Anchovy Segment to Dominate North America Fishmeal Market during 2020–2028
According to The Insight Partners market research study on “North America Fishmeal Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Source and Application” is expected to reach US$ 2,040.86 million by 2028 from 1,208.19 US$ million in 2021. The market is estimated to grow at a CAGR of 7.8% from 2021 to 2028. The report provides trends prevailing in the North America fishmeal market along with the drivers and restraints pertaining to the market growth. Increase in industrial livestock production is the major factor driving the growth of the North America fishmeal market. However, issues associated with presence of substitutes hinders the growth of North America fishmeal market.
North America fishmeal market is segmented into source, application, and country. Based on source, the North America fishmeal market is segmented into salmon, mackerel, anchovy, capelin, and others. In 2020, the anchovy segment accounted for the largest revenue share. Based on application, the North America fishmeal market is segmented into animal feed, agriculture, and others. In 2020, the animal feed segment accounted for the largest revenue share. Based on country, the North America fishmeal market is segmented into the US, Canada, and Mexico. The US held the largest market share in 2020.
As the COVID-19 outbreak affected the supply and distribution chain to a large extent, operations of various markets, including the fishmeal market, were largely affected, as it resulted in the unavailability of raw materials due to lockdown in many supplying countries.
COPEINCA; Oceana Group Limited; Omega Protein Corporation; Pelagia AS; Soytex LTD; The Scoular Company; and TripleNine are among the leading companies in the North America fishmeal market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market.
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