CHICAGO, Nov. 9, 2022 /PRNewswire/ -- The Fishmeal & Fish Oil Market is estimated to be valued at USD 12.1 billion in 2022. It is projected to reach USD 15.4 billion by 2027, with a CAGR of 4.9%, in terms of value between 2022 and 2027 according to a new report by MarketsandMarkets. The reasons that are driving the growth of the fishmeal & fish oil market are rising focus on the health and nutrition of livestock animals, especially in Asia Pacific region and improved productivity and environmental performance of aquaculture, coupled with rising ageing population which poses an attractive market for fishmeal & fish oil owing to their health benefits. Fishmeal & fish oil enhance the nutritional profile and offer a range of health benefits in terms of supporting the immunity and gut health of livestock animals, along with enhancing the feed efficiency, due to which they are in significant demand across the livestock and pharma industries.
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Fishmeal account for the largest market share in the fishmeal & fish oil market
Based on type, fishmeal accounts for the dominant share in the fishmeal & fish oil market. Fishmeal finds extensive applications in livestock feed and are considered among the most health-oriented feed ingredients that are associated with a range of health benefits with regards to cognitive health, skin and coat health, immunity, and joint health. The rising awareness with regards to health and nutrition of livestock animals is likely to drive growth of fishmeal over the forecasted period.
Salmon & trout account for the largest market share in the fishmeal & fish oil market
Based on source, salmon & trout products account for the dominant share in the fishmeal & fish oil market. Fishmeal & fish oil are the major component in salmonid feed formulation, and they find extensive applications in salmon & trout feeds owing to their rich and desirable health benefits which enriches their feed efficiency, which will continue to contribute to the growth and demand of fishmeal & fish oil over the forecasted period.
The aquatic animals segment is projected to account for the largest market share in the fishmeal & fish oil market
Based on livestock application, the aquatic animals segment is likely to dominate over the forecasted period. The increased application of fishmeal & fish oil in aquatic animals feed has grown in recent years, owing to their positive perception and significant number of health benefits, which are associated with them. The rise in growth of the aquaculture industry and increased productivity has contributed to the rising demand for high quality and premium fishmeal & fish oil, which is also likely to continue to present significant business opportunities for the fishmeal & fish oil industry over the forecasted period.
The aquaculture segment is projected to retain its position as the dominant segment in the fishmeal & fish oil market during the forecast period
Based on industrial application, aquaculture segment is likely to account for the dominant segment over the forecasted period owing to their rapid growth and increased productivity. The application of fishmeal & fish oil in aquaculture feed significantly enhances feed efficiency, nutrient uptake, digestion and absorption due to which they have been in significant demand over the recent years. With the growing aquaculture industry, especially in the Asia Pacific region, the fishmeal & fish oil industry is likely to witness significant growth opportunities over the forecasted period.
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Europe is projected to be the second largest market for the fishmeal & fish oil market during the forecast period
Based on region, Europe region is projected to be the second largest market for fishmeal & fish oil industry during the forecast period. This growth of the fishmeal & fish oil industry in the region is supported by factors such as increased adoption of pet animals in the region and the rising pet humanization trend which has contributed to a higher level of awareness regarding the health and nutrition of pet animals. The region is also witnessing a significant growth in aquaculture and pharmaceutical industries, which are significant markets for fishmeal & fish oil, which will also continue to offer significant growth opportunities for fishmeal & fish oil over the forecasted period.
This report includes a study on the marketing and development strategies, along with the product portfolios of leading companies. It consists of profiles of leading companies, such as 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) and Austevoll Seafood ASA (Norway).
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