The global fish silage market is anticipated to reach a market valuation of US$ 780.9 million in 2023. Over the forecast period (2023 to 2033), global fish silage demand is estimated to grow at 10.2% CAGR. By 2033, the total market is projected to reach a US$ 2,065.0 million valuation.
Fish silage is vital because it is a versatile feedstuff, cost-effective, simple to process, long-term storage life, along with an environmentally sound way of disposing of fish waste.
Despite the fact that the production and usage of fish silage have been commercialized in Scandinavia, many efforts have been made in Canada, primarily due to economic pressures, rigorous environmental rules, and the need for protein sources.
More specifically, the production of fish silage is an appealing alternative for small processors for whom fish meal manufacturing is too expensive and raw material supply is insufficient or sporadic.
In small remote fishing ports where the supply of fish waste is limited, a fish meal factory is not economically feasible nonetheless, fish silage is an alternative feasible option for manufacturing value-added products.
Fish silage, like fish meal, is mostly used in animal feed. Fish meal has 65% protein, whereas fish silage contains just about 15%. Fish meals, on the other hand, can be supplemented with fish silage at various amounts to minimize feed costs. Silage appears to be more practicable in pig farms, where it may be applied directly as a liquid.
Aside from the pig industry, hens and cows fed silage yielded good results such as tainted milk and butter and high egg production. By isolating the oil phase and evaporating the moisture, silage can be utilized as a protein concentrate. Concentrated silage is preferable to regular silage because it has a higher nutritional value.
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Key Takeaways from the Fish Silage Report:
- The Fish silage market is expected to be valued at US$ 780.9 million by 2023.
- Global demand for fish silage is likely to soar at 10.2% CAGR over the forecast period.
- Based on Type, demand for Wet type is expected to continue as it is holding a market share of 89.0% to reach a market valuation of US$ 1,837.8 million by the end of 2033.
- According to FMI analysis, the liquid segment is predicted to attain a market share of 78.0% during the assessment period, resulting in a market size of US$ 1,610.7 million by 2033.
- According to FMI, there is an increasing application of fish silage in aquaculture feed and it is estimated to hold a market share of 56.0% and is anticipated to reach a market valuation of US$ 1,156.4 million by the end of 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 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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