Fishmeal is produced using fish by-products from food processing and filleting industries and is mainly used as high protein (60-72%) ingredient in feed produced for farmed animals and aquaculture species. The demand for fishmeal exceeds the supply for it and therefore the feed industry has considerably changed the composition of fishmeal in feed. The fishmeal market as witnessed growth over historic period owing to development of aquaculture due to rising demand for seafood products and increased reliance on aquaculture by developing countries to resolve food scarcity.
RISE IN INDUSTRIAL LIVESTOCK PRODUCTION IS EXPECTED TO DRIVE THE FISHMEAL MARKET GROWTH
The industrialization of animal farming has increased the demand for protein-rich animal feed ingredients to raise the feed conversion rate. Industrially raised livestock are mainly fed on concentrates made from cereal and vegetable protein such as soybean meals to assist them in gaining weight and producing protein-rich meat. Farm animals depend on proteins and other elements as building blocks essential for growth. Proteins in animal feeds are an excellent energy source and essential amino acids, such as lysine and methionine. The growing awareness about the health benefits of proteins on animal health has created a substantial demand for various protein feeds, such as animal protein meals, feather meals, fishmeal, bone meal, and blood meal. Fishmeal is a rich source of protein, minerals, and fatty acids and is easily digested by the livestock upon consumption. High-quality fishmeal enables the formulation of nutrient-dense livestock diets, promoting their optimal growth. As livestock and farm animals contribute significantly to the global food supply chain, the demand for protein-rich nutritious animal feed is rising and is expected to continue during the forecast period. The constantly burgeoning demand for protein-rich animal feeds to promote growth in livestock at all stages of life is driving the overall fishmeal market substantially. Moreover, the growth of aquaculture leads to the increasing availability of fish (as a raw material of fishmeal) and the rising demand for fishmeal (a protein-rich ingredient in aquafeed). Aquaculture is a flourishing industry witnessing a surge in the demand for various seafood products and processed byproducts. Technological advancements have enabled food and fish production in coastal marine waters and the open ocean. Fishmeal is obtained from fishes not suitable for human consumption and also as a byproduct of seafood processing. It is used as a protein-rich feed ingredient, including aquafeed. It offers enormous quantities of energy per unit weight and is an excellent source of protein, lipids, minerals, and vitamins while offering minimal carbohydrates. It is the most valuable non-edible product obtained from fishing. Approximately 30% of the harvested fishes are processed into fishmeal each year. Thus, the growth of aquaculture boost demand for fishmeal during the forecast period.
Some of the major key players operating in the global fishmeal market include TripleNine, The Scoular Company, FF SKAGEN A/S, Pelagia AS, Soytex LTD, Pesquera Diamante S.A.,TASA, Oceana Group Limited, Omega Protein Corporation and COPEINCA among others.The major players in the fishmeal market are focusing on strategies such as research and development and new product development to increase the geographical presence and consumer base globally.
