Fishmeal & Fishoil Market Size
| Study Period | 2018 - 2028 |
| Market Size (2023) | USD 7.40 Billion |
| Market Size (2028) | USD 13 Billion |
| CAGR (2023 - 2028) | 11.93 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Fishmeal & Fishoil Market Analysis
The Fishmeal and Fishoil Market size is estimated at USD 7.40 billion in 2023, and is expected to reach USD 13 billion by 2028, growing at a CAGR of 11.93% during the forecast period (2023-2028).
- Fish oil and fish meal are high-protein ingredients in the feeds given to fish and other farm animals.
- According to the International Fish oil and Fish meal Organisation (IFFO), fishmeal production increased by 2.4 million metric tons in 2021, compared to 2.3 million metric tons in 2020, an increase of 3.6%. Though fish meal production is increasing, fish oil production declined by 6%. Since the declining trend was due to the fewer export opportunities, only some countries focused on collaborations to increase the scope for export. For instance, in 2022, Greenland partnered with Danish Government to update policies to implement changes in current feed regulations to enhance its fishmeal and fish oil export opportunities.
- The fish oil market is driven by research and development efforts channeled toward improving procurement practices, enhancing the extraction process of omega-3 fatty acids, and sustainably streamlining the industry's entire value chain. Health experts across the world have substantially increased the recommended daily dietary intake of omega-3 fatty acids, as a result of which, fish oil consumption has increased consequentially. According to Oil and Fats International, the prices for fish oil and meal are expected to ease this year compared to last year's high due to increased supply.
Fishmeal & Fishoil Market Trends
Rising Popularity in The Pharmaceutical Industry
- Fish oil has multiple nutritional values and is also the major source of omega-3 fatty acids EPA and DHA, currently recognized worldwide as key factors in human health. Hence, the associated health benefits of fish meal and fish oil impact the market demand studied. According to the International Fishmeal and Fish Oil Organization (IFFO), standard fishmeal contains 64-67% crude protein with up to 12% fat. Special fish meal and fish oil products tend to have more than 68-72% protein. They also have lower amine content reflecting fresher raw material. This will help the industry to grow in the future years.
- Furthermore, carotenoids and astaxanthins derived from fish help improve immunity and work as anti-oxidants in health care. Scientists are trying to extract these molecules from seafood processing waste products such as Shark by-products (cartilage, ovaries, brain, skin, and stomach). They are used in many pharmaceutical preparations and are reduced to powder, creams, and capsules. Hence, the rising use of fish by-products in the pharmaceutical industry and feeds, along with growing scientific innovation, is contributing to the development of the global fish meal and fish oil market.
- Fish meal in the pharmaceutical industry is mostly used as a raw material to prepare certain antibiotics. According to International Fishmeal and Fishoil Organisation (IFFO), the total fishmeal production increased to 2.4 million metric tons in 2021, which is slightly increased compared to the previous year.
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North America Dominates the Market
- Globally, North America dominates the fish meal and fish oil market in terms of production and consumption. In the region, the United States contributes the major share due to the increasing government support within the country. The total covered area is 220 nautical miles under EEZ (Exclusive Economic Zone), where the US controls all the marine natural resources. This large area provides a huge opportunity for the marine industry, which ultimately results in the growth of the country's fish meal and fish oil market. According to the International Fishmeal and Fish Oil Organization (IFFO), in 2021, the total production of fish meal increased by 5% and fish oil by 8% in the United States from 2020.
- According to Food and Agriculture Organization (FAO), the total estimated fisheries and aquaculture production (excluding algae) are expected to expand further and reach 202 million metric tons in 2030 globally. Growth of aquaculture production is projected to continue on all continents, with variations in the range of species and products across countries and regions.
- Overall, the main factors behind the increase in consumption of aquatic food will be a combination of high demand resulting from rising incomes and urbanization, linked with the expansion of fisheries and aquaculture production, improvements in post-harvest methods, and distribution channels expanding the commercialization of aquatic products. Hence, the surging production of marine fish will lead to growth in the overall market studied in the region.
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Fishmeal & Fishoil Industry Overview
The global Fishmeal and Fish oil market is highly fragmented, with various small and medium-sized companies like Croda, Pelagia, Oceana Group Limited, GC Rieber Oils, and The Scoular Company coining smaller shares. Major companies were strategically involved in mergers, acquisitions, and product innovations. Croda International Plc's acquisition of a marine biotechnology company, Nautilus Biosciences Canada Inc., is anticipated to provide new marine-based products and ingredients. Organic Technologies introduced two new DHA omega-3 concentrates within its existing product line, positioning them as tuna oil alternatives.
Fishmeal & Fishoil Market Leaders
CRODA
Pelagia
Oceana Group Limited
GC Rieber Oils
The Scoular Company
*Disclaimer: Major Players sorted in no particular order
Fishmeal & Fishoil Market News
- March 2022: Scoular, one of the world's largest and most diverse fishmeal and fish oil merchandisers, opened a new fishmeal facility in Myanmar. This facility is a hub for high-quality, consistent products and just-in-time shipment to Asian feed markets.
- March 2022: Pelagia purchased 100% of the shares in Norsk Fiskeindustri Invest AS (NFI) on 28 March 2022. NFI owns 51,05% of Karmsund Protein AS, a fish meal producer, and fish oil.
Fishmeal & Fishoil Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Species Type
5.1.1 Salmon & trout
5.1.2 Crustaceans
5.1.3 Marine fish
5.1.4 Carps
5.1.5 Tilapias
5.1.6 Others
5.2 Application
5.2.1 Poultry
5.2.2 Swine
5.2.3 Poultry
5.2.4 Aquatic animals
5.2.5 Others
5.3 Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.1.3 Mexico
5.3.1.4 Rest of North America
5.3.2 Europe
5.3.2.1 Germany
5.3.2.2 United States
5.3.2.3 France
5.3.2.4 Russia
5.3.2.5 Spain
5.3.2.6 Rest of Europe
5.3.3 Asia Pacific
5.3.3.1 China
5.3.3.2 Japan
5.3.3.3 India
5.3.3.4 South Korea
5.3.3.5 Rest of Asia-Pacific
5.3.4 South America
5.3.4.1 Brazil
5.3.4.2 Argentina
5.3.4.3 Rest of South America
5.3.5 Middle East and Africa
5.3.5.1 United Arab Emirates
5.3.5.2 Saudi Arabia
5.3.5.3 South Africa
5.3.5.4 Egypt
5.3.5.5 Rest of Middle East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Market Share Analysis
6.2 Most Adopted Strategies
6.3 Company Profiles
6.3.1 Royal DSM
6.3.2 FF Skagen
6.3.3 Sürsan A.Ş
6.3.4 BASF SE
6.3.5 GC Rieber Oils
6.3.6 Croda International PLC
6.3.7 The Scoular Company
6.3.8 Omega Protein Corporation
6.3.9 Oceana Group Limited
6.3.10 Pelagia
6.3.11 GC Rieber Oils
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Fishmeal & Fishoil Industry Segmentation
Fishmeal is grounded fish used as fertilizer or Animal feed as well as feed for farmed fish. Fish oil is the oil extracted from the tissue of oily fish. Fish oil contains mainly Omega-3, that have great benefits, and is used in the Pharmaceutical and cosmetic industries.
Fishmeal and fish oil market has been segmented based on source (salmon & trout, crustaceans, marine fish, carps, tilapias, others, livestock), application (aquatic animals, poultry, swine, cattle, pets, others), and geography (North America, Europe, Asia-Pacific, South America, Middle East & Africa).
The report offers market estimation and forecasts in value (USD) for the above-mentioned segments.
| Species Type | |
| Salmon & trout | |
| Crustaceans | |
| Marine fish | |
| Carps | |
| Tilapias | |
| Others |
| Application | |
| Poultry | |
| Swine | |
| Poultry | |
| Aquatic animals | |
| Others |
| Geography | ||||||||
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Fishmeal & Fishoil Market Research FAQs
How big is the Fishmeal and Fishoil Market?
The Fishmeal and Fishoil Market size is expected to reach USD 7.40 billion in 2023 and grow at a CAGR of 11.93% to reach USD 13 billion by 2028.
What is the current Fishmeal and Fishoil Market size?
In 2023, the Fishmeal and Fishoil Market size is expected to reach USD 7.40 billion.
Who are the key players in Fishmeal and Fishoil Market?
CRODA, Pelagia, Oceana Group Limited, GC Rieber Oils and The Scoular Company are the major companies operating in the Fishmeal and Fishoil Market.
Which is the fastest growing region in Fishmeal and Fishoil Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2023-2028).
Which region has the biggest share in Fishmeal and Fishoil Market?
In 2023, the North America accounts for the largest market share in Fishmeal and Fishoil Market.
Fishmeal and Fishoil Industry Report
Statistics for the 2023 Fishmeal and Fishoil market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Fishmeal and Fishoil analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.
Fishmeal and Fishoil Market Report Snapshots
