Renub Research has recently published a report named “Global Fishmeal Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2030,” providing a detailed industry analysis that consists of market share insights. Furthermore, the report encompasses a study of competitors and regions and the recent growth in the Global Fishmeal Market.
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Global Fishmeal Market is predicted to grow at a CAGR of 5.13% during 2023-2030. Fishmeal popularity in the global market arises from its high nutritional value, versatility across industries, and association with sustainable aquaculture. Fishmeal is a high-protein, high-oil meal made from the whole, dried, ground bodies of small, oily fish such as anchovies, sardines, and menhaden.
Fishmeal is crucial for animal feeds, particularly in aquaculture, promoting healthy growth. Its adaptability extends to applications in pet food, fertilizers, and pharmaceuticals. The thriving aquaculture industry depends on fishmeal for quality and growth of farmed fish and shrimp. By utilizing bycatch and low-value fish, fishmeal reduces waste and addresses sustainability concerns.
Improved production techniques, including advanced processing methods like drying and grinding, have boosted the global fishmeal market. These techniques have improved the quality and consistency of fishmeal, increasing its appeal to consumers. Moreover, they have enhanced production efficiency, resulting in higher yields and reduced costs. Consequently, the global fishmeal market has grown, meeting the increasing demand for fishmeal in aquaculture feed and other industries. The adoption of sustainable fishery practices and alternative fish assets has additionally performed a function within the marketplace’s popularity and sustainability.
In 2022, Norway finished a fishmeal production of 1.8 million tonnes, as pronounced through the Norwegian Directorate of Fisheries. The high quality and reputation of Norwegian fishmeal can be attributed to the talent in fish processing, utilization of advanced technologies, implementation of efficient manufacturing strategies, and dedication to sustainable fisheries management. The strong fishmeal mainly stems from the thriving aquaculture industry, especially in salmon farming. Government’s support through rules, research funding, and investments in infrastructure performs a pivotal role in fostering innovation and using boom within the sector.
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The investment in the aquaculture sector to reduce reliance on imported seafood has driven the demand for fishmeal in feed formulations. Government initiatives, including grants and tax incentives, support the growth of the aquaculture industry and stimulate fishmeal consumption. Furthermore, the awareness of fishmeal’s health benefits and environmental sustainability contributes to its popularity as a valuable protein source in the livestock and aquaculture sectors.
In 2022, Turkey imported 2.69 million tonnes of fishmeal, driven with the aid of its expanding aquaculture zone and the demand for fishmeal in animal feed. The growing populace and converting dietary preferences in Turkey have accelerated seafood intake, growing a higher need for fishmeal. Turkey’s strategic location on the crossroads of Europe, Asia, and the Middle East permits the import of fishmeal from worldwide suppliers to satisfy home demand. The availability of numerous fishmeal products allows Turkey to get right of entry to tailored nutritional options for its aquaculture and farm animals industries. Technological improvements and advanced transportation infrastructure make certain green fishmeal imports, maintaining product first-rate and timely transport.
The availability of numerous fish species serves as a reliable uncooked fabric source, helping industry expansion. Government rules selling the fishing region and export activities, such as infrastructure investments and subsidies, create a good surroundings for fishmeal exports. The growing worldwide demand for fishmeal in animal feed and aquaculture, driven with the aid of its dietary blessings and excessive protein content material, in addition boosts export increase. Advancements in fishmeal manufacturing technologies and processing methods make sure exquisite products that meet international standards, enhancing the competitiveness of Russian fishmeal in the worldwide marketplace.
Tilapia’s versatility and capacity to thrive in numerous environmental situations boom manufacturing and force the demand for fishmeal in tilapia feed. Its mild flavour, dietary cost, and culinary versatility contribute to rising customer demand. The awareness on sustainable aquaculture practices promotes using fishmeal from opportunity and sustainable resources, lowering environmental impact. Advances in fish feed studies decorate tilapia increase and health, in addition growing the demand for great fishmeal.
The growth of aquaculture usage in the global fishmeal market is driven by increasing demand for sustainable seafood solutions and advancements in aquaculture technologies. Fishmeal plays a crucial role in supporting the growth and health of farmed fish, while specialized fish feeds, including fishmeal, enhance their nutritional quality. The recognition of fishmeal as a valuable protein source has led to its adoption in aquaculture, and the industry’s focus on environmental sustainability has promoted the use of alternative feed ingredients, reducing pressure on wild fish stocks, and promoting sustainable practices.
Prominent companies in the global fishmeal market include FMC Corporation, Croda International Plc., Mukka Proteins Limited, FKS Multi Agro, and GC Rieber Oil.
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