The global fishmeal & fish oil market size is expected to reach US$ 6 Bn by the end of 2022. According to a study by Future Market Insights (FMI), the market will show a steady rise at 6.7% CAGR between 2019 and 2029. Fishmeal and fish oil is increasingly used in swine, poultry diets to improve the productivity in aquaculture. This is the key factor enabling growth in the market. The report presents an exhaustive overview of the global fishmeal and fish oil market, covering various factors enabling growth. The report also discusses in detail the factors creating obstructions to growth for the market.
“Asia Pacific will exhibit high demand for fishmeal and fish oil. India and China are likely to emerge as lucrative markets, however, spread of coronavirus may create obstacles to growth,” said a lead analyst at FMI.
Demand for fishmeal and fish oil is expected to grow at 6.0% CAGR, boosting the overall consumption to USD 12 Bn over the assessment period, from 2022 to 2032.
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It includes in-depth insights into the Fishmeal & Fish Oil market. Some of these are:
- The estimated value of the market was at US$ 10.1 Bn in 2019. Through the course of the report’s forecast period, the market is likely to rise at a steady pace.
- Regionally, North America has emerged as a key market for fishmeal & fish oil.
- Europe and Asia also will exhibit considerably high demand through the forecast period.
- Rising demand for healthy food will give impetus to the market
- Key players are likely to focus on strategic collaborations. Their growth strategies are likely to push market’s growth
Despite Growing Popularity, Change In Consumer Preference Due To Coronavirus May Impact Growth
A commercially driven product, fish meal is obtained from bones of wild small marine fishes. Fish oil is a type of fatty oil obtained from fishes containing large amounts of unsaturated fatty acids. Fishmeal and fish oil have become highly popular due to their various application in aquaculture and pharmaceuticals industries.
Growing trend of trading fishmeal & fish oil, and increasing demand for quality fish worldwide are some of the major factors driving the global fishmeal & fish oil market. Moreover, increasing demand for aquaculture in export influences the supply of high-quality fishmeal & fish oil for animal feed.
Despite aforementioned factors, the recent outbreak of COVID-19 has had a considerable impact on the fishmeal and fish oil market. Evolving consumer preference due to the spread of the pandemic can affect the growth of the market negatively. Also lockdown enforced across various regions has impacted the supply-chain and delivery of products in global market. This could hamper the growth of the market to an extent.
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Who is Winning?
Some of the leading players operating in the Fishmeal & Fish Oil market FMC corporation, Austevoll Seafood ASA, Croda International PLC., Oceana Group Ltd, Omega Protein Corporation, Sürsan, The Scoular Company, GC Rieber Oils, Marvesa, Tasa, Orizon, Pioneer Fishing, Triplenine Group, Pesquera Exalmar S.A.A, Corpesca SA, FF Skagen A/S, Copeinca ASA, Colpex, Mukka Sea Food Industries Pvt. Ltd. In order to capture a larger market share, key market players are adopting strategies such as entering into partnerships, engaging in mergers and acquisitions and maintaining competitive pricing and different product launches.
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Source:
- Salmon & Trout
- Marine Fish
- Crustaceans
- Tilapia
- Carps
- Others
Application:
- Aquaculture & Aquatic Feeds
- Land Animal Feeds and Livestock
- Agriculture and Fertilizers
- Pharmaceuticals
- Dietary Supplements
- Others
Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa