PUBLISHER: The Business Research Company | PRODUCT CODE: 1425465
PUBLISHER: The Business Research Company | PRODUCT CODE: 1425465
Fishmeal & Fish Oil Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on fishmeal & fish oil market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for fishmeal & fish oil? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The fishmeal & fish oil market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Fishmeal and fish oil are protein-rich derivatives derived from small forage fish or species occupying a lower trophic level within the marine ecosystem. Fish meal is a coarsely ground powder produced from whole fish, including bones and offal from processed fish. Its creation involves a cooking, drying, pressing, and grinding process carried out in specialized machinery. On the other hand, fish oil is an oil type extracted from the tissues of oily fish, containing essential omega-3 fatty acids like docosahexaenoic acid (DHA) and eicosapentaenoic acid (EPA).
The primary processing methods for fishmeal and fish oil are steam dried (SD) and flame dried (FD). Steam dried (SD) processing involves chopping fish and subjecting it to steam cookers via a screw conveyor to remove air and moisture. The cooked and pressed fish is then dried using hot air. Various sources contribute to fishmeal and fish oil production, including salmon, trout, marine fish, crustaceans, tilapia, carps, among others. These products find application across diverse sectors such as aquaculture and aquatic feeds, livestock and land animal feeds, agricultural fertilizers, pharmaceuticals, dietary supplements, and more.
The fishmeal and fish oil market research report is one of a series of new reports from The Business Research Company that provides fishmeal & fish oil market statistics, including fishmeal & fish oil industry global market size, regional shares, competitors with a fishmeal & fish oil market share, detailed fishmeal & fish oil market segments, market trends and opportunities, and any further data you may need to thrive in the fishmeal & fish oil industry. This fishmeal & fish oil market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The fishmeal & fish oil market size has grown strongly in recent years. It will grow from $9.63 billion in 2023 to $10.33 billion in 2024 at a compound annual growth rate (CAGR) of 7.3%. Historical growth can be attributed to the rise in global fish consumption, recognizing the nutritional benefits for animal feed, the globalization of seafood trade, the evolution of sustainable fishing practices, and the utilization of fishery by-products.
The fishmeal & fish oil market size is expected to see strong growth in the next few years. It will grow to $13.65 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%. The anticipated growth in the forecast period is fueled by the ongoing expansion of aquaculture, a growing demand for nutraceuticals, innovations in alternative protein sources, the increasing prevalence of hair fall issues, and the adherence to regulatory standards and certifications. Major trends expected during this period involve technological advancements in processing techniques, research focused on understanding nutritional requirements, the development of omega-3 products derived from algae, the integration of traceability systems for product authenticity, and advancements in sustainable feed formulations within the aquaculture industry.
The rising health consciousness among individuals, driven by changing lifestyles and increased awareness of health benefits, is boosting the fish meal and fish oil market. Fish, being a high-quality, low-fat protein source rich in Omega-3 fatty acids, Vitamin D, and B2, is increasingly recommended in diets. For example, a survey by Nutrisystem and OnePoll in October 2022 found that over 70% of Americans became more conscious of their physical health post-COVID pandemic. This heightened focus on personal health is fueling the demand for fish meal and fish oil.
Increasing awareness regarding livestock and pet health nutrition is expected to drive the fish meal and fish oil market. As consumers become more conscious of their animals' nutritional needs, there's a growing interest in incorporating fishmeal and fish oil into animal diets. The American Pet Products Association (APPA) survey in October 2021 revealed that 70% of households in the US own pets, and a significant portion treats their pets like family members, prioritizing their dietary needs. This trend is influencing the demand for fish-based products in animal nutrition.
A prominent trend in the fishmeal and fish oil market is strategic partnerships among major players to leverage resources and sustain their market positions. For instance, Algorithm, a US-based omega-3 solutions company, partnered with Natures Crops International to introduce two new omega oil combinations-Ahiflower 80DHA and 150DHA. These mixtures, derived from vegan sources, offer diverse omegas with excellent sensory qualities, aiming to expand the product range and launch targeted marketing campaigns.
Major companies in the fishmeal and fish oil industry are focusing on innovative products like algae-derived omega-3 to maintain market dominance. Algae omega-3, sourced from microalgae, has gained popularity due to environmental concerns related to overfishing and the increasing demand for vegetarian and vegan options. For instance, VivoMega, a Norway-based producer of high Omega-3 concentrates, launched a line of high-concentration vegan omega-3 oils from microalgae. This product addresses the demand for plant-based omega-3 options and will be presented at the Natural Products Expo West trade exhibition in Anaheim through their exclusive US distributor, Barrington Nutritional.
In July 2021, Pelagia AS, a Norwegian producer specializing in pelagic fish products, successfully acquired Hordafor AS, though the specific financial details were not disclosed. This strategic acquisition empowers Pelagia to enhance its offerings, enabling the company to provide improved products and services to its customers and partners. Hordafor AS, also based in Norway, is engaged in the manufacturing of fish oil and various marine animal oils. Through this acquisition, Pelagia amplifies its capabilities by integrating Hordafor's expertise in fish oil production, potentially expanding its product range and strengthening its position in delivering high-quality marine-derived products to its clientele and partners.
Major companies operating in the fishmeal & fish oil market report are FMC Corporation, Austevoll Seafood ASA, Croda International PLC, Oceana Group Ltd., Omega Protein Corporation, The Scoular Company, GC Rieber Oils AS, Sursan Su Urunleri, TASA - Tecnologica de Alimentos SA, Corpesca SA, FF Skagen A/S, Orizon SA, Pioneer Fishing (Pty) Ltd., TripleNine Group A/S, Pesquera Exalmar SAA, Complex International SAS, Mukka Sea Food Industries, BASF SE, Pelagia AS, Diamante SA, HAYDUK Corporation, Coomarpes SA, Animal Feeds International Corporation, Kodiak Fishmeal Company, African Pioneer Group, Copeinca ASA, Rongcheng Blue Ocean Marine Bioengineering Co. Ltd., KT Group Ltd., Blue Gulf Seafoods Co. Ltd., Havsbrun ehf, China Fishery Group Limited
Asia-Pacific was the largest region in the fishmeal and fish oil market share in 2023. The regions covered in the fishmeal & fish oil market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the fishmeal & fish oil market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The fishmeal & fish oil market consists of sales of mackerel and shellfish meals and oils. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.