The fish protein market is valued at USD 1 billion in 2023 and is projected to double and reach USD 2 billion by 2033. The market is expected to register a CAGR of 7.2%, during the forecast period.
The plethora of nutritional benefits offered by fish protein has made it a favorite amongst health-conscious consumers. Government initiatives and subsidies to boost aquaculture have also been acting in the market’s favor. FMI’s analysis predicts a favorable period for key players. On the other hand, the time is ripe for new players to step in and conquer the market by filling technological gaps.
Developed markets have emerged as the most lucrative ones, due to consumer penchant for innovative products. New variants of over-the-counter fish protein health supplements are swarming the north American and European markets. Modern lifestyle habits and poor diet has inspired consumers to look for a quick fix. On the other hand, the beauty industry is harnessing the potency of the product to launch new formulations such as nutricosmetics.
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Further, key players have been striving to capture market demand, through the adoption of technologies that hasten the fish growth cycle. This is extremely beneficial in augmenting production capacities. Since demand is currently on the rise, key players must attempt not to be bogged down by market restraints such as high production, storage, and transportation costs.
Key Takeaways from the Report:
- According to FMI’s analysis, fish protein market sales have grown at a CAGR of 6.1% between 2017 and 2022.
- The U.S. fish protein market is to rise at a CAGR of 8% to reach USD 566.4 Mn by 2033.
- India’s fish protein market is expected to grow at 6% CAGR during the forecast period.
- Between 2023-2033 the South Korean market is expected to rise at a CAGR of 6.1% to reach a valuation of UD 64.2 Mn by 2033.
- During the forecast period, the powder segment is expected to grow at a CAGR of 7.4% as the top form.
- The fish protein isolate segment is projected to grow at a CAGR of 6.6% during the forecast period. It is currently, the most in-demand segment, by product type.
Key Players Diversify to Capture Consumer Attention
Key players are launching a variety of products, especially in the pharmaceuticals sector to sustain market growth. Further, to stay abreast of current trends, many are launching, sustainable and organically sourced variants to meet market demands. To slash competition, top players are investing in advanced technologies to yield higher-quality products in a shorter time span.
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Key Market Developments:
- In 2021, Avant Meats Company Limited acquired Vinh Hoan Corporation, a renowned producer of seafood and protein. This was to bolster the commercialization of fish protein by expanding the global sales network and production capacities.
- In 2022, Paine and partners sold its subsidiary, ScanBio to two companies namely Pioneer Infrastructure and Verdane. Pioneer Infrastructure is based in the UK, whereas Verdane is based in Norway. Pain and partners officially acquired ScanBio in 2011.
Key Market Players:
- Omega Proteins
- Bio-Oregon Protein
- Colpex International Inc.
- Mukka Seafood Industries Limited
- Aroma NZ
- Ingredients Inc.
- Peterlabs Holdings
- Siam Industries International
- Apelsa Guadalajara S.A. de C.V.
- Bio Phoenix Formulations
- Qingdao Future Group
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Fish Protein Market by Category
Form:
- Powder
- Liquid
Product Type:
- Fish Protein Concentrate
- Fish Protein Isolate
- Fish Protein Hydrolysate
Application:
- Food & Beverages
- Cosmetics and Personal Care
- Sports Nutrition & Dietary Supplement
- Pharmaceuticals
- Others
Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- MEA
