Market Size of Fishmeal And Fishoil Industry
| Study Period | 2019-2029 |
| Market Size (2024) | USD 8.28 Billion |
| Market Size (2029) | USD 14.55 Billion |
| CAGR (2024 - 2029) | 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 And Fishoil Market Analysis
The Fishmeal And Fishoil Market size is estimated at USD 8.28 billion in 2024, and is expected to reach USD 14.55 billion by 2029, growing at a CAGR of 11.93% during the forecast period (2024-2029).
- 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 rising, fish oil production declined by 6%. Since the declining trend was due to the fewer export opportunities, countries focused on collaborations to increase the scope for export. For instance, in 2022, Greenland partnered with the 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 further driven by research and development efforts toward improving procurement practices, enhancing the extraction process of omega-3 fatty acids, and sustainably streamlining the entire value chain. As health experts also recommend daily dietary intake of omega-3 fatty acids, fish oil consumption has increased consequentially.
