The Europe fishmeal and fish oil market was valued at USD 3.79 billion in 2023 and is anticipated to reach USD 3.98 billion in 2024 from USD 5.87 billion by 2032, growing at a CAGR of 4.98% from 2024 to 2032. The market value is expected to increase more during the projection period due to the rising aquaculture activities in countries such as Norway, the United Kingdom, and other nations in the European region.
Increasing consumption of fish meal and fish oil across the region, especially in some of the countries such as UK, Norway, Spain, etc., is one of the major growth driving factors in the Fishmeal and Fish Oil market of Europe.
Rising aquaculture activities in some of the nations in the region are also among the major growth factors in the fishmeal and fish oil market in Europe.
The surge in the investments by the companies for the new technological advancements and increased performance of aquaculture across the area are other prominent aspects driving the developments in the European fishmeal and Fish Oil market.
Factors such as the availability of alternative products in the market and the high price of fish meal and fish oil are some of the considerable challenges affecting the expansion of the Fishmeal and Fish Oil market in European nations.
Several companies around the world faced a lot of financial crises because of the coronavirus, resulted in lockdown situations in almost all countries to eradicate the transmission. Due to this pandemic, all the companies are suffering from issues related to production and demand, supply chain, and finances. Most of the companies around the world have halted their operations due to the strict lockdown regulations imposed by government authorities.
Recently, the government authorities gave permission to the companies to resume their manufacturing units with stringent rules and policies. Almost all the enterprises have restarted their production that in turn started the supply chain, and they are implementing some new strategies to recover from financial losses.
In the European fishmeal and Fish Oil market, the companies related to the industry are expecting to gain some profits in the next two to three years owing to factors such as increasing intake of fish meat and fish oil across the locale, especially in the countries like the UK, Norway and Spain, as well as increasing investments by the key market players. The rising awareness of the benefits of the intake of fishmeal and fish oil is likely to promote the call in the local market amid COVID-19 transmission.
Europe's Fishmeal and Fish Oil market is likely to expand owing to the rising demand among consumers for fish meat and fish oil across the locale, along with the surge in aquaculture activities in the European nations like Spain, Norway, the UK, and others. The European region is also foreseen to record a hike in revenue rate over the envisioned period.
Some of the key players of European fishmeal and Fish Oil market are Pesquera Exalmar, Corpesca S.A., FMC Corporation, Omega Protein, Sürsan A.Ş, FF Skagen A/S, Copeinca, Complex International S.A.S., Orizon, Pioneer Fishing, TripleNine Group A/S, GC Rieber Oils AS, The TASA Group, Austevoll Seafood, Croda International Plc, Oceana Group Limited, Mukka Sea Food Industries and others.
In April 2015, Tasa Company announced the launch of its full-scale human consumption fish oil production at their new subsidiary Tasa Omega to provide good protein and natural protein that can be absorbed by the human. In May 2015, Oceana group completed the purchase of Louisiana that will help the company to expand its business worldwide and also to strengthen its position in the American fishing industry.
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