis has been carried out in key countries of North America, Latin America, Europe, Middle East and Africa, East Asia, South Asia, and Oceania
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