Fish Meal Market, Size, Global Forecast 2022-2027, Industry Trends, Growth, Impact of COVID-19, Opportunity Company Analysis

Fish Meal Market, Size, Global Forecast 2022-2027, Industry Trends, Growth, Impact of COVID-19, Opportunity Company Analysis

Global Fishmeal market is expected to reach US$ 10.31 Billion by 2027. Globally, fishmeal is a generic word for a nutrient-rich meal ingredient utilized predominantly in diets for domestic animals, occasionally used as a high-quality organic fertilizer. Fishmeal can be produced from basically any type of seafood but is generally manufactured from wild-caught, small marine fish possessing a high percentage of bones and oil and are usually deemed unsuitable for direct human consumption. Besides, nutritionists recognize fishmeal as a high-quality, very digestible feed component that is preferred for the diet of most farm animals, mainly fish and shrimp.

The Consequence of COVID-19 Pandemic on Fishmeal Industry:

The enduring COVID-19 pandemic has affected economies and industries in diverse countries due to lockdowns, travel prohibitions, and the shutdown of production facilities. Globally, the animal feed and aquaculture industries are amongst the worst hit sectors from the pandemic, going through severe disturbances, such as supply chain breaks and the shutdown of product manufacturers. The shutdown of various plants and factories in multiple regions has impacted the global supply chain and negatively affected the manufacturing, delivery schedules, and sales of different animal feed ingredients and raw materials for agrochemicals.

Further, the global travel bans levied by countries are influencing business collaborations and partnership prospects. All these elements negatively impact the fishmeal market and, thus, restrain its growth in 2020. Additionally, the decline in the demand for seafood has resulted in diminished fishmeal production. Low fish demand declined fish fleet activities, which negatively influenced the production of fish by-products, specifically fishmeal. Nevertheless, with the launch of vaccination campaigns globally, the economies are reviving, and industries are witnessing demand for their products. According to Renub Research, The Global Fish Meal Market Size was US$ 8.10 Billion in 2021.

China Dominates the Fish Meal Landscape Amongst the Importing Countries:

In China, the farmers secure high-protein fish meals in their aquatic systems; therefore, global developments in the shrimp farming industry are driving imports for high-quality fish meals. Besides, limited supply and strict fishing restrictions allow regional companies to develop safer and more productive methods of collecting and selling fish meals, promoting overall import growth across the provinces of China. Further, with rising demand for marine by-products and seafood in the country, suppliers of fish meal in China are focusing on improving quality, productivity, and sustainability.

Peru Eyes Major Fish Meal Exports in the Worldwide Fish Meal Market:

As per our analysis, Peru holds the most dominant market share worldwide in the fish meal industry. In addition, demand for fish meals is further expected to witness decent growth throughout the forecast period. Moreover, the widespread presence of a large food sector and genuine restaurant chains will continue to enhance exports for the fish meal from the Peruvian market. Further, increasing per capita seafood spending and growing awareness of the health advantages of seafood will continue to boost fish meal exports from the Peruvian market.

Vietnam's Fishing Industry Grows to Become One of the Top Fishmeal Producers in Asia:

According to Renub Research, India, Japan, Vietnam, China, Thailand, and Malaysia are Asia's most significant fish meal producers, wherein most of the production is consumed in Asian markets. Vietnam's fishing industry has evolved to become one of Asia's top fishery producers. Moreover, the production of fish meals in Vietnam is further envisioned to increase at a high expansion rate due to rising demand from diverse end-use industries such as poultry, aquafeed, and others.

Worldwide, Fish Meal Industry Is Expected to Expand at A CAGR of 4.1% During 2021-2027:

Increasing awareness about the fish meal diet such as blood meals, meat, and bone in animal feed is anticipated to augment the demand for fish meal. Moreover, people residing in developed countries are shifting from red meat to alternative protein sources for animal feed, which is expected to rise in the global demand for fish meals. Besides, aquaculture will continue to fill the rising supply-demand gap in the face of fast-increasing global fish meal demand. Further, increasing competition and dependency for crops under pressure to meet global demand for feed, food, bio-fuels, and bio-based materials are expected to drive the global fish meal market.

Renub Research latest report “Fish Meal Market, Global Forecast By Species (Anchovy, Blue whiting, Sardines, Capelin, Menhaden, Norway Pout, Sand eel, Sprat and Others), End-User (Aquaculture, Chicken, Pig and Others), Aquaculture (Cyprinids, Eels, Crustaceans, Marine fish, Salmonids, Tilapias and Others), Producing Countries (Peru, China, Thailand, Vietnam, United States, Chile, Japan, Denmark, India, Norway, Ecuador, Morocco, Russia, Iceland, Malaysia and Others), Importing Countries (China, Norway, Japan, Taiwan, Turkey and Others), Exporting Countries (Peru, Denmark, Chile, United States, Morocco, Iceland and Others)” provides a detailed analysis of GlobalFish Meal Industry.

Species Market & Volume Analysis have been done from 9 viewpoints:

1. Anchovy
2. Blue whiting
3. Sardines
4. Capelin
5. Menhaden
6. Norway Pout
7. Sand eel
8. Sprat
9. Others

End-User Market & Volume Analysis have been done from 4 viewpoints:

1. Aquaculture
2. Chicken
3. Pig
4. Others

Aquaculture Market & Volume Analysis have been done from 7 viewpoints:

1. Cyprinids
2. Eels
3. Crustaceans
4. Marine fish
5. Salmonids
6. Tilapias
7. Others

Producing Country Market & Volume Analysis have been done from 16 viewpoints:

1. Peru
2. China
3. Thailand
4. Vietnam
5. United States
6. Chile
7. Japan
8. Denmark
9. India
10. Norway
11. Ecuador
12. Morocco
13. Russia
14. Iceland
15. Malaysia
16. Others

Top Importing Country Market & Volume Analysis have been done from 6 viewpoints:

1. China
2. Norway
3. Japan
4. Taiwan
5. Turkey
6. Others

Top Exporting Country Market & Volume Analysis have been done from 7 viewpoints:

1. Peru
2. Denmark
3. Chile
4. United States
5. Morocco
6. Iceland
7. Others