Fishmeal Market Expected to Total US$ 8,698.72 Million by 2034 Amid Rising Demand for High-quality Animal Feeds and Aquafeeds

Global Fishmeal Market Analysis Report 2024 to 2034: Environmental Awareness Sparks Surge in Demand for Naturally-Sourced Fishmeal in Aquaculture Feeds. The United States Fish Meal Market Is Set To Experience A Robust Growth Trajectory, With A Projected Compound Annual Growth Rate (CAGR) Of 2.80% Until 2034.

NEWARK, Del, March 11, 2024 (GLOBE NEWSWIRE) — The global fish meal market is estimated to be valued at US$ 5,633.51 million in 2024. It will likely exhibit a CAGR of 4.4% during the forecast period, totaling US$ 8,698.72 million by the end of 2034.

Demand is anticipated to remain high for powdered fish meal during the assessment period, owing to its benefits like better convenience and versatility.

Multiple factors are expected to drive the growth of the Fish Meal market during the next ten years. These include:

  • Rapid population growth, along with rising demand for protein-rich diets
  • Booming aquaculture industry
  • Rising demand for high-quality, nutritious animal feeds and aquafeeds
  • Expanding usage of Fish Meal in fertilizers
  • Increasing demand for premium aquaculture products like salmon and shrimp

Fish meat has become an ideal source of protein and nutrients in aquaculture, poultry, and livestock diets. It is widely used in animal feeds due to its high nutritional content, thereby fueling its demand globally.

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The expansion of the aquaculture industry, particularly in Asian nations, is creating significant demand for high-quality protein sources, including Fish Meal in aquafeeds. This will continue to provide the impetus for the growth of the fish meal market.

There is a rising demand for fish and seafood globally amid shifting consumer preferences for healthier food products. This, in turn, is expected to fuel sales of fish meal as it is increasingly used as a primary ingredient in aquafeeds.

Fish meal is also gaining wider popularity in fertilizer production due to the presence of protein and other essential micronutrients. This will further boost the target market during the assessment period.

The escalating focus of farmers to provide high-nutritional feeds to their animals to cope with rising meat and dairy product demand is expected to fuel fish meal sales. Thus, a steady CAGR has been predicted for the target market during the forecast period.

Key Takeaways from the Fish Meal Market Report:

  • The global fish meal industry is projected to total US$ 8,698.72 million by 2034.
  • Based on form, the crustaceans constitute the fish meal segment is set to account for a prominent value share of 19.50% in 2024.
  • Based on application, the Poultry segment is expected to hold a market share of 23.40% in 2024.
  • The United States market is anticipated to total US$ 2,024.4 million by 2034.
  • Fish meal demand in Japan is forecast to grow at 6.7% CAGR through 2034.
  • China is poised to register a CAGR of 5.6% between 2024 and 2034.

“Rising consumption of meat and other animal products is expected to create significant demand for animal feed additives. This, in turn, will likely foster the growth of the fish meal industry during the assessment period,” says Nandini Roy Choudhury, Client Partner at Future Market Insights 

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Who is Winning?

Leading fish meal manufacturers listed in the report include

  • Triplenine Group A/S
  • Pesquera Diamante S.A.
  • FF Skagen A/S
  • Biomega AS
  • Sarma Fish S.A.R.L
  • Aker BioMarine Antarctic AS
  • Omega Protein Corporation
  • Calysta, Inc.
  • Novus International Inc.
  • Alpha Atlantique
  • Oceana Group Limited S.A.
  • Empresas Copec S.A.
  • Others

Many of these companies are riding high on the increasing demand for alternative protein categories. These companies are expanding product portfolios and employing strategies like partnerships, advertising, mergers, acquisitions, and agreements to stay ahead of the competition.

Recent Development:

  • In 2022, FMC and Cargill partnered to create and market fresh aquaculture nutrition products.

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Fish Meal Market Research by Application, Nature, and Other Categories

By Nature:

By Application:

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

By Source:

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

By Region:

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

Authored by: 

Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives.   

She has exceptional analytical skills and often brings thought leadership to the table.  

Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results. 

Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions, and post-merger integration, and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor’s Degree in Electrical Engineering from Nagpur University, India.  

Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor. 

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The global fish meal alternative market size reached a valuation of US$ 1,924.2 million in 2023.

The Fishmeal & fish oil market size is projected to be valued at US$ 7.4 billion in 2023 and is expected to rise to US$ 13.0 billion by 2033.

The global fish feed market is expected to accumulate a valuation of US$ 116,480 million in 2023 and is projected to expand at a CAGR of 3.5% from 2023 to 2033. 

 The global fish oil market size was valued at USD 12.3 Billion in 2022 and is estimated to reach USD 23.8 Billion by 2032 with a CAGR of 6.8% from 2022 to 2032.

The global fish feed ingredients market sales was valued at around US$ 56,000.4 in 2023.

The global fish silage market is projected to witness substantial growth, increasing from US$ 780.9 million in 2023 to US$ 2,065.0 million by 2033

The global Fish Waste Management Market is estimated to be worth US$ 5,412.0 million by 2023 and is projected to reach a value of US$ 7,234.0 million by 2033 reflecting a CAGR of 2.9% over the assessment period 2023 to 2033

The global fish protein concentrate market is to gain US$ 240.3 million in 2033, up from an estimated US$ 122.5 million in 2023.

The plant-based fish feed market is valued at US$ 6.8 Billion in 2021. It is set to grow at 6% CAGR through 2032 at a value of US$ 12.2 Billion.

 The global fish oil alternatives market opportunities seem promising. As per the global fish oil alternatives market analysis report, its net worth could be US$ 2.5 billion in 2023. 

About Future Market Insights (FMI) 

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries. 

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