Animal Feed Segment to Dominate SAM Fishmeal Market during 2020–2028
According to The Insight Partners market research study on “SAM Fishmeal Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Source and Application” is expected to reach US$ 2,364.67 million by 2028 from 1,456.98 US$ million in 2021. The market is estimated to grow at a CAGR of 7.2% from 2021 to 2028. The report provides trends prevailing in the SAM fishmeal market along with the drivers and restraints pertaining to the market growth. A significant increase in industrial livestock production is the major factor driving the growth of the SAM fishmeal market. However, issues associated with the availability of various other options hinders the growth of SAM fishmeal market.
The SAM fishmeal market is segmented into source, application, and country. Based on source, the SAM 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 SAM 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 SAM fishmeal market is segmented into Brazil, Argentina, and rest of SAM. Rest of SAM held the largest market share in 2020.
SAM's government adopted various actions to protect its citizens and contain the spread of COVID-19. It is anticipated that SAM will gain lower export revenues due to dropping commodity prices and reduced export volumes, especially to China, Europe, and the US, which are important trade partners. Containment measures in several SAM countries are likely to reduce economic activities in the animal feed industry for at least the next quarter; however, it will rebound once the pandemic is contained.
COPEINCA; Oceana Group Limited; Pelagia AS; Pesquera Diamante S.A.; Soytex LTD; TASA; and The Scoular Company; and TripleNine are among the leading companies in the SAM 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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