IMARC Group, a leading market research company, has recently released a report titled “Fish Meal Market Report by Type (Whole Fish, By-Product from Wild Capture, By-Product from Aquaculture), Species (Marine, Trimming), Application (Aquaculture, Swine, Poultry, and Others), and Region 2024-2032”. The study provides a detailed analysis of the industry, including the global fish meal market share, trends, size, and industry trends forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
The global fish meal market size is expected to exhibit a growth rate (CAGR) of 6.98% during 2024-2032.
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Global Fish Meal Market Trends:
The growing interest in utilizing fish by-products, such as trimmings and offcuts, to maximize resource efficiency and reduce pressure on wild fish stocks is acting as a growth-inducing factor.
Additionally, rapid advancements in biotechnology paving the way for the production of fish meal substitutes derived from algae, insects, and microbial proteins is creating a positive outlook for the market growth.
Moreover, the increasing utilization of fish meal in functional foods and nutraceuticals for human consumption as it is rich in omega-3 fatty acids, vitamins, and minerals, thereby making it a valuable ingredient in health supplements and fortified foods, is contributing to the market growth.
Factors Affecting the Growth of the Fish Meal Industry:
· Increasing Demand for Protein-Rich Animal Feed:
The rising demand for protein-rich animal feed is one of the major factors boosting the market growth.
Moreover, the rising population across the globe, boosting the need for efficient and high-quality protein sources to support the livestock and aquaculture industries, is acting as a growth-inducing factor. In line with this, the increasing utilization of fish meal as a preferred ingredient in animal feed formulation due to its high protein content and essential amino acids is contributing to the market growth.
Furthermore, the continuous demand for sustainable and efficient feed ingredients in the feed industry to enhance productivity and reduce the environmental impact of livestock farming is bolstering the market growth.
· Rising Focus on Sustainable Fishing Practices and Certification Standards:
The increasing adoption of sustainable fishing practices and adherence to certification standards are some of the major factors catalyzing the market growth. In line with this, the rising issue of sustainability in the fishing industry due to overfishing concerns and the depletion of marine resources is anticipated to drive the market growth.
Moreover, the implementation of responsible fishing practices by fish meal producers, as they strive to obtain certifications from organizations to ensure that fish meal products are sourced from sustainable fisheries, is creating a positive outlook for the market growth.
· Rapid Technological Advancements in Processing Techniques:
The development of modern processing technologies that improve the efficiency and quality of fish meal production is catalyzing the market growth.
Moreover, rapid innovations such as advanced drying methods, enhanced separation techniques, and improved handling processes, leading to higher yields and better preservation of the nutritional content in fish meals, are fostering the market growth. They contribute to reducing waste and optimizing resource utilization, making the production process more cost-effective and environmentally friendly.
Furthermore, rapid technological improvements that enable producers to process a wider variety of fish species and by-products are expanding the market growth.
Fish Meal Market Report Segmentation:
By Raw Material:
· Whole Fish
· By-Product from Wild Capture
· By-Product from Aquaculture
Based on the raw material, the market is divided into whole fish, by-product from wild capture, and by-product from aquaculture
.
By Species:
Marine
· Anchovy
· Sandeel
· Menhaden
· Sprat
· Others
Trimming
On the basis of species, the market is classified into marine (anchovy, sandeel, menhaden, sprat, and others) and trimming.
By Application:
Aquaculture
· Crustaceans
· Salmon and Trout
· Marine Fish
· Tilapias
· Others
Swine
Poultry
Others
Aquaculture represented the largest segment due to the high demand for protein-rich feed essential for the growth and health of farmed fish and shrimp.
Regional Insights:
Peru
Scandinavia
· Denmark
· Norway
· Iceland
China
Thailand
Chile
United States
Vietnam
Japan
Others
Peru’s dominance in the fish meal market is attributed to its abundant marine resources and well-established fish meal production infrastructure.
Competitive Landscape with Key Players:
The competitive landscape of the fish meal market size has been studied in the report with the detailed profiles of the key players operating in the market.
Some of These Key Players Include:
· Austral Group S.A.A
· Copeinca
· Corpesca S.A. (Empresas Copec S.A)
· FF Skagen A/S
· Omega Protein Corporation (Cooke Inc)
· Pesquera Diamante S.A. (Diamond Fishing)
· Pesquera Exalmar S.A.A
· Pesquera Hayduk SA
· Tasa
· TripleNine Group
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Key Highlights of the Report:
· Market Performance (2018-2023)
· Market Outlook (2024-2032)
· Market Trends
· Market Drivers and Success Factors
· Impact of COVID-19
· Value Chain Analysis
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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