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Fish Meal Alternative Market Segmented By origin that is Organic and Conventional with type that is Plant-based product, Algae and Insect protein
Fish meal alternative is a plant, algae, and insect-based feed with similar nutritional profile as of fish meal and used for poultry, aquaculture, and swine feed. A key attribute of fish meal alternatives is to replicate the nutritional constituent of conventional fishmeal without compromising associated benefits to animal health.
It is noteworthy to understand that the use of fishmeal by aquaculture operators experienced a sizable shrink on the backdrop of volatility in the fish meal as animal feed. To shield their business from risk exposure, most of the aquaculture farm operators switched to fish meal alternatives.
In addition, environmental groups, associations, and governments across Europe and North America emphasized minimizing the use of fishmeal in the form of feed, especially for seafood aquaculture usage. Resultantly, demand for seafood from aquaculture is going to outpace fishmeal production, and fish meal alternative is likely to surface as a viable feed formula.
Commonly preferred fishmeal alternatives are plant-based products, algae, and insect protein. Insects are an essential protein source for feed production. Pelagic fish is used in 75% of the fishmeal production as pelagic is contains more fat than other spices. The fishmeal generally made from fish that have no commercial value. Nearly 60% of global fishmeal production is exported.
Global fishmeal alternative production is concentrated around a few top producing countries. Among all fishmeal producing countries, the top ten countries account for over three fourth of fish meal alternative production.
The global fishmeal alternative market is expected to witness promising growth owing to the high demand of formulated feed. Insect and bacteria-based protein is potentially high compare to fishmeal which the reason, the global demand for fishmeal alternatives is recorded. Also, the production of the bacterial meal is sustainable which may further increase the fish alternative market.
The rapidly growing population is demanding organic poultry products is a factor for the growth of fishmeal alternative market. Plant-based product is considered as the leading alternative to the fishmeal as plant-based products are high in protein content and omega -3 and also have high digestibility. Soy products are dominating the fishmeal alternative market.
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Some of the key players of the global fishmeal alternative market are Lallemand Inc, AL Dahara ACX, Calysta Inc, Archer Daniels Midland, Nutreco N.V, Angel Yeast Co.Ltd, Cargill Inc, Overton Fisheries, Inc. and others.
Modernization of livestock industry and an increase in consumption livestock products are giving ample opportunity to the animal feed provides to mark its presence in the global market. The manufacturers are focusing on new approach to meet the customer's demand.
The rising aquacultures increases the price of fish meal and fish oil which in increasing the demand fish meal alternative. Strengthening of livestock animals is required to make productivity higher which requires more formulated feed.
Asia Pacific regions provides around 90 percent of the global aquaculture products, which increases demand for alternative fishmeal feed ingredients. China is the world’s largest fishmeal producer that produces approximately 30% of the global and also the largest importer of the fishmeal.
The COVID-19 has made feed manufacturers more concern for the safety of the product, manufacturers are now focusing on techniques and strategy to handle the situation. The rumors about the poultry products spreading the coronavirus is impacting the market.
This decreased consumption of meat products which had affected the feed market as well. The demand for meat and aquaculture still high in many countries but due to the lockdown, the products are unavailable as restrictions are making transport extremely difficult. The high price of raw material is the major challenged the feed manufacturers are facing.