The Fish Powder Market is set for substantial growth, with a projected size of US$ 15.1 billion by 2032, compared to US$ 8.7 billion in 2022, reflecting a robust compound annual growth rate (CAGR) of 5.4%. This growth is driven by increasing demand for fish powder in various industries, including aquaculture and animal feed, as it is recognized for its high nutritional value and versatile applications. As the market continues to expand, it plays a pivotal role in meeting the growing global demand for sustainable protein sources and nutrition.
Compared to earlier, consumers are much pickier about the foods they purchase. The demand for food products that are better-tasting, higher quality, and more environmentally friendly has increased along with consumer knowledge. A food source that is easily accessible and high in protein, vitamins, and minerals is fish. Fish consumption has increased over time as a result.
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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.
Due to marketing initiatives and growing consumer awareness over a healthy and sustainable lifestyle, fish consumption has significantly increased. Additionally, the industry is positively impacted by variables including population growth, a rise in per capita disposable income, the trend towards eating healthier foods, and urbanisation.
The demand for pet foods that have diets high in protein, low in carbs, and devoid of grains is steadily rising. In addition, more pet food products are being made with “limited ingredients” and “novel ingredients,” as well as a growing “No” list of byproducts such wheat, corn, soy, potatoes, beetroot pulp and beef. These qualities have made fish meal quite well-liked among pet owners in recent years.
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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.
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
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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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