The fish meal alternative market is projected to grow at a CAGR of 7.10% between 2023 and 2033. It is expected to be valued at approximately USD 1,924.2 million in 2023 and reach around USD 3,674.0 million by 2033.
Consumers are increasingly embracing healthy and vegan diets due to their numerous health and environmental benefits. As veganism rises, fish meal alternatives are gaining popularity, facilitating broader acceptance of animal-free diets. The overconsumption of seafood is harming aquaculture and ecosystems, leading to diminished biodiversity and increased toxins in aquatic organisms. This situation drives manufacturers to explore plant-based alternatives that replicate the texture, flavor, and nutritional value of fish and seafood.
Technological advancements have introduced several methods for creating nanometric fibrous-gel structures for fish and seafood alternatives, utilizing techniques like hydro spinning, extrusion, and 3D printing.
Scaling up production and creating a cost-effective supply chain to compete with traditional fish feed poses a significant challenge for fish meal alternative market players. Additionally, consumer awareness and acceptance of newer protein sources from plants or insects remain barriers to growth, as many are reluctant to shift from conventional options. However, in the burgeoning alternative fish meal and seafood market, manufacturers have ample growth opportunities, especially as consumer interest in ethical practices and the environmental impacts of industrial fisheries continues to rise.
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.
Leading Players in Fish Meal Alternative Market
Key providers of fish meal alternatives are employing various strategies, including new product launches, partnerships, collaborations, acquisitions, and mergers, to boost sales and gain a competitive edge in the global market.
For instance,
- Archer-Daniels-Midland Company ADM announced expansion plans in April 2022 to meet the growing demand for alternative proteins. ADM intends to invest approximately $300 million to expand its alternative protein production in Decatur, Illinois.
- Cargill announced in March 2022 that it will attempt to incorporate algal oil into all feed delivered to the Norwegian market. Algae oil is one of the few alternative ingredients for aquaculture that can replace fishmeal and oil without sacrificing omega-3 levels.
- In June 2023, Angel Yeast signed a partnership agreement with PhaBuilder to widen the scope of synthetic biology.
- 2023 Alltech Agri-food Outlook released by Alltech highlighted the global feed production data. It states that despite the challenges faced in 2022, production remained steady in 2022 and feed production in several regions, including Latin America, North America and Oceania increased.
Key Companies Profiled
Al Dahra ACX
Archer Daniels Midland
Angel Yeast Co. Ltd
Cargill Inc.
Calysta Inc.
Lallemand Inc.
Nutreco N.V
Alltech
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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
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