The fishmeal & fish oil market is projected to reach a value of USD 14.28 billion by 2022, at a CAGR of 8.50 % from 2017. 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 aquaculture is increasing in export markets, which influences the supply of improved fishmeal & fish oil for animal production. Increasing investments in R&D capabilities of the key players for innovating new fishmeal & fish oil products, along with the increased expenditure on innovating new and cost-effective production processes of fishmeal & fish oil are expected to change the business landscape in the next five years.
On the basis of livestock application, the aquatic animals segment is projected to have the highest CAGR in the fishmeal & fish oil market from 2017 to 2022. Fish oil provides essential fatty acids to aquatic animals; while fishmeal helps to increase feed efficiency and enhances nutrient uptake, hence there is projected to be increased consumption of fishmeal & fish oil in the aquaculture diets in the forecast period.
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On the basis of source, the crustaceans segment is projected to have the highest CAGR from 2017 to 2022. Crustaceans are a rich source of high-quality protein, have a relatively high energy content, and are rich in important minerals such as phosphorus, B vitamins, and essential fatty acids. Due to its high nutritional value, the use of crustaceans in feed manufacturing is expected to increase in the forecast period.
On the basis of industrial application, the pharmaceuticals segment is projected to grow at a higher growth rate in the global fishmeal & fish oil market from 2017 to 2022. Fish oil is used in the pharmaceutical industry in the form of Omega-3 fatty acids; while fishmeal is used in the production of antibiotics; hence, consumption of both fishmeal & fish oil is expected to increase in the forecast period.
Europe is projected to be the fastest-growing market for fishmeal & fish oil between 2017 and 2022. The European market witnesses maximum consumption of fishmeal & fish oil due to the increased consumption of seafood and flexibility in using secondary raw materials.
The key players identified in the global fishmeal & fish oil market 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.). The key market players adopted strategies such as acquisitions, expansions & investments, and agreements, partnerships, and joint ventures to expand their market share in the fishmeal & fish oil market. Leading players focused on strengthening their R&D proficiencies by signing agreements with other companies, to develop innovative fishmeal & fish oil products.
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