Fishmeal Industry Overview | COVID-19 Pandemic Impact, Market Size, Value Share, Latest News Key Drivers and Challenges by Forecast to 2024

Market Overview

Fishmeal has become an essential part of animal feeds due to high concentrations of amino acids and proteins. Fishmeal is a powdered product received after milling and drying the fish. This flour or powder is then mixed with other feedings and supplied to animals and several fishing farms. Feed enhancing capabilities has made it a significant additive around the world, and therefore global fishmeal market projected to face a growth rate of about 08% annually. Apart from feeding, the fishmeal is also used as a fertilizer because of its higher organic nitrogen contents.

Based on current trends, government departments and major industries are collaborating with small-scale fish industries at every level to enhance the quality and production of fishmeals. High demand for healthier and quality rich foods, increasing demand for seafood and rising fishing activities are the major factors contributing to boosting the global fishmeal market. Growing disorders like cholesterol levels and heart-related issues have shifted the consumers from the intake of the red meat to other healthy meat products, which are providing an extra push to market growth.

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With the advancement in technologies and regular discoveries of newer products has damaged the fishmeal market share due to increased availability of alternatives in the markets. Algae is the primary contender in the market due to its relation to the aquatic food chain.

Key Players

CRODA International Plc. (UK), EMPRESAS COPEC S.A. (Chile), BIOMEGA AS (Norway), Oceana Group Limited (South Africa), Omega Protein Corporation (US), FMC Corporation (US), AUSTEVOLL Seafood ASA (Norway), CALYSTA, Inc. (U.S.), Pioneer Fishing (Pty), Ltd. (South Africa), The Scoular Company (U.S.), Aker BIOMARINE Antarctic AS (Norway), SARMA Fish S.A.R.L (Morocco), ANIMALFEEDS International Corporation (USA), Alpha ATLANTIQUE (Morocco), and Novus International Inc. (US) are some of the key players operating in the Global Fishmeal Industry.

Recent Industry News

Fishmeal is growing its Fishmeal Industry share and is popular among people due to its benefits. Still, several alternatives in the market are limiting its usage and degrading the market’s growth meter. The Asia Pacific is expected to come out as the fastest-growing market; therefore, it becomes necessary to keep an eye on the shifting trends in this region.

Market segments

Global Fishmeal Industry is segmented into three parts: Sources: Fishes like salmon, trout, capelin, herring, menhaden are some types of fish sources.

Livestock: Poultry, aquatic animals and ruminants are some the major livestock dependent on this feed.

Usage: Fishmeal is used as fertilizers, feed and other purposes.

Regional Overview

America, Europe, Asia Pacific and the Middle East & Africa are the four major regions observed based on the global fishmeal market

The American region, especially North America, is the primary market for fishmeal because of demands for higher protein contents in food and growing shift of consumers from red to other healthy sources of meat. These are the basic and main reasons for the growth and survival of this market. The European region is in the second place and is impressing the surveyors with the growth rate and demands coming for fish products. The European industry is also working towards the introduction of new products and are aiming for longer times and larger land shares on global levels.

The Asia Pacific region is in third place, and the market here is shoeing healthy growth rates. During the survey period, this market is expected to show the fastest growth due to increasing awareness among people and research for better products to enhance their livestock’s health and productivity.

Other markets are also expected to show decent growth rates due to increase for fish products and an increase in fisheries activities.

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