ESOMAR-certified consulting firm Future Market Insights’ recent report forecasts the global fish protein market to exhibit 5.6% CAGR between 2016 and 2020. As per the study, growing health awareness and preference for organic and protein enriched food & dietary supplements has accelerated the sales of powder formulation of fish protein. Also, manufacturers have amplified the production of fish protein supplements available in different flavors such as chocolate, coffee, and strawberry to increase the sales of fish protein supplements.
As protein is considered to be the building block of the body, many converted their carbohydrate based diets to protein diets. Food brands are therefore launching innovative fish protein products, which taste better and are made with quality ingredients in order to gain positive brand image. According to FMI’s analysis, fish protein market sales have grown at 5.6% CAGR between 2016 and 2020.
Surging demand for fish protein for various application within diverse end-use sectors such as food & beverages, pharmaceuticals, and others is expected to drive the market. Longer shelf-life and easy transportation have encouraged the production of powder formulation of fish protein.
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Furthermore, rising health issues such as obesity, increased sugar levels, and others leading to cardiovascular diseases have increased the consumption of fish protein supplements across countries such as United States, India, Australia, and the UK, thereby, fueling the sales of fish protein supplements. Based on the aforementioned factors, FMI estimates, global fish protein market is poised to expand at 7.2% CAGR through 2031.
“Fish protein manufacturers are consistently developing supplements in powder form, which is resulting in high demand in food & beverage industry and creating scope for expansion in sports nutrition industry,” remarks the FMI analyst.
- In terms of form, powder form is anticipated to hold maximum share of global fish protein market
- Fish protein isolate is expected to be one of the most lucrative segment, accounting for over 46% of total market share
- Application in food & beverages industry accounts for nearly 42% of fish protein sales
- Rising cases of obesity, and other severe health problems such as joint pains and more across United States are expected to aid the sales of fish protein products
- India’s fish protein market is set to expand at 5.8% CAGR through 2031
- Australia is spearheading the growth of Oceania’s fish protein market, accounting for 80.6% of total market share
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- Growing demand for health-enriching organic food products is improving the demand of fish protein
- Rising cases of cardiovascular diseases are increasing the consumption of dietary supplement enriched with omega-3 and fish protein, bolstering the growth
- Growing consumption of sea-food is amplifying the demand for fish-by products, providing lucrative opportunities for key players
- Allergies associated with fish-based protein is likely to hinder the growth
- High cost of production and increased research & development expenditure may hamper the demand
Future Market Insights has listed some of the prominent market players for the global fish protein market which includes 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 SA de CV, Bio Phoenix Formulations, and Qingdao Future Group. Market players are expanding their regional footprints by collaborating with numerous companies operating specifically in fish protein market.
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- In 2020, Paine and partners, LLC, announced that it has signed a deal to purchase Scan bio Marine group.
- In 2020, Scan Bio has invested in a new generation of feeder vessels that will be the most advanced in the industry. It will be joining Fleet in 2020 and 2021.
Key Questions Answered in the Fish Protein Report
- Which is the most lucrative market for fish protein?
North America currently leads the global market for fish protein. Within North America, the U.S. will emerge as the leading market for fish protein.
- Which is the top-selling type of fish protein?
Fish protein isolate is expected to be the preferred product type in the global fish protein market with a market share of more than three quarter.
- Who is the key end user of fish protein?
Food and beverage industry holds the highest share in the fish protein market in terms of application. It is expected to grow at a CAGR of 7.3 between 2021 and 2031.
- Who are some of the leading companies offering fish protein?
Some of the leading companies offering fish protein are Omega Protein corporation, Bio-Oregon Protein, Colpex International Inc., Mukka Seafood Industries Limited, Scanbio Marine Group, Peterlabs Holdings, Apelsa Guadalajara, Aroma NZ, Ingredients Inc., Siam Industries International, Bio Phoenix Formulations, Qingdao Future Group and others.