Valley Cottage, NY -- (SBWIRE) -- 11/14/2017 -- The global fishmeal market is anticipated to show significant market growth during the 2017-2027 forecast period. The market experienced consistent growth since 2012 till 2016. In 2017, the global fishmeal market is valued a bit under US$ 6 Bn and is estimated to reach a valuation of approximately US$ 10 Bn by the end of the period of assessment. The global fishmeal market is projected to grow at a high value CAGR of 5.2% throughout the period of assessment, 2017-2027.
The main factors contributing to the growth of the global fishmeal market are rising demand for naturally sourced protein additives in animal feed, expansion of feed industry, extensive salmon aquaculture farming, rising number of individuals inclined towards non-vegetarian dishes and increased consumption of fish as a major food in various regions in the globe. With respect to volume, the global fishmeal market is poised to grow at a 4.5% CAGR during the period of forecast.
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Aquaculture segment is expected to exhibit relatively high value CAGR over the forecast period
The aquaculture segment by use is expected to show high demand for fishmeal in the years to come. This segment is expected to show higher consumption of fishmeal and is the largest segment in terms of volume, value as well as growth rate. The aquaculture segment is poised to register a high value CAGR of 5.5% throughout the period of forecast, 2017-2027.
Swine segment in the use category is expected to be the second most lucrative segment with respect to revenue generation. This segment, in 2016, was estimated at around US$ 930 Mn and by the end of the assessment period, it is expected to grow at a significant CAGR to reach US$ 1.5 Bn. Players involved in the fishmeal market are targeting these two segments on a large scale owing to the promising growth traits that these segments portray.
Crustaceans to add more value to the aquaculture segment during the forecast period
The aquaculture segment is further categorized into crustaceans, salmon and trout, marine fish, cyprinids and others. The crustaceans sub segment is anticipated to show high demand in the coming years. This segment is poised to grow at a relatively high growth rate to register a value CAGR of 6.2% throughout the period of forecast. The crustaceans sub segment is estimated at a value of around US$ 1.4 Bn in 2017 and is expected to each a valuation of more than US$ 2.7 Bn by the end of the period of forecast.
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The high growth of the crustaceans sub segment is attributed to the increasing preference for shrimps among individuals across the globe.
Salmon and trout sub segment is the second largest sub segment contributing to the growth of the parent aquaculture segment in the coming years. This sub segment is anticipated to reach a value a bit over US$ 2 Bn by the end of the period of assessment. It is poised to grow at a value CAGR of more than 5.5% during the forecast period.