Fish Meal Market

Fish Meal Market Outlook (2023-2033)

Expanding at a CAGR of 7%, the global fish meal market is predicted to increase from a valuation of US$ 5.6 billion in 2023 to US$ 11 billion by the end of 2033. Consumption of crustaceans is projected to rise faster than the overall market average at a CAGR of 7.5% owing to rapidly rising demand from the dietary supplements industry.

Almost one-third of the world's wild-caught fish is processed to fish oil and fish meal, as processed fish meal and fish oil are subsequently used as livestock feed for pigs and poultry, as well as in farmed carnivorous fish diets. Since aquaculture is expected to expand rapidly over the next 20 years, several experts are concerned that the rising demand for fish meal may increase fishing pressure on the already depleted feedstock. Fish meal is usually made from species of fish that aren't eaten directly by humans or from by-products of seafood processing.

Increased use of vitamin-rich fish meal products in fish feed has mostly come at the expense of their use in poultry feed. Fish meal is a popular protein source in fry feed for a variety of fish species as well as carnivorous fish meal. Fish meal's amino acid composition pairs well with plant protein concentrate to create blended products that promote quick and cost-effective fish development.

Vitamin-rich fish meal product demand from the aqua feed is driving its growth in the global market owing to its amino acid composition that promotes quick and cost-effective fish development.

Products manufactured from fish meal are widely utilized as fertilizers and animal feed. To create a fish meal in the form of a cake or powder, the raw fish is first sliced and pressed, then dried and crushed. In addition to being a strong source of protein and a protein bypass for monogastric and ruminant animals, fish meal offers a rich nutritional supply of calcium and phosphate in animal diets.

Rise in the demand for naturally sourced protein additions in animal feed is expected to spur industry growth. The fish meal market is anticipated to see growth due to other reasons such as rising fish consumption, improved consumer awareness of fish meal's advantages, expanding aquaculture, and rising use of fish meal as fertilizer.

Since fish meal is a strong source of organic nitrogen and encourages faster plant growth, fertilizer is another key use for the product that will help the market grow. Finally, the industry's expansion is projected to be aided by the expanding demand for protein supplements in animal feed.

The fish meal market is being driven by the developing aquaculture industry as well as the rising demand for high-quality seafood products. The quest for natural alternatives is also being fueled by the growing environmental concerns about the detrimental effects of chemical-based feed additives on aquatic ecology.

Market growth is attributed to the increased prevalence of several chronic diseases brought on by the ingestion of heavy metals, including mercury, lead, cadmium, etc. that are present in conventionally-cultured seafood. In addition, as meat and dairy production becomes more industrialized, there is an increased need for premium feed additives such as fish meal to promote reproduction, increase metabolism, control disease outbreaks, etc.

Additionally, the global fish meal market is being further stimulated by the growing awareness of the multiple advantages of fish-based ingredients in improving the quality and performance of animal feed.

Report Attributes	Details
Fish Meal Market Size (2023)	US$ 5.6 Billion
Projected Market Value (2033)	US$ 11 Billion
Global Market Growth Rate (2023-2033)	7% CAGR
Market Share of Organic Fish Meal	60%
Key Companies Profiled	Omega Protein Corporation Copeinca TripleNine Orizon SA Pesquera Diamente S.A. Biomega AS Animal Feeds International Corporation Pesquera Hayduk SA Oceana Group Limited S.A. Empresas Copec S.A. Sardina D.O.O

Why is Demand for Fish Meal Growing Rapidly across the World?

“Increasing Adoption of Fish Meal Owing to its Nutritional Qualities”

Excellent nutritional qualities are included in fish meal. High levels of digestible protein and balanced EAAs are present in fish meal. Additionally, fish meal is a good source of additional nutrients such as essential fatty acids, minerals, phospholipids, and certain vitamins. Physically and chemically, fish meal is a very diverse substance.

Particles from different fish tissues, scales, bones, and in many cases, suspended and soluble material from stick-dry state water and blood water are all included in fish meal. For the purpose of designing packaging requirements, conveying and storage equipment, and drying operations, information on the relationship between relative humidity, moisture content, and equilibrium of fish meal and hydrolysates is crucial.

“Growing Usage of Fish Meal-based Fertilizers”

Agriculture is acknowledged to be a major contributor to the economies of both, emerging and developed countries. Concerns about the detrimental impacts of chemical-based fertilizers in crop and vegetable cultivation are prompting farmers to choose more sustainable methods.

Synthetic fertilizers deliver nutrients swiftly and help crops and plants right away. All-natural fish meal-based fertilizers, on the other hand, are treated differently and include more minerals, protein, and nutrients.

All-natural fish meal-based fertilizer demand has increased owing to various factors such as fish fertilizers boosting soil fertility and health by giving burn-free nitrogen as well as basic nutrients such as potassium and phosphorous to crops. Plants with these nutrients grow faster and are more resistant to disease and pests.

What Can Adversely Affect Consumption of Fish Meal?

“Availability of Substitutes and Lack of Sufficient Storage Facilities”

A lack of infrastructure & sufficient storage facilities, such as cold storage, in important developing countries, may be a problem limiting market expansion. Another important factor that can prevent the growth of this business is the fact that many governments place limitations on fishing in the name of protecting the environment.

Rise in the number of substitutes for fish meal and the high-cost variations could restrain market expansion.

How are Emerging Companies Contributing to Market Growth?

“New Market Entrants Focused on R&D Activities for New Product Development”

New companies are focusing on research & development activities for new product development. Continuous developments from aspiring market players are boosting market progress.

• Using the larvae of the black soldier fly, the Côte d'Ivoire-based start-up BioAni creates high-protein fish meal and animal feed. The business also manufactures organic fertilizer from larval frass. The production is immediate, inexpensive, and local, making it resistant to shocks in the economy and environment. The protein-rich larvae-based diet is available in a variety of forms, including live, frozen, dried, concentrates, granules, and oil. Although BioAni intends to eventually enter the markets for pet food, human food, and pharmaceuticals, it will primarily be employed for fish and poultry production.

Why are Sales of Fish Meal Products Higher in North America?

“Growing Usage of Fish Meal in Pet Food”

North America currently holds 40% share of the global market. Rising growth of the fish meal industry as well as renewed push to ensure the sustainability of oceanic fisheries that provide these products to global poultry, swine, fish-farming, and pet food industries are pushing demand for crustacean fish meal, tilapia fish meal, sardine fish meal, and anchovy fish meal in North America.

Intensive research & development is expected to accelerate the commercialization of fish meal made from various seafood trimmings as a market alternative. Also, increasing the use of fish meal in pet food and animal feed, particularly feline food, will continue to drive demand for fish meal-based animal feed in the region.

Country-wise Insights

What is Driving the Demand for Fish Meal in Germany?

“Presence of Large Food Sector and Restaurant Chains”

Germany holds a market share of 24% in Europe. The widespread presence of a large food sector and restaurant chains will continue to enhance demand for salmon fish meal in Germany.

Rising consumer demand for tuna, salmon, and cod is driving fisheries to maintain seafood quality and nutrient content, boosting demand for fish meal via by-products from wild capture.

Also, increasing per capita seafood spending and growing awareness of the health advantages of seafood will continue to boost fish meal sales in Germany.

Why are Fish Meal Suppliers Eyeing Japan?

“Constant Developments in Shrimp Farming Industry”

The market in Japan is expected to rise at a CAGR of 6.5% over the forecast period. Farmers want to secure high-protein fish meal in their aquatic systems; therefore developments in the shrimp farming industry are driving demand for high-quality fish meal.

Besides, limited supply and strict fishing restrictions are allowing regional companies to develop safer and more productive methods of collecting and selling fish meal, promoting overall market growth.

With the rising demand for marine by-products and seafood in the country, producers of fish meal in Japan are focusing on improving quality, productivity, and sustainability.

What Makes the U.S. a Leading Market for Fish Meal?

“High Consumption of Seafood in the U.S.”

The U.S. offers a diverse range of shellfish and fish products. It is estimated that hundreds of different types of shellfish and fish are marketed each year.

However, eight different species of fish and shellfish items account for more than 80% of all seafood consumed in the United States.

Increased consumption of seafood in the U.S. is one of the important factors propelling demand growth for various sources of fish meal such as blue whiting fish meal, capelin fish meal, and sprat fish meal.

Category-wise Insights

Which Product of Fish Meal Holds High Significance?

“Crustaceans More Preferred as Main Source of Dietary Protein”

Based on product, the market is classified into crustaceans and cyprinids. Crustaceans hold around 40% of the global market.

As one of the main sources of dietary protein, the fish meal has a wide range of applications in the diet of crustaceans. Crustacean meal contains a considerable percentage of fish meal, and with increased global demand for seafood, particularly shrimps and lobsters, and growing crustacean farming, they are projected to have major growth potential.

Demand for crustaceans is expected to witness significant growth over the forecast period, due to awareness about nutritional properties leading to high demand from various end-use industries such as aqua feed, pharmaceuticals, and others.

Why is Organic Fish Meal Highly Sought-after?

“Growing Awareness of Protein-rich Diets Driving Demand for Organic Fish Meal”

Based on nature, the market is divided into organic fish meal and conventional fish meal.

Currently, organic fish meal accounts for 60% share of the global market. The rising organic aquaculture industry, which is based on optimizing nutritional content, food quality, and resource productivity, is primarily driving the demand for organic fish meal. Furthermore, increasing consumer shift away from high-calorie foods and towards protein-rich diets is also driving demand for organic fish meal.

Competitive Landscape

The use of creative marketing methods is enabling fish meal suppliers to grow at a rapid pace. Top producers of fish meal have sought to raise knowledge about the health advantages of products made from marine by-products such as fish meal by investing appropriately at each step of product development.

For instance :

• Biomega AS, a global fish oil and fish meal producer, will extend its operations by investing in a biorefinery in Denmark. This facility expansion is intended to drive salmon-derived product development, assisting the company in establishing a strong presence in the fish meal industry.

Key Segments Covered in Fish Meal Industry Research

• By Product :

  • Crustaceans
    • Crabs
    • Lobsters
    • Crayfish
    • Shrimps
    • Prawns
    • Krill
    • Woodlice
    • Barnacles
  • Cyprinids
    • Tuna
    • Tilapia
    • Swordfish
    • Salmons
    • Milkfish
    • Catfish
    • Trout
    • Marine Fish
    • Eels
    • Mollusos

• By Nature :

  • Organic Fish Meal
  • Conventional Fish Meal

• By Application :

  • Animal Feed
  • Aqua Feed
  • Poultry
  • Pharmaceuticals
  • Dietary Supplements
  • Fertilizers

• By Region :

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa