The Consequence of COVID-19 Pandemic on Fishmeal Industry:
The enduring COVID-19 pandemic has affected economies and industries in diverse countries due to lockdowns, travel prohibitions, and the shutdown of production facilities. Globally, the animal feed and aquaculture industries are amongst the worst hit sectors from the pandemic, going through severe disturbances, such as supply chain breaks and the shutdown of product manufacturers. The shutdown of various plants and factories in multiple regions has impacted the global supply chain and negatively affected the manufacturing, delivery schedules, and sales of different animal feed ingredients and raw materials for agrochemicals.
Further, the global travel bans levied by countries are influencing business collaborations and partnership prospects. All these elements negatively impact the fishmeal market and, thus, restrain its growth in 2020. Additionally, the decline in the demand for seafood has resulted in diminished fishmeal production. Low fish demand declined fish fleet activities, which negatively influenced the production of fish by-products, specifically fishmeal. Nevertheless, with the launch of vaccination campaigns globally, the economies are reviving, and industries are witnessing demand for their products. According to the publisher, The Global Fish Meal Market Size was US$ 8.10 Billion in 2021.
China Dominates the Fish Meal Landscape Amongst the Importing Countries:
In China, the farmers secure high-protein fish meals in their aquatic systems; therefore, global developments in the shrimp farming industry are driving imports for high-quality fish meals. Besides, limited supply and strict fishing restrictions allow regional companies to develop safer and more productive methods of collecting and selling fish meals, promoting overall import growth across the provinces of China. Further, with rising demand for marine by-products and seafood in the country, suppliers of fish meal in China are focusing on improving quality, productivity, and sustainability.
Peru Eyes Major Fish Meal Exports in the Worldwide Fish Meal Market:
As per our analysis, Peru holds the most dominant market share worldwide in the fish meal industry. In addition, demand for fish meals is further expected to witness decent growth throughout the forecast period. Moreover, the widespread presence of a large food sector and genuine restaurant chains will continue to enhance exports for the fish meal from the Peruvian market. Further, increasing per capita seafood spending and growing awareness of the health advantages of seafood will continue to boost fish meal exports from the Peruvian market.
Vietnam's Fishing Industry Grows to Become One of the Top Fishmeal Producers in Asia:
According to the publisher, India, Japan, Vietnam, China, Thailand, and Malaysia are Asia's most significant fish meal producers, wherein most of the production is consumed in Asian markets. Vietnam's fishing industry has evolved to become one of Asia's top fishery producers. Moreover, the production of fish meals in Vietnam is further envisioned to increase at a high expansion rate due to rising demand from diverse end-use industries such as poultry, aquafeed, and others.
Worldwide, Fish Meal Industry Is Expected to Expand at A CAGR of 4.1% During 2021-2027:
Increasing awareness about the fish meal diet such as blood meals, meat, and bone in animal feed is anticipated to augment the demand for fish meal. Moreover, people residing in developed countries are shifting from red meat to alternative protein sources for animal feed, which is expected to rise in the global demand for fish meals. Besides, aquaculture will continue to fill the rising supply-demand gap in the face of fast-increasing global fish meal demand. Further, increasing competition and dependency for crops under pressure to meet global demand for feed, food, bio-fuels, and bio-based materials are expected to drive the global fish meal market.
This latest research report “Fish Meal Market, Global Forecast By Species (Anchovy, Blue whiting, Sardines, Capelin, Menhaden, Norway Pout, Sand eel, Sprat and Others), End-User (Aquaculture, Chicken, Pig and Others), Aquaculture (Cyprinids, Eels, Crustaceans, Marine fish, Salmonids, Tilapias and Others), Producing Countries (Peru, China, Thailand, Vietnam, United States, Chile, Japan, Denmark, India, Norway, Ecuador, Morocco, Russia, Iceland, Malaysia and Others), Importing Countries (China, Norway, Japan, Taiwan, Turkey and Others), Exporting Countries (Peru, Denmark, Chile, United States, Morocco, Iceland and Others)” provides a detailed analysis of GlobalFish Meal Industry.
Species Market & Volume Analysis have been done from 9 viewpoints:
- Anchovy
- Blue whiting
- Sardines
- Capelin
- Menhaden
- Norway Pout
- Sand eel
- Sprat
- Others
End-User Market & Volume Analysis have been done from 4 viewpoints:
- Aquaculture
- Chicken
- Pig
- Others
Aquaculture Market & Volume Analysis have been done from 7 viewpoints:
- Cyprinids
- Eels
- Crustaceans
- Marine fish
- Salmonids
- Tilapias
- Others
Producing Country Market & Volume Analysis have been done from 16 viewpoints:
- Peru
- China
- Thailand
- Vietnam
- United States
- Chile
- Japan
- Denmark
- India
- Norway
- Ecuador
- Morocco
- Russia
- Iceland
- Malaysia
- Others
Top Importing Country Market & Volume Analysis have been done from 6 viewpoints:
- China
- Norway
- Japan
- Taiwan
- Turkey
- Others
Top Exporting Country Market & Volume Analysis have been done from 7 viewpoints:
- Peru
- Denmark
- Chile
- United States
- Morocco
- Iceland
- Others
Table of Contents
Methodology
In this report, for analyzing the future trends for the studied market during the forecast period, the publisher has incorporated rigorous statistical and econometric methods, further scrutinized by secondary, primary sources and by in-house experts, supported through their extensive data intelligence repository. The market is studied holistically from both demand and supply-side perspectives. This is carried out to analyze both end-user and producer behavior patterns, in the review period, which affects price, demand and consumption trends. As the study demands to analyze the long-term nature of the market, the identification of factors influencing the market is based on the fundamentality of the study market.
Through secondary and primary researches, which largely include interviews with industry participants, reliable statistics, and regional intelligence, are identified and are transformed to quantitative data through data extraction, and further applied for inferential purposes. The publisher's in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. These analytical tools and models sanitize the data & statistics and enhance the accuracy of their recommendations and advice.
Primary Research
The primary purpose of this phase is to extract qualitative information regarding the market from the key industry leaders. The primary research efforts include reaching out to participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions. The publisher also established professional corporate relations with various companies that allow us greater flexibility for reaching out to industry participants and commentators for interviews and discussions, fulfilling the following functions:
- Validates and improves the data quality and strengthens research proceeds
- Further develop the analyst team’s market understanding and expertise
- Supplies authentic information about market size, share, growth, and forecast
The researcher's primary research interview and discussion panels are typically composed of the most experienced industry members. These participants include, however, are not limited to:
- Chief executives and VPs of leading corporations specific to the industry
- Product and sales managers or country heads; channel partners and top level distributors; banking, investment, and valuation experts
- Key opinion leaders (KOLs)
Secondary Research
The publisher refers to a broad array of industry sources for their secondary research, which typically includes, however, is not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Patent and regulatory databases for understanding of technical & legal developments
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic new articles, webcasts, and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecasts
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 475 |
| Published | February 2022 |
| Forecast Period | 2021 - 2027 |
| Estimated Market Value ( USD | $ 8.1 Billion |
| Forecasted Market Value ( USD | $ 10.31 Billion |
| Compound Annual Growth Rate | 4.1% |
| Regions Covered | Global |
