The Fishmeal & Fish Oil Market is estimated to be valued at USD 12.1 billion in 2022. It is projected to reach USD 15.4 billion by 2027, with a CAGR of 4.9%, in terms of value between 2022 and 2027.
The reasons that are driving the growth of the fishmeal & fish oil market are rising focus on the health and nutrition of livestock animals, especially in Asia Pacific region and improved productivity and environmental performance of aquaculture, coupled with rising ageing population which poses an attractive market for fishmeal & fish oil owing to their health benefits. Fishmeal & fish oil enhance the nutritional profile and offers a range of health benefits in terms of supporting the immunity and gut health of livestock animals, along with enhancing the feed efficiency, due to which they are in significant demand across the livestock and pharma industries.
By type, fish oil is likely to account for the fastest growth rate during the forecast period.
Based on type, fish oil account for the fastest growing segment in the fishmeal & fish oil market. Fish oil finds extensive applications across a range of livestock and other industrial applications such as pharmaceutical, nutraceutical and fertilizers owing to their rich nutrient content and desirable health benefits. Owing to their multifunctional properties and increasing acceptability across various industries, they are likely to witness significant growth opportunities over the forecasted period.
By source, crustaceans are projected to witness the fastest growth rate during the forecast period.
Based on source, crustaceans account for the fastest growing segment in the fishmeal & fish oil market. Fishmeal & fish oil find extensive applications in crustacean diet as one of the primary sources of dietary protein. Crustacean meal contains significant amount of fishmeal and with growing crustacean culturing due to increased demand for seafood globally, especially shrimps and lobsters, they are likely to witness significant growth opportunities over the forecasted period.
By livestock application, the swine segment is projected to account for the fastest growth rate over the forecast period
By livestock application, swine accounts for the fastest growth rate over the forecasted period owing to the rapidly growing swine industry, especially in Asia Pacific region. Fishmeal & fish oil are associated with a range of desirable health benefits in swine breeding which have contributed to its acceptability and growing demand in swine sector in recent years. The growing swine industries in Asia Pacific region, particularly the Chinese swine sector, is likely to contribute strongly to the growth of fishmeal & fish oil industry over the forecasted period.
By industrial application, pharma segment is projected to witness the fastest growth rate during the forecast period.
Based on industrial application, pharma segment is likely to account for the fastest growing segment in the fishmeal & fish oil market. The positive perception and rich nutrient content of fishmeal & fish oil coupled with growing awareness with regards to personal health and nutrition are contributing strongly to the growing acceptance and increasing application of fishmeal & fish oil in the pharma industry.
Asia Pacific accounted for the largest and fastest growing region for the fishmeal & fish oil market. The region is witnessing a significant rise in awareness with regards to health and nutrition of livestock and pet animals, which is propelling the demand for health-focused feed ingredient such as fishmeal & fish oil. Fishmeal & fish oil are associated with a range of health benefits such as skin and coat health, immune health, joint health, cognitive health among others in livestock and pet animals.
Key players in this market include FKS Multi Agro (Indonesia), Mukka Proteins Limited (India), Arbee (India), Sandakan Fishmeal Sdn Bhd (Malaysia), Wudi Deda Agriculture Co., Ltd. (China), Raj Fishmeal and Oil Company (India), Asia Fish Oil Corporation (Vietnam), Dai Dai Thanh Seafoods (Vietnam), Pattani Fish Meal (1988) Co., Ltd. (Thailand) and Austevoll Seafood ASA (Norway).