New York, Aug. 15, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Fishmeal And Fishoil Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)" - https://www.reportlinker.com/p06484088/?utm_source=GNW
The Fishmeal and Fishoil Market size is expected to grow from USD 7.40 billion in 2023 to USD 13 billion by 2028, at a CAGR of 11.93% during the forecast period (2023-2028).
Key Highlights
Fish oil and fish meal are high-protein ingredients in the feeds given to fish and other farm animals.
According to the International Fish oil and Fish meal Organisation (IFFO), fishmeal production increased by 2.4 million metric tons in 2021, compared to 2.3 million metric tons in 2020, an increase of 3.6%. Though fish meal production is increasing, fish oil production declined by 6%. Since the declining trend was due to the fewer export opportunities, only some countries focused on collaborations to increase the scope for export. For instance, in 2022, Greenland partnered with Danish Government to update policies to implement changes in current feed regulations to enhance its fishmeal and fish oil export opportunities.
The fish oil market is driven by research and development efforts channeled toward improving procurement practices, enhancing the extraction process of omega-3 fatty acids, and sustainably streamlining the industry’s entire value chain. Health experts across the world have substantially increased the recommended daily dietary intake of omega-3 fatty acids, as a result of which, fish oil consumption has increased consequentially. According to Oil and Fats International, the prices for fish oil and meal are expected to ease this year compared to last year’s high due to increased supply.
Fishmeal & Fishoil Market Trends
Rising Popularity in The Pharmaceutical Industry
Fish oil has multiple nutritional values and is also the major source of omega-3 fatty acids EPA and DHA, currently recognized worldwide as key factors in human health. Hence, the associated health benefits of fish meal and fish oil impact the market demand studied. According to the International Fishmeal and Fish Oil Organization (IFFO), standard fishmeal contains 64-67% crude protein with up to 12% fat. Special fish meal and fish oil products tend to have more than 68-72% protein. They also have lower amine content reflecting fresher raw material. This will help the industry to grow in the future years.
Furthermore, carotenoids and astaxanthins derived from fish help improve immunity and work as anti-oxidants in health care. Scientists are trying to extract these molecules from seafood processing waste products such as Shark by-products (cartilage, ovaries, brain, skin, and stomach). They are used in many pharmaceutical preparations and are reduced to powder, creams, and capsules. Hence, the rising use of fish by-products in the pharmaceutical industry and feeds, along with growing scientific innovation, is contributing to the development of the global fish meal and fish oil market.
Fish meal in the pharmaceutical industry is mostly used as a raw material to prepare certain antibiotics. According to International Fishmeal and Fishoil Organisation (IFFO), the total fishmeal production increased to 2.4 million metric tons in 2021, which is slightly increased compared to the previous year.
North America Dominates the Market
Globally, North America dominates the fish meal and fish oil market in terms of production and consumption. In the region, the United States contributes the major share due to the increasing government support within the country. The total covered area is 220 nautical miles under EEZ (Exclusive Economic Zone), where the US controls all the marine natural resources. This large area provides a huge opportunity for the marine industry, which ultimately results in the growth of the country’s fish meal and fish oil market. According to the International Fishmeal and Fish Oil Organization (IFFO), in 2021, the total production of fish meal increased by 5% and fish oil by 8% in the United States from 2020.
According to Food and Agriculture Organization (FAO), the total estimated fisheries and aquaculture production (excluding algae) are expected to expand further and reach 202 million metric tons in 2030 globally. Growth of aquaculture production is projected to continue on all continents, with variations in the range of species and products across countries and regions.
Overall, the main factors behind the increase in consumption of aquatic food will be a combination of high demand resulting from rising incomes and urbanization, linked with the expansion of fisheries and aquaculture production, improvements in post-harvest methods, and distribution channels expanding the commercialization of aquatic products. Hence, the surging production of marine fish will lead to growth in the overall market studied in the region.
Fishmeal & Fishoil Industry Overview
The global Fishmeal and Fish oil market is highly fragmented, with various small and medium-sized companies like Croda, Pelagia, Oceana Group Limited, GC Rieber Oils, and The Scoular Company coining smaller shares. Major companies were strategically involved in mergers, acquisitions, and product innovations. Croda International Plc’s acquisition of a marine biotechnology company, Nautilus Biosciences Canada Inc., is anticipated to provide new marine-based products and ingredients. Organic Technologies introduced two new DHA omega-3 concentrates within its existing product line, positioning them as tuna oil alternatives.
Additional Benefits:
The market estimate (ME) sheet in Excel format
3 months of analyst support
Read the full report: https://www.reportlinker.com/p06484088/?utm_source=GNW
About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
__________________________
