According to Stratistics MRC, the “Global Fishmeal & Fish Oil Market” is accounted for $10,576.22 million in 2018 and is expected to reach $24,734.87 million by 2027 growing at a CAGR of 9.9% during the forecast period. Some of the key factors propelling the market growth include rising use of fishmeal & fish oil in swine and poultry diets, improving productivity & performance of aquaculture, and availability of feed ingredients substitutes. However, el niño effect resulting in higher prices is restraining the market growth.
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Fishmeal is an significant and very digestible fish protein and fish oil ingredient in feeds and is used for the production of feed for aquaculture and agriculture. And, Fish oil is 100 % marine oil and has a high content of very essential omega 3 fatty acids. Moreover, it is mainly used for the production of feed for farmed fish and in the production of refined fish oil for human consumption.
Opportunity: Rising Popularity in the Pharmaceutical Industry
Fish meal and fish oil have multiple nutritional values and are also the major sources of omega-3 fatty acids EPA and DHA, which are currently recognized worldwide, as a key factor in human health. Hence, associated health benefits of fish meal and fish oil are impacting the demand for the market studied. Rising use of fish by-products in the pharmaceutical industry as well as in feeds along with growing scientific innovation is contributing to the development of fish meal and fish oil market, globally. Fish meal In the pharmaceutical industry is mostly used as a raw material in the preparation of certain antibiotics. The uses of fish meal and fish oil include feeding of mink, farmed fish, dogs, cats, and cattle. The specially processed fish meals are majorly consumed by humans in low quantities. The application of fish oil in the pharmaceutical industry helps in improving memory and majorly protects from mental illnesses such as bipolar disorder.
Driver: Rising demand of innovative health supplements
Increasing demand of innovative health supplements for both infants and adult consumers will catalyzed the demand for human edible fishmeal and fish oil production and omega-3 added supplements. Moreover, consumer consciousness and urge to use products source and cultivated with naturally grown ingredients led to increase the demand of fertilizers with natural additives. This also supports the increasing demand for fishmeal and fish oil around the globe. However, use of fishmeal and fish oil as additive in animal feed is limited by the typical inclusion rates which in turn expected to limits the growth rate for fishmeal and fish oil market.
Depending on sources, salmon & trout segment is expected to grow at the significant market share during the forecast period. This is due to the cause that salmon & trout fish farmers have increased their salmon cultivation to satisfy the growing demand of customers globally. Moreover, fishmeal is used in salmon & trout feed as one of the important ingredients that help to provide essential nutritional supplements to the fish.
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Asia Pacific region is anticipated to hold considerable market share during the forecast period:
By geography, the Asia Pacific region is anticipated to hold considerable market share during the forecast period. The area witnesses the maximum consumption of fishmeal & fish oil due to increasing livestock population and the demand for new and enhanced products. Rising economies in the area such as China, India, Vietnam, Thailand, and Japan contribute to a superior market share for fishmeal & fish oil due to augmented local outputs and high import and export of aquaculture products in these countries.
Some of the key players in Fishmeal & Fish Oil market include Oceana Group Limited, Omega Protein Corporation, Sürsan, The Scoular Company, Marvesa, Royal DSM, Pelagia, FF Skagen, GC Rieber Oils, FMC Corporation, Austevoll Seafood ASA, Croda International PLC, Tasa, BASF SE, Orizon, Pioneer Fishing, Triplenine Group, Pesquera Exalmar S.A.A, and Corpesca SA.
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Royal DSM: In January 2020, DSM partners with Generation Unlimited to create employment opportunities for young people in agri-food businesses. The partnership aims to create a longer-term vision for sustainable food systems in Africa. DSM, Sight & Life and Generation Unlimited will enlarge a business plan on how young people can contribute to scaling up sustainable food systems through nutrition and food businesses. The partnership will address the need for small and medium sized enterprises (SMEs) to access finance in order to scale up their businesses, and build the capacity of
youth to find employment and entrepreneurship opportunities.
BASF SE: In January 2019, BASF partnered with B2B Cosmetics to enable individualized personal care products. Individualization of personal care products is a global key trend. To meet this growing need, a combination of interdisciplinary know-how is required. Together, BASF and B2B Cosmetics will build upon their respective expertise to offer this inventive technology to the market. B2B Cosmetics will benefit from BASF’s experience and latest developments into personal care ingredients. This cooperation will allow us to establish and commercialize the technology and the device.
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