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(MoneyNewsWire.Net, May 25, 2018 ) The fishmeal & fish oil market is projected to grow at a CAGR of 8.50% from 2017, to reach USD 14.28 Billion by 2022. The increase in consumption of seafood and the growing aquaculture industry are resulting in market growth for fishmeal & fish oil, globally. Fishmeal & fish oil are derived from omnivorous fish (tilapia, catfish, common carp, and milkfish), carnivorous fish (salmon, trout, eel, seabass, seabream, and tuna), and crustacean species (marine & brackish-water shrimps, freshwater prawns, crabs, and lobsters).
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On the basis of livestock application, the aquatic animals segment accounted for the largest share in the fishmeal & fish oil market in 2016. Aquatic animals are fed more fishmeal & fish oil due to their high content of essential nutrients, such as amino acids, essential fatty acids, and energy content.
On the basis of source, the salmon & trout segment accounted for the largest market for fishmeal & fish oil in 2016. Fishmeal is generally manufactured from wild-caught, small fish such as salmon & trout that contain a high percentage of bones & oil.
On the basis of industrial application, the pharmaceuticals segment is projected to grow at a higher growth rate in the global market from 2017 to 2022. Fish oil provides EPA and DHA, which play a vital role in neurological development and mental health. The rising concerns of chronic diseases among consumers result in increased consumption of fish oil with Omega-3 in various health supplements and functional foods.
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The European region is projected to be the fastest-growing market for fishmeal & fish oil between 2017 and 2022. The European market experiences the maximum consumption of fishmeal & fish oil due to the increased consumption of seafood and flexibility in using secondary raw materials. Key players focus on research & development to develop innovative fishmeal & fish oil additives that provide nutrients such proteins, minerals, and vitamins to livestock through their feed.
The major challenge for the fishmeal & fish oil industry is the availability of alternative feed ingredients and microbial contamination. In addition, price volatility of raw materials is also a challenge for this market. The major consequences of the rising prices of ingredients are a shortage in the local supply of fish and unsecured future food supply.
Key players identified in the global fishmeal & fish oil market include FMC Corporation (U.S.), Austevoll Seafood ASA (Norway), Oceana Group Limited (South Africa), and Omega Protein Corporation (U.S.), which are among the key players of the fishmeal & fish oil market as these are well-established and financially stable players that have been operating in the industry for several years. Most key participants have been exploring new regions through expansions, investments, new product launches, and acquisitions across the globe to avail a competitive advantage through combined synergies.
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