Fishmeal Market Trends: Key Insights for Global Growth
The fish meal industry share is estimated to show consistent growth throughout the forecast period, expanding at a CAGR of 4.4%.
Archana Aher
The global fishmeal market value is poised for substantial growth, projected to expand at a CAGR of 4.4% from 2024 to 2034. Initially valued at US$ 5,633.51 million in 2024, it is expected to reach US$ 8,698.72 million by 2034. This growth is driven by increasing demand from sectors such as poultry, pig farms, and aquaculture, where fish meal is valued for its high protein content and nutritional benefits.
Key Trends Driving Market Growth:
- Shift towards Organic and Sustainable Products: There is a growing preference for organic fish meal products, driven by consumer awareness of sustainability and health benefits.
- Rising Demand in Aquaculture and Animal Feed: Fish meal serves as a vital component in aquaculture feed, enhancing fish health and growth rates. It is also increasingly used in poultry and pig farming due to its nutritional richness.
- Technological Advancements: Continuous research and development efforts are aimed at improving production processes and exploring alternative sources of fish meal, ensuring sustainability and meeting growing demand.
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Market Segmentation and Opportunities:
- Poultry Segment Dominance: The poultry industry holds a significant share in the fish meal market, benefiting from the protein-rich composition that supports optimal growth and health in birds.
- Crustaceans as a Major Source: Crustacean-derived fish meal holds a substantial market share, driven by its availability and cost competitiveness compared to other sources.
Regional Insights:
- India's Accelerating Growth: India is expected to witness the highest growth rate (CAGR of 8.2%) in the fish meal market, driven by increasing exports and innovations in fish meal production from abundant fish resources.
- Focus on Sustainability in Japan: Japanese market growth (CAGR of 4.3%) is propelled by sustainable practices and research into alternative protein sources, addressing environmental concerns.
Strategic Insights for Market Players:
- Product Innovation: Companies are advised to focus on developing fish meal products tailored to specific nutritional requirements of target industries, such as aquaculture and pet food.
- Sustainability Initiatives: Emphasizing sustainable fishing practices and obtaining certifications for eco-friendly products can enhance brand reputation and appeal to environmentally conscious consumers.
Latest Developments in the Fish Meal Market
In August 2023, Kufos, short for Kerala University of Fisheries and Ocean Studies, introduced an experimental project for producing fish meal from organic waste. The project aims to produce the protein used for fish feed production by utilizing black soldier fly larvae.
In July 2023, Kufos tied up with Meridian Biotech to address important environmental issues.
