By 2024, the global fish powder market is expected to reach nearly USD 182.6 million. Demand for fish powder worldwide is projected to grow moderately at a rate of 6.6% CAGR over the forecast period. By 2034, the market is anticipated to achieve a value of USD 303.1 million, showing promising growth in industry share.
Consumers are now pickier about the meals they buy than they were in the past. The expanding level of consumer information has led to an increase in demand for food products that are better taste, higher quality, and more environmentally friendly. Fish is a readily available, nutrient-rich food source with a high concentration of protein, minerals, and vitamins. Fish consumption has consequently grown significantly over time.
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Key Takeaways from the Fish Powder Market Study
-The report claims that a number of manufacturers are acquiring significant regional companies in order to increase their global reach. Additionally, this is done to enhance the number of manufacturing facilities and the range of products they offer. In order to increase production capacity in the chosen nation and strengthen their worldwide footprint, leading businesses are currently concentrating on creating innovative development centres.
-Since there is limited production of fish powder, leading manufacturers are now focusing on improving their distribution base in the global market in order to make sure the product is readily available to its target customers.
-Among various end-use segments, the usage of fish powder in animal feed is most common. Owing to the increasing health awareness and growing preference for processed food/diet with low fat, sugar, salt and high protein content, the demand for fish powder is considerably rising in the food & beverages segment.
-Technologies that are expected to gain prominence in the upcoming years are influenced by various macroeconomic factors that may also change the course of growth. Also, emergence of new technologies is likely in the near future. These technologies can replace the existing ones or render their traditional counterparts completely obsolete. The financial situation and the company’s manufacturing these products will select the course of the growth of these technologies
“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.
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Competitive Landscape
To develop new technologies, established companies in the target market are undertaking numerous research and development efforts, particularly for finding new applications and products. To gain a significant market share, the leading firms concentrate on growing production and facilities. Apart from that, prominent businesses are forming strategic joint ventures and partnerships with other companies.
Recent Developments
In June 2023, Z Natural Foods, based in the United States, introduced its Hydrolyzed Marine Collagen peptide products in retail packets. Z Natural Foods, a leading supplier of high-quality natural foods in powder form, claims to have developed it from high-quality marine sources, including white fish (cod), to assure the greatest level of purity.
With its outstanding amino acid composition, this collagen powder can be easily absorbed by the body, replenishing and restoring the skin’s natural collagen levels.
In June 2019, Cargill Incorporated, based in the United States, announced a partnership with InnovaFeed, a major French insect protein provider, to jointly commercialize fish feed including insect protein as part of its sustainable aquaculture portfolio.
Key Players Profiled in the Fish Powder Market Report
- Polfish and Oceana Group.
- Aksha Fish Meal and Oil
- Austevoll Seafood ASA (Laco AS)
- Omega Protein Corporation
- FMC Corporation
- Croda International Plc.
- Oceana Group Limited
- GC Rieber Oil
- Rongcheng Hisheng Feed
- Zhejiang FengYu Halobios
Key Segments Covered by Fish Powder Industry Survey Report
By Fish Species Type:
- Anchovy
- Sand Eel
- Horse Mackerel
- Sardine
- Pilchard
- Hilsa
- Others
By Product Type:
- Fish Protein Powder
- Fish Meal Powder
By Application:
- Animal Feed Industry
- Swine
- Poultry
- Aquaculture
- Others
- Food Industry
- Cosmetics and Personal Care
- Other Applications
By Distribution Channel:
- Business to Business (B2B)
- Business to consumer (B2C)
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia and Pacific
- Middle East and Africa (MEA)
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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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