In the last few years consumers have become more selective about their food choices. Rising awareness among consumers has spurred the demand for prefer healthier, better quality and ecological food products. Fish is a widely available nutrient rich food source with high protein, minerals and vitamin content. Therefore, fish consumption has considerably increased over the years. Projected to rise at a CAGR of ~6 between 2019 and 2026, Future Market Insights foresees stable growth for the market.
- According to the report, several manufacturers are expanding their global footprint through acquisition of major regional players. This is also intended to expand their product offerings and increase the number manufacturing facilities. Currently key players are focusing on opening innovative development centres to boost manufacturing capabilities in the targeted country and improve their global presence.
- 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.
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The consumption of fish has markedly increased on account of promotion campaigns undertaken and increasing consumers concerns regarding healthy and sustainable life. In addition to this, factors such as population growth, increase in per capita disposable income, healthy food consumption trend, and urbanization also have a positive impact on the market.
The demand for pet foods offering high protein, low carbohydrates and grain free diets is persistently increasing. In addition to this, there is a rise in the number of pet food products with “limited ingredients” and “novel ingredients” with an expanding “No” list of wheat, corn, soy, potato, beet pulp, beef and other byproducts. As a result these factors, fish meal has been quite popular among pet owners since the last few 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.
About the Food & Beverage Division at Future Market Insights
Expert analysis, actionable insights, and strategic recommendations – the food & beverage team at Future Market Insights helps clients from all over the globe with their unique business intelligence needs. With a repertoire of over 1,000 reports and 1 million+ data points, the team has analysed the food & beverage industry lucidly in 50+ countries for over a decade. The team provides end-to-end research and consulting services; reach out to explore how we can help.
About Food Market Division at FMI
Expert analysis, actionable insights, and strategic recommendations – the food & beverage team at Future Market Insights helps clients from across the globe with their unique business intelligence needs. With a repertoire of over 1,000 reports and 1 million+ data points, the team has analysed the food & beverage industry lucidly in 50+ countries for over a decade. The team provides end-to-end research and consulting services; reach out to explore how we can help.