Fishmeal is a rich source of animal protein, vitamins, minerals, and other growth factors. They are added to feed as a supplement to enhance the feed performance. Fishmeal market is observing an exponential growth based on its high usage in the aquaculture industry. Additionally, increasing demand for protein-rich animal feed and increasing awareness regarding livestock health among the livestock holder is driving the growth of global fishmeal market.
The developed economies of the European region is experiencing a high demand for feed additives such as fishmeal owing to high demand for protein & vitamin-rich feed. Additionally, growing awareness regarding available health benefits to animals from fishmeal is pushing the market growth in a positive direction.
The global fishmeal market is increasing due to increase in seafood consumption. Furthermore, improved processing methods and development of high-end technologies has supported the market growth in a positive direction. The market players have enough opprtunity to come up with new and improved products , which has boosted the share of fishmeal in the global market. Nevertheless, all these factors are projected to contribute to the estimated CAGR of 7.8% of the fishmeal market during the forecast period, 2017-2023.
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The major players in the fishmeal market
The global fishmeal market is segmented into source and livestock.
On the basis of the type, it is segmented into salmon, trout, carps, crustaceans, tilapias, and others. Among all the types, the salmon segment is dominating the market followed by trout.
On the basis of the livestock, it is segmented into poultry, swine, ruminants, aquatic, and others. Among all, the aquatic segment is dominating the market based on increased consumption of marine products globally.
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The global fishmeal market is segmented into North America, Europe, Asia Pacific, and rest of the world (RoW). The Asia Pacific region is dominating the fishmeal market followed by North America. Growing health awareness towards livestock animals and uplifted consumption of aquatic animals have surged the demand for fishmeal. Moreover, increased demand for improved quality animal feed is driving the market of fishmeal in the Asia Pacific region.
Furthermore, the U.K dominates the European fishmeal market. Increased demand for seafood in the European region is likely to boost the fishmeal market over the forecast period. Additionally, the major key players are actively involved in the research & development to enhance the efficiency of animal feed.
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