DUBLIN, Aug. 31, 2023 /PRNewswire/ — The “Global Fishmeal Market, Size, Forecast 2023-2030, Industry Trends, Growth, Share, Outlook, Impact of Inflation, Opportunity Company Analysis” report has been added to ResearchAndMarkets.com’s providing.
The Global Fishmeal Market is anticipated to be valued at US$ 10.80 Billion in 2030 from US$7.23 Billion in 2022, rising at a CAGR of 5.14%
The increasing aquaculture trade and the rising demand for high-quality seafood merchandise are driving the demand for fish meal. As aquaculture continues to develop, the necessity for nutritious feed substances turns into essential, and fish meal is acknowledged for its dietary worth.
Environmental issues additionally contribute to the demand for fish meal as a naturally-sourced various to chemical-based feed components. With rising consciousness of the unfavourable impacts of chemical components on the aquatic ecosystem, there’s a rising desire for sustainable and environmentally-friendly choices like fish meal.
The presence of heavy metals resembling mercury, lead, and cadmium in conventionally-cultured seafood has raised issues about excessive prevalence of quite a few persistent problems to shopper well being. This has additional propelled the marketplace for fish meal, because it gives a safer various for feed manufacturing, lowering the chance of consuming contaminated seafood.
The industrialization of meat and dairy manufacturing has boosted the demand for high-grade feed components like fish meal. These components are utilized to stimulate replica, improve metabolism, and mitigate illness outbreaks in livestock. As the meat and dairy industries proceed to develop, the necessity for efficient feed substances intensifies.
Consumer preferences for fishmeal are evolving as environmental and moral consciousness will increase. The demand for sustainable and ethically sourced fishmeal is rising, with shoppers keen to pay further for such merchandise. Key references embrace sustainability, ethics, high quality, and worth.
Consumers search responsibly sourced fishmeal that doesn’t hurt animals or the surroundings, meet security requirements, and affords good worth. In response, the worldwide fishmeal market is adopting sustainable practices, investing in R&D, and enhancing traceability. Adapting to those preferences is essential for trade competitiveness, and firms assembly shopper calls for will thrive.
Peru holds a distinguished place because the main producer within the international fishmeal market
By Production, the worldwide fishmeal market is classed into Peru, Vietnam, EU-27, Chile, China, Thailand, United States, Norway, Japan, and Morocco. Peru, the world’s largest fishmeal producer, accounted for producing 2.28 million metrictons (MMT) of fishmeal, as reported by the International Fishmeal and Fish Oil Organization (IFFO), in 2022.
This versatile product is utilized in aquaculture feed, poultry feed, and pet meals, offering important diet to farmed fish, marine animals, chickens, turkeys, and pets like dogs and cats. With rising demand for aquaculture merchandise and a rising international inhabitants, the demand for fishmeal is anticipated to keep up its upward trajectory, driving additional progress within the Peruvian fishmeal trade within the foreseeable future.
Norway, the quickest rising nation within the international fishmeal market, advantages from a strong aquaculture trade and ample fish assets. The nation’s deal with analysis and growth has led to technological developments in fishmeal manufacturing. Government help by means of subsidies and incentives additional strengthens Norway place as a frontrunner within the fishmeal market.
Turkey sturdy aquaculture trade is enjoying a pivotal position in driving the nation rising consumption inside the international fishmeal market
By Consumption, the worldwide fishmeal market is damaged up into China, EU-27, Vietnam, Japan, Norway, Thailand, Turkey, United States, Chile, and Taiwan. Turkey leads the worldwide fishmeal market in consumption progress, pushed by its increasing aquaculture trade supported by rising seafood demand, authorities help, and favorable assets.
With a decline in home fish catch, Turkey depends closely on imported fishmeal to fulfill its aquaculture sector’s protein necessities. Economic progress and rising disposable incomes contribute to the rising demand for high quality seafood merchandise and, subsequently, fishmeal. The Turkish authorities’s insurance policies, together with subsidies, analysis and growth investments, and seafood promotion, additional bolster the aquaculture trade growth and drives fishmeal demand.
China, the most important international shopper of fishmeal, accounted consumption quantity of lower than 2 million metric tons in 2022, in accordance with the report. The nation’s thriving aquaculture trade, pushed by rising seafood demand, authorities help, and ample assets, fuels its steady growth. Supportive authorities insurance policies, resembling subsidies, analysis investments, and seafood promotion, create a beneficial surroundings for trade progress and contribute to the rising demand for fishmeal.
China is poised to retain its place as the most important importer of fishmeal globally, sustaining its important position out there for the foreseeable future.
By Import, the worldwide fishmeal market is fragmented into China, EU-27, Turkey, Japan, Norway, Vietnam, Taiwan, Indonesia, United Kingdom, and the Republic of Korea. China, the most important international fishmeal importer, owes its place to speedy financial progress that has pushed a surge in fishmeal demand, primarily for aquaculture functions. Simultaneously, declining home fish shares ensuing from overfishing and environmental degradation have escalated the necessity for imports.
To bolster the aquaculture trade, the Chinese authorities has applied supportive insurance policies, together with subsidies for fishmeal imports. Moreover, China’s advantageous geographic location close to main fishmeal producers like Peru and Chile facilitates handy and cost-effective importation.
Russian Federation is poised to flourish as a key participant within the export section of the worldwide fishmeal market within the coming years
By Export, the worldwide fishmeal market is split into Peru, Chile, Vietnam, EU-27, Morocco, United States, Thailand, Russian Federation, Iceland, and Mexico. In 2022, the Russian Federation emerged as a notable participant in fishmeal manufacturing and export, with an estimated 1.5 million metric tons shipped.
This progress could be attributed to varied elements, resembling the supply of plentiful fish assets, the presence of superior fish processing services, and authorities backing. The fishmeal trade within the nation contributes considerably to the economic system by producing employment alternatives, producing tax income, and bolstering export figures. It additionally performs a task in conserving fish shares by assuaging the strain on low-value fish species which are generally utilized in fishmeal manufacturing.
Crustaceans, resembling shrimp, crab, and lobster, maintain a dominant place within the international fishmeal market owing to their ample availability and distinctive dietary worth
By Aquaculture, the worldwide fishmeal market is categorized into Freshwater Fish, Tilapias, Cyprinids, Eels, Salmon & Trout, Marine Fish, and Crustaceans. Crustaceans present a wealthy supply of protein, important fatty acids, and nutritional vitamins, making them priceless for aquaculture feed in fish and shrimp manufacturing.
Their comparatively straightforward harvesting course of ensures a sustainable protein supply with low environmental affect in comparison with different fishmeal manufacturing strategies. As aquaculture features reputation as an environment friendly seafood manufacturing technique, the worldwide demand for fishmeal is predicted to extend. Crustaceans are well-positioned to keep up their market dominance resulting from their dietary worth, abundance, and ease of harvest.
Tilapia, a flexible freshwater fish, has important potential within the international fishmeal market resulting from its adaptability, suitability for aquaculture in creating international locations, and excessive protein content material. The rising demand for aquaculture merchandise and seafood as a protein supply is driving the growth of tilapia manufacturing. Its sustainability attributes and developments in expertise additional increase its progress within the international fishmeal market.
Seafood demand will increase and issues over depleting wild fish shares rise, the worldwide fishmeal market expands alongside the expansion of sustainable aquaculture practices
By end-users, the worldwide fishmeal market is categorized into Aquaculture, Pigs, Poultry, and Others. Aquaculture affords an eco-friendly method by means of closed methods and advantages from developments in expertise, resulting in the growth of aquaculture farms and better demand for fishmeal.
Government help within the type of subsidies, analysis funding, and favorable rules additional boosts aquaculture progress. So, the worldwide aquaculture trade is predicted to proceed increasing, driving the demand for fishmeal, and positively impacting the worldwide fishmeal market.
Competitive Landscape
FMC Corporation, Croda International Plc, Mukka Proteins Limited, FKS Multi Agro, and GC Rieber Oil are the businesses distinguished within the international fishmeal market.
In February 2022, FMC introduced that it had entered right into a strategic partnership with Cargill to develop and commercialize new aquaculture diet merchandise. This partnership will mix FMC’s experience in fishmeal and fish oil with Cargill’s international attain and distribution community.
Report Scope
Global Fishmeal Market & Volume break up in 10 viewpoints
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China
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EU-27
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Vietnam
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Japan
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Norway
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Turkey
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United States
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Chile
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Taiwan
Production – Global Fishmeal Market break up in 10 viewpoints
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Peru
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Vietnam
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EU-27
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Chile
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China
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Thailand
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United States
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Norway
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Japan
Export – Global Fishmeal Market break up in 10 viewpoints
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Peru
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Chile
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Vietnam
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EU-27
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United States
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Thailand
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Russian Federation
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Iceland
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Mexico
Import – Global Fishmeal Market break up in 11 viewpoints
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China
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EU-27
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Turkey
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Japan
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Norway
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Vietnam
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Taiwan
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Province of China
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Indonesia
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United Kingdom
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Republic of Korea
Aquaculture – Global Fishmeal Market break up in 7 viewpoints
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Freshwater Fish
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Tilapias
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Cyprinids
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Eels
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Salmon & Trout
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Marine Fish
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Crustaceans
End-User – Global Fishmeal Market break up in 4 viewpoints
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Aquaculture
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Pigs
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Poultry
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Others
Company has been lined from 3 Viewpoints:
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Overview
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Recent Developments
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Revenue
Company Analysis:
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FMC Corporation
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Croda International Plc
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Mukka Proteins Limited
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FKS Multi Agro
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GC Rieber Oil
For extra details about this report go to https://www.researchandmarkets.com/r/ptadrz
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