The global fish products market, was pegged at 177.7 million tons in 2018, according to Fish Products Market Report, by Product Type (Fish Oil, Fishmeal, and Others (Fish Sauce, Fermented Fish, etc.)), by Application (Food, Feed, Pharmaceuticals, and Others (Fertilizer, etc.)), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2019 – 2027
The global fish products market was estimated at 177.7 million tons in 2018, and is expected to reach 228.25 million tons by 2027, exhibiting a CAGR of 3.2% during the forecast period (2019-2027).
The fish products market growth is attributed to high demand for fish oil and fishmeal. Fish oil is majorly used in the pharmaceutical industry for manufacturing Omega-3 tablets. For instance, according to the article published by American Society of Nutrition, Omega-3 fatty acids have been linked to healthy ageing, fetal development, curing Alzheimer’s disease, and increasing cardiovascular function. Fish oil is also used in the food industry to enhance and add a typical flavor to the food. Fishmeal is generally used as feed for pigs, chickens, and in aquaculture.
The growth of the fish product industry is also attributed to increasing demand for fish meal in aquaculture. There has been a drastic increase in the fish meal used in aquaculture in the past decade. For instance, according to IFFCO, in 2016, demand for fish meal in aquaculture was around 70.0% of the total fishmeal consumed globally, compared to 58.8% in 2008. This growth in fishmeal consumption is attributed to increasing fishmeal obtained from crustaceans, salmon, and marine fish.
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Recent developments in scientific studies on fish oil and its medicinal qualities are driving the market for fish oil globally. For instance, in October 2016, a study presented at the American Society of Reproductive Medicine explained how the use of omega-3 fatty acids has the potential to improve fertility.
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