Global demand for fish nutrition is expected to reach a market valuation of USD 4 billion by the end of the year 2023, accelerating at a CAGR of 3% over the forecast period (2023 to 2033). By the end of the forecast period, a valuation of USD 5.38 billion is expected for the market.
The fish nutrition market is relatively niche and is experiencing utmost and rapid growth, driven by demand for a variety of products required for fishes including fish feed, fish meal, and other fish food supplements. In addition to this, the consumers are increasingly focussing on fish as a source of food. The market is supported by:
North America, followed by Europe, is the major market for fish nutrition, owing to the increased use of fish as a feed ingredient for other livestock, such as poultry and pigs in the region. The USA is the largest market for fish nutrition in the region, followed by Canada, owing to advances in aquaculture practices.
Apart from North America, the Asia-Pacific region is the largest market for fish nutrition, driven by the increasing demand for fish as a source of food and the growth of the aquaculture industry in countries such as China, India, and Thailand.
Studies suggest that India's aquaculture exports are mostly based on a single species, but the country's economy is improving, and technological advancements and increased species diversity made 2022 a promising year for the industry.
Furthermore, the market is experiencing massive expansion of the retail and foodservice industry and the increasing populations leading to a rise in disposable income are targeted towards massive market development.
Key producers are working on manufacturing fish nutrition in order to gain a greater market share. Domestic and international companies are investing in technology to grow their operations and gain a large share of the market revenue.
Some of these companies include Cargill Inc., Alltech Inc., BioMar Group, Skretting, Nutreco N.V., Ridley Corporation Limited, Ewos Group, Tassal Group Limited, Benchmark Holdings plc, and Chinese Agribusiness Group Inc.
The market for fish nutrition is highly competitive, with many companies vying for market share. These companies have a strong presence in the market and are implementing various strategies to gain an advantage, such as emphasizing product quality and pricing, developing new fish nutrition products, and building a strong brand reputation and distribution network. Competition in the market is fierce, with companies competing to offer better product quality, lower prices, stronger brand reputation, and wider distribution network.
For instance, SPAROS launched two new products, ENRICO and WIN WRASSE, as part of its HATCHERY FEEDS range. These products are designed to support optimal performance in marine fish hatcheries for demanding species, which has been a focus of the company's R&D efforts. ENRICO is a balanced, all-in-one nutrition formula for Artemia and Rotifers, rich in DHA and taurine, high in protein, and containing elevated levels of vitamins and minerals. It targets species like Senegalese sole, turbot, halibut, seriola, meagre, seabass, seabream, and Ballan wrasse.
WIN WRASSE is a premium weaning microdiet for Ballan wrasse larvae, made with high-quality ingredients using low-shear extrusion and microencapsulated water-soluble nutrients. It is formulated specifically for Ballan wrasse larvae and promotes good growth, survival, and has high digestibility, palatability, and minimal impact on water quality.
| Data Points | Key Statistics |
|---|---|
| Expected Market Value in 2023 | USD 4 billion |
| Projected Market Value in 2033 | USD 5.38 billion |
| Growth Rate (2023 to 2033) | CAGR of 3% |
The global fish nutrition market is gaining profound acceptance largely owing to its wide range of fish derivatives and nutritional benefits. No single food alone can keep a person healthy and therefore, consumers adopt to good eating habits by including variety of food products in their diet.
The nutrients found in fish are so essential that many national governments and authorities across the world recommend having fish or fish supplements in their diets.
Compared to its counterpart such as the meat and poultry, fish is higher in protein content as well as lower in calories, making it a good juice for loosing or maintain weight. Apart from its high quality protein content, fish derivatives are low in fat and contain a special omega-3 fatty acid used for preventing heart diseases. The fish nutrition market largely relies on the vitamins and minerals present in the seafood.
Fish nutrition is largely associated with the animal feed and aquaculture industry owing to a dominant share of fish meal in the market. Application of fish nutrition in various sectors guarantees a steady growth trajectory for the global fish nutrition market.
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The benefits of fish derivatives such as convenience, affordability, and high nutrition value is likely to accelerate the growth of global fish nutrition market. Formulations of fish derivatives to cater to the rising trend of ready-to-eat meals is expected to anticipate the growth of fish nutrition market over the forecast period.
For instance, frozen minced fish has a shelf life of at least 6 months and it can be fortified with additives, moulded into different shapes, and flavoured easily, thereby offering suitable conditions for creating fish sausage, cutlets, cakes, patties, pastes, and other texturized products. Fish nutrition products are consumed for strength development, improving eyesight, and for maintaining hormonal balance in the body.
Fish amino acids are used as an important ingredient in plant/crop nutrition whereas fish meals are widely used in animal feed and aquaculture. Incorporation of fish oil, fish collagen, fish gelatin, fish insulin, and fish squalene in pharmaceuticals and dietary supplements has, therefore, made fish derivatives an essential element in healthcare products.
Thus, owing to numerous health benefits and product offerings, the global fish nutrition market offers a tremendous scope to market players.
Some of the key players manufacturing fish nutrition are as follows -
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South Asia and East Asia are expected to dominate the global fish nutrition market over the forecast period. Asia accounts for a sizable percentage of pharmaceutical production as well as production of animal feed.
The manufacturers associated with fish nutrition and products should consider operating their businesses in emerging markets by setting up production footprints in Asia and Oceania regions.
Key market players from the North American and European regions are focusing on product launches and carrying out research and development to improve product quality and product offerings. Such factors promotes competitiveness and makes it difficult for new players to establish themselves in the market.
But as the fish nutrition market is highly fragmented, new or emerging players can hold their ground by adopting strategies such as partnerships, collaborations, or mergers.
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The fish nutrition market report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases).
The report also features a complete qualitative and quantitative assessment by analysing data gathered from industry analysts and market participants across key points in the industry’s value chain.
A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the fish nutrition market report projects the attractiveness of each major segment over the forecast period.
1. Executive Summary 2. Industry Introduction, including Taxonomy and Market Definition 3. Market Trends and Success Factors, including Macro-economic Factors, Market Dynamics, and Recent Industry Developments 4. Global Market Demand Analysis and Forecast, including Historical Analysis and Future Projections 5. Pricing Analysis 6. Global Market Analysis and Forecast 6.1. Product Type 6.2. Application 7. Global Market Analysis and Forecast, By Product Type 7.1. Fish Oil 7.2. Fish Collagen 7.3. Fish Gelatin 7.4. Fish Protein Powder 7.5. Fish Protein Isolates 7.6. Fish Protein Concentrates 7.7. Minced Fish 7.8. Canned Fish 7.9. Fish Amino Acids 7.10. Fish Meal 7.11. Fish Paste 7.12. Others (Fish Insulin, Fish Squalene) 8. Global Market Analysis and Forecast, By Application 8.1. Food 8.2. Animal Feed 8.3. Pharmaceuticals 8.4. Dietary Supplements 8.5. Fertilizers 8.6. Skin Care 9. Global Market Analysis and Forecast, By Region 9.1. North America 9.2. Latin America 9.3. Europe 9.4. East Asia 9.5. South Asia 9.6. Oceania 9.7. Middle East & Africa 10. North America Sales Analysis and Forecast, by Key Segments and Countries 11. Latin America Sales Analysis and Forecast, by Key Segments and Countries 12. Europe Sales Analysis and Forecast, by Key Segments and Countries 13. East Asia Sales Analysis and Forecast, by Key Segments and Countries 14. South Asia Sales Analysis and Forecast, by Key Segments and Countries 15. Oceania Sales Analysis and Forecast, by Key Segments and Countries 16. Middle East & Africa Sales Analysis and Forecast, by Key Segments and Countries 17. Sales Forecast by Product Type and Application for 30 Countries 18. Competition Outlook, including Market Structure Analysis, Company Share Analysis by Key Players, and Competition Dashboard 19. Company Profile 19.1. Empresas Copec S.A. 19.2. Omega Protein Corporation 19.3. A. Costantino & C. S.P.A 19.4. Scanbio Marine Group A 19.5. Bio-marine Ingredients Ireland Ltd. 19.6. Titan Biotech Limited 19.7. Colpex International S.A.C 19.8. Alaska Protein Recovery LLC 19.9. Marine Protein Marprot S.A. 19.10. Biomega AS
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