Fish Powder Market Projected to Attain US$ 15.1 Billion by 2032, Demonstrating Substantial Growth Potential in the Global | Future Market Insights

Posted on 2024-02-27 by Future Market Insights in Food & Beverage // 0 Comments

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.

Consumers are far more picky about the foods they buy now than they were earlier. Consumer awareness has increased the demand for better-tasting, higher-quality, and more environmentally responsible food items. Fish is a readily available food that is abundant in protein, vitamins, and minerals. As a result, fish consumption has steadily increased throughout 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.

Fish consumption has skyrocketed as a result of marketing activities and greater consumer awareness about living a healthy and sustainable lifestyle. Furthermore, population expansion, an increase in per capita disposable income, a preference for healthier meals, and urbanisation all have a favourable impact on the business.

The need for pet meals with high protein diets, low carbohydrate diets, and no grains is rapidly increasing. Furthermore, more pet food products are being manufactured with “limited ingredients” and “novel ingredients,” as well as a growing “No” list of byproducts such as wheat, corn, soy, potatoes, beetroot pulp and beef. These characteristics have made fish meal popular among pet owners in recent years.

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.

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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

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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

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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