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Fishmeal Market to Reach $15,264.6 million, Globally, by 2028 at 8.3% CAGR: The Insight Partners

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News provided by

The Insight Partners

19 Nov, 2021, 12:37 GMT

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The fishmeal market has witnessed the growth over historic period owing to the development of aquaculture due to rising demand for seafood products and increasing reliance on aquaculture by developing countries to resolve food scarcity

NEW YORK, Nov. 19, 2021 /PRNewswire/ -- According to The Insight Partners study on "Fishmeal Market to 2028 – Global Analysis and Forecast – by Source and Application," the market was valued at US$ 8,153.6 million in 2020 and is projected to reach US$ 15,264.6 million by 2028; it is expected to grow at a CAGR of 8.3% from 2021 to 2028. Factors such as rising industrial livestock production and increasing demand for protein rich animal feed drive the market growth. However, the availability of substitutes restrains the growth of the fishmeal market.           

Report Coverage

Details

Market Size Value in

US$ 8,153.6 million in 2020

Market Size Value by

US$ 15,264.6 million by 2028

Growth rate

CAGR of 8.3% from 2021 to 2028

Forecast Period

2021-2028

Base Year

2020

No. of Pages

125

No. Tables

56

No. of Charts & Figures

67

Historical data available

Yes

Segments covered

Source, and Application

Regional scope

North America; Europe; Asia Pacific; Latin America; MEA

Country scope

US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Get the Sample Copy on Fishmeal Market Growth Research Report at https://www.theinsightpartners.com/sample/TIPRE00019526/ 

In 2020, Europe held the significant revenue share of the global fishmeal market. In Europe, aquaculture accounts for over 20–30% of the overall shellfish and fish supply and employs many people. The sector primarily consists of SMEs located in rural areas as well as coastal regions. The aquaculture production in Europe has been stable since 2000, and Italy and France record higher production volumes than other countries. The aquaculture production also includes premium seafood options such as oysters. The high volume of aquaculture production requires a large amount of fishmeal feed, especially for premium species, in fish farming to ensure the highest possible quality. The high fish farming activities, therefore, contribute to high demand for fishmeal in Europe. In addition, the organic food market in Europe is growing due to elevating awareness regarding the side-effects of chemicals used in food production. Health-conscious consumers are more inclined toward organic food, which leads to high demand for fishmeal as a fertilizer as well as feed.

Impact of COVID-19 Pandemic on Fishmeal Market

The ongoing COVID-19 pandemic has affected economies and industries in various countries due to lockdowns, travel bans, and the shutdown of production facilities. The animal feed and aquaculture industries are amongst the worst hit sectors from this pandemic, going through severe disruptions, such as supply chain breaks and the shutdown of production plants. The shutdown of various plants and factories in various regions, such as North America, Europe, and Asia-Pacific, has affected the global supply chain and negatively impacted the manufacturing, delivery schedules, and sales of various animal feed ingredients and raw materials for agrochemicals. Additionally, the global travel bans imposed by countries in Europe, Asia, and North America are affecting the business collaborations and partnership opportunities. All these factors negatively impact the fishmeal market and, thus, act as a restraint in its growth.

The COVID-19 pandemic has negatively impacted the fisheries industry with disruptions in its supply chain. The decline in the demand for seafood has resulted in the decreased production of fish. Low fish demand reduced fish fleet activities, which negatively impacted the production of fish by-products, especially fishmeal. However, with the launch of vaccination drives globally, the economies are reviving, and industries are witnessing demand for their products. Various governments are also taking initiatives to minimize the loss of the fisheries industry due to this pandemic. With this, the fishmeal market is expected to witness growth in the coming years.

Download the Latest COVID-19 Analysis on Fishmeal Market Growth Research Report at https://www.theinsightpartners.com/covid-analysis-sample/TIPRE00019526/

Rise in Industrial Livestock Production to Drive Fishmeal Market Growth During Forecast Period

Industrial livestock production has undergone substantial transformation due to technological advancements in animal vaccinations and antibiotics. According to the Food and Agriculture Organization (FAO), more than half of the world's pork and poultry, one-tenth of beef and mutton, and more than two-thirds of egg supply have originated from industrial livestock production. The development of industrial livestock production across the world has led to a significant rise in the demand for highly nutritious animal feed products. The surge in the industrial production of mutton, beef, pork, and poultry compared to grazing and mixed farming has necessitated the demand for high-grade animal feed, which, in turn, is boosting the demand for feed ingredients, including fishmeal. Fishmeal helps in enhancing feed efficiency and improving feed palatability, digestion, nutrient uptake, and absorption.

Industrial livestock production has ensured a high volume of meat production at low cost by taking advantage of economies of scale. The availability of dairy and meat products at low prices has led to an increase in their consumption and thereby contributed to the growth of the industrial livestock production industry. The robust growth witnessed by the industrial livestock production sector has spurred the demand for high-quality animal feed used in rearing a range of livestock, including cattle, swine, goats, chicken, fish, and shrimps. The crucial role played by industrial livestock production in meeting the nutritional requirement of humans worldwide has led to the proliferation of industrial livestock farms across the world and augmented the sale of animal feed and its ingredients. Thus, the rise in industrial livestock production is fueling the market growth of fishmeal, as fishmeal is used as a natural protein-rich ingredient in animal feed.

Fishmeal Market: Segment Overview

Based on source, the global fishmeal market is segmented into salmon, mackerel, anchovy, capelin, and others. In 2020, the anchovy segment accounted for the largest revenue share. Anchovies are majorly found in SAM, especially in Peru. The volume of fishmeal production manufactured from Peruvian anchovies is equivalent to the requirement of half of the global fed farmed fish production. The market for the anchovy segment is expected to witness growth during the forecast period due to the availability of anchovies in ample quantity. The high availability of anchovies also has a positive impact on the global food security.

Based on application, the global fishmeal market is segmented into animal feed, agriculture, and others. In 2020, the animal feed segment accounted for the largest revenue share. Fishmeal is a highly digestible feed ingredient, carrying high amount of energy per unit weight. The ingredient also contains little carbohydrate and is an excellent source of vitamins, minerals, oils (lipids), and protein. Most commercial fishmeal is made from small, bony fishes which are not suitable for human consumption or manufactured from by-products of fish processing industry. Therefore, the valorization of by-products makes the fishmeal animal feed economical. Therefore, the enhancement of animal feed with the help of fishmeal is driving the demand for the product.

Fishmeal Market: Competition Landscape and Key Developments

A few key players operating in the fishmeal market are TripleNine, The Scoular Company, FF SKAGEN A/S, Pelagia AS, Soytex LTD, Pesquera Diamante S.A., TASA, Oceana Group Limited, Omega Protein Corporation, and COPEINCA. Major market players are adopting strategies, such as mergers and acquisitions, to expand geographical presence and consumer base globally.

Order a Copy of Fishmeal Market Shares, Strategies and Forecasts 2021-2028 Research Report at https://www.theinsightpartners.com/buy/TIPRE00019526/

Browse Related Reports and Get Sample copy

  • Animal Feed Protein Ingredient Market 2028 By Product, Livestock and Geography
  • Feed Protein Market 2028 By Source, Product, Livestock and Geography
  • Organic Feed Market 2028 By Source, Form, Livestock and Geography

About Us:

The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

Contact Us:

If you have any queries about this report or if you would like further information, please contact us:

Contact Person: Sameer Joshi
E-mail: sales@theinsightpartners.com   
Phone: +1-646-491-9876 
Press Release: https://www.theinsightpartners.com/pr/fishmeal-market   
More Research: https://www.einpresswire.com/newsroom/the_insight_partners/

Logo: https://mma.prnewswire.com/media/1586348/The_Insight_Partners_Logo.jpg

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