A fish meal is a commercial product made out of fish that are generally not used for human consumption. Fishmeal is commonly used to feed farm animals and as fertilizers. Fishmeal is made out of bones and offal leftover of the fishes, caught by commercial fisheries, which is then dried and crushed into powder and cake.
Global Fish Meal Market is expected to exceed USD 16,276.67 billion by 2030 from USD 9,340.66 million in 2016 at a CAGR of 7.8% throughout the forecast period, i.e., 2020-2030. The global fishmeal market is estimated to grow on the back of the following reasons. Fishmeal is rich in calcium, protein, crude fiber, and amino acids which can be easily digested by the livestock, even by the aquatic animals. Moreover, it contains plenty amount of other vital minerals and fatty acids which are essential for the growth and development of various livestock. Additionally, fishmeal is a rich source of organic nitrogen and hence is extensively used as fertilizer as it accelerates the growth of plants. Thus, increasing demand for protein in animal feed is going to drive the growth of the global fishmeal market.
Global Fishmeal Market: Segments
Global Fish Meal Market has been bifurcated on the basis of application, livestock, source, and region.
On the basis of livestock, it is divided into ruminants, swine, poultry, aquatic animals, and others. Based on the source it is segmented as salmon and trout, anchovy, marine fish, menhaden, capelin, pilchard, tilapia, sand eel, and others. The oily fish species is a profitable source as it is high in protein and useful for making fishmeal and fish oils. On the basis of application global fishmeal market is categorized as fertilizers, pharmaceuticals, feed, and others.
Global Fishmeal Market:
Drivers and Restraints
Increasing demand for organic nitrogen
Fishmeal is rich in organic nitrogen and hence is being demanded by the agricultural sector in order to ensure the healthy and fast growth of the crops.
Rising awareness of health
Since people are now more aware of health and want to boost their immunity naturally they are opting for more organic solutions. Fishmeal and fish oil is a rich source of amino acids, proteins and omega-3 are catalyzing the demand of innovative health supplements both for infants and adult consumers.
Restraints that is expected to hamper the growth of the Global Fishmeal Market in the upcoming years. However, a steady increase in the prices of raw material (fish) is going to decrease the demand for Fishmeal products.
Global Fishmeal Market: Region
Global Fish Meal Market is segmented on the basis of regional analysis into five major regions. These include North America, Latin America, Europe, Asia-Pacific, and Middle-East& Africa. At present, Asia-Pacific holds a major share in the global market. Europe is the second-most market-leading region after the Asia Pacific. Germany, Italy, France, and Switzerland are the countries with major consumption in the European region.
Global Fishmeal Market: Impact of Covid-19
The global pandemic Covid-19 has become global stress not just for human lives but also to many industries across different industry verticals. The Covid-19 virus has infected several million people across the world, with the United States accounting for the highest share of infected cases. With an increasing number of active cases on a daily basis, it is difficult to predict the duration of the pandemic.
The adverse impact of Covid-19 on the global fishmeal market can be seen by the fact that the demand has declined significantly as China being one of the major consumers was severely hit by the disease, decline in production due to worldwide lockdown.
Some key players operating in the fishmeal market are:
Croda International Plc (UK)
o Company overview
o Business Strategy
o Key Product Offerings
o Financial Performance
o Key Performance Indicators
o Risk Analysis
o Recent Development
o Regional Presence
o SWOT Analysis
Oceana Group Ltd (South Africa)
Austevoll Seafood ASA(Norway)
Omega Protein Corporation(US)
Empresas COPEC S.A. (Chile)
Sarma Fish S.A.R.L. (Morocco)
Alpha Atlantique (Morocco)
Novus International Inc(US)
Global Fish Meal Market Report also contains an analysis on:
Fishmeal Market by Segment
o By Application
o By Source
• Salmon and Trout
• Marine fish
o By Livestock
• Aquatic Animals
o By Region
• North America
• Latin America
• Middle-East & Africa