A recent report published by
Infinium Global Research on the fishmeal market provides in-depth analysis of
segments and sub-segments in the global as well as regional fishmeal market.
The study also highlights the impact of drivers, restraints, and macro
indicators on the global and regional fishmeal market over the short term as
well as long term. The report is a comprehensive presentation of trends,
forecast and dollar values of the global fishmeal market. According to the report,
the global fishmeal market is projected to grow at a CAGR of 7.38% over the
forecast period of 2021-2027.
The reported study estimated for the fishmeal market to be about USD 7.07 billion in 2021, and will reach more
than 10.80 billion in 2027, with a Compound Annual Growth Rate of 7.38%, over
the forecast period (2021-2027). Fishmeal is a dry product of brownish-grey
color and is crushed in the mill to a fine, coarse powder. The fat and water
present in raw material are removed to form fishmeal. In contrast, almost 90 to
95 percent of water is removed from the raw material at the time of production.
Furthermore, for fish meal manufacture generally, there is the use of oily
pelagic fish worldwide. Fishmeal contains major essential nutrients such as
protein and includes a fair amount of fat. Moreover, fishmeal contains
phosphorus, calcium, and iron, making fishmeal a mineral-rich product.
Additionally, it is a good source of microminerals like oil-soluble vitamins
and water-soluble vitamins. Generally, fishmeal products are made from fish
widely used as fertilizers and feeds, and the manufacturing of fishmeal
contains trimming, pressing, drying, and milling processes on the raw fish. In
addition, fishmeal is usually produced from small marine fishes that carry high
oils and bones and is not considered appropriate for direct consumption by
humans. Furthermore, animal feeds are becoming important these days because
domestic animals make unique offerings to components of the food supply
worldwide. Also, younger animals can be harmed by the feed with poor
protein contents; hence there is a rising demand for protein-rich animal feeds.
Moreover, fishmeal contains
phosphorus, calcium, and iron, making fishmeal a mineral-rich product.
Additionally, it is a good source of micro minerals like oil-soluble vitamins
and water-soluble vitamins. Generally, fishmeal products are made from fishes
widely used as fertilizers and feeds, and the manufacturing of fishmeal
contains trimming, pressing, drying, and milling processes on the raw fish. In
addition, fishmeal is usually produced from small marine fishes that carry high
oils and bones and is not considered appropriate for direct consumption by
humans. Furthermore, animal feeds are becoming important these days because
domestic animals make unique offerings to components of the food supply
worldwide. Also, younger animals can be harmed by the feed with poor
protein contents; hence there is a rising demand for protein-rich animal feeds.
The outbreak of COVID-19 negatively affects most of the manufacturing,
developing, production, and logistic units of the market. The governments of
different countries imposed various restrictions during the COVID-19 pandemic,
which are anticipated to impact the supply and value chain of the fish meal
market drastically. Furthermore, there is a massive demand for raw materials
imported from different countries to manufacture fishmeal products. Hence, due
to restrictions in interstate transportation, there is a shortage of raw
materials used for the production of fishmeal, which negatively impacts the
fishmeal market. Furthermore, due to households stocking up on non-perishable
foods, the consumer demand for packaged and frozen products was increased from
the second quarter of 2020. Additionally, restaurants and hotels were closed or
partially closed, owing to COVID-19 and related restriction measures; hence,
the demand for high-value fresh fish and aquatic food has fallen, hampering the
market’s growth.
The outbreak of COVID-19
negatively affects most of the manufacturing, developing, production, and
logistic units of the market. The governments of different countries imposed
various restrictions during the COVID-19 pandemic, which are anticipated to
impact the supply and value chain of the fish meal market drastically.
Furthermore, there is a massive demand for raw materials imported from
different countries to manufacture fishmeal products. Hence, due to
restrictions in interstate transportation, there is a shortage of raw materials
used for the production of fishmeal, which negatively impacts the fishmeal
market. Furthermore, due to households stocking up on non-perishable foods, the
consumer demand for packaged and frozen products was increased from the second
quarter of 2020. Additionally, restaurants and hotels were closed or partially
closed, owing to COVID-19 and related restriction measures; hence, the demand
for high-value fresh fish and aquatic food has fallen, hampering the market’s
growth. The nutritional value of fishmeal products is expected to drive the
market’s growth during the forecast period. Fishmeal contains an adequate
amount of fatty acids and other minerals essential for the development of
several livestock. In addition to this, it also includes a good content of
amino acids and proteins that can be easily digested by livestock, including
aquatic animals. Furthermore, fishmeal is used as a fertilizer that is a rich
source of organic nitrogen that will enhance the plant’s growth at a faster
pace. This is another prime application of fishmeal that is accepted to propel
this market’s growth. Lastly, the expansion of the fishmeal industry is
encouraged by the rising demand for protein supplements in animal feed which
will help the market to decadent new heights in terms of market share. However,
the growth of the fishmeal market is hampered by the rising number of
substitutes like blood meal, meat, and bone meals which are considered to be a
better alternative than fishmeal. Also, to preserve livestock health, the
keepers demand and buy the best in the market. These keepers believe that
protein extracted from the plant is better in quality than fishmeal, resulting
in a slowdown in the market’s growth. Furthermore, in major developing
countries, there is a lack of infrastructure and proper storage facilities such
as cold storage; this is another factor that may restrain the expansion of the
fishmeal market. Additionally, another major factor that may restrict the
growth of this industry is the restraints on fishing activities imposed by the
government of different countries for environmental preservation. Nevertheless,
the rising demand for protein-rich feed to maintain livestock’s health can be
an excellent opportunity to grow the fishmeal market.
The report on global fishmeal
market covers segments such as source, livestock application, and industrial
application. On the basis of source, the sub-markets include salmon &
trout, tilapia, marine fish, crabs, and others. On the basis of livestock
application, the sub-markets include ruminants, aquatic animals, swine,
poultry, pets, and cattles. On the basis of industrial application, the
sub-markets include pharmaceutical, aquaculture, fertilizers, animal feeds, and
others.
The report provides profiles of
the companies in the market such as FMC Corporation, Austevoll Seafood ASA,
Croda International Plc, Oceana Group Limited, Omega Protein Corporation, and
Other Companies.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the fishmeal market. Moreover, the study highlights current market trends and provides forecasts from 2021-2027. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
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