Increasing consumption of seafood across the globe is boosting demand for fishmeal. Growing demand for high-quality seafood and processed meat will continue providing tailwinds to fishmeal sales during the assessment period.
Fishmeal is emerging as a nutritive additive in animal feed. Rich in protein and fatty acids, fishmeal is increasingly being incorporated in animal feed, which is further augmenting the market growth.
Besides animal feed, application of fishmeal in fertilizers is significantly gaining traction. The nutritive properties of fishmeal provide adequate minerals to plants and crops and improve the fertility of the soil.
This, coupled with expansion of the agriculture industry is propelling sales in the market, with the U.S., China, Germany, Japan and the U.K. emerging as key producers of fishmeal.
As per FMI’s regional analysis, the U.K. is projected to exhibit positive growth patterns during the forecast period. High consumption of seafood in the country and growing awareness regarding fish-derived products such as fish oil will continue bolstering sales of fishmeal in the market.
“Increasing adoption of fishmeal in animal feed and fertilizers, coupled with growing consumption of seafood across the world will augment the market growth through 2031,” says the FMI analyst.
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Key Takeaways from the Fishmeal Market Survey:
- In terms of application, the animal feed segment is projected to account for the maximum market share.
- By end-users, the aquaculture segment will exhibit lucrative growth patterns, followed by the swine segment.
- The U.S. is projected to witness high demand for fishmeal, owing to expansions in the agriculture and aquaculture sector.
- The U.K. will emerge as the most lucrative market due to high consumption of seafood in the country, coupled with growing demand from the hospitality industry.
- Increasing demand for processed meat and seafood in China will drive sales of fishmeal in the market.
- South Korea and Japan will account for 5.4% and 9.1% of the total fishmeal market share respectively.
Oceana Group Limited S.A., TriplenineGroup A/S, EmpresasCopecS.A., Pesquera Diamante S.A., Pesquera Hayduk S.A., Ff Skagen A/S, Austevoll Seafood ASA, Biomega AS, Sardina D.O.O., Sarma Fish S.A.R.L, Pioneer Fishing Pty Ltd., Aker BioMarine Antarctic AS, TASA, Omega Protein Corporation, The Scoular Company, Calysta, Inc., Unibio A/S, Novus International Inc., Animalfeeds International Corporation and Alpha Atlantique are among the top players operating in the fishmeal market, as profiled by FMI.
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Among these, Oceana Group Limited S.A., Empresas Copec S.A., Sardina D.O.O., Omega Protein Corporation, and Triplenine Group A/S are emerging as the top 5 players in the fishmeal market, holding 20-25% of the total market share.
As per FMI’s analysis, leading players in the market are emphasizing on production facility expansions and sustainable methods to derive fish-borne products to establish a firm foothold in the market. Strategic collaborations, acquisitions, and intensive research and development will remain prominent growth strategies among players through 2031. For instance:
- In January 2021, Calysta Inc announced a joint venture with worldwide animal nutrition leader Adisseo to build the world’s first commercial-scale production facility of single-cell protein.
- In March 2021, Unibio received approval for animal feed products for pigs from the Danish Ministry for Food, Fisheries, Equal Opportunities, and Nordic Cooperation. The trial was aimed at checking the nutritional and functional properties of Unibio’s animal feed product called UniProtein.
More Insights into the Fishmeal Market Report
In its latest report, FMI offers an unbiased analysis of the global fishmeal market, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2021-2031. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of application type (animal feed and fertilizers), end-use type (aquaculture, poultry, and swine), and across seven regions (North America, Latin America, Eastern Europe, Western Europe, Asia Pacific excluding Japan (APEJ), Japan, and Middle East & Africa).
About Food Market Division at FMI
Expert analysis, actionable insights, and strategic recommendations – the food & beverage team at Future Market Insights helps clients from across the globe with their unique business intelligence needs. With a repertoire of over 1,000 reports and 1 million+ data points, the team has analysed the food & beverage industry lucidly in 50+ countries for over a decade. The team provides end-to-end research and consulting services; reach out to explore how we can help.