Fishmeal & Fish Oil Market By Livestock Application (Aquatic Animals, Swine, Poultry, Cattle, Pets), By Type (Fishmeal, Fish Oil), By Source (Salmon & Trout, Marine Fish, Crustaceans, Tilapia, Carps, Other), By Industrial Application (Fertilizers, Aquaculture, Pharma, Others), By Region And Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, And Forecast 2024-2033

Report Overview

The Fishmeal & Fish Oil Market size is estimated at USD 13.9 billion in 2023 and is expected to reach USD 21.5 billion by 2033, growing at a CAGR of 4.6% during the forecast period 2024-2033.

The Fishmeal & Fish Oil Market encompasses the global production, distribution, and consumption of fishmeal and fish oil, primarily derived from the processing of oily fish. These products serve as vital ingredients in aquaculture, animal feed, and nutritional supplements due to their high protein content and rich omega-3 fatty acids. Market dynamics are influenced by factors such as sustainable fishing practices, regulatory frameworks, and demand from the aquaculture sector, which seeks to enhance feed efficiency and nutritional value. Technological advancements in extraction and processing methods also play a crucial role in shaping market trends and competitive landscapes.

The Fishmeal & Fish Oil market is poised for significant growth, driven by the escalating demand for high-quality animal feed and nutritional supplements in the aquaculture and livestock sectors. As the global population continues to rise, there is an increasing need for sustainable and nutrient-rich food sources, positioning fishmeal and fish oil as critical components in modern agricultural practices.

The market is also benefiting from advancements in extraction technologies, which are enhancing the yield and quality of these products, thereby broadening their applications across various industries. Additionally, heightened awareness regarding the health benefits of Omega-3 fatty acids, prevalent in fish oil, is further propelling market growth, particularly within the human dietary supplements segment.

According to the report, the aquaculture segment accounts for a significant portion of this demand, with fishmeal being a staple ingredient in aquafeeds due to its high protein content. In 2021, the aquaculture segment alone represented over 68% of the global fishmeal consumption. Moreover, the Asia-Pacific region dominates the market, holding a 47% share due to its expansive aquaculture industry. Countries like China, Vietnam, and India are leading consumers, driven by their substantial fish farming activities. This regional dominance is expected to persist, bolstered by continued investments in aquaculture infrastructure and increasing production capacities. Furthermore, the adoption of sustainable fishing practices and regulatory frameworks aimed at preserving marine biodiversity are likely to positively impact market dynamics, ensuring a balanced approach to meeting future demand.

Key Takeaways

• Market Growth: The Fishmeal & Fish Oil Market size is estimated at USD 13.9 billion in 2023 and is expected to reach USD 21.5 billion by 2033, growing at a CAGR of 4.6% during the forecast period 2024-2033.
• By Livestock Application: Aquatic animals dominated due to high protein, omega-3 content, and aquaculture growth.
• By Type: In 2023, Fishmeal dominated, while fish oil remained crucial in nutrition.
  
• By Source: In 2023, Marine Fish dominated the diverse Fishmeal & Fish Oil market.
  
• By Industrial Application: In 2023, Aquaculture dominated the diverse Fishmeal & Fish Oil Market.
• Regional Dominance: Asia Pacific leads the fishmeal and fish oil market with a 45% market share.
• Growth Opportunity: Businesses aligning with health and sustainability trends will thrive in the dynamic 2024 fishmeal and fish oil market.

Driving factors

Increasing Demand for Protein-Rich Animal Feed: Driving Sustained Market Growth

The fishmeal and fish oil market is experiencing robust growth, primarily driven by the rising demand for protein-rich animal feed. Fishmeal, derived from small, pelagic fish, and fish oil are integral components of high-quality animal feed due to their rich protein content and essential nutrients. This demand is particularly pronounced in the poultry, swine, and livestock industries, where there is a continuous need to enhance feed efficiency and animal growth rates.

According to recent industry reports, the global demand for animal protein is set to increase by 60% by 2050, necessitating more efficient and nutritionally rich feed options. Fishmeal and fish oil, with their superior protein content, are positioned as ideal solutions to meet this demand. Furthermore, the amino acid profile of fishmeal closely matches the dietary requirements of these animals, making it a highly sought-after ingredient in feed formulations.

Health Benefits of Omega-3 Fatty Acids: Elevating Consumer Awareness and Market Demand

The health benefits associated with omega-3 fatty acids are significantly contributing to the growth of the fishmeal and fish oil market. Omega-3 fatty acids, predominantly found in fish oil, are crucial for human health, aiding in cardiovascular health, reducing inflammation, and supporting cognitive functions. This has led to an increased consumer demand for dietary supplements and functional foods fortified with omega-3s.

Market data indicates a consistent rise in the consumption of omega-3 supplements, with the global omega-3 supplements market expected to reach USD 57 billion by 2027, growing at a CAGR of 8.4% from 2020. This growing consumer awareness and preference for omega-3-enriched products are driving the demand for high-quality fish oil, thereby propelling market growth.

Expansion of Aquaculture Industry: Fueling Demand for Sustainable Feed Solutions

The rapid expansion of the aquaculture industry stands as a pivotal factor in the growth of the fishmeal and fish oil market. Aquaculture, the farming of fish, crustaceans, and other aquatic organisms, has seen exponential growth due to declining wild fish stocks and increasing global seafood consumption. Fishmeal and fish oil are critical components of aquaculture feed, providing the essential nutrients required for the healthy growth of farmed fish.

The Food and Agriculture Organization (FAO) projects that aquaculture production will need to grow by 32% by 2030 to meet the rising seafood demand. This growth trajectory necessitates a stable supply of high-quality fishmeal and fish oil, which are preferred for their efficiency in promoting fish health and growth. Additionally, sustainable practices in the aquaculture sector are increasingly emphasizing the use of responsibly sourced fishmeal and fish oil, further bolstering market demand.

Restraining Factors

Competition from Alternative Protein Sources: A Significant Challenge to the Fishmeal & Fish Oil Market Growth

The rise of alternative protein sources poses a substantial challenge to the growth of the fishmeal and fish oil market. As sustainability and cost-efficiency become more critical in the global food supply chain, alternative proteins like soy, peas, and insect-based meals are gaining traction. These alternatives are often less expensive to produce and are perceived as more environmentally friendly compared to traditional fishmeal and fish oil production, which is frequently criticized for its environmental impact, including overfishing and habitat destruction.

In addition, advancements in biotechnology have enhanced the nutritional profiles of alternative proteins, making them viable substitutes in aquaculture and livestock feeds. The increasing adoption of plant-based and microbial proteins in aquafeed can reduce dependency on fishmeal, directly impacting its demand.

Regulatory Constraints: A Barrier to Market Expansion and Operational Flexibility in the Fishmeal & Fish Oil Sector

Regulatory constraints represent another significant barrier to the growth of the fishmeal and fish oil market. Stringent environmental regulations aimed at preserving marine ecosystems and ensuring sustainable fishing practices have imposed limits on fish catch volumes and the locations where fishing can occur.

Moreover, food safety regulations and standards for contaminants such as dioxins and heavy metals necessitate rigorous testing and compliance, increasing operational costs and complicating market entry for new players. Regulatory frameworks also mandate sustainability certifications, such as those from the Marine Stewardship Council (MSC), adding further layers of compliance and operational constraints.

By Livestock Application Analysis

Aquatic animals dominated due to high protein, omega-3 content, and aquaculture growth.

In 2023, Aquatic animals held a dominant market position in the "By Livestock Application" segment of the Fishmeal & Fish Oil Market. The robust demand for fishmeal and fish oil in aquaculture is driven by their high protein content and essential omega-3 fatty acids, crucial for the optimal growth and health of farmed fish. This segment's dominance is further reinforced by the global expansion of aquaculture practices aimed at meeting the increasing consumer demand for seafood.

Swine followed as a significant segment, utilizing fishmeal as a protein-rich feed ingredient that enhances growth rates and feed efficiency. The inclusion of fishmeal in swine diets helps improve the nutritional value, supporting the overall health and productivity of the livestock. The poultry segment also exhibited substantial utilization of fishmeal and fish oil, primarily due to their beneficial effects on growth performance and immune function in chickens. These products contribute to healthier flocks and higher-quality poultry products.

Cattle, although a smaller segment, benefited from fishmeal's high digestibility and nutritional density, which supports better feed conversion rates and overall animal health, particularly in young and lactating cattle. Lastly, the pets segment, driven by the premiumization of pet food, showed a growing incorporation of fishmeal and fish oil due to their superior nutritional profiles that support the health and wellness of pets, particularly in enhancing coat condition and joint health.

By Type Analysis

In 2023, Fishmeal dominated, while fish oil remained crucial in nutrition.

In 2023, Fishmeal held a dominant market position in the "By Type" segment of the Fishmeal & Fish Oil Market. This leadership is attributed to fishmeal's critical role in the global aquaculture and livestock industries. Fishmeal is highly valued for its superior protein content and essential amino acids, making it a preferred ingredient in animal feeds. Its application extends to aquaculture, poultry, and pig farming, driving consistent demand. The sustainability initiatives and technological advancements in fishmeal production have also bolstered its market position, ensuring a steady supply and improved quality.

Fish oil, while not as dominant as fishmeal, remains a significant player in the market due to its rich omega-3 fatty acid content. The rising awareness of the health benefits associated with omega-3, including cardiovascular and cognitive health, has spurred demand in both human and animal nutrition sectors. Fish oil is increasingly incorporated into dietary supplements, functional foods, and pharmaceutical sector. Additionally, its use in aquafeed enhances the nutritional profile of farmed fish, supporting the aquaculture industry's growth.

By Source Analysis

In 2023, Marine Fish dominated the diverse Fishmeal & Fish Oil market.

In 2023, Marine Fish held a dominant market position in the "By Source" segment of the Fishmeal & Fish Oil Market. This segment encompasses several key categories: Salmon & Trout, Marine Fish, Crustaceans, Tilapia, Carp, and Others.

Marine fish led the segment due to their rich nutrient profile, which includes high levels of omega-3 fatty acids essential for aquaculture and livestock feed. Salmon & Trout followed closely, driven by increasing consumer demand for these species, which are known for their health benefits and culinary versatility. Crustaceans, including shrimp and prawns, represented a significant portion due to their high protein content and essential nutrients that support the health and growth of farmed fish and animals.

Tilapia, known for its ease of farming and adaptability, also contributed substantially to the segment. Carps, particularly prevalent in Asian markets, played a critical role due to their high reproduction rate and feed conversion efficiency. The "Other" category included a variety of species that, while less prominent individually, collectively added to the segment’s diversity and robustness.

By Industrial Application Analysis

In 2023, Aquaculture dominated the diverse Fishmeal & Fish Oil Market.

In 2023, Aquaculture held a dominant market position in the "By Industrial Application" segment of the Fishmeal & Fish Oil Market. The demand for high-quality protein sources to support the growth of farmed fish and other aquatic species has driven significant growth in this segment. Fertilizers, another critical application, have seen robust demand due to their efficacy in enhancing crop yields and soil health, benefiting from fishmeal's rich nutrient content.

The pharmaceutical industry leverages fish oil's Omega-3 fatty acids for developing health supplements and medications aimed at improving cardiovascular and cognitive health. Other applications, encompassing animal feed, pet food, and dietary supplements, continue to contribute to market growth by utilizing fishmeal and fish oil's nutritional benefits. Collectively, these applications underscore the versatility and essential nature of fishmeal and fish oil across various industries, with aquaculture leading due to its substantial requirements for sustainable and efficient feed solutions. This multifaceted demand landscape ensures the continued prominence of fishmeal and fish oil in the global market, with each application playing a pivotal role in sustaining growth.

Key Market Segments

By Livestock Application

• Aquatic Animals
• Swine
• Poultry
• Cattle
• Pets

By Type

• Fishmeal
• Fish Oil

By Source

• Salmon & Trout
• Marine Fish
• Crustaceans
• Tilapia
• Carps
• Other

By Industrial Application

• Fertilizers
• Aquaculture
• Pharma
• Others

Growth Opportunity

Rising Demand for Omega-3 Supplements

The global fishmeal and fish oil market is poised for significant growth in 2024, driven primarily by the increasing demand for omega-3 supplements. Omega-3 fatty acids, vital for cardiovascular and neurological health, have seen heightened consumer awareness and preference, particularly in developed markets such as North America and Europe.

This trend is further bolstered by a growing body of scientific evidence supporting the benefits of omega-3 in reducing inflammation, improving mental health, and enhancing overall well-being. Consequently, the fish oil segment is expected to witness robust growth as manufacturers respond to this surge in consumer demand by expanding their production capacities and diversifying product offerings.

Development of Alternative Protein Sources

Another key opportunity lies in the development of alternative protein sources, which is reshaping the fishmeal market. With sustainability becoming a critical concern, the aquaculture industry is increasingly turning to alternative protein sources such as insect meal and plant-based proteins to supplement traditional fishmeal. This shift not only addresses the ecological impact of overfishing but also ensures a more resilient supply chain.

Companies investing in research and development to optimize these alternative sources are likely to gain a competitive edge. Furthermore, the integration of these alternatives can help mitigate price volatility in the fishmeal market, offering a more stable economic outlook for stakeholders.

Latest Trends

Increasing Demand for Health-Focused Feed Ingredients

The fishmeal and fish oil market in 2024 is poised for significant growth driven by an escalating demand for health-focused feed ingredients. As global aquaculture expands, there is a heightened awareness of the nutritional needs of farmed fish, emphasizing the role of high-quality feed in promoting fish health and growth. Fishmeal and fish oil, rich in essential amino acids, omega-3 fatty acids, and other vital nutrients, are increasingly sought after for their ability to enhance the nutritional profile of aquafeeds. This trend is bolstered by a parallel rise in consumer demand for healthier, sustainably farmed seafood, aligning with broader health and wellness movements.

Product Innovation and Premium Quality Offerings

Product innovation and the emphasis on premium quality offerings are set to drive the fishmeal and fish oil market forward in 2024. Companies are investing in advanced technologies to improve the extraction and processing of fishmeal and fish oil, ensuring maximum retention of nutrients and minimizing environmental impact. Innovations include the development of specialty fishmeal and fish oil products tailored to specific aquaculture needs, such as enhanced formulations for different fish species or life stages.

Additionally, there is a growing trend towards the production of certified sustainable and traceable fishmeal and fish oil, meeting the stringent demands of eco-conscious consumers and regulatory bodies. Premium quality products that promise superior performance and sustainability credentials are likely to command higher market prices, encouraging companies to differentiate themselves through continuous innovation and quality enhancements.

Regional Analysis

Asia Pacific leads the fishmeal and fish oil market with a 45% market share.

The global fishmeal and fish oil market exhibits distinct regional characteristics, driven by varying degrees of aquaculture activities, dietary preferences, and marine resource availability. In North America, the market is propelled by the robust demand for high-quality fishmeal and fish oil in the animal feed and dietary supplements sectors, with the U.S. being a significant contributor. Europe remains a mature market with a strong focus on sustainability and advanced aquaculture practices, particularly in Norway and Denmark, leading to consistent demand for fishmeal and fish oil.

The Asia Pacific region dominates the market, accounting for approximately 45% of the global market share, driven by extensive aquaculture activities in China, India, and Southeast Asia. This region's burgeoning middle-class population and increasing health consciousness fuel the demand for nutritionally rich products. The Middle East & Africa region shows moderate growth, with a rising aquaculture industry and increased investments in fisheries. Latin America, particularly Peru and Chile, plays a crucial role as a leading producer and exporter of fishmeal and fish oil, capitalizing on abundant marine resources. Collectively, these regions shape a dynamic market landscape, with Asia Pacific at the forefront of consumption and growth.

Key Regions and Countries

North America

• The US
• Canada
• Rest of North America

Europe

• Germany
• France
• The UK
• Spain
• Netherlands
• Russia
• Italy
• Rest of Europe

Asia-Pacific

• China
• Japan
• Singapore
• Thailand
• South Korea
• Vietnam
• India
• New Zealand
• Rest of Asia Pacific

Latin America

• Mexico
• Brazil
• Rest of Latin America

Middle East & Africa

• Saudi Arabia
• South Africa
• UAE
• Rest of the Middle East & Africa

Key Players Analysis

In 2024, the global Fishmeal & Fish Oil market is marked by dynamic growth and diversification, driven by leading players such as Pelagia, The Scoular Company, and Pesquera Exalmar S.A.A. These companies are leveraging advanced technologies and sustainable practices to enhance product quality and output, addressing the rising demand from the aquaculture and animal feed sectors. Pelagia and The Scoular Company are prominent in the market due to their extensive supply chains and strong emphasis on sustainability. Pelagia's strategic focus on integrating its operations from catch to production ensures consistent supply and quality, while Scoular's global distribution network enhances market reach and customer accessibility.

Pesquera Exalmar S.A.A. and Copeinca, significant players in South America, are capitalizing on the rich marine resources of the Peruvian coast. Their investments in eco-friendly fishing techniques and efficient processing facilities position them as leaders in sustainable fishmeal production. In Asia, companies like Mukka Proteins Limited Arbee from India, and Wudi Deda Agriculture Co., Ltd. from China, are expanding rapidly. These companies benefit from robust domestic demand and are increasingly targeting export markets with competitively priced, high-quality products.

Southeast Asian players such as Sandakan Fishmeal Sdn Bhd, Asia Fish Oil Corporation, and Dai Dai Thanh Seafoods are crucial in supplying regional markets. Their strategic location and focus on innovation in fish oil extraction processes cater to the health and wellness industry’s growing needs. Norway's Austevoll Seafood ASA continues to be a key global player, renowned for its vertically integrated operations and commitment to environmental stewardship, making it a model for sustainable practices in the industry.

Market Key Players

• Pelagia
• The Scoular Company
• Pesquera Exalmar S.A.A.
• Copeinca
• Triple Nine Group
• 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)
• Austevoll Seafood ASA (Norway)

Recent Development

• In May 2024, BioMar announced the opening of a new fishmeal and fish oil production facility in Ecuador, aimed at enhancing sustainable aquafeed supply in Latin America.
• In March 2024, The Marine Ingredients Organization (IFFO) released a report highlighting a 5% increase in global fishmeal and fish oil production driven by sustainable practices in Peru and Chile.
• In February 2024, Cargill invested in a partnership with the University of Washington to develop innovative fishmeal alternatives, focusing on reducing environmental impact and supporting sustainable aquaculture.

Report Scope