Fish Meal Emerging as Popular Ingredient in Functional, Convenience, and Processed Food: Fact.MR Report
Published : 21 Sep 2021 Industry: Food & Beverage
According to a new report published by Fact.MR, a market research and competitive intelligence provider, demand for fish meal is expected to reach a valuation of US$ 8.7 Bn by 2031, rising at a CAGR of around 6.3%.
Increase in handling, management, and processing of marine products has become an environmental issue. It has led to an increase in the production of marine by-products. Originally discarded, these by-products have been found in fish feed treatments now. In the composition of fish meal, the proportion of marine by-products has increased. Use of marine by-products is increasingly common and is also cost-effective as compared to whole fish.
Majority of commercial fish meal is made from marine by-products that are unfit for human consumption. Addition of fish meal to animal diets imparts feed efficiency and animal growth by improving digestion and absorption. The balanced amino acid profile of fish meal complements other animal and vegetable proteins in animal feed to promote rapid growth and reduce feeding costs. It also aids in disease resistance by building and maintaining a healthy, functional immune system.
High-quality fish meal in aquaculture feed helps reduce contamination from wastewater effluents by increasing nutrient digestion. All these factors are expected to facilitate fish meal market expansion over the coming years.
Key Takeaways from Market Study
- The U.S. is estimated to account for more than 87% of the North America market share in 2021, supported by increased consumption of seafood products.
- According to Fact.MR analysis, China is estimated to account for nearly 43% of the East Asia market share in 2021, supported by rising demand from the aqua feed and animal feed industry.
- Germany is one of the prominent markets in Europe with a market share of 23.8% in 2021, driven by increased demand from the dietary supplements industry.
- Aqua feed holds around 37.7% market at present, on the back of high nutritional benefits and increased awareness among consumers.
- Crustaceans reflect around 20.5% market share owing to high demand from the pharmaceutical industry.
“Key manufacturers of fish meal are focusing on research & development to improve overall product quality. Besides, manufacturing facility expansions, mergers and acquisitions, and partnering will continue to be important strategies for increasing sales over the coming years,” said a lead analyst at Fact.MR.
Increasing Demand for Protein, Unsaturated Fats, and Essential Nutrients Augmenting Market Growth
Over the coming years, with expanding interest for protein, polyunsaturated fats such as omega-3 unsaturated fats, and different supplements, items got from marine results could be utilized as a favoured wellspring of protein and omega-3. Besides, marine side-effects are a significant item for financially immature nations, which require an economical wellspring of creature protein for human utilization to handle ailing health.
Who is Winning?
Key market players are focusing on reaching a larger consumer base by targeting emerging countries such as India, China, and Brazil.
Some of the leading companies offering fish meal are Omega Protein Corporation, Orizon SA, FF Skagen A/S, Pesquera Diamante S.A., BiOmega AS, Animal Feeds International Corporation, and Pesquera Hayduk SA.
Get More Valuable Insights
Fact.MR, in its new offering, provides an unbiased analysis of the demand for fish meal presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the demand for fish meal based on nature (organic and conventional), application (animal feed, aqua feed, poultry, pharmaceuticals, dietary supplements and fertilizers), and source (crustaceans, cyprinids, tuna, tilapia, swordfish, salmon, milkfish, catfish, trout, marine fish, eels, and mollusos), across seven major regions of the world.
About the Food & Beverages Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned food & beverage team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over a thousand reports and 1 million-plus data points, the team has analyzed the food & beverage industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.
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Sr. Consultant - Food & Beverages