Fish meal market research survey by Fact.MR provides exclusive insights into drivers, restraints, and opportunities, facilitating the market growth through 2031. The report provides insights into factors improving the demand outlook for the fish meal market. For the purpose of the study, it segments the market in terms of nature, application, and product type.
As per a report by Fact.MR, the global fish meal market is poised to total US$ 4.73 billion by the end of 2021. On account of the increasing application of fish meal across aquaculture, the market is estimated to reach a valuation of US$ 8.7 billion by 2031.
As per the report, the market registered growth at a CAGR of 4.7% over the past half-decade. With rapid expansion of the agriculture and livestock industries, coupled with increasing usage of fish products for the production of fertilizers and animal feeds, the fish meal market is anticipated to grow at a CAGR of 6.3% during the forecast period from 2021 to 2031.
A swift transition towards the use of natural fertilizer from synthetic fertilizers has been witnessed in the last few years. Rising environmental concerns and awareness regarding the adverse impacts of chemical-based fertilizers on soil and crops have been at the core of this paradigm shift.
As natural fish meal-based fertilizers boost fertility and improve the health of the soil by providing burn-free nitrogen and other nutrients such as phosphorous and potassium to crops, it is gaining immense traction amongst farmers.
Based on region, North America is anticipated to emerge as the most lucrative market, accounting for around 31.3% of the global sales in 2021. Owing to high protein contents in fish meals, it is increasingly being used in the production of animal feed and pet food, particularly feline foods. Driven by this, the regional market is projected to reach a valuation of US$ 1.48 billion.
“Intensive research and development (R&D) activities undertaken in the market, investment towards the commercialization of fish meal made using several seafood trimmings, and increasing adoption of sea-based products across various industries are expected to augment the market growth in the next ten years,” says a Fact.MR analyst.
Key Takeaways from Fish Meal Market Survey
- The U.S. is forecast to dominate the North American fish meal market, accounting for more than 87% of the regional sales in 2021, owing to the increasing consumption of seafood products.
- The market in China is anticipated to grow at 6.7% CAGR, accounting for nearly 43% of the fish meal sales in East Asia through 2031.
- India is estimated to emerge as a highly remunerative market in South Asia, favored by surging demand from the fertilizer and animal feed industry.
- Germany is projected to account for over 23.8% of the European market, driven by increasing usage of fish meals for aqua feed and pet feed applications in the country.
- In terms of product type, the crustacean segment is poised to total US$ 966.8 million, accounting for nearly 20.5% of the overall sales in 2021.
- Rising applications across the animal feed and pharmaceuticals industries due to high omega-3 fatty acids, vitamin b12, and proteins contents in fish meals are driving the market growth.
- Increasing demand for salmon, cod, and tuna sourced seafood products across countries such as Germany and the U.S. is expected to drive the cyprinids segment sales.
- An increasing number of stringent regulations implemented to protect marine life and implementation of fishing laws in North America and Europe are restraining the market growth.
- Availability of cheaper cost natural fertilizer substitutes such as manure, vermicompost, and others is hampering the sales of fish meal applications across the fertilizer segment.