Fishmeal Market Size, Share, Growth, and Industry Analysis, By Type (Steam dried (SD), Flame dried (FD)), By Application (Aquaculture feed, Poultry feed, Pig feed, Pet food), and Regional Forecast to 2033

FISHMEAL MARKET OVERVIEW

The global fishmeal market size was USD 6480.87 million in 2024 and is projected to touch USD 8791.99 million by 2033, exhibiting a CAGR of 3.1% during the forecast period.

Fish meal is a high-protein resultant from seafood by-products from schooling fishes or fishery species procured by processing and drying for consumption by animal species, primarily aquaculture. Fishmeal plays an important role in protein and omega-3 fatty acid and vitamin contributions, which are essential for the growth and development of different types of animals. Fishmeal is applied in aquaculture feeds in bulk quantity, so it is a major growth booster for the other aquatic species. It can be included in poultry, swine, and pet feeds as a super-premium protein source. What remains of the fish is hardly considered waste in seafood processing but is turned, through steaming, pressing, drying, and grinding, into fish meal in fine powder form. It is the key source of animal feeds formulation because of its high digestibility and amino acid profile and extremely economical for protein sources.

All over the consuming nations, fish consumption continues to rise, thus fulfilling the demands of protein requirements and hence benefitting the fishmeal industry itself. Other boosters to the fishmeal market would come from poultry, pig, and pet food industries because fishmeal is more regarded as premium protein. On the contrary, the environmental conditions such as fish stocks and fluctuations in fishmeal production will play a role in influencing the market dynamics.

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GLOBAL CRISES IMPACTING FISHMEAL MARKET - RUSSIA-UKRAINE WAR IMPACT

"Fishmeal Market Had a Negative Effect Due to Limited Fishmeal Importations During the Russia-Ukraine War"

Beyond these things, the fishmeal market trends are also altered by the war that Russia and Ukraine happened to fight. The war messed up supply chains for those particular seafood items. With the increase in conflict, hindrance arises with respect to the movement of fishmeal and raw fish products between countries, as both of them are the major exporters of those goods and with limited fishmeal importations into some areas. During the war, most fishing was done in the Black Sea, where quite a number of fishes have been found. The war has cut down materials that could have served as raw material input for fishmeal production; hence, the rising prices.

LATEST TREND

"Sustainable And Alternative Protein Sources"" to Drive Market Growth"

The fish meal marketplace is being steered toward sustainable and alternative protein sources. Plant- and insect-based substitutes are being researched, developed, and applied to increasing levels as global criticisms mount against overfishing and environmental degradation. Rejected alternatives are lesser substitutes that will certainly provide some sustainability for aquaculture and animal feed against marine-sourced raw materials. On the contrary, another emerging trend is high demand for fish meal of the best quality produced from world-class processing technology. Producers are increasingly upscale their production capability to ensure fishmeal retains a high nutra-value with better digestibility during its production process.

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FISHMEAL MARKET SEGMENTATION

By Type

Based on Type, the global market can be categorized into Steam dried (SD), Flame dried (FD).

• Steam Dried (SD): Steam drying is a process whereby steaming is performed with nutrient retention in order to produce steam dried fishmeal. Steam dried fishmeal, having thus optimal digestibility and protein content, is applied to a higher extent on aquaculture feeds.

• Flame Dried (FD): Flame drying involves placing high-temperature flame into fish meal to dry it very fast. Contrarily, this is a cheaper procedure than steam drying. But nutritional degradation from flame drying is a relatively slightly more than that of steam dried fishmeal still having its alternative applications.

By Application

Based on application, the global market can be categorized into Aquaculture feed, Poultry feed, Pig feed, Pet food.

• Aquaculture Feed: Fishmeal in aqua feeds plays an important role as one of the most important protein sources in the feed formulated for cultured fishes and shellfishes. It also possesses a high amino acid profile so that it can bring about enhanced growth and optimum health of aquatic species.

• Poultry Feed: Fishmeal is added to enhance the protein levels in the diets for chickens and other birds in poultry feeding. The protein from fish has helped grow muscle strength, and immunity and general health in poultry.

• Pig Feed: The aim of adding fish powder to pig feed is to improve its protein level with respect to the feeding of pigs. Inclusion of fish meal was said to improve the growth performance, thus health, and productivity of pigs.

• Dog and cat foods: Fishmeal is one of the unique ingredients in pet foods rich in nutrients like omega-3 fatty acids and protein. For this reason, they play a major role in the diets for dogs and cats in keeping healthier skin and coat apart from overall wellness.

MARKET DYNAMICS

Market Dynamics Include Driving And Restraining Factors, Opportunities And Challenges Stating The Market Conditions.

Driving Factors

"Increase In Demand for Protein-Animal Feed"" to Boost the Market"

The increase in demand for protein-animal feed, particularly in aquaculture, constitutes the major driving the fishmeal market growth. The widespread global consumption of seafood imposes great pressure upon-farm fish to respond to that demand; hence fishmeal is central in feed formulation for aquaculture. All the above aquaculture growth areas tie to sustainability or all those factors impeding fish-farming productivity. Fishmeal serves as one of the important ingredients in the production of feed meant for creating growth rates in cultured fish and their resistance to disease while at the same time be aimed at productivity.

"Bargaining Power of Larger Players in the Fishmeal Products Manufacture"" to Expand the Market"

The penetration of fishmeal into the market is influenced by the bargaining power of larger players in the fishmeal products manufacture and distribution chains. Large firms tend to control a greater share of markets because of their far-reaching fishing operations plus organized supply chains. Such players invest in production facilities and R&D for better quality and efficient enhancement. In counter current trends, the regional dynamics make the primary supply bases regarded as Peru, Chile, and Denmark for the global fishmeal trade. Above-mentioned trends would act as a guiding force for the fishmeal market share with increasing applications-animal feed-due to awareness of its nutritional advantages and growing consumption of protein-efficient-gainful animal meat.

Restraining Factor

"Overfishing And Environmental Degradation"" to Potentially Impede Market Growth"

There are several fishes in the fishmeal market, and some rudimentary factors hamper fishmeal production in their constraint or Challenge the very stocks or fishes one needs for fishmeal production on a sustainable basis. Overfishing and environmental degradation are the proximate causes for the destruction of the stocks for fishmeal production. After that, we have price fluctuations hampering the demand of these raw materials to such an extent that there are times when fishmeal has been beyond the reach of so many markets, especially in the developing part of the world.

Opportunity

"Alternative Protein Replacements"" to Create Opportunity for the Product in the Market"

With the increasing requirement and demand for alternative protein replacements and supplementation to fishmeal, opportunities will open. The more attention is paid to issues of overfishing and sustainability, the more opportunity there is for a company to invest in the research and development of plant- and algae- and insect-based alternatives. Those will take some of the pressures off marine resources as sustainable protein alternatives for animal feed. Besides that, the increasing awareness of circular economy and waste minimization presents lots of opportunities for fishmeal producers to seek by-products from other industries, for instance, agriculture and food processing.

Challenge

"Could Be a Potential Challenge for Consumers"

The Challenge for the fishmeal industry concerns the rising pressure for sustainability with the supply. Fishmeal demand remains directly proportional to the growth of aquaculture and animal feed, these activities further impose pressure on fish stocks. The major forces driving depletion of marine resources essentially comprise those very resources being harnessed for fishmeal production; mainly overfishing, climate change, and ecosystem degradation. The task now turns into keeping animal feed appealing in the global business market while ensuring that the fish stocks themselves remain sustainable.

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FISHMEAL MARKET REGIONAL INSIGHTS

• North America

The market for fishmeal in the U.S. is propelled by the prosperity of the aquaculture industry and the demand for protein-rich animal feeds. Fishmeal is destined for the intensive culture of fish species such as salmon and shrimp, so as to satisfy the nutritional requirements for aquaculture species. In the U.S., the demand for fishmeal emanates from the high-value pet food sector. Tighter regulation standards are being set in the U.S. concerning fishmeal production with regard to sustainable practices and over-fishing. This itself indicates the need for sustainability and traceability on the part of the producer, almost bringing about a paradigm shift in addressing consumer and regulatory concerns.

• Europe

Increasing aquaculture has been a big factor in making Europe the number one fishmeal market; the tireless push from its consumers could not falter the steady growth of the market. The major producing and exporting countries for fishmeal are Norway and Denmark. The demand for sustainable and traceable types of fishmeal is high, more so with European consumers and regulatory agencies giving a huge premium on environmentally sound practices. The burgeoning pet food industry contributes to this since fishmeal is considered one of the ingredients to premium quality. On the contrary, the region begins turning into a tangent that concentrates on alternative protein raw materials-moving from marine sources to underpin feed production.

• Asia

Asia is endowed with a huge and fast-promising flourishing market for fishmeal, solely relying on an exceptionally growing aquaculture industry. The leading consumers in fishmeal globally would be China, Vietnam, and India, with fishmeal mainly fed into aquaculture feeds. Demand in the markets will be driven by rising seafood demand owing to bettering fish farming activities in these countries. Concurrently, due to sustainability issues and concerns regarding overfishing, alternative protein usage is progressively on the rise. In fact, a growing demand in the Asian market for uses of fishmeal in pet food is slowly but surely taking root, spurred on by an increase in pet ownership in China and Japan.

KEY INDUSTRY PLAYERS

"Key Industry Players Shaping the Market Through Innovation and Market Expansion"

The key players in the fishmeal industry are significant players setting the stage for future innovations in sustainable fishmeal production and alternate protein sources. Some of these companies in fishmeal production do not only heavily invest in manufacturing facilities and optimized supply chains to increase volumes for better satisfaction regarding the current growing demand for fishmeal across industries, but also in research and development regarding the nutritional profile and digestibility of fishmeal. In furtherance of this, partnerships and collaborations are also key strategies for these players in enhancing their market reach and influence.

List of Top Fishmeal Companies         

• TASA (Peru)
• Diamante (Chile)
• Austevoll Seafood ASA (Norway)
• COPEINCA (Peru)
• Corpesca SA (Chile)
• Omega Protein (U.S.)
• Coomarpes (Brazil)
• KT Group (China)
• Cermaq (Norway)
• FF Skagen (Denmark)
• Austral (Chile)
• Kodiak Fishmeal (U.S.)
• Havsbrun (Norway)
• Hayduk (Peru)
• Exalmar (Peru)
• Strel Nikova (Bulgaria)
• Nissui (Japan)
• Iceland Pelagic (Iceland)
• Daybrook (U.S.)
• Rongcheng Blue Ocean Marine Bio (China)
• Hisheng Feeds (China)
• Chishan Group (China)
• Dalian Longyuan Fishmeal (China)
• Fengyu Halobios (China)
• Hainan Fish Oil and Fish Meal (China)

KEY INDUSTRY DEVELOPMENT

February 2024: Topping this list is probably the most important product to alter the fishmeal market: Skretting, being a major international player in aquaculture feed production. Such insect protein production would thus contribute to developing fishmeal alternatives for fish and shrimp feeds within aquaculture. Dubbed InsectaMeal, the product is allowed for use in feeds and made from sustainably farmed black soldier flies. This will, therefore, relieve pressure off marine ecosystems.

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The fishmeal is seeing huge development, powered by expanding attention to its advantages, rising consumer interest in sustainable solutions, and persistent technological headways. In spite of the fact that it faces difficulties like supply limitations and increasing costs, the continuous interest for innovative and excellent choices is driving extension and progress across the area. Key industry players are driving advancement through essential developments and market extensions, improving both supply and appeal. As purchaser inclinations shift towards better and more different choices, the market is supposed to thrive, upheld by progressing developments and a developing acknowledgment of its contributions.