Increasing awareness regarding health and wellness among consumers, their focus towards the adoption of fitness goals, rising demand of fish protein concentrate in cosmetics, personal care segment, pharmaceuticals are key factors enabling growth in the fish protein concentrate market. Future Market Insights (FMI) predicts positive near-term growth for the market in a new study. According to the report, the market will reach US$ 107.7 Mn in 2021.
Increasing frequency of product launches and the demand for greater sustainability and clean label certifications are creating lucrative growth opportunities for the fish protein concentrate market. These proteins are gradually increasing in demand in the food industry as ingredients often used as meat substitute and on account of their fat-binding properties.
Fish is a low-fat high quality source of protein and a great source of vitamins, minerals, and omega 3 fatty acids. Its consumption therefore associated with good heart and brain function, combating inflammation in joints and providing lubrication to joints. Fish protein concentrates have therefore found their way into the food & beverages industry, which currently accounts for the leading share in the market among end users.
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RFID Tags Increasingly Preferred for Fish Protein Concentrate Packaging
Adoption of RFID technology is increasing since manufactures are seeking an efficient supply chain algorithm, where they could keep a track of their products thus save overall time of transportation and ensure product availability. Fish protein concentrate manufactures also are facing similar issues, which have been tipping scales in favour of RFID labels in the market.
RFID hides away data up to 2 KB identified with the item on which it is labelled. The costs and subtleties of the items with RFID labels are consequently recorded when the client moves toward the counter, without filtering each any item, which saves the hour of the client. In addition, it permits cost count in one sweep, which saves the hour of the client just as the item retailer.
These factors would impact fish protein concentrate market and would give a chance to have a development in products and ventures. Adoption of latest technologies is expected to bode well for the overall market.
Key Takeaways from Fish Protein Concentrates Market Study
- Fish protein concentrate market is forecast to register 6.3% Y-o-Y growth in 2021
- The U.S. will account for a significant share of sales in North America. FMI has projected the U.S. to nearly 93% of the North America market, in terms of value, in 2021
- Within the U.K. the market for fish protein concentrate will exhibit slightly over 4% Y-o-Y growth in 2021
- France and Germany will emerge as other key markets in Europe, exhibiting high demand for fish protein concentrate
- Within East Asia, Japan and South Korea will emerge as highly lucrative markets for fish protein concentrate
“Increasing number of fish protein manufacturers are focusing on research and development to push product launches. Besides this, there is considerably focus on expanding footprint across emerging countries to gain competitive advantage” said a lead analyst at FMI
Who is winning?
Some of the key players operating in fish protein Market are Janatha Fish Meal & Oil Products, Bevenovo Co. Ltd, Bio-Oregon Protein, Omega Protein Corporation, Colpex International Inc., Shenzhen Taier Biotechnology Co. Ltd., New Alliance Dye Chem Pvt. Ltd., Peterlabs Holdings, Mukka Seafood Industries Limited, Scanbio Marine Group, Apelsa Guadalajara, Siam Industries International, and other.
Key players of Fish protein Concentrate are focusing on partnership in order to gain larger market share and to capture new geographical areas to get access to new markets.
- Another recent development in 2018, by Omega Proteins a leading manufacturer was that the company launched Vermilion, a fishing vessel.
- In 2020, Paine and partners, LLC, announced that it has signed a deal to purchase, Scanbio Marine group.
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By Form
- Powder
- Liquid
By Type
- Type A
- Type B
- Type C
By End Use
- Food & Beverages
- Sport Nutrition & Dietary Supplement
- Cosmetic & Personal Care
- Pharmaceuticals
- Others
Region
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Middle East and Africa (MEA)
- Oceania
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.