increasing consumption of meat and poultry is driving the Fishmeal Market
Technavio analyzes that the Fishmeal Market is expected to grow at a CAGR of 4.5% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 1738.7 million.There are various factors that contribute to the growth of the market. The global fishmeal market is experiencing significant growth due to the rising consumption of meat and poultry products. As diets shift towards more protein-rich foods, the demand for fishmeal as an essential source of animal feed is increasing. Fishmeal is a valuable byproduct of the fishing industry, rich in nutrients such as omega-3 fatty acids, proteins, and minerals. This makes it an indispensable ingredient in the production of livestock feed, particularly for poultry and aquaculture. The market is expected to continue its upward trend as the demand for meat and poultry products continues to rise.
In the animal feed industry, fishmeal plays a pivotal role as a high-protein source, supplying essential nutrients such as calcium, phosphorus, minerals, omega-3 PUFAs, and lipids. With a crude protein content ranging from 62% to 70%, fishmeal is an indispensable ingredient for aquaculture feeds, particularly for fish and shrimp species. Its extensive use in pig and poultry farming is a significant growth driver for the global fishmeal market. Fishmeal's affordability as a protein source contributes to increased production of bacon, eggs, pork, and chicken, making it a valuable investment for animal rearing operations. In the pet food sector, fishmeal is also a preferred choice due to its nutritional benefits, enhancing the overall health and growth of animals.
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Fishmeal Market Segmentation
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Fishmeal, a valuable animal feed ingredient, is rich in Omega-3 fatty acids, particularly DHA, and high crude protein. Specialized variants contain crustacean-derived bioactive compounds for use in pharmaceutical and aquaculture applications. Its nutritional content makes it a premium feed additive for livestock, including pig farms and poultry, surpassing traditional feed ingredients like corn gluten meal and soybean meal. Fishmeal's protein source and amino acid composition offer nutritional benefits for various industries. However, concerns regarding heavy metals and synthetic feed additives have led to the exploration of sustainable intensification. Fish oil, derived from wild-caught fish, is another essential component, providing nutritional qualities for livestock feed and human consumption. Organic nitrogen from fishmeal serves as a fertilizer, contributing to crop growth, while minimizing the use of chemical-based fertilizers and addressing chronic diseases.
In the realm of business, the fishmeal market represents a significant sector, encompassing entities engaged in the production of fishmeal and its specialized variants. These products, derived primarily from fish and other marine organisms, are sought after for their high crude protein content and the presence of essential omega-3 fatty acids, particularly DHA. The market's growth is driven by its applications in various industries, including pharmaceuticals and aquaculture, where fishmeal serves as a premium feed additive. The nutritional content of fishmeal, including crustacean-derived bioactive compounds, contributes to its value in sustainable intensification efforts within the agriculture sector. However, concerns regarding synthetic feed additives and heavy metals in fishmeal production may pose challenges to market expansion.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
Jesse Maida
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