The Fishmeal Market Poised for Steady Growth

Fishmeal, a protein and nutrient-rich powder derived from processed fish, plays a vital role in the global aquaculture industry. It serves as a critical dietary component for farmed fish, shrimp, and other aquatic animals, promoting healthy growth and development. The global fishmeal market is anticipated to witness robust growth in the coming years, fueled by a confluence of factors. According to a report by Market Research Future (MRFR), the market is projected to register a CAGR of 7.50% from 2022 to 2030, reaching a value of USD 15,087.33 million by the end of the forecast period. Let's dive deeper and explore the currents driving this market expansion.

Demand Drivers: Fueling the Fishmeal Market

Several key factors are contributing to the projected growth of the fishmeal market:

• Rising Aquaculture Industry: The global aquaculture industry is experiencing significant growth, driven by increasing demand for protein-rich seafood. As consumer preferences shift towards healthy and sustainable food options, farmed fish are becoming a more prominent dietary choice. This rise in aquaculture directly translates into a higher demand for fishmeal, a major source of protein in fish feed formulations.

• Limited Availability of Alternative Protein Sources: While alternative protein sources like soymeal are used in aquaculture, their availability can be subject to fluctuations in agricultural production. Fishmeal, on the other hand, offers a reliable and consistent source of protein, making it a valuable component of fish feed.

• Improved Nutritional Value: Technological advancements in fishmeal processing are leading to the creation of products with enhanced nutritional profiles. This includes higher protein content, improved digestibility, and better amino acid profiles. This evolution makes fishmeal even more attractive to aquaculture producers seeking optimal growth and health for their farmed fish.

• Focus on Sustainability: The fishmeal industry is increasingly focusing on sustainable practices. Responsible sourcing of fish for processing, minimizing by-catch, and utilizing processing by-products are key initiatives underway. These efforts resonate with environmentally conscious consumers and ensure the long-term viability of the fishmeal market.

Market Segmentation: A Sea of Diverse Needs

The fishmeal market is segmented based on various factors, allowing for targeted product development and market penetration:

• Source: The two primary sources of fishmeal are:

  • Pelagic Fish: These small, schooling fish, like anchovies and sardines, are the traditional source of fishmeal and remain a significant contributor to the market.

  • Trimmings and Byproducts: The processing of larger fish species for human consumption generates trimmings and byproducts that can be processed into fishmeal. This utilization of waste streams promotes sustainability within the industry.

• Livestock: While aquaculture is the primary consumer of fishmeal, it also finds application in the feed formulations for other animals:

  • Poultry: Fishmeal provides essential nutrients for poultry, promoting growth and egg production.

  • Swine: In some regions, fishmeal is incorporated into swine feed to enhance nutritional value.

• Application: Fishmeal serves a variety of purposes within the aquaculture industry:

  • Starter Feeds: Young fish require a highly nutritious diet for optimal growth. Fishmeal, rich in protein and essential nutrients, plays a critical role in starter feeds.

  • Grow-out Feeds: As farmed fish mature, fishmeal remains a valuable component of their feed, ensuring proper growth and development.

  • Breeder Feeds: Fishmeal is often used in breeder feed formulations to promote reproductive health and vitality.

Regional Landscape: Diverse Market Players

The fishmeal market outlook is geographically diverse, with several key regions influencing production and consumption:

• Latin America: Peru, a major producer of pelagic fish like anchovies, is the world leader in fishmeal production. However, fluctuations in anchovy populations can impact the region's overall output.

• Asia Pacific: This region is a significant consumer of fishmeal, driven by the burgeoning aquaculture industry in China and Southeast Asian countries.

• Europe: The European market for fishmeal is mature, with a focus on high-quality and sustainable production practices.

• North America: While the U.S. and Canada have a well-established aquaculture industry, they are also net importers of fishmeal to meet their demand.

Competitive Landscape: A Net Cast for Market Share

The fishmeal market features a mix of established players and emerging companies:

• Leading Players: Some of the key players in the global fishmeal market include:

  • Corpesta (Peru)

  • Marine Harvest (Norway)

  • Tarugo (Chile)

  • Copeinca (Peru)

  • China National Fisheries Corporation (China)

  • Hayashikane (Japan)

About Us