The global fish powder market was worth around US$ 135.1 million in 2019 and it progressed at an average rate of 5.2% till 2023. The global fish-derived powder market is valued at almost US$ 182.6 million in 2024. As per the analysis of the fish products market, the demand for its powder form is likely to increase at a CAGR of 6.6% between 2024 and 2034. The market analysis report further reveals the global fish powder industry’s net worth to reach around US$ 303.1 million by 2034.
Growing demand for the flavor of exotic fishes, such as horse mackerel, sardine, and anchovies, has resulted in their powder being a sustainable method of transport and export. Furthermore, the rising usage of fish powder in numerous cuisines is one of the primary reasons driving the global market demand noticeably.
Considering fish-derived powder includes amino acids, protein, fatty acids, and minerals, it is witnessing more opportunities as an essential component of animal and pet feed. In addition to this, future predictions call for a rise in market requirements for fish powder in packaged food products that can increase the protein content by 30%.
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Key Takeaways from the Fish Powder Market Study Report
- The United States fish powder market is set to progress at an annual growth rate of 3.5% over the next ten years.
- In Europe, Germany remains the key market for fish-derived powder with an estimated CAGR of 4.3% from 2024 to 2034.
- The fish protein powder industry in China and Japan contributed by progressing at 4.8% and 5.4% CAGRs respectively till 2034.
- India presents a very lucrative opportunity for regional seafood processing industries with an estimated CAGR of 6.7% between 2024 and 2034.
Competitive Landscape for the Fish Powder Market Players
The overall market is gradually turning competitive as many new participants are entering the market. Established seafood processing industries and manufacturers are expected to prioritize new product development and innovation, particularly for poultry and swine applications. On the other hand, strategic partnerships and joint ventures with aqua-feed manufacturing businesses to introduce new applications and products could be a major success strategy for new market entrants.
“Leading market players are developing novel fish extract and powder products with tailored functionality, such as particular amino acids or greater protein content profiles. On the other hand, new market entrants are working on increasing their market reach, particularly in regions with growing aquaculture industries to acquire affordable sources of fish,” – says a lead analyst at FMI
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Recent Developments by the Fish Powder Industry Participants
In August 2023, Biotechnologists at the Norwegian Research Centre (NORCE) enhanced a protein powder derived from fish waste by modifying enzymes. The study proceeded to examine utilizing enzymes to reduce the fishy odor from fisheries byproduct-derived protein powders, boosting their attractiveness to human customers. Researchers have published a paper in Applied and Environmental Microbiology demonstrating how an enzyme variation known as mFMO_20 may be enhanced by increasing its heat resistance.
In January 2021, Thai Union Ingredients developed a fine, off-white powder with a neutral flavor and fragrance derived from tuna bone. The firm, a subsidiary of Thai Union, has named this Halal and Kosher-compliant product UniQTMBONE. The powder is made by utilizing a processing procedure that preserves all-natural nutrients and its very small particle size allows it to be easily incorporated into goods without affecting sensory qualities.
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Key Segments Covered by Fish Powder Industry Survey Report
By Fish Species Type:
- Anchovy
- Sand Eel
- Horse Mackerel
- Sardine
- Pilchard
- Hilsa
- Others
By Product Type:
- Fish Protein Powder
- Fish Meal Powder
By Application:
- Animal Feed Industry
- Swine
- Poultry
- Aquaculture
- Others
- Food Industry
- Cosmetics and Personal Care
- Other Applications
By Distribution Channel:
- Business to Business (B2B)
- Business to consumer (B2C)
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia and Pacific
- Middle East and Africa (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 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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