Attributing to the rise in preference for fish protein meals and heightening expenditure on customized diet, global fishmeal & fish oil market crossed its US$ 10 Bn mark in revenues, in 2019. Growing awareness about the medical benefits of omega-3 fatty acids found in fish oil will further contribute to market growth to a significant extent, as projected by a new study of Future Market Insights (FMI). The global fishmeal & fish oil market continues to witness growth on the back of surging popularity of health benefits of different fish species, fueling mass-adoption of aquaculture products. Continued preference for fishmeal & fish oil as the industry's feeding standard for aquaculture would assist manufacturers to capitalize on these consumer trends.
"Consumer trends such as high-protein diets increase the demand for edible fish and other aquatic animals, thereby inducing a rise in demand for fishmeal and fish oil in enhanced breeding aquaculture. This trend enables key market platers to capture financially rewarding opportunities," says the FMI study.
Fishmeal & Fish Oil Market- Key Takeaways
- The global fishmeal & fish oil market will continue to generate profitable opportunities at an impressive 6.7% CAGR during the forecast period.
- North America is the leading regional market with a majority share in the total market value.
- Europe and Asia will capture significant market value share during the projection period.
Fishmeal & Fish Oil Market- Key Driving Factors
- Increasing expenditure on high quality pet food by fish owners is a trend that drives demand for fish meals.
- Surge in awareness of health benefits among high-income individuals contributes to increasing adoption of fish based diets which further the demand for fishmeal & fish oil from the aquaculture industry.
- Increasing applications of omega-3 and other fish oil nutritional elements in the pharmaceutical industry also contribute to market growth.
Fishmeal & Fish Oil Market- Key Restraints
- Prevalence of plant-based fish feed poses restraints to the growth of fishmeal & fish oil products.
- Increasing investments in developing alternative sources of protein in animal feed negatively impacts the otherwise healthy growth trajectory.
COVID-19 Impact on Fishmeal & Fish Oil Market
As the world fights COVID-19, the negative impact on aquaculture and hydroponics industry directly affects fishmeal & fish oil market. The Fishing industry also faces headwinds as operations have come to a halt due to lack of workforce and government imposed COVID-19 restrictions. Since these industries are primary demand generators for fishmeal & fish oil products, the market is going through troublesome times. Consumer trends such as social distancing have rendered the demand from restaurants and hotels obsolete. The suspension of non-essential trade presents logistic challenges for market players regarding raw material procurement and finished product distribution. Now sanitary measures imposed to stop the spread of COVID-19 disregards existing hygiene measures and further adds to the plight of fishmeal & fish oil manufacturers.
Competitive Landscape
Major players are expanding their global footprint in western Europe to leverage financially rewarding growth potential in this region. Capacity expansion by installation of production facilities near aquaculture hubs is another popular competitive strategy. Key players that influence the fishmeal & fish oil market are, but not limited to, FMC corporation, Austevoll Seafood ASA, Croda International PLC., Oceana Group Ltd, Omega Protein Corporation, Sürsan, The Scoular Company, GC Rieber Oils, Marvesa, Tasa, Orizon, Pioneer Fishing, Triplenine Group, Pesquera Exalmar S.A.A, Corpesca SA, FF Skagen A/S, Copeinca ASA, Colpex, and Mukka Sea Food Industries Pvt. Ltd.
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Press Release Source: https://www.accesswire.com/588452/Evaluating-the-COVID-19-Impact-Fishmeal-Fish-Oil-Witness-Plunging-Sales-Due-to-Grounded-Fishing-Fleet-Future-Market-Insights
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in London, the global financial capital, and has delivery centers in the U.S. and India. FMI’s largest market research reports and industry analysis help businesses navigate challenges and take critical decisions with confidence and clarity amidst breakneck competition.
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