Global Fish Feed Premix Market - Trends, Growth, Industry Analysis, and Forecasts (2018 - 2023)
As per the Sea Fish Industry Authority, the price of fish is expected to rise owing to the hike in the price of diesel used to power fishing vessel. The increase is forecasted to be around 7 - 50% in the forecast period 2018-2023, with an average price hike of 23%. Hence the fish farmers are opting different fishing methods and improving gear technology to mitigate the rising costs.
Demand for High Quality Protein
The demand for seafood is driving the meat industry as an increasing number of individuals are becoming aware of the health benefits of fish consumption. Fish are low in fats, cholesterol, and carbohydrates and are rich in Omega-3 fatty acids, which help protect the heart. Fish also provides the essential vitamins and amino acids. According to the UN, global consumption of fish has hit an average of 21.3 kg per person in 2016. FAO report states that the world per-capita fish consumption increased from an average 14.4 kg in the 1990s to 20.2 kg in 2015. The human fish consumption has grown at a CAGR of 14.6% during the years 2012-2018.
Rising Demand for Processed Fish
There is a rising demand for processed fish and its products across the globe for various human and medicinal applications. While fish is sought out as a major protein source worldwide and ranges from 25% to 70% of animal protein source across various regions in the world, processed products have been driven by the fact that fish protein is most accessible internationally. In developed countries, priority is given to convenience and variety, and most of the fish for human consumption is processed. In developing countries, fish is mostly consumed fresh and processing focuses on less sophisticated methods like salting or drying. However, fish processing is increasing in many developing countries to meet the demands of domestic markets or the requirements of exportations. This in turn is causing an increase in demand for fish feed premix.
Feburary 2017: De Hues moves into Egypt fish feed business. May 2016: Skretting, Nutreco’s fish feed division is lending its expertise to a new tilapia feed plant in Kenya run by animal and human nutrition product developer, Unga Holdings.
Major Players: CHAROEN POKPHAND, CARGILL INC., LAND O LAKES FEED, DBN GROUP, AND ARCHER DANIELS MIDLAND, amongst others.
Reasons to Purchase this Report
Study on the adoption of industrial fish feed premix in developing regions and its effects on the global feed premix industry. Analyzing various perspectives of the market with the help of Porter’s five forces analysis. Study on the type of fish feed premix expected to dominate the market during the forecast period. Study on the region expected to witness fastest growth during the forecast period. Identify the latest developments, market shares and strategies employed by the major market players. 3 months analyst support along with the Market Estimate sheet (in excel).
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