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Fishmeal & Fish Oil Market: By Source (Salmon & Trout, Marine Fish, Crustaceans, Tilapia, Carps), By Type (Fish Oil, Fishmeal), By Application (Aquaculture & Aquatic Feeds, Land Animal Feeds and Livestock, Agriculture and Fertilizers, Pharmaceuticals, Dietary Supplements), And Region - Global Analysis of Market Size, Share & Trends For 2021-2022 And Forecasts To 2032
Fish meal is a powder obtained after cooking, drying, pressing, and milling fresh raw fish, whereas fish oil is a liquid extracted from the cooked fish. Fishmeal is used as feed for aquaculture and cattle animals since it is a great source of protein. When fatty fish is turned into meal, fish oil is produced. The oil is entirely marine and contains a lot of omega-3 fatty acids. Oil is a source of energy for customers in meals. Fish, mammals, and birds can develop and get fatter with the help of this oil. They are obtained from the harvesting of fleeting, quickly expanding stocks of bony, tiny, and oily fish for which there is little to no demand for human food.
Fishmeal & Fish Oil Market to surpass USD 12.5 billion by 2032 from USD 6.23 billion in 2021 at a CAGR of 6.5% in the coming years, i.e., 2022-32. The demand for fishmeal and fish oil is driven by rising consumer awareness of the possible health benefits provided by fish oil and fishmeal products in animal feed. Moreover, the substantial increase in poultry and cow populations is creating considerable commercial potential for fishmeal and fish oil producers. This is projected to fuel the growth of the Fishmeal & Fish Oil Market.
Fishmeal & Fish Oil Market is categorized on the basis of Source into Salmon & Trout, Marine Fish, Crustaceans, Tilapia, and Carps. The crustaceans segment is leading the Fishmeal & Fish Market among others. Fishmeal and fish oil are widely used in the diet of crustaceans as they are the main sources of dietary protein. Fishmeal makes up a substantial portion of crustacean meal, which is expected to witness considerable development opportunities throughout the anticipated period. This is also due to the increased demand for seafood worldwide, particularly lobster and shrimp.
Fishmeal & Fish Oil Market is categorized on the basis of Application into Aquaculture & Aquatic Feeds, Land Animal Feeds and Livestock, Agriculture and Fertilizers, Pharmaceuticals, and Dietary Supplements. The Pharmaceuticals segment is projected to witness a major share of the Fishmeal & Fish Oil Market. Fishmeal and fish oil are becoming more widely accepted and used in the pharmaceutical sector due to their favorable reputation and high nutrient content, as well as increased public knowledge of personal health and nutrition.
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The growing trend of pet humanization is rising, which is boosting the demand for premium pet food ingredients and goods that offer several health benefits. Along with expanding awareness and disposable income among pet owners, spending on ingredients for pet food with a health focus is also rising. More and more fish oil products are being used in pet food products to improve the development, health, growth, and nutrition of animals. The pet food market will continue to create large economic prospects for fishmeal and fish oil producers since the emphasis on pet health and nutrition is gaining momentum. Over the forecast period, these factors are anticipated to drive the Fishmeal & Fish Oil Market.
The Fishmeal & Fish Oil Market is also being driven by the expanding use of fishmeal in fertilizers and animal feed for livestock and aquaculture. The improved use of by-products from the fish processing industry and the quickening growth of alternative raw material sources are expected to lead to increased output of fishmeal and fish oil in the future. The need for fish and animal feed additives will therefore be driven in the next years by the aquaculture industry's continued growth.
Unsustainable fishing techniques like juvenile fishing, have greatly increased, particularly in India, and have presented a serious danger to fish supplies in recent years as the income from fishmeal and fish oil products has continuously scaled. The increasing use of feed ingredients substitutes and microbial contamination in aquafeed may also provide further difficulties for the growth of the Fishmeal & Fish Oil Market.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Fishmeal & Fish Oil Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Asia Pacific currently holds a major market share of the Fishmeal & Fish Oil Market due to the growth of the aquaculture industry. The increased use of fish meal and fish oil will also contribute to the market growth in the area during the projection period.
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Impact of Covid-19 on Fishmeal & Fish Oil Market
During the COVID-19 pandemic, the market scenario of the Fishmeal & Fish Oil Market was completely changed. The salmon industry was directly impacted by social isolation policies, travel restrictions, and company closures. As the majority of firms were currently operating at reduced capacity, the businesses experienced a considerable decline in earnings.
REPORT ATTRIBUTE |
DETAILS |
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Market Size Value in 2021 |
USD 6.23 billion |
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Revenue Forecast in 2032 |
USD 12.5 billion |
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Growth Rate |
CAGR of 6.5% from 2022 to 2032 |
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Base Year for Estimation |
2021 |
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Quantitative Units |
Revenue in USD billion and CAGR from 2022 to 2032 |
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Report Coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
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Segments Covered |
Source, Type, Application, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
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Key Companies Profiled |
Cargill Incorporated, BASF SE, Austevoll Seafood, FMC Corporation, Corpesca S.A., Croda International Plc, Omega Protein Corporation, Orizon, OCEANA GROUP LIMITED, Copeinca, FF Skagen A/S, The TASA Group, GC Rieber Oils AS, Pesquera Exalmar, Pioneer Fishing, and Other Prominent Players. |
The Fishmeal & Fish Oil Market size was estimated at USD 6.23 billion in 2021 and is expected to reach USD 12.5 billion in 2032.
Fish meal is a powder obtained after cooking, drying, pressing, and milling fresh raw fish, whereas fish oil is a liquid extracted from the cooked fish.
The Crustaceans and Pharmaceuticals segments accounted for the larger share of the Fishmeal & Fish Oil Market.
Key players in the Fishmeal & Fish Oil Market are Cargill Incorporated, BASF SE, Austevoll Seafood, FMC Corporation, Corpesca S.A., Croda International Plc, Omega Protein Corporation, Orizon, OCEANA GROUP LIMITED, Copeinca, FF Skagen A/S, The TASA Group, GC Rieber Oils AS, Pesquera Exalmar, Pioneer Fishing, and Other Prominent Players.
The demand for fishmeal and fish oil is driven by rising consumer awareness of the possible health benefits provided by fish oil and fishmeal products in animal feed.
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