Fishmeal & Fish Oil Market: Growing awareness about livestock and pet health and nutrition driving the market growth

The Fishmeal & Fish Oil Market is estimated to be valued at USD 12.1 billion in 2022. It is projected to reach USD 15.4 billion by 2027, with a CAGR of 4.9%, in terms of value between 2022 and 2027. 

The reasons that are driving the growth of the fishmeal & fish oil market are rising focus on the health and nutrition of livestock animals, especially in Asia Pacific region and improved productivity and environmental performance of aquaculture, coupled with rising ageing population which poses an attractive market for fishmeal & fish oil owing to their health benefits. Fishmeal & fish oil enhance the nutritional profile and offers a range of health benefits in terms of supporting the immunity and gut health of livestock animals, along with enhancing the feed efficiency, due to which they are in significant demand across the livestock and pharma industries.

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​Drivers:  Increasing awareness about livestock and pet health and nutrition

In Indonesia, Australia, Vietnam, Taiwan, and Korea, awareness regarding the health and nutrition of pets and livestock have increased significantly in recent years. In July 2019, scientists from Australia and Vietnam discovered that supplementing animal feed with fish oil enhances milk yield and is also an effective way to enhance long-chain fatty acids (n-3 LC-PUFA) in dairy products. Increasing consumer awareness regarding potential health benefits offered by fish oil and fishmeal products in animal feed is driving demand in Asia Pacific region. The poultry and cattle population is increasing significantly in Asia Pacific, which presents significant business opportunities for fishmeal and fish oil manufacturers.

The rise in pet humanization trends in Asia Pacific has increased the demand for premium pet food ingredients and products, which deliver multifunctional health benefits. The spending on health-focused pet food ingredients is rising, with the increasing awareness and disposable income among pet owners. Fish oil products are increasingly being used in pet food products to supplement the health, growth, development, and nutrition of pets. An official representative of Fable (US), a premium pet brand, stated in December 2020 that the company witnessed unprecedented growth owing to increased pet adoption and spending on pet nutrition and welfare. As pet ownership increases in the region and the focus on pet health and nutrition continues to gain traction, the Asia Pacific pet food industry will continue to present significant business opportunities for fishmeal and fish oil manufacturers.

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Key players in this market include FKS Multi Agro (Indonesia), Mukka Proteins Limited (India), Arbee (India), Sandakan Fishmeal Sdn Bhd (Malaysia), Wudi Deda Agriculture Co., Ltd. (China), Raj Fishmeal and Oil Company (India), Asia Fish Oil Corporation (Vietnam), Dai Dai Thanh Seafoods (Vietnam), Pattani Fish Meal (1988) Co., Ltd. (Thailand) and Austevoll Seafood ASA (Norway).

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