Fish by-products: a growing market – The fish waste processing market is set to reach $7.2 billion (€6.12 billion) by 2033, according to Future Market Insights. By 2023, it is expected to be worth $5.4 billion (€4.59 billion), with an average annual growth rate of 2.9 per cent.
Effective management of fish waste preserves biodiversity and prevents environmental damage. The increasing focus on creating value-added products from fish waste fuels demand for organic fertilisers and natural ingredients.
Large processors use advanced technologies to convert waste into renewable energy sources and valuable products such as biogas, biofuels, fish oil and collagen. They also collaborate with other industries to improve waste management practices.
According to FAO, by 2031 about 29% of fishmeal and 47% of fish oil will be produced from fish by-products. Processors are using modern technologies to convert bones and scales into food products.
Salmon producers export salmon heads to South-East Asia, where they are further processed. A major Malaysian producer has invested in a Norwegian company to use fish waste as a substitute for palm oil in cosmetics and food.
The Vietnamese producer Sao Mai Group produces fish oil from waste and uses it in the production of vegetable oil and other food products. Biomax Technologies has developed a fermentation technology that turns organic waste into fertiliser in just 24 hours.
These developments indicate significant growth in the fish waste processing industry, underlining the importance of sustainable and innovative waste management in the Mediterranean fish sector.
Fish by-products: a growing market