The Report "GLOBAL FISHMEAL & FISH OIL MARKET BY SOURCE, LIVESTOCK APPLICATIONS, INDUSTRIAL APPLICATIONS, AND REGION- FORECAST TO 2024".
The global fishmeal & fish oil market is estimated to be valued at USD 9.50 Billion in 2018 and is projected to reach USD 14.32 Billion by 2024, at a CAGR of 8.58% from 2018. The attributes enhancing the growth of Global fish meal & fish oil market include growing demand for fishmeal & fish oil products and increasing global demand for quality fish.
The fish meal is a product which is obtained by removing the oil and water from the fish waste. Some of the fish meal is manufactured from the by-products of seafood-processing industries.
The fish oil is used in the food applications like Dairy products, Fish and meat products, Bakery products, Beverages, Confectionery,.
Pharmaceuticals hold the most significant share in the market of fish meal & fish oil
By industrial application, Pharmaceuticals are estimated to be the fastest-growing segment in the fishmeal & fish oil market. Nowadays the fish meal & fish oil usage in the Pharmaceutical industry is increasing because of their health benefits.
Fish oil is rich in Omega -3 fatty acid which is necessary for a healthy body and mind. Fish oil is an excellent source of highly digestible long-chain Omega-3 specially formulated as a food ingredient, and it has a perfect balance of EPA (eicosapentaenoic acid) and DHA (docosahexaenoic acid) which provides surplus health benefits.
Aquaculture Segment is predicted to hold a high CAGR during the forecast period
By type, the aquaculture segment will have a high growth of the market during the forecast period because of higher consumption of fishmeal. Production of food fish from aquaculture increased at an annual rate of 8.8 % in the period 1980-2017.The aquaculture segment is further sub-segmented into salmon and trout, crustaceans, cyprinids, tilapia, marine fish and others.
Among these, the crustaceans sub-segment is expected to have a high growth of the market for fishmeal & fish oil during the forecast period.
Europe was observed to have high growth in the market for Global Fishmeal & Fish Oil Market
In recent years there has been a growing demand for fish consumption and Europe has the highest growth of the market. The main fish meal producing regions are North America, Europe, Asia Pacific and Japan.
The reason for this growth is the increasing demand for fishmeal & fish oil due to increased demand for fish-based food.
The key players in the Global Fish Meal Market which are financially sound and driving the industry from many years are Oceana Group Limited (South Africa), Austevoll Seafood ASA (Norway), Omega Protein Corporation (U.S.), FMC Corporation (U.S.) and Croda International Plc (U.K.). It also includes some other players like TASA (Peru), Susan (Turkey), The Scoular Company (U.S.), Marvesa (The Netherlands) and GC Rieber Oils (Norway).
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