North America Fishmeal Market to Grow at a CAGR of 7.8% to reach US$ 2,040.86 million from 2021 to 2028

The fishmeal market in North America is expected to grow from US$ 1,208.19 million in 2021 to US$ 2,040.86 million by 2028; it is estimated to grow at a CAGR of 7.8% from 2021 to 2028.

The US, Canada, and Mexico are major economies in North America. Industrial livestock production has undergone substantial transformation due to technological advancements in animal vaccinations and antibiotics. According to the Food and Agriculture Organization (FAO), more than half of the world's pork and poultry, one-tenth of beef and mutton, and more than two-thirds of egg supply have originated from industrial livestock production. The development of industrial livestock production across the world has led to a significant rise in the demand for highly nutritious animal feed products. The surge in the industrial production of mutton, beef, pork, and poultry compared to grazing and mixed farming has necessitated the demand for high-grade animal feed, which, in turn, is boosting the demand for feed ingredients, including fishmeal. Fishmeal helps in enhancing feed efficiency and improving feed palatability, digestion, nutrient uptake, and absorption. Industrial livestock production has ensured a high volume of meat production at low cost by taking advantage of economies of scale. The availability of dairy and meat products at low prices has led to an increase in their consumption and thereby contributed to the growth of the industrial livestock production industry. The robust growth witnessed by the industrial livestock production sector has spurred the demand for high-quality animal feed used in rearing a range of livestock, including cattle, swine, goats, chicken, fish, and shrimps. The crucial role played by industrial livestock production in meeting the nutritional requirement of humans worldwide has led to the proliferation of industrial livestock farms across the world and augmented the sale of animal feed and its ingredients. Thus, the rise in industrial livestock production is fueling the market growth of fishmeal, as fishmeal is used as a natural protein-rich ingredient in animal feed.

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.

With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the North America fishmeal market. The North America fishmeal market is expected to grow at a good CAGR during the forecast period.

North America Fishmeal Market Revenue and Forecast to 2028 (US$ Million)

North America Fishmeal Market Segmentation

 

North America Fishmeal Market – By Source

• Salmon
• Mackerel
• Anchovy
• Capelin
• Others

North America Fishmeal Market – By Application

• Animal Feed
• Agriculture
• Others

North America Fishmeal Market, by Country

• US
• Canada
• Mexico

North America Fishmeal Market - Companies Mentioned

• COPEINCA
• Oceana Group Limited
• Omega Protein Corporation
• Pelagia AS
• Soytex LTD
• The Scoular Company
• TripleNine

North America Fishmeal Report Scope