By 2033, the fish protein market, which is currently valued at USD 1 billion, is expected to have doubled to USD 2 billion. Throughout the projection period, a CAGR of 7.2% is predicted for the market.
Fish protein has various health benefits. It is high in minerals and vitamins which makes the product a highly in-demand one, derived from seafood. Owing to fish protein products being rich in nutrition, they are consumed by both humans and animals. Fish protein isolate, fish protein concentrate, and fish protein hydrolysate are some of the product types in this market.
One of the more conventional uses of fish protein is as a feed ingredient in animal nutrition. Pharmaceuticals, cosmetics and personal care, sports nutrition, infant formula, food and beverages, and dietary supplements are some of the industry verticals that contribute to the rising demand for the fish protein market. The consumption of fish protein benefits the heart and helps to maintain brain health as it is rich in omega 3, 6, and 9 fatty acids as well as several antioxidant properties. This results in extensive usage of fish protein in different health and dietary supplements which is expected to augment the sales of the fish protein market.
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Fish protein is largely used in the production of many dietary supplements and people are increasing their consumption of dietary supplements to overcome the lack of protein in the body. All of the aforementioned considerations propel the growth of the fish protein market during this period of observation.
“Increasing seafood consumption and growing dietary supplement sales will positively impact the global growth of the fish protein market over the forecast period,” says an FMI analyst.
Key Takeaways:
- Growing health consciousness will strengthen market prospects
- The United States will account for the largest market share in North America.
- Fish protein market in India will expand at a 5.8% CAGR.
- Australia is likely to lead in the global fish protein market.
- By form, the powder fish protein segment is gaining popularity in the market.
- Fish protein isolate segment will continue to rise in demand.
- The food & beverages industry will account for 42.5% of the market share by 2031.
Competitive Landscape
Omega Proteins, Bio-Oregon Protein, Colpex International Inc., Mukka Seafood Industries Limited, Aroma NZ, ScanBio Marine Group AS, Ingredients Inc., Peterlabs Holdings, Siam Industries International, Apelsa Guadalajara S.A. de C.V., Bio Phoenix Formulations, and Qingdao Future Group among others are some of the major players in the fish protein market profiled in the full version of the report.
Leading market players are focusing on tactics like mergers and acquisitions to expand their business prospects. These organizations are keen on expanding their product portfolio to gain a competitive advantage.
More Insights into Fish Protein Market Report
In its latest report, FMI offers an unbiased analysis of the global fish protein market, providing historical data from 2016 to 2020 and forecast statistics for 2021 to 2031. To understand the global market potential, growth, and scope, the market is segmented on the basis of form (powder, liquid), product type (fish protein concentrate, fish protein isolate, fish protein hydrolysate), application (food & beverages, cosmetics & personal care, sports nutrition & dietary supplement, pharmaceuticals, others), and region.
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According to the latest FMI reports, based on segmentation, the powder-form segment of the fish protein market will continue to gain momentum during this decade. This segment will likely acquire 95.4% of the market share. The fish protein isolate segment is set to dominate the target market while the food and beverages segment will hold 42.5% of the market share and grow at a 7.3% CAGR during the forecast period.
Based on region, India’s fish protein market is expected to present substantial growth while registering a 5.8% CAGR. With fish protein being beneficial for good bone health, more and more fitness enthusiasts along with the elderly population of the country are propelling the demand for the market. Heightened demand from sports nutrition and the pharmaceutical sector also supplements the target market growth in India. Other countries like the U.S., Australia, South Africa, and South Korea are also predicted to display notable growth during the forecast period.
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
Table of Content
1. Market Introduction
1.1. Market Coverage / Taxonomy
1.2. Market Definition / Scope / Limitations
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2. Scenario Assessment of the Impact of COVID-19 on Fish Protein Market
2.1. Possible Scenarios for Economic Impact
2.1.1. Prepare for the worst, and be thankful if it doesn’t happen; a wait-and-see approach is a nonstarter
2.1.2. The recovery may not be a quick bounce-back; plan for multiple quarters of lower revenue
2.1.3. Encourage Collaboration and look beyond legacy approach
2.1.4. Address immediate challenges that COVID 19 represents to workforce, customers and partners
2.1.5. Address near Term cash management Challenges
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