Marine Ingredients Market Expected to Record Highest CAGR by 2019-2027

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With reference to the latest market forecast report published by Transparency Market Research, titled “Marine Ingredients Market: Global Industry Analysis and Opportunity Assessment 2019-2027”, the revenue generated by the global marine ingredients market is estimated to be approximately US $ 7,144.9 million in 2019, and is expected to increase at a CAGR of 5.3% during the forecast period (2019-2027).

The steady growth of the global aquaculture industry is expected to result in higher demand for farmed fish feed during the forecast period, creating an prospect for manufacturers to meet the growing demand for marine ingredients. across the world during the forecast period. Europe is the main consumer of marine ingredients and is expected to contribute around 40.1% of the value of marine ingredients during the forecast period, due to the increased market penetration of major producers of marine ingredients. .

In addition, the domestic consumption of fishmeal in Canada and the United States is relatively low compared to the export of fishmeal from these countries. Despite a reduction in the rate of inclusion of fishmeal in animal feed, the booming aquaculture industry is expected to provide new business opportunities for fishmeal manufacturing companies, especially those established in the region. from Atlantic Canada, due to the greater availability of fish. resources for the production of fishmeal.

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Macroeconomic factors likely to stimulate the growth of the African market

The coasts of West Africa are proving to be promising regions for the investment of marine ingredient companies, due to the presence of rare fish species which are valuable for the production of flour and oil. of fish. The creation of these industries, in turn, can provide jobs for the needy and the poor, as unemployment and poverty are one of the main problems facing Africa. The understanding between the industrialists and the inhabitants, as well as the availability of numerous resources, are likely to stimulate the growth of the marine ingredients market in this region.

Extensive salmon aquaculture farming

The European region is heavily involved in salmon farming. Salmon farming includes the farming and harvesting of salmon for commercial and recreational purposes. The marine ingredient, especially fishmeal, is a primary source of feed for salmon, which is a major driver for the growth of the marine ingredients market here.

There are many types of fishmeal available in Europe – high quality and low quality. Feeding salmon requires fishmeal pellets which are rich in nutrients. High quality fishmeal is relatively expensive and hence salmon farming is a major factor in the growth of the marine ingredients market in this region.

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Halal certified fish oil is likely to gain traction

The increase in demand for halal fish oil depends on consumer behavior towards fish oils and healthy (fortified) foods and the emerging demand for nutraceuticals. About 20% of the world’s population are Muslims. With a high concentration of Muslim population in the Middle East and Africa and then in the Asia-Pacific region, there is a high demand for halal foods, especially halal-based fish oil, which is expected to strengthen the demand of the region. marine ingredients market during the forecast period.

Main manufacturers of marine ingredients

This TMR report contains the current trends driving each market segment and offers in-depth information and analysis on the potential growth of the global marine ingredients market. The final part of the report includes the competitive landscape of many market players to provide a comprehensive and comparative dashboard.

The major players covered in the report are the dynamic manufacturers who are present in the marine ingredients market presently. A detailed view of the manufacturers has also been provided as part of the report to examine their short and long term strategies, recent developments and key offerings in the Marine Ingredients market.

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Global Marine Ingredients Market: Competition Scoreboard

TMR has profiled the most important companies active in the global marine ingredients market, such as Hofseth BioCare ASA, TripleNine Group A / S, Bio-marine Ingredients Ireland Ltd., SA Copalis, Symrise AG, Scanbio SA, Bio- Oregon Protein, Inc., Cargill Inc., A. Costantino & CSPA, Alaska Protein Recovery LLC., Titan Biotech Limited, Jiangxi Cosen Biochemical Co., Ltd. and Gelita AG, among others.

Global marine ingredients market: key insights

Companies focus on inorganic growth by acquiring regional and local players. Manufacturers are focused on improving and establishing direct B2B connections with feed manufacturers. Companies operating in the marine ingredients market are also focused on expanding their market presence across the globe and into a few untapped markets.

Likewise, companies must focus on improving their production capacity in order to meet the growing demand for marine ingredients. There is also a need to offer innovative marine ingredient products with high nutritional content that will help to gain market share during the forecast period.

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