The fishmeal & fish oil market is projected to grow at a CAGR of 8.50% from 2017, to reach USD 14.28 Billion by 2022. The increase in consumption of seafood and the growing aquaculture industry are resulting in market growth for fishmeal & fish oil, globally. Fishmeal & fish oil are derived from omnivorous fish (tilapia, catfish, common carp, and milkfish), carnivorous fish (salmon, trout, eel, seabass, seabream, and tuna), and crustacean species (marine & brackish-water shrimps, freshwater prawns, crabs, and lobsters).
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The report "Fishmeal & Fish Oil Market by Source (Salmon & Trout, Marine Fish, Crustaceans, Tilapia, Carps), Livestock Application (Aquatic Animals, Swine, Poultry, Cattle, Pets), Industrial Application (Fertilizers, Aquaculture, Pharma), and Region - Forecast to 2022", The global fishmeal & fish oil market is estimated to be valued at USD 9.50 Billion in 2017 and projected to reach USD 14.28 Billion by 2022, at a CAGR of 8.50% from 2017.
Browse 74 market data tables and 59 figures spread through 138 pages and in-depth TOC on "Fishmeal & Fish Oil Market - Forecast to 2022"
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The market is driven by factors such as a growing trend in fishmeal & fish oil trade and the increasing global demand for quality fish. Moreover, the demand for seafood is increasing in export markets, which influences the supply of improved fishmeal & fish oil for animal production.
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As a result, many multinational players have entered into the production of various fishmeal & fish oil products that provide essential nutrients to livestock.
Aquatic animals segment dominated the fishmeal & fish oil market
The use of fishmeal & fish oil is more in aquafeed due to their nutrient contents such as amino acids, essential fatty acids, and energy content. Also, supplementing aquaculture feed with fishmeal & fish oil effectively returns more sustainable non-food products back into the human food chain.
Pharmaceuticals is projected to be the fastest-growing segment in the fishmeal & fish oil market, by industrial application
The use of fishmeal & fish oil in the pharmaceutical industry is increasing due to their health benefits. Also, the rising concerns of chronic diseases among consumers results in increasing awareness about fish oil with Omega-3 in various health supplements and functional foods.
Increased consumption of seafood and flexibility in using secondary raw materials key to success in the European region
High growth has been observed in Europe for the fishmeal & fish oil market over the last few years. The main reason for this growth is the increasing demand for fishmeal & fish oil due to increased demand for fish-based food.
The leading companies in Europe are focusing on launching new products for expansion of their business in local and international markets. In addition, the EU imports a wide variety of aquaculture species and products.
Norway and Germany constituted the largest country-level markets in the European region in 2016.
This report includes a study of marketing and development strategies, along with the product portfolio of leading companies. These companies include FMC Corporation (U.S.), Austevoll Seafood ASA (Norway), Croda International Plc (U.K.), Oceana Group Limited (South Africa), and Omega Protein Corporation (U.S.); these are well-established and financially stable players that have been operating in the industry for several years.
Other players include Sürsan (Turkey), The Scoular Company (U.S.), GC Rieber Oils (Norway), Marvesa (The Netherlands), and TASA (Peru).
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