The global market is expected to reach a valuation of USD 7.8 billion by the year 2024, accelerating with a CAGR of 5.8% by 2024 to 2034.
Most fishmeal and fish oil sector manufacturers have recently been concentrating greatly on enhancing their production capacities and adopting new strategies to try to increase their level of production in the sector. This includes investment in new advanced processing technologies and strategic cooperating agreements to ensure a year-round supply of raw materials.
Most have adopted sustainable practices with waste- and by-product fish to cater to an ever-growing global demand while still operating within environmental regulations.
This is so due to increasing animal and human nutrition protein requirements, thus enhancing demand for fish-derived products. Particularly in aquaculture, where feed formulated for animals uses fishmeal extensively vis-à-vis its nutrient richness in essential amino acids required for the optimal growth performance of livestock and aquatic species.
The same report also convinces us that the demand for fish oil for human health supplements is increasing due to growing popularity, especially for cardiovascular benefits.
| Attributes | Description |
|---|---|
| Estimated Global Industry Size (2024E) | USD 7.8 billion |
| Projected Global Industry Value (2034F) | USD 13.8 billion |
| Value-based CAGR (2024 to 2034) | 5.8% |
This results from globalization with a rising awareness of the benefits of health in such products, which also encourages producers to extend the range to more sophisticated customized solutions adapted to a particular animal breed or health needs of humans. Such developments also permit companies to increase market share by diversifying toward niche sectors.
These aids to extraction and processing are also helping the industry, putting it at the maximum possible yield for the manufacturer, hence retaining quality products. With the recent dynamic rise in consumer demand for responsible source proteins, producers are leading into market opportunity by digging further into innovations that will assure performance, thereby realizing growth and value over time.
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The below table presents a comparative assessment of the variation in CAGR over six months for the base year (2023) and current year (2024) for the global Fishmeal and Fish Oil market. This analysis reveals crucial shifts in market performance and indicates revenue realization patterns, thus providing stakeholders with a better vision of the growth trajectory over the year.
The first half of the year, or H1, spans from January to June. The second half, H2, includes the months from July to December.
| Particular | Value CAGR |
|---|---|
| H1, 2023 | 5.1% (2023 to 2033) |
| H2, 2023 | 5.7% (2023 to 2033) |
| H1, 2024 | 5.6% (2024 to 2034) |
| H2, 2024 | 6.0% (2024 to 2034) |
The global industry's predicted compound annual growth rate (CAGR) over a semi-annual period from 2024 to 2034 is shown in the above table. The business is anticipated to grow at a CAGR of 5.1% in the first half (H1) of 2023 and then slightly faster at 5.7% in the second half (H2) of the same year.
The CAGR is anticipated to rise somewhat to 5.6% in the first half of 2024 and continues to grow at 6.0% in the second half. The industry saw a decline of 53 basis points in the first half (H1 2024) and an increase of 64 basis points in the second half (H2 2024).
Potential nutritional benefits of fishmeal driving the demand in animal feed industry
The high nutritional value of fishmeal, particularly high protein content and essential fatty acids, leads to growth in the animal food industry. These factors are important for developing a productive and healthy animal, especially in the developing technologies of aquaculture and poultry farming.
Proteins from fish show superior nutritional values by virtue of their digestibility and balanced amino acid composition compared to proteins of plant origin. This means that as a growing number of farmers and producers seek to improve their animals' health and growth rates, the use of fishmeal has increased.
This shift is further necessitated by growing concerns about the level of sustainability and efficiency of conventional feed choices. In particular, effective feed supporting the highest possible weight gain and feed conversion ratios in fish and livestock is in high demand with the increasing need for meat and seafood in the world.
And the market is likely to keep this trend in the upcoming years as producers are paying more and more attention to the quality of the lives of their animals and to productivity.
Sustainable sourcing for raw materials leveraging the global fish waste landscape
Increased sourcing of fish waste by the manufacturers is attributed to another driving force of the fish-derived products market. They do this by consuming by-products from fish processing. This way, producers really ensure they are taking part in environmental optimization and the efficient use of available resources.
Additionally, fish waste by way of trimmings, heads, bones, etc., which historically would have been discarded as a waste product, has been redefined as a valuable raw material, which gets converted into high-protein feed source. Such an approach eliminates wastes and manages fisheries in a responsible manner by depending less on the stocks of fish in the wild.
One of the leading factors in both governments and organizations worldwide today is sustainability within the industry, where more environmentally friendly raw materials are being sought after by manufacturers as a result. This further raises the call for the use of fish waste in the processes.
Incorporation of fish waste in the value chains addresses environmental degradation and meeting consumers' demands for products derived from fish and minimizes negative social and economic implications in the course of exploitative sourcing of fish products. This sourcing model for fish will fit well with the evolving consumers' expectations of environmental 'friendliness' around food and feed production.
Technological advancements in extraction leveraging the global production
Modern-day technological advancements are reshaping the fish produce manufacturing line by opening new and more effective extraction avenues. With advanced extraction technologies now available-such as enzyme-assisted and supercritical fluid extraction-manufacturers are now in a position to produce maximum yield without losing the original nutritional value of the final product.
Unlike previous technologies, these methods work faster for processing and need less energy, consequently saving on operational costs. Furthermore, technological improvement also resulted in the ability of producers to recover more valuable nutrients from raw materials, thereby ensuring that the fish is wasted from the production process.
This would be huge for the potential of scalability within fishmeal and oil production-especially considering that demand on a worldwide basis shows no signs of slowing. More than increasing capacity, these improvements about quality make fish-based ingredients more attractive to a much broader set of industries.
With technology advancing and evolving into more sophisticated systems, the increase in yield and efficiency can only improve further, thus improving the overall sustainability of the industry.
Demand of fish oil in dietary supplements fuelling the global market
Increased consumer interest in health and wellness is increasing the demand for fish oil, rich in omega-3, for use in dietary supplements. Most of these fats are omega-3 fatty acids as they guarantee good heart health, improve the brain, and even reduce inflammation. This has led to an increase in the use of fish-derived oils in nutritional products that foster overall health.
With the health-conscious consumers striving for preventive care solutions, there has resulted in an upsurge in the consumption of omega-3 supplements, particularly in the United States, Europe, and parts of Asia. Notably, the recommendation from the medical fraternity coming for omega-3, considering its varied health benefits, has only led to accentuation in this demand.
lManufacturers having already been cashing in on demand, have increased their product relevance in varied dose forms, such including capsules, soft gels and liquid formulations. Demand for fish oil supplements will be an assurance that this trend will remain to be an upward one in resolution health benefits of fish oil continue to be spread across the globe.
Increased global fish waste and variety of breeds gaining a traction foe specific benefits
With worldwide increases in waste from fishes, there are opportunities to develop more specialty products for specific breeds of livestock and aquatic species. Diversification in these areas of aquaculture and agriculture adds increasing demand for these animal breed specialties with very different nutritional needs.
Fish by-products, which were considered waste, are now increasingly being processed into very valuable feed ingredients to suit the increased demands for specific nutrients for the promotion of optimal performance and growth. This fact is pretty well displayed within the aquaculture industry, with its wide diversity of fish, shrimp, and other marine life species, each having its specific nutritional requirements.
Efficient use of fish waste enables the producers to come up with solution-oriented products that minimize wastage and at the same time promote sustainable farming; this has enabled the producers to concentrate on specialized nutrition, hence managed to offer their services in niche segments, to ensure each breed has the correct balance of nutrients needed for maximum health and productivity.
The manufacturers are, therefore, coming up with customized solutions based on varying industries and animal species. The firms are hence set apart from their competition with fish-derived products and hence make it possible to meet the unique needs of their clients.
Due to this current trend of customization, moreover, producers are able to offer high-added solutions able to keep optimized for multiple uses in livestock, aquaculture, and human health. Customized formulations will hence ensure that specific nutritional needs are met; say, to improve growth rates in fish farming or enhance omega-3 levels in dietary supplements for human health.
With potential for such tailoring, this becomes especially important as consumers increasingly expect their nutrition solutions to be more personalized in both animal feed and human health. Manufacturers in segments with specialized products will therefore be well poised to capture more in the global market with increased customer loyalty through product differentiation.
Principal Consultant
Global Fishmeal & Fish Oil sales increased at a CAGR of 5.5% from 2019 to 2023. For the next ten years (2024 to 2034), projections are that the value will rise at 5.8% CAGR.
During the forecast period of 2024 to 2034, the market is expected to increase in terms of revenue by 6 billion USD. In the declining period of the COVID-19 pandemic, the sales of target products with added vitamins and minerals have increased rapidly, which has enabled manufacturers to expand their portfolio besides increasing production volume.
Factors affected the industry between 2019 and 2023. Growth was propelled by higher awareness about animal health in general and demand for fortified feed. They broadened applications for additives through technological developments in feed processing that made them more stable and effective.
This was also complemented by regulatory support towards the fortification of nutrients in developing areas. Again, the pandemic enhanced consumer focus on a high-protein diet thereby accelerating demand for seafood products. These trends together fostered further growth within the industry along with innovation regarding custom nutrition solutions.
The industry is characterized by a two-tier structure, which includes both organized and unorganized players.
Leading companies include Austevoll Seafood ASA, Colpex International SAC, Corpesca S.A., Corporacion Pesquera Inca S.A.C., Croda International PLC, FF Skagen A/S, FMC Corporation, Gc Rieber Oil, Marvesa Holding NV, Mukka Sea Foods Industries Pvt. Ltd., and other players dominate the organized segment that accounts for 53% of sales in the industry.
Multinational corporations (MNCs) that have target segment revenue greater than 5 million USD belong to these groupings and they maintain their arena presence in this way because they have large volumes of production capacities, high-tech infrastructure, and various products.
These well-regulated players have strict distribution networks and can be found in every corner of the world thereby; resulting in huge penetration globally. Their modernized research labs on the other hand enhance innovations enabling them to introduce a range of Aqua Feed Additives about changing trends.
On the contrary, local participants with target segment revenue below 5 million USD from the unorganized part contribute up to 47% of total sales within this category. These smaller companies may lack global coverage but are vital for specific areas. Working in a niche community allows them to offer particular goods fitted for diverse domestic preferences. In many cases, these entities adjust quickly according to fads in animal tastes which results in a unique product mix.
This makes sure that there is dynamism as well as competitiveness within the industry due to the existence of both big and small firms. This variety brings on board multiple developments along with a wide range of options being made available satisfying different customers across all regions worldwide.
This means that the industry has good prospects given its innovative nature coupled with the growing trend towards healthier alternatives.
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The following table shows the estimated growth rates of the top three countries. USA, China and Norway are set to exhibit high consumption, and CAGRs of 4.2% and 5.7%, respectively, through 2034.
| Countries | CAGR 2024 to 2034 |
|---|---|
| USA | 4.2% |
| China | 5.7% |
| Norway | 3.8% |
Among all other factors, the increasing per-capita consumption of dietary supplements and poultry products in the USA is a high driver for the fish-derived ingredients market. More and more Americans are becoming health-conscious toward omega-3 supplements that aid in heart health and cognitive function.
Other factors leading the market to grow are the surfacing popularity of such supplements, increasing usage levels of fish oil as a main ingredient in a number of formulations. Besides this, the poultry industry is reliant on nutrient- rich feed products, as the consumers alike have high demand for proteins.
Therefore, animal protein rich in fish monocultural feed would provide essential nutrients that ensure farm healthy growth and high productivity in poultry. As the supplement and poultry industries grow in the USA demand for effective, quality fish-based ingredients will expand as well opening afoot for producers to penetrate these extraordinarily profitable industries and gain better acceptance in the marketplace.
The China aquaculture educing at a fast pace by encourage aging the introduction of new species and ways of breeding species. New species of aquaculture, such as King Kong shrimp, will further persuade consumers to adopt improved feed quality, which includes fishmeal of better nutrition.
Species diversification is matched with new farming modes like offshore cages and industrial vessels that will galvanize new high productivity and efficiency in fish farming. All these new farming modes are very much based on specialized feed to promote the growth of these new species under very diversified environmental conditions.
This will go a long way in enhancing the aquaculture capacity in China, which will, in turn, increase the demand for high-protein feed solutions with new opportunities for producers of fish-derived ingredients. This, along with species innovation and advanced rearing techniques, is going to place China as a dominant player in global aquaculture, driving demand for sustainable and effective feed solutions.
Norway is one of the leading countries in aquaculture with a sustainability cumulating approach to fish farming and a high seafood consumption rate in everyday food. The interest in the breeding of a wide variety of aquaculture species in the country, including salmon, cod, and trout, is driving up the demand for the production of high-quality feeds for the growth of such produce.
As seafood has been a part and parcel of Norwegian foods, this resulted in the dependence of the aquaculture industry on extremely efficient, nutrient-dense feed. Fish-derived proteins in aqua feed ensure that farmed fish show proper growth rates and quality, crucial to the success of Norwegian seafood exports.
The aquaculture sector will keep growing with increasing global demand for Norwegian seafood, demanding more specialized feed solutions that meet the particular demands of various fish species. It is in this high-quality, diversified aquaculture production that Norway takes the lead in the global seafood industry.
| Segment | Marine fish (Source) |
|---|---|
| Value Share (2024) | 38.5% |
Marine fish are predominantly used as a source for fishmeal and fish oil due to their rich nutrient content and abundance in natural waters. Species such as anchovies, sardines, and mackerel provide a high concentration of essential proteins, omega-3 fatty acids, and other valuable nutrients that make them ideal for animal feed and human consumption.
Marine fish are also relatively efficient to harvest, making them a cost-effective resource for producers. Additionally, the presence of essential fatty acids like EPA and DHA in marine species enhances the nutritional value of fish-derived products.
| Segment | Aquaculture & Aquatic Feeds ( Application) |
|---|---|
| Value Share (2024) | 34.8% |
Aqua feeds tell us that the majority of the ingredients used in fish feed and aquaculture are of fish origin due to their very good protein quality, which helps in the proper growth and healthiness of farmed aquatic species. Such components provide the species with the important proteins, amino acids, and omega-3 fatty acids needed for developing and sustaining species like salmon, shrimp, and tilapia.
Proteins derived from fish possess high digestibility and bioavailability compared to those of plant origin, hence making them a good source of nutrition for aquatic animals. This implies that such nutrients lower the feed conversion ratio, making it beneficial to the rearing of healthy fish and lessening the amount of feed required, hence making the production more effective and economical.
Inclusion of fish-based feed also works to improve the general quality of farmed fish as far as texture, taste, and nutritional value are concerned. With the demand for seafood on the increase, nutrient-rich fish-based feeds are required to ensure ongoing productivity and success in satisfying the appetite for aquaculture industries around the globe.
The global competitive landscape in the fishmeal and fish oil industry has changed over the past few years due to the rise in the consumption of fisheries, attention of aqua cultural products manufacturing companies towards the nutrition of fish and other aquatic animals, research and innovation to enhance the efficiency of marine production and capacity.
Companies are developing sustainable feed products with innovative solutions to maintain the market position and quality standards of products. These product solutions help the aquaculture farming industries to maintain and enhance the nutrition of different species across the globe.
As the demand for animal protein increases more and more the need for nutrition and overall health of aquatic animals can significantly rise in upcoming years. To tackle this situation and meet the consumer industry demand manufacturers are coming up with new technologies and digital solutions that can help their consumers.
In this segment Salmon & Trout, Marine Fish, Crustaceans, Tilapia, Carps are included in the report
Various applications like Aquaculture & Aquatic Feeds, Land Animal Feeds and Livestock, Agriculture and Fertilizers, Pharmaceuticals, Dietary Supplements are considered in the report
Industry analysis has been carried out in key countries of North America, Latin America, Europe, Middle East and Africa, East Asia, South Asia, and Oceania
The market is expected to grow at a CAGR of 5.8% throughout the forecast period.
By 2034, the sales value is expected to be worth USD 13.8 billion.
Increased product innovation and demand for new products with nutritional balance are expected to boost sales.
Asia-Pacific is expected to dominate the global consumption.
Some of the key players in manufacturing include Austevoll Seafood ASA, Colpex International SAC, Corpesca S.A., Corporacion Pesquera Inca S.A.C., Croda International PLC, FF Skagen A/S, FMC Corporation, Gc Rieber Oil, Marvesa Holding NV, Mukka Sea Foods Industries Pvt. Ltd., Oceana Group Ltd., Omega Protein Corporation, Orizon S.A., Pesquera Exalmar S.A.A., Pioneer Fishing, Scoular Company, SURSAN, Tasa, TripleNine Group A/S and a few others.
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Fishmeal And Fish Oil Market
