Fishmeal And Fish Oil Market Overview
Fishmeal And Fish Oil Market Size was estimated at 11.92 (USD Billion) in 2022. The Fishmeal and Fish Oil Market Industry is expected to grow from 12.24(USD Billion) in 2023 to 15.58 (USD Billion) by 2032. The Fishmeal And Fish Oil Market CAGR (growth rate) is expected to be around 2.71% during the forecast period (2024 - 2032).
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Key Fishmeal And Fish Oil Market Trends Highlighted
Increased usage of aquaculture, livestock feed, and pharmaceuticals is one of the main reasons driving the growth of the Fishmeal And Fish Oil Market. In particular, the demand for aquaculture is huge due to the increasing population and the associated increase in fish intake. Growing demand for animal protein, particularly in developing countries, also increases the sales of fishmeal as in animal feed. Further, there are also prospects in the medical and supplementary nutrition market by means of using fish oil
Other market development encompasses the development of green approaches and corresponding certification marking fisheries. Also, some trends would seem to contradict the growth of the fishmeal market, such as developing alternative sources of protein and new fishmeal products. The gains in the fishmeal and fish oil market will also be aided in the coming years by population increase, rising demand for animal protein and increase in knowledge regarding the nutritional benefits of fishmeal and oil.
Fishmeal And Fish Oil Market Drivers
Rising Demand for Animal Feed
The increasing population and rising incomes are driving the demand for animal protein, which in turn is fueling the demand for fishmeal and fish oil as essential ingredients in animal feed. Fishmeal is a valuable source of protein, essential amino acids, and minerals for livestock, poultry, and fish. Fish oil, on the other hand, is a rich source of omega-3 fatty acids, which are vital for the healthy growth and development of animals. The growing aquaculture industry, particularly in Asia, is also contributing to the increasing demand for fishmeal and fish oil as feed ingredients.As the population continues to expand and the demand for animal protein rises, the market for fishmeal and fish oil is expected to continue to grow steadily.
Growing Health Consciousness and Demand for Omega-3 Fatty Acids
Omega-3 fatty acids present in a significant amount in fish oil are extremely beneficial for health purposes, and with the recent upturn in the health-conscious consumer base, the product has become one of the highest-demanded supplements. The use of omega-3 fatty acids found in fish oil reduces the chance of being affected by cardiovascular diseases, and it also improves bran powers and reduces inflammations. Nowadays, they are added to various other food products as well.The health supplement market is expected to witness growth, with a boost given by the increasing demand for omega-3 fatty acids. The Fishmeal And Fish Oil Market Industry seems to be gaining due to this reason.
Technological Advancements and Sustainable Practices
Technological innovations are essential to improving the efficiency and sustainability of the fishmeal and fish oil industry. For instance, new fishing techniques, such as the use of selective fishing gear and fish aggregating devices, help to reduce bycatch and do not affect the environment as much as traditional methods. Furthermore, new technologies can be used to extract fish oil more efficiently, thus reducing the amount of waste. In conclusion, technological innovations are beneficial as they help to ensure that the fishmeal and fish oil industry can satisfy the growing demand sustainably.
Fishmeal And Fish Oil Market Segment Insights
Fishmeal And Fish Oil Market Type Insights
The Fishmeal And Fish Oil Market is segmented by Type into Fishmeal and Fish Oil. The Fishmeal segment is expected to hold a larger market share in 2023, thanks to its increasing demand in the aquaculture industry. Fishmeal is a valuable source of protein and essential nutrients for farmed fish being widely used in the industry's fish feed production. Fish Oil is also expected to grow at a substantial rate through the next decade, thanks to the increasing need and wide-range use across the nutrition, and pharmaceutical industries. It is a great source of omega-3 fatty acids required to support cardiovascular health, brain function, and other systems of the human body, and used for the production of supplements and medications.The growth of the market will be attributed to the increasing demand in the aquaculture and nutraceutical industries. Other factors contributing to the market growth will include the rising awareness about the health benefits of omega-3 fatty acids and the growing use of fish oil for human consumption.
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Fishmeal And Fish Oil Market Source Insights
The Fishmeal And Fish Oil Market is segmented by source into Wild-Caught Fish and Aquaculture. In 2023, the Wild-Caught Fish segment held the largest market share of around 60%, owing to the abundance of fish stocks in the world's oceans. However, the Aquaculture segment is expected to grow at a faster CAGR of 3.5% from 2024 to 2032 due to the increasing demand for farmed fish and the development of sustainable aquaculture practices. By 2032, the Aquaculture segment is projected to account for over 40% of the Fishmeal And Fish Oil Market revenue.Overall, the Fishmeal And Fish Oil Market is expected to grow from USD 12.24 billion in 2023 to USD 15.58 billion by 2032, exhibiting a CAGR of 2.71% during the forecast period.
Fishmeal And Fish Oil Market Application Insights
The Application segment of the Fishmeal And Fish Oil Market is categorized into Aquaculture Feed, Animal Feed, Human Consumption, and Industrial Applications. Aquaculture Feed holds the largest market share, driven by the rising demand for fish and seafood. Animal Feed is another significant segment, with fishmeal being a valuable source of protein and nutrients for livestock. Human Consumption, while a smaller segment, is growing due to increasing health consciousness and the recognition of fish oil's benefits. Industrial Applications, such as pet food and fertilizers, also contribute to the market's growth.
Fishmeal And Fish Oil Market Processing Method Insights
The Processing Method segment of the Fishmeal And Fish Oil Market is categorized into Low-Temperature Drying, High-Temperature Drying, and Solvent Extraction. In 2023, Low-Temperature Drying dominated the market with a revenue share of around 45%, owing to its ability to preserve the nutritional value and quality of the fishmeal and fish oil. High-temperature drying is expected to witness significant growth during the forecast period due to its cost-effectiveness and higher processing capacity. Solvent Extraction, although a less common method, is gaining traction due to its efficiency in extracting oil from fish byproducts.The Fishmeal And Fish Oil Market is expected to witness steady growth in the coming years, driven by increasing demand for fishmeal in the aquaculture industry and growing awareness about the health benefits of fish oil.
Fishmeal And Fish Oil Market Grade Insights
The Grade segment of the Fishmeal And Fish Oil Market is segmented into Food Grade, Animal Feed Grade, and Technical Grade. The Food Grade segment is projected to account for the largest revenue share in 2023, followed by the Animal Feed Grade and Technical Grade segments. The food-grade segment is primarily driven by the increasing demand for fishmeal and fish oil in the food and beverage industry. The animal Feed Grade segment is expected to witness a steady growth rate during the forecast period, owing to the rising demand for fishmeal and fish oil in the aquaculture industry.The Technical Grade segment is anticipated to grow at a moderate pace, driven by the increasing use of fishmeal and fish oil in the production of fertilizers and other industrial applications.
Fishmeal And Fish Oil Market Regional Insights
The Fishmeal And Fish Oil Market is segmented into five regions: North America, Europe, APAC, South America, and MEA. APAC is expected to hold the largest market share of the market throughout the forecast period, and Europe is projected to follow closely. The growth in the APAC region is attributed to the increasing demand for fishmeal and fish oil from the aquaculture industry, and the growing population in the region. The European market is driven by the increasing demand for fishmeal and fish oil from the pet food industry, and the growing awareness of the health benefits of fishmeal and fish oil.The North American market is driven by the increasing demand for fishmeal and fish oil from the livestock industry, and the growing demand for fishmeal and fish oil as a dietary supplement. The South American market is driven by the increasing demand for fishmeal and fish oil from the aquaculture industry, and the growing demand for fishmeal and fish oil as a dietary supplement. The MEA market is driven by the increasing demand for fishmeal and fish oil from the aquaculture industry, and the growing demand for fishmeal and fish oil as a dietary supplement.
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Fishmeal And Fish Oil Market Key Players And Competitive Insights
Major players in the Fishmeal And Fish Oil Market are investing heavily in research and development to gain a competitive edge in the Fishmeal And Fish Oil Market industry. Leading Fishmeal And Fish Oil Market players are also focusing on expanding their reach through strategic partnerships and acquisitions. The Fishmeal And Fish Oil Market Competitive Landscape is expected to remain highly competitive in the future, with new entrants and established players vying for market share. Key players in the Fishmeal And Fish Oil Market are also adopting innovative technologies and strategies to enhance their product offerings and meet the evolving needs of customers. Mergers and acquisitions are also expected to be a significant trend in the Fishmeal And Fish Oil Market as companies seek to consolidate their positions and expand their capabilities.Cargill, Incorporated is a leading player in the Fishmeal And Fish Oil Market industry, with a strong presence and a diverse portfolio of products. The company has a long history of innovation in the fishmeal and fish oil industry and is committed to providing high-quality products and services to its customers. Cargill, Incorporated is also active in sustainability initiatives and is working to reduce its environmental impact throughout its operations.JR Simplot Company is another leading player in the Fishmeal And Fish Oil Market. The company has a strong presence in the Asia-Pacific region and is a major supplier of fishmeal and fish oil to the aquaculture industry. JR Simplot Company is also investing in research and development to develop new and innovative products and is committed to providing its customers with the highest quality products and services.
Key Companies in the Fishmeal And Fish Oil Market Include
- Pesquera Diamante
- Austevoll Seafood
- IFFCO
- China Fishery Group
- Cargill
- Cooke Aquaculture
- The Fishmeal Co. of Scotland
- Mar Fishing
- Nippon Suisan Kaisha
- United Fish Industries
- Omega Protein
- Thai Union Group
- Copeinca
- TASA Group
Fishmeal And Fish Oil Market Industry Developments
The fishmeal and fish oil market is projected to reach USD 15.58 billion by 2032, exhibiting a CAGR of 2.71% during the forecast period (2024-2032). Rising demand for fishmeal in the aquaculture industry, growing consumption of fish oil in the nutraceutical sector, and increasing awareness about the health benefits of omega-3 fatty acids are key factors driving market growth.Recent news developments include the launch of new fishmeal and fish oil products by leading manufacturers, such as BioMar's launch of a new range of fishmeal products for the aquaculture industry. Additionally, governments worldwide are implementing regulations to promote sustainable fishing practices, which is expected to impact the market over the long term positively.
Fishmeal And Fish Oil Market Segmentation Insights
Fishmeal And Fish Oil Market Type Outlook
Fishmeal And Fish Oil Market Source Outlook
- Wild-Caught Fish
- Aquaculture
Fishmeal And Fish Oil Market Application Outlook
- Aquaculture Feed
- Animal Feed
- Human Consumption
- Industrial Applications
Fishmeal And Fish Oil Market Processing Method Outlook
- Low-Temperature Drying
- High-Temperature Drying
- Solvent Extraction
Fishmeal And Fish Oil Market Grade Outlook
- Food Grade
- Animal Feed Grade
- Technical Grade
Fishmeal And Fish Oil Market Regional Outlook
- North America
- Europe
- South America
- Asia-Pacific
- Middle East and Africa
Fishmeal And Fish Oil Market Report Scope
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Report Attribute/Metric
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Details
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Market Size 2022
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11.92(USD Billion)
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Market Size 2023
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12.24(USD Billion)
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Market Size 2032
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15.58(USD Billion)
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Compound Annual Growth Rate (CAGR)
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2.71% (2024 - 2032)
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Report Coverage
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Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
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Base Year
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2023
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Market Forecast Period
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2024 - 2032
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Historical Data
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2019 - 2022
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Market Forecast Units
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USD Billion
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Key Companies Profiled
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Pesquera Diamante, Austevoll Seafood, IFFCO, China Fishery Group, Cargill, Cooke Aquaculture, The Fishmeal Co. of Scotland, Mar Fishing, Nippon Suisan Kaisha, United Fish Industries, Omega Protein, Thai Union Group, Copeinca, TASA Group
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Segments Covered
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Type, Source, Application, Processing Method, Grade, Regional
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Key Market Opportunities
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Aquaculture Expansion, Growing Demand,  Alternative Feed Sources, Health and Nutrition Concerns,  Innovations in Processing,
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Key Market Dynamics
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Growing demand for fishmeal in aquaculture, Increasing fish oil consumption in food and nutraceuticals, Technological advancements in fishmeal and fish oil production, Fluctuating fish catches and raw material availability, Environmental concerns and sustainability initiatives
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Countries Covered
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North America, Europe, APAC, South America, MEA
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Frequently Asked Questions (FAQ) :
The Fishmeal And Fish Oil Market is projected to register a CAGR of 2.71% from 2024 to 2032.
The Fishmeal And Fish Oil Market is expected to reach a valuation of 15.58 USD Billion by 2032.
The Asia-Pacific region is expected to dominate the Fishmeal And Fish Oil Market over the forecast period, accounting for a significant share of the market.
Fishmeal And Fish Oil are primarily used in the aquaculture industry as a source of protein and nutrients for farmed fish.
Major competitors in the Fishmeal And Fish Oil Market include companies such as Omega Protein, Skretting, and Cargill.
Factors driving the growth of the Fishmeal And Fish Oil Market include the rising demand for fishmeal and fish oil in the aquaculture industry and the increasing awareness of the health benefits associated with fish consumption.
Challenges faced by the Fishmeal And Fish Oil Market include the volatility of fishmeal and fish oil prices and the environmental concerns associated with fishmeal production.
Emerging trends in the Fishmeal And Fish Oil Market include the development of sustainable fishmeal production methods and the use of alternative protein sources in aquaculture.
Government regulations related to fishmeal and fish oil production and trade can impact the growth and development of the market.
Opportunities for growth in the Fishmeal And Fish Oil Market include the expansion of the aquaculture industry and the increasing demand for fishmeal and fish oil in developing countries.
