Animal Feed Segment to Dominate APAC Fishmeal Market during 2020–2028      

According to a new market research study on “APAC Fishmeal Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Source and Application” is expected to reach US$ 6,441.85 million by 2028 from 3,512.87 US$ million in 2021. The market is estimated to grow at a CAGR of 9.0% from 2021 to 2028. The report provides trends prevailing in the APAC fishmeal market along with the drivers and restraints pertaining to the market growth. Significant growth of aquaculture is the major factor driving the growth of the APAC fishmeal market. However, issues associated with availability of other alternatives hinders the growth of APAC fishmeal market.   

APAC fishmeal market is segmented into source, application, and country. Based on source, the APAC fishmeal market is segmented into salmon, mackerel, anchovy, capelin, and others. In 2020, the anchovy segment accounted for the largest revenue share. Based on application, the APAC fishmeal market is segmented into animal feed, agriculture, and others. In 2020, the animal feed segment accounted for the largest revenue share. Based on country, the APAC fishmeal market is segmented into Australia, India, China, Japan, South Korea, and rest of APAC. China held the largest market share in 2020.

Governments of various APAC countries are adopting possible steps to restrict the spread of the COVID-19 by announcing lockdown, which, in turn, has negatively impacted the revenue generated by the fishmeal market in this region.  

COPEINCA; Oceana Group Limited; Pelagia AS; Soytex LTD; TASA; and The Scoular Company are among the leading companies in the APAC fishmeal market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market.

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