The global market for fishmeal and fish oil is projected to witness a healthy growth rate in the next few years. The key application segments of the market include land animal feeds, pharmaceuticals and dietary supplements, fertilizers, and aquaculture and aquatic feeds. The rising research and development activities and the innovative processing processes are some of the key factors that are projected to accelerate the growth of the global fishmeal and fish oil market in the next few years. According the market research study by Transparency Market Research, the global fishmeal and fish oil market is projected to register a promising growth rate in the next few years.
Fishmeal is the flour processed out of the fish after milling and drying the fish and its selective body parts, whereas fish oil is the brown or yellow liquid extracted out by pressing the cooked fish. The fishmeal and fish oil are majorly used as additive in the animal and fish feeds. Both fishmeal and fish oil are employed as high protein ingredients in the feeds given to farmland animals and farmed fishes. Fish oil is majorly used in the farm fish feeds with a minor share used in land animal feeds.
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The major factors that are projected to enhance the growth of the global fishmeal and fish oil market have been stated below:
The rising number of incorporation of fishmeal and fish oil in poultry and swine diets is one of the major factors estimated to encourage the growth of the market in the next few years.
The enhancement of the productivity and the environmental performance of aquaculture are some of the key factors that are estimated to enhance the growth of the market in the coming few years.
In addition to this, the sustainability intensification of aquaculture is expected to enhance the growth of the overall market and offer potential growth opportunities for the market players in the near future.
Furthermore, the rising consumer awareness concerning the benefits of using fish oil is projected to enhance the growth of the overall market in the next few years.
On the flip side, the rising use of the alternative feed ingredients and the microbial contamination in aquafeed are predicted to restrict the growth of the global fishmeal and fish oil market in the next few years.
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North America to Witness High Growth in Coming Few Years
The global market for fishmeal and fish oil has been categorized on the basis of geography into the Middle East and Africa, Asia Pacific, Europe, North America, and Latin America. Among these, North America and Latin America are estimated to witness a healthy growth in the next few years. The rising consumption and the rising awareness among consumer regarding the health benefits of these products are estimated to encourage the growth of these two regions in the next few years. Furthermore, the rising developments and advancements is another major factor that is anticipated to enhance the growth of the overall market in the next few years.
The global market for fishmeal and fish oil is competitive in nature with a large number of players operating in it across the globe. The players are focusing on marketing and advertising activities to enhance the growth of the market in the next few years. Some of the key players operating in the fishmeal and fish oil market across the globe are Pioneer Fishing, Pesquera Exalmar S.A.A, Copeinca ASA, GC Rieber Oils, Sürsan, FMC corporation, The Scoular Company, Croda International PLC., FF Skagen A/S, Colpex, Corpesca SA, Omega Protein Corporation, Oceana Group Ltd, Marvesa, Austevoll Seafood ASA, and Triplenine Group. The rising investments by the leading players is projected to enhance the market growth in the coming years.