Fishmeal Market

Global Fishmeal Market Exploring Trends in the Industry by 2023-2030″

Global Fishmeal Market Outlook

In 2021, the Fishmeal Market Size reached a valuation of USD 8459.5 million. Projections indicate substantial growth for the market industry, with an expected increase from USD 9093.96 million in 2022 to USD 15087.33 million by 2030. This trajectory represents a noteworthy compound annual growth rate (CAGR) of 7.5% during the forecast period from 2022 to 2030. Fishmeal, a high-protein feed ingredient derived from small fish like anchovies, sardines, and menhaden, stands as a valuable source of protein and essential nutrients for aquaculture and livestock production.

The aquaculture industry stands as the primary consumer of fishmeal, constituting over 70% of the global demand. The robust growth of the aquaculture sector is propelled by an escalating global appetite for seafood, renowned for its rich protein content and nutritional benefits. Furthermore, the surging demand for animal protein emerges as a significant driver for the fishmeal market. This demand surge is anticipated due to the expanding global population and the increasing affluence of consumers in developing nations.

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Fishmeal’s pivotal role as a protein source for livestock, including poultry, pigs, and cattle, positions it as a vital component in meeting the escalating global demand for animal protein. The nutritional profile of fishmeal contributes to the growth and health of livestock, making it a sought-after ingredient in the feed industry.

The compound annual growth rate (CAGR) of 7.5% reflects the dynamic nature of the fishmeal market, indicative of its substantial contribution to the aquaculture and livestock sectors. As the global population continues to grow, particularly in developing regions, and dietary preferences shift towards protein-rich diets, the demand for fishmeal is expected to witness sustained growth.

The growing concerns about food security is also contributing to the growth of the fishmeal market. Fishmeal is a sustainable source of protein, as it is produced from fish that are not typically consumed by humans.

The fishmeal market is segmented by region, application, and fish type. The region segment is further divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is the largest market for fishmeal, followed by Europe and North America. The growth of the Asia Pacific market is driven by the growing aquaculture industry in the region.

The application segment is further divided into aquaculture feed, livestock feed, and others. The aquaculture feed segment is the largest segment, accounting for most of the market share. This is due to the high demand for fishmeal market outlook in the aquaculture industry.

The fish type segment is further divided into small fish, large fish, and bycatch. The small fish segment is the largest segment, accounting for most of the market share. This is since small fish are typically used to produce fishmeal.

The fishmeal market is a highly competitive market, with several major players operating in the market. Some of the key players include Nutrien Ltd., Cargill, Inc., and The Scoular Company. These companies are constantly innovating and developing new products and technologies to meet the growing demand for fishmeal.

The fishmeal market is expected to continue to grow in the coming years, driven by the factors mentioned above. The market is expected to witness significant growth in Asia Pacific, due to the growing aquaculture industry in the region.

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