Global Fishmeal & Fish Oil Market: Fish meal is a commercial product obtained from bones of wild-caught small marine fishes. The process includes drying fish or fish trimmings and then grinding it. Fish oil is fatty oil obtained from fishes that contain large amounts of unsaturated fatty acids. Fish meal & fish oil have gained great demand due to their application in various industries.
Major factors driving growth of the global fishmeal & fish oil market include growing trend of trading fishmeal & fish oil, and increasing demand for quality fish worldwide. Moreover, increasing demand for aquaculture in export markets influences the supply of high quality fishmeal & fish oil for animal feed. However, rising prices of ingredients used in fishmeal & fish oil, availability of feed ingredients substitutes, microbial contamination, and various environmental factors are restraining growth of the global fishmeal & fish oil market. Rising prices of raw materials may lead to uncertain supply in local markets.
Among the source segments, salmon & trout fish segment accounts for the largest revenue share of the global fishmeal & fish oil market as it contains high percentage of bones and oil.
Among the industrial applications segments, pharmaceuticals segment leads with largest revenue share of the global fishmeal & fish oil market. Fish oil is used in pharmaceuticals industries as it provides EPA and DHA, which play a vital role in neurological development and mental health. In addition, due to rising concerns associated with prevalence of chronic diseases, fish oil is widely consumed in the form of Omega-3 fatty acids to maintain health and prevent from cardiovascular diseases.
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Asia Pacific market accounted for comparatively higher share in the global fishmeal & fish oil market in 2016 and is expected to continue its dominance during the forecast period due to rapid development of aquaculture, and increasing usage of fishmeal & fish oil in countries of this region. In addition, Europe market is expected to witness a surge in growth due to rising usage of fishmeal & fish oil in developing innovative additives that provide nutrients to livestock through their feed.
Key players include FMC Corporation, Austevoll Seafood ASA, Croda International Plc, Oceana Group Limited, Omega Protein Corporation, Srsan, The Scoular Company, GC Rieber Oils, Marvesa, and TASA.