With reference to the latest market forecast report published byTransparency Market Research, titled 'Marine Ingredients Market: GlobalIndustry Analysis and Opportunity Assessment 2019-2027', revenue generatedfrom the global marine ingredients market isestimated to be valued at around US$ 7,144.9 Mn in 2019, which is projected toincrease at a CAGR of 5.3% during the forecast period (2019-2027).
The steady growth of the global aquaculture industry is expected to seekhigher demand for farm fish feed over the forecast period, creating a prospectfor manufacturers to cater to the increasing demand for marine ingredientacross the globe over the forecast period. Europe is the primary consumer ofmarine ingredients and is estimated to contribute around 40.1% value share ofmarine ingredients over the forecast period, owing to increased penetration ofkey marine ingredients producers in the market.
Moreover, the domestic consumption of fish meal in Canada and the US isrelatively low as compared to the fish meal export from these countries.Despite a reduction in the feed inclusion ratio of fish meal in animal feed,the booming aquaculture industry is expected to furnish new businessopportunities for fish meal manufacturing companies, especially those which areestablished in the Atlantic Canadian region, due to the higher availability offish resources for fish meal production.
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Macroeconomic Factors Likely to Boost Growth of theAfrican Market
West African seacoasts are proving to be promising regions for theinvestment of marine ingredient businesses, due to the presence of rare fishspecies which are valuable for the production of fish meal and fish oil. Theestablishment of these industries, in turn, may offer employment to the needyand poor, as unemployment and poverty is one of the major issues Africa isfacing. Understanding between industrialists and the locals, and also theavailability of plenty of resources, is likely to spur the growth of the marineingredients market in this region.
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Extensive Salmon Aquaculture Farming
The European region is extensively engaged in salmon aquaculture. Salmonaquaculture includes the farming and harvesting of salmons for commercial aswell as recreational purposes. Marine ingredient specially the fish meal is aprimary source of salmon feed, and this converts as an important driver in thegrowth of the marine ingredients market here.
There are many types of fish meal available in Europe - high quality andlow quality. Salmon feed requires fish meal pellets which are high in nutrientcontent. High quality fish meal is relatively expensive, and hence, salmonaquaculture is a major factor in the growth of the marine ingredients market inthis region.
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Halal-certified Fish Oil Likely to GainTraction
Rise in demand of halal fish oil is dependent on consumer behaviortoward fish oils and healthy foods (fortified), and budding demand fornutraceuticals. Around 20% of world population has Muslims. With majorconcentration of Muslim population in Middle-East and Africa followed byAsia-Pacific region, there is strong demand for halal foods including halalbased fish oil, which is expected to bolster the demand for marine ingredientsmarket over the forecast period.
Key Manufacturers of Marine Ingredients
This TMR report contains the current trends that are driving each marketsegment, and offers detailed insights and analysis into the potential growth ofthe global marine ingredients market. The last part of the report includes thecompetitive landscape of numerous market players to provide a comprehensive andcomparative dashboard.
Major players covered in the report are the dynamic manufacturers whoare currently present in the marine ingredients market. A detailed view of themanufacturers has also been provided in the scope of the report to examinetheir short- and long-term strategies, recent developments, and key offeringsin the marine ingredients market.
Global Marine Ingredients Market: CompetitionDashboard
TMR has profiled the most prominent companies that are active in theglobal Marine Ingredients market, such as Hofseth BioCare ASA, TripleNine GroupA/S, Bio-marine Ingredients Ireland Ltd., SA Copalis, Symrise AG, Scanbio SA,Bio-Oregon Protein, Inc., Cargill Inc., A. Costantino & C. S.P.A., AlaskaProtein Recovery LLC., Titan Biotech Limited, Jiangxi Cosen Biochemical Co.,Ltd., and Gelita AG among others.
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Global Marine Ingredients Market: KeyInsights
Companies are focusing on attaining inorganic growth by acquiringregional and local players. Manufacturers are focusing on improving andestablishing direct B2B connections with feed manufacturers. Companiesoperating in the marine ingredient market are also focusing on expanding theirmarket presence across the globe, and reaching few untapped markets.
For the same the companies need to focus on enhancing their productioncapacity in order to cater to the rising demand for marine ingredients. Alsoneed to offer innovative marine ingredient products with high nutritionalcontent which will help in gaining market share over the forecast period.
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