Future Market Insights (FMI), a renowned provider of market intelligence and advisory services, unveils a compelling forecast for the Fish Powder Market, projecting a remarkable trajectory of growth and profitability. With a projected size set to reach US$ 15.1 billion by 2032, up from US$ 8.7 billion in 2022, the market is poised for substantial expansion, driven by a robust compound annual growth rate (CAGR) of 5.4%.
Consumers are considerably pickier about the meals they buy now than they were previously. Consumer awareness has raised demand for better-tasting, higher-quality, and more environmentally responsible food products. Fish is an easily available food source that is high in protein, vitamins, and minerals. As a result, fish consumption has increased throughout time.
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Key Takeaways from the Fish Powder Market:
1. Strategic Acquisitions Driving Global Reach: Major manufacturers are strategically acquiring regional companies to expand their global footprint and enhance their product offerings. This approach not only increases production capacity but also strengthens distribution networks, ensuring accessibility to target customers worldwide.
2. Rising Demand in Animal Feed and Food & Beverages Segments: Fish powder finds extensive usage in animal feed due to its high protein content, amidst increasing health awareness and a preference for low-fat, high-protein diets. Additionally, the food & beverages segment is witnessing a surge in demand for fish powder, driven by health-conscious consumers seeking nutritious and sustainable food options.
3. Technological Advancements Redefining Industry Landscape: Emerging technologies in fish powder production, influenced by macroeconomic factors, are expected to revolutionize the market. Key players are focusing on incorporating advanced processing technologies that are environmentally friendly and economically viable, paving the way for sustainable growth.
4. Strategic Moves by Leading Market Players: Key players in the fish powder market are adopting strategies such as horizontal integration and acquisitions to mitigate supply chain uncertainties and gain a competitive edge. Notable acquisitions include Oceana Group Limited S.A.’s acquisition of Foodcrop Limited’s fishing business, and FF Skagen AS’s acquisition of Skagerak Pelagic, bolstering their market presence and production capabilities.
“Key players are anticipated to focus on improving their horizontal integration to reduce the uncertainties associated with the supply of consistent quantity and quality of raw materials. Furthermore, upcoming entrants in the fish powder market are specifically expected to focus on incorporation of more advanced processing technologies mainly which are environment friendly as well as economical to grow as a leader in the market.” says an FMI analyst.
Fish consumption has increased dramatically as a result of marketing campaigns and growing consumer knowledge about living a healthy and sustainable lifestyle. Furthermore, the business is influenced positively by factors like as population growth, an increase in per capita disposable income, a tendency towards consuming healthier foods, and urbanisation.
The need for pet meals with high protein diets, low carbohydrate diets, and no grains is rapidly increasing. Furthermore, more pet food products are being manufactured with “limited ingredients” and “novel ingredients,” as well as a growing “No” list of byproducts such as wheat, corn, soy, potatoes, beetroot pulp and beef. These characteristics have made fish meal popular among pet owners in recent years.
Who is winning?
Some of the key players operating in the fish powder market are Omega Protein Corporation, Bio-marine Ingredients Ireland Ltd., Scanbio Marine Group AS, Bio-Oregon Protein, Inc., TripleNine Group A/S, Sopropeche S.A., Alaska Protein Recovery LLC., Titan Biotech Limited, A Costantino & C. S.P.A., Oceana Group Limited S.A., Empresas Copec S.A., Ff Skagen A/S., Biomega AS., Sardina D.O.O., Pesquera Diamante S.A., Austevoll Seafood ASA., Colpex International S.A.C., Symrise AG, and others.
Several leading market players are acquiring smaller businesses to expand their footprint and product portfolio. Besides this, acquisition often allows them to gain competitive advantage.
- In 2015, Oceana Group Limited S.A. acquired the fishing business of Foodcrop Limited. This acquisition deal was carried out through an investment of around US$ 34.5 Mn. This acquisition is entitled to pelagic fishing rights, which is expected to benefit the group enabling expansion of its fishmeal production capacity.
- In October 2017, FF Skagen AS acquired Skagerak Pelagic from Skagerak Group. Through this acquisition it entered into the market of pelagic fish for human consumption. Skagerak Pelagic is Denmark’s largest producer of herring for human consumption, producing around 30,000 metric tons of finished herring products.
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Get Valuable Insights into Fish Powder Market
Future Market Insights, in its new offering, provides an unbiased analysis of the global Fish Powder market, presenting historical demand data (2014-2018) and forecast statistics for the period from 2019-2029. The study divulges compelling insights on the Fish Powder market based on the product type (fish meal powder and fish protein powder), end user (food & beverages, cosmetics & personal care, sports nutrition & dietary supplement, pharmaceuticals, fertilizers, and animal feed (animal feed segment is further categorized into aqua feed, poultry, and swine)), and distribution channel (B2B and B2C (B2C is segmented into Store based retailing and online retailing) across seven major regions.
Frequently Asked Questions
- How big is the Fish Powder Market?
- What is the North America Fish Powder Market Outlook?
- At What Rate will Fish Powder Demand Grow in Europe?
- What Are the Key Trends Shaping the Fish Powder Market?
Fish Powder Market By Category
By Fish Species, Fish Powder Market is Segmented as:
- Anchovy
- Sand Eel
- Horse Mackerel
- Sardine
- Pilchard
- Hilsa
- Others
By Product Type, Fish Powder Market is Segmented as:
- Fish Protein Powder
- Fish Meal Powder
By Application, Fish Powder Market is Segmented as:
- Animal Feed Industry
- Swine
- Poultry
- Aquaculture
- Others
- Food Industry
- Cosmetics and Personal Care
By Region, Fish Powder Market is Segmented as:
- North America
- Latin America
- Europe
- Asia Pacific
- Oceania
- MEA
Author
Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives.
She has exceptional analytical skills and often brings thought leadership to the table.
Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results.
Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions and post-merger integration and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor’s Degree in Electrical Engineering from Nagpur University, India.
Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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