The fishmeal and fish oil market is projected to propagate at a solid CAGR of 5.8% during the forecast period (2021-2027). Fishmeal and fish oil are the protein-rich by-products of smaller forage fish or low trophic level species like anchovy, herring, and krill that gather in immense schools on coastlines and in the open ocean. Fishmeal and fish oil are rich in omega-3 fatty which helps in improving the cardiovascular system and also plays a major role in proper functioning of the nervous system. The growing awareness among the medical professionals and public about the importance of omega-3 fatty acids has led to significant increase in fish oil consumption. Additionally, the demand for fishmeal and fish oil has increased significantly as the agriculture and aquaculture industries increases. 

Moreover, technological development has ensured that aquaculture remains sustainable and has minimal environmental impacts. Developments like on-land recirculating aquaculture systems, aquaponic systems, offshore systems and the use of information technology has boosted the aquaculture industry globally. Hence, surge in technology level in aquaculture industry is the major factor driving the fishmeal and fish oil market in terms of value sales. However, the rising volume of fish oil consumption in human nutrition creates a supply threat for aquaculture feed. Due to adverse environmental factors and regulatory impositions on fishing, the companies are unable to fulfill the demand-supply gap. The rising demands and lack of supply are primarily responsible for increasing costs of fish oil, which is hindering the market growth.

Production from By-Product

It is observed that, the production of fish oil has significantly decreased in recent years, owing to the shortage of raw fish resulting out of quota restrictions and El-Nino effect. This production shortfall is creating demand supply gap of fish oil in end-user industries. Therefore, the major end-users such as the aquaculture industry, have started investing in a suitable alternative of fish oil. In absence of whole fish, fish oil can be produced from by-product, such as heads, viscera and back-bones as they are also an excellent source to produce fish oil. These by-products can be further processed to get fishmeal and fish oil. Currently, almost 30% of fish oil and fishmeal is produced from by-products and fish waste. Due to shortage of whole fish, the by-product usage for fish oil is expected to increase the fish oil production, which further augment the growth of the fishmeal and fish oil market.

Segmental Outlook  

The global fishmeal and fish oil market is segmented based on source and application. Based on source, the market is segmented into salmon & trout, crustaceans, marine fish, carps, and others. Based on application, the market is segmented into cattle, poultry, swine, aquaculture, pet, and other. Among application, aquaculture segment is expected to have a major market value share as well as substantial growth rate, during the forecast period. The rising demand for fishmeal and fish oil in aquaculture is attributed to its high production and high protein yield. Therefore, the consumption of fish oil-based feed in aquaculture increases with the growth of the aquaculture industry.   

Regional Outlook 

The global fishmeal and fish oil market is further segmented based on geography including North America, Europe, Asia-Pacific, and the Rest of the World. High meat demand due to changing economic conditions, higher per capita disposable income, growing awareness of high-quality animal protein, and changing lifestyle, among other trends have had an impact on the animal nutrition industry in developing economies, primarily Asia-Pacific. North America is expected to be the fastest growing market for fishmeal and fish oil as the awareness for the benefits of these products is increasing rapidly. According to National Health Interview Survey, fish oil was the most popular natural product used by adults in the US, in 2015. Nearly, more than eight million adults consumed fish oil in 2015, than in 2010.

Global Fishmeal and Fish Oil Market Growth, by Region 2021-2027

Market Players Outlook

The major players operating in the market include BASG SE, Croda International Plc, Oceana Group, Omega Protein, DSM among others. These market players adopt various strategies such as product launch, partnerships and collaborations, and mergers and acquisitions to sustain a strong position in the market. These companies have also adopted technological advancement as a strategy to move up the ladder. For instance, in March 2020, Tecnologica de Alimentos Somos (TASA), one of Peru’s largest fishmeal and fish oil producers, developed the mobile application Cuidamar, which can be used to report real-time data on catches and marine animals sightings during the fishing season.

The Report Covers

• Market value data analysis of 2020 and forecast to 2027.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global fishmeal and fish oil market. Based on the availability of data, information related to the products, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.