The fish protein market is valued at US$ 1 billion in 2023 and is projected to double and reach US$ 2 billion by 2033. The market is expected to register a CAGR of 7.2%, during the forecast period.
Numerous supply shortages have occurred in recent years, driving the development of new technology production facilities to improve output and balance supply and demand. Lactose consumption is rising as a result of ongoing industrial facility renovation, which could contribute to the global market’s growth.
Consumers favour innovative items, thus developed markets are the most profitable. New commercial fish protein supplement versions are dominating the marketplaces in North America and Europe. Consumers are looking for simple answers due to their modern lifestyles and bad nutrition. The cosmetics industry is using the product’s effectiveness to develop new formulations such as nutricosmetics.
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Key firms have also been attempting to meet market demand by implementing technologies that shorten the fish growth cycle. This has a hugely positive impact on increasing manufacturing capabilities. Key stakeholders must make an effort to avoid becoming slowed down by market constraints like high manufacturing, storage, and transportation costs because demand is now on the rise.
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.
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.
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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
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
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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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