The global fishmeal market will grow 1.5 times in ten years

Published 2024년 4월 24일

Tridge summary

The global fishmeal market is expected to see a significant growth, with an estimated increase of 1.5 times from 2024 to 2034, reaching a value of $8.7 billion with an annual growth rate of 4.4%, as per Future Market Insights. This growth is primarily driven by the rise in production and the increasing market value of the product. China is the largest consumer of fishmeal, mainly for use in aquaculture feed. Peruvian, Chilean, and Indian producers contribute significantly to the global production of approximately 5 million tons over the past decade. Fishmeal is a crucial component of aquaculture feed and is also used in livestock and poultry production as a source of protein and omega-3 fatty acids, offering nutritional benefits and replacing traditional feed ingredients.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Experts predict that the global fishmeal market will grow 1.5 times by 2034, according to the website sfera.fm. According to the Future Market Insights agency, the fishmeal market will grow 1.5 times from 2024 to 2034 - from $5.6 billion to $8.7 billion with an average annual growth rate of 4.4%. This will be affected by both the increase in production and the increase in the market value of the product. As noted, China is the main buyer on the global fishmeal market - 1/3 of global consumption. In China, fishmeal is used to produce feed for aquaculture, in which China is the leader. Over the past 10 years, global fishmeal production has reached about 5 million tons, according to the Marine Ingredients Industry Organization (IFFO). Derived from fish processing waste and unwanted bycatch, this product plays an important role in aquaculture feeds and can also be used as an additive in livestock and poultry production. Today, Peru is the largest producer of fishmeal, providing ...

Source: Agrosektor