Global Fishmeal And Fishoil Market

Global Fishmeal And Fishoil Market Overview

• The Global Fishmeal and Fish Oil Market is valued at approximately USD 8.3 billion. This growth is primarily driven by the increasing demand for fishmeal and fish oil in aquaculture and animal feed industries, as well as the rising awareness of the health benefits associated with omega-3 fatty acids. The market is also supported by advancements in fishing technologies, a shift toward sustainable by-product utilization, and enhanced production efficiency through steam-drying and improved resource management .
• Countries such as Peru, Chile, and Norway dominate the Global Fishmeal and Fish Oil Market due to their extensive fishing industries and favorable marine conditions. Peru, in particular, is known for its large anchovy catch, which is a primary source of fishmeal. These nations have established strong supply chains and export capabilities, making them key players in the global market .
• In 2023, the European Union implemented stricter regulations on fishing quotas to promote sustainable fishing practices. This regulation aims to ensure the long-term viability of fish stocks and reduce overfishing, thereby impacting the supply chain dynamics in the fishmeal and fish oil sectors .

Global Fishmeal And Fishoil Market Segmentation

By Type:The market is segmented into Fishmeal, Fish Oil, Hydrolyzed Fish Protein, and Others. Fishmeal is the leading subsegment due to its high protein content (typically 60%-72%) and essential amino acids, making it a preferred choice in aquaculture and animal feed. Fish oil follows closely, valued for its omega-3 fatty acids, which are crucial for human health and nutrition. Hydrolyzed fish protein is gaining traction in nutraceuticals and food applications for its digestibility and functional properties, while the 'Others' category includes various fish by-products used in fertilizers and specialty feeds .

By End-User:The end-user segmentation includes Aquaculture, Animal Feed, Nutraceuticals, Pet Food, and Food & Beverage. Aquaculture is the dominant segment, driven by the increasing global demand for seafood and the need for high-quality feed. Animal feed also holds a significant share, as livestock producers seek nutritious feed options. Nutraceuticals are emerging as a growing segment due to the rising health consciousness among consumers and demand for omega-3 supplements, while Pet Food and Food & Beverage are also contributing to market growth through premiumization and functional ingredient trends .

Global Fishmeal And Fishoil Market Competitive Landscape

The Global Fishmeal And Fish Oil Market is characterized by a dynamic mix of regional and international players. Leading participants such as Omega Protein Corporation, FMC Corporation, Marvesa Holding N.V., Aker BioMarine ASA, Copeinca ASA, Pesquera Diamante S.A., TASA (Tecnológica de Alimentos S.A.), Austevoll Seafood ASA, Croda International Plc, Biomega Group AS, TripleNine Group A/S, Skretting (Nutreco N.V.), Cargill, Inc., Dongwon Industries Co., Ltd., FF Skagen A/S contribute to innovation, geographic expansion, and service delivery in this space.

Global Fishmeal And Fishoil Market Industry Analysis

Growth Drivers

• Increasing Demand for Aquaculture Feed:The aquaculture sector is projected to reach a production volume of approximately 94.4 million tons in future, driven by the rising global population and dietary shifts towards seafood. This surge in aquaculture is expected to increase the demand for fishmeal and fish oil, which are essential components of aquaculture feed. The global fishmeal consumption in aquaculture is estimated to be around 5 million to 6 million tons, highlighting the critical role of fishmeal in supporting sustainable fish farming practices.
• Rising Health Awareness Among Consumers:With a growing focus on health and wellness, consumers are increasingly seeking products rich in omega-3 fatty acids, which are abundant in fish oil. The global omega-3 market is estimated to be valued at approximately USD 4 billion to USD 5 billion in future, reflecting a significant increase in consumer awareness regarding the health benefits of fish-derived products. This trend is driving the demand for fish oil supplements and functional foods, further bolstering the fishmeal and fish oil market.
• Expansion of Pet Food Industry:The pet food industry is experiencing robust growth, with an estimated market value of approximately USD 130 billion in future. This growth is largely attributed to the increasing pet ownership and the trend towards premium pet food products. Fishmeal is a key ingredient in high-quality pet food formulations, providing essential nutrients. The demand for fishmeal in the pet food sector is estimated to be between 0.5 million and 1 million tons, underscoring its importance in meeting the nutritional needs of pets.

Market Challenges

• Overfishing and Sustainability Concerns:Overfishing remains a significant challenge for the fishmeal and fish oil industry, with global fish stocks declining by approximately 34% since the mid-1970s. This decline raises sustainability concerns, prompting regulatory bodies to impose stricter fishing quotas. The Food and Agriculture Organization (FAO) reported that about 35% of fish stocks are overfished, which could lead to supply shortages and increased prices for fishmeal and fish oil, impacting market stability.
• Fluctuating Raw Material Prices:The prices of raw materials for fishmeal and fish oil production are highly volatile, influenced by factors such as climate change and geopolitical tensions. The price of fishmeal has fluctuated around USD 1,600 per ton in recent periods, a significant increase from previous years. This volatility poses a challenge for manufacturers, as fluctuating costs can affect profit margins and pricing strategies, leading to uncertainty in the market.

Global Fishmeal And Fishoil Market Future Outlook

The future of the fishmeal and fish oil market appears promising, driven by increasing consumer demand for sustainable and health-oriented products. Innovations in processing technologies are expected to enhance product quality and efficiency, while the shift towards organic fishmeal production will cater to the growing health-conscious consumer base. Additionally, the expansion into emerging markets will provide new growth avenues, as these regions increasingly adopt aquaculture practices and seek high-quality feed solutions.

Market Opportunities

• Growth in Organic Fishmeal Production:The organic fishmeal segment is projected to grow significantly, with an estimated market value of approximately USD 1 billion in future. This growth is driven by rising consumer preferences for organic products, which are perceived as healthier and more sustainable. Companies investing in organic fishmeal production can capitalize on this trend, enhancing their market position and attracting environmentally conscious consumers.
• Expansion into Emerging Markets:Emerging markets, particularly in Asia and Africa, present substantial growth opportunities for the fishmeal and fish oil industry. With aquaculture production in Asia estimated to be over 70 million tons in future, companies can leverage this growth by establishing local partnerships and distribution channels. This strategic expansion can enhance market penetration and drive revenue growth in these rapidly developing regions.