Fish Protein Market
Fish Protein Market to Reach US$ 5.5 Bn by 2032, driven by increasing Demand for Healthy and Sustainable Protein Sources: Global Insight Services
New York, July 2023: According to a new research study by Global Insight Services (GIS), the global Fish Protein Market is expected to grow rapidly over the next 10 years to reach a value of more than the US $ 26.7 Billion by 2032.
Fish protein is a type of protein found in fish. Fish proteins are composed of amino acids, which are the building blocks of proteins. There are 20 different amino acids that can be found in proteins, and these 20 amino acids can be combined to form thousands of different proteins. Fish proteins are important for many reasons. They are necessary for the growth and repair of tissues, they help to produce enzymes and hormones, and they help to transport nutrients and oxygen in the blood. Fish proteins are also a good source of energy.
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Fish Protein Market: Key Trends and Drivers
Increasing Demand for Healthy and Sustainable Protein Sources
The increasing demand for healthy and sustainable protein sources is driven by several factors that reflect changing consumer preferences and a growing awareness of the environmental and health impacts of food choices. There is a rising recognition of the health benefits associated with consuming protein-rich diets. Proteins are essential macronutrients that play a crucial role in various bodily functions, including muscle development, immune system function, and hormone production. As people become more health-conscious, there is a growing emphasis on incorporating high-quality protein sources into their diets. Fish protein is considered a healthy option as it is low in saturated fats, rich in essential amino acids, and a good source of omega-3 fatty acids, which are known to have numerous health benefits, including cardiovascular health and brain function. The nutritional profile of fish protein makes it an attractive choice for individuals seeking a healthy protein source.
Moreover, sustainability concerns are becoming increasingly important in the food industry. With growing awareness of climate change, resource depletion, and environmental degradation, consumers are seeking more sustainable alternatives to traditional protein sources like beef and pork, which have a higher carbon footprint and require more resources for production. Fish protein offers an appealing solution as it is often perceived as a more sustainable option. This can have an impact on overall market growth.
Fish Protein Market: Restraints & Challenges
High Cost of Fish Protein Compared to Other Sources of Protein
The high cost of fish protein compared to other sources of protein can act as a limiting factor for its widespread adoption, thereby restraining the growth of the fish protein market. Fish proteins, especially from high-quality and sustainably sourced fish, can be relatively expensive due to various factors. These factors include the cost of fishing operations, processing, transportation, and storage, which can significantly impact the final price of fish protein products. As a result, fish protein may be less accessible and affordable for certain consumer segments, particularly those with lower income levels or budget constraints. The affordability barrier can limit the market potential and hinder the broader adoption of fish protein as a protein source.
The higher cost of fish protein can also lead to price competition with alternative protein sources such as poultry, beef, and plant-based proteins. These alternatives may be more cost-effective and readily available in many regions. As a result, consumers may opt for these more affordable options, further challenging the growth of the fish protein market. Moreover, the higher price point may deter food service providers and manufacturers from incorporating fish protein into their products, as it can increase production costs and potentially affect their competitiveness in the market.
Fish Protein Market Report Findings
The concentrate segment is likely to hold a dominant Fish Protein Market share and grow at a substantial CAGR during the forecast period.
By type, the Fish Protein market is segmented into Concentrate, Isolate, and Hydrolysate. The Concentrate segment is anticipated to dominate the market during the forecast period. The segment was valued at USD 2,005.8 million in 2022, and it is anticipated to grow further to USD 2,965.0 million by 2032, at a CAGR of 3.8% during the forecast period. Aspects of fish protein are amino acids. The nutritional benefits of fish protein concentrate include being a high-quality protein that includes various vitamins and minerals. The benefits for personal health include a lower risk of heart attacks and better cognitive health. Additionally, it helps someone who is malnourished. FPC contains over 97% protein collagen and has no fat, carbohydrates, or carbs. Fish protein concentrates have been used as a protein source, mostly to increase the amount of lysine in wheat bread. Therefore, the expansion of the FPC segment is being driven by the high advantages of FPC used in new and helpful goods.
The growth is majorly attributed to the globally fish protein concentrate (FPC) is extensively used as an energy source and as a dietary supplement since it is an excellent source of animal protein that is also simple to digest. This has compelled producers to add FPC to various processed goods, including bread, cookies, and biscuits, to improve their nutritional value and meet customers’ increasing demand. It is also a cost-effective source of animal protein in poor nations, and food processors use it in regional and traditional dishes such as soups, stews, macaroni, spaghetti sauce, and others. These qualities of FPC have contributed to the segment’s growth.
The Powder segment is anticipated to hold a majority of the Fish Protein Market size throughout the study period.
By form, the Fish Protein Market is classified into Liquid and Powder. The Fish Protein market size for the Powder segment was USD 3,223.1 million in 2022, and it is anticipated to grow further to USD 4,960.8 million by 2032, at a CAGR of 4.2% from 2023 to 2032. Pharmaceutical-grade protein powders that help with muscle and blood healing after accidents are frequently made using powder solutions. This is anticipated to make the powder segment the market leader globally. Demand for natural components with low toxicity levels is increasing across various industries. These ingredients are also more cost-effective than whey isolate protein powders, further driving demand. Reduced spoiling risks, a great amino acid profile, and high water solubility make powder forms ideal for nutraceutical formulations.
It is becoming increasingly popular, including creating pharmaceutical-grade protein powders. The powdered fish protein hydrolysate is highly nutritious and has useful qualities. Because it has a longer shelf life and is easier to carry and store than the liquid form, the powder form of fish protein is in increasing demand.
The Animal Feed segment is anticipated to hold a majority of the Fish Protein Market size throughout the study period.
By Application, the Fish Protein market has been segmented into Food & Beverages, Pharmaceuticals, Cosmetics & Personal Care, and Animal Feed. The animal feed segment is anticipated to dominate the market during the forecast period. Because the product assists in reducing the emergence of infectious illnesses and supports the metabolic system of animals against bacteria, fungi, viruses, and parasites, the animal feed sector commands the market. This is one of the main causes boosting the demand for dietary protein in the market, coupled with the product’s capacity to enhance the health and metabolism of livestock. In the world of animal feed, grill chickens’ constant ingestion of dietary protein promotes the growth of their muscles. By making it easier to digest fibrous foods like grains and soybean meal, the enzymes in fish proteins that are found in fish proteins aid in the gut architecture of broilers. In addition, due to bioaccumulation, it is anticipated that over the next years, poultry animals will increasingly use natural growth promoters rather than antibiotic promoters, which will further increase demand for the product.
However, the pharmaceuticals segment is likely to witness the fastest growth during the forecast period by growing at a CAGR of 5.1% during the forecast period. In the pharmaceutical industry, food protein provides several health advantages, such as blood pressure control and skin anti-aging qualities, making it a safe chemical for ingestion by people. The product is appropriate for use as cosmetic components and in pharmaceutical and nutritional supplements due to its rapid absorption properties and high concentration of branched amino acids. Additionally, pharmaceutical preparation makers are quickly adding food protein to provide customers with natural and low-side-effect goods in response to the abovementioned issues. Here, food protein is utilized to create supplements for older people since it is quickly absorbed and does not affect blood levels of cholesterol or insulin. In turn, it is predicted that this factor will increase demand for the product throughout the projected period.
The North America region is estimated to exhibit the highest growth rate during the Fish Protein Market forecast period.
Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. North America region held the largest market share accounting for USD 1,408.2 Million in 2022 and growing at a CAGR of 3.1%. This is attributable to the highly developed retail structure and greater acceptance of fish protein due to the growth in obesity incidence. Furthermore, an increase in consumer spending on nutritional food and nutritional cosmetics adds to the appeal of fish protein in this region. Additionally, the product’s feasible availability in North America due to the existence of important firms that include Sopropeche, Guyamas Protein Company, Hofseth Biocare ASA, and others will boost the region’s development in fish protein. Furthermore, the fish protein market in the United States is the largest in North America, owing to the abundance of accessible fish. One of the primary causes of the growth in the United States is an increase in protein-based diets. Consumers are leaning towards seafood eating since it helps to maintain appropriate body weight and aids in fat loss.
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Key players and their strategies are thoroughly analyzed to understand the competitive outlook of the Fish Protein market. Key companies profiled in Cooke Aquaculture (Omega Protein Corporation), Bio-Oregon, Mukka Proteins Limited, Colpex International S.A.C, , Aroma NZ, Scanbio Marine Group AS, Barentz International BV (Ingredients Inc.), Bio Phoenix Formulations, PeterLabs Holdings Berhad, and GRUPO APELSA (Apelsa Guadalajara S.A DE C.V.).
Recent Developments in the Fish Protein Market:
- In May 2022, Pioneer Point Partners LLP and Verdane have agreed to participate in Scanbio Marine Group AS, the top fish waste management company headquartered in Norway, starting May 2022. The partnership, which represents the third investment from Pioneer Infrastructure Partners SCSp, a €575 million fund, and the fifth from Verdane’s €300 million Verdane Idun impact fund, will help Scanbio grow its business and position itself as a top provider of aquaculture waste management services for the production of high-value end products. The Company fully supports Pioneer and Verdane’s goals of advancing the circular economy, the green transition, and sustainable food production.
- In May 2020, the dynamic field of taste and nutrition has seen Barentz International, a top global distributor of life science components, expand its operations. The firm gladly announces the purchase of Ingredients Inc., a prominent creator, and supplier of premium ingredients to food and beverage, pet food, and nutraceutical industries with headquarters in Chicago and a long history of success in the USA.
Fish Protein Market Report Coverage
- The report offers a comprehensive quantitative as well as qualitative analysis of the current Fish Protein Market outlook and estimations from 2022 to 2032, which helps to recognize the prevalent opportunities.
- The report also covers qualitative as well as quantitative analysis of Fish Protein Market in terms of revenue ($Million).
- Major players in the market are profiled in this report and their key developmental strategies are studied in detail. This will provide an insight into the competitive landscape of the Fish Protein industry.
- A thorough analysis of market trends and restraints is provided.
- By region as well as country market analysis is also presented in this report.
- Analytical depiction of the Fish Protein Market along with the current trends and future estimations to depict imminent investment pockets. The overall Fish Protein industry opportunity is examined by understanding profitable trends to gain a stronger foothold.
- Porter’s five forces analysis, SWOT analysis, Pricing Analysis, Case Studies, COVID-19 impact analysis, Russia-Ukraine war impact, and PESTLE analysis of the Fish Protein Market are also analyzed.
Global Fish Protein Market Segmentation
- Drug Discovery
- Food & Beverages
- Cosmetics & Personal Care
- Animal Feed
- North America
- The U.S.
- The U.K.
- Rest of Europe
- The Asia-Pacific
- South Korea
- Rest of Asia-Pacific
- Rest of the World
- Latin America
- The Middle East
- Cooke Aquaculture (Omega Protein Corporation)
- Mukka Proteins Limited
- Colpex International S.A.C,
- Aroma NZ
- Scanbio Marine Group AS
- Barentz International BV (Ingredients Inc.)
- Bio Phoenix Formulations
- PeterLabs Holdings Berhad
- GRUPO APELSA (Apelsa Guadalajara S.A DE C.V.).