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Fish Protein Market
Fish Protein Market by Type, and Application : Opportunity Analysis and Industry Forecast, 2019–2026
PORTLAND, OR, UNITED STATES, August 18, 2022 /EINPresswire.com / -- Fish protein is a rich source of protein, which is a colorless and tasteless powder obtained from whole fish. Fish protein is extracted majorly from fishes such as Yellowtail amberjack, Tuna, Anchovy, Coho Salmon, Trout, Snapper, Tilapia, Bluefish, Pollock, Grouper, Sardines, Mackerel, Cod, Haddock, Flounder, Perch, and Halibut. Three types of fish protein are available in the market, which include concentrate, hydrolysate, and isolate. There are various types of fish from which Fish protein is predominantly used in animal feed, pharmaceuticals, and cosmetics.
The fish protein market was valued at $3.08 billion in 2018, and is estimated to reach $4.20 billion by 2026, registering a CAGR of 4.0% from 2019 to 2026. In 2018, the fish protein concentrate (FPC) segment accounted for a majority share, and is expected to grow at a CAGR of 3.30% throughout the forecast period.
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Fish protein has been gaining traction in the emerging markets such as the U.S., Canada, and Germany. This is attributed to rise in preference for fish meal in animal feed due to increase in affinity of buyers toward organic/natural animal feed products. Furthermore, surge in health awareness and increase in consumption of fish protein among health-conscious consumers are the key factors that drive the global fish protein market growth. Moreover, increase in application of fish protein in production of health supplements and in pharmaceutical industry significantly contributes toward the growth of the global market. However, high cost of fish protein, rise in concerns pertaining to storage, and high transportation cost act as the major restraints of the market. On the contrary, upsurge in demand for trendy cosmetics such as nutricosmetics, which contains fish protein and increase in popularity of fish protein among youth are anticipated to provide remunerative opportunities for market expansion.
Increase in awareness about animal feed has been witnessed among poultry farm owners in the recent years. Consumers choose fish meal as animal feed, as it improves the health and production of poultry birds. In addition, rise in concern about beauty among consumers fuel the demand for nutricosmetics, thereby boosting the growth of the market.
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The growth of the global fish protein is majorly driven by factors such as upsurge in demand for fish meal in the livestock industry, owing to rise in awareness about toxic effects of chemical-based animal feed products . Moreover, alarming increase in prevalence of obesity and rise in fascination among youth to gain muscle mass propel the demand for fish protein. In addition, surge in incidence of poultry diseases boosts the demand for fish protein. This is attributed to the fact that fish meal contains 72% fish protein and helps to increase the resistance power of poultry birds against various diseases, which helps to increase their life span, which, in turn, propels the growth of the global fish protein market. However, increase in preference of proteins extracted from alternate sources such as plant-based proteins, due to high cost of fish protein, rise in concerns pertaining to storage, and high transportation cost restrain the fish protein market growth. On the contrary, upsurge in demand for trendy cosmetics such as nutricosmetics, which contain fish protein and increase in popularity of fish protein among youth are anticipated to provide lucrative opportunities for market expansion during the forecast period.
The report segments the global fish protein market into type, application, and region. On the basis of type, the market is divided into fish protein concentrate (FPC), fish protein hydrolysate (FPH), and fish protein isolate (FPI). The applications covered in the study include animal feed, pharmaceutical, and cosmetics. Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
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The key players profiled in global fish protein industry include Apelsa Guadalajara, Aroma NZ, Bevenovo Co., Limited, BioOregon Protein, Mukka Seafood Industries, New Alliance Dye Chem Pvt. Ltd, Nutrifish, Qingdao Future Group, Scanbio Marine Group, and Taian Health Chemical Co., Ltd.
Key Findings of the Study:
By type, the fish protein hydrolysate (FPH) segment is expected to witness the fastest growth, registering a CAGR of 4.90% during the forecast period.
In 2018, depending on application, the animal feed segment held the highest share, accounting for more than half of the global market share.
China was the most prominent market in the Asia-Pacific region in 2018, and is expected to grow at a significant CAGR throughout the forecast period.
North America was the dominant region in 2018, accounting for more the one-third of the global fish protein market share.
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