Fish Protein Hydrolysate Market Share

The government is putting more money into the fishing industry, and this is expected to create big opportunities for the fish protein hydrolysates market in the future. For example, by 2024–2025, the government aims to produce 22 million metric tons of fish, benefiting 2.80 crore fishermen and fish growers, along with twice that number in the fish-related value chains. Programs like the Blue Revolution Scheme, the Fishery and Aquaculture Infrastructure Development Fund (FIDF), and the Pradhan Mantri Matsya Sampada Yojana will receive the highest-ever investment between 2015 and 2025, totaling Rs. 30,572 crores. The government is also planning to build new fishing harbors and fish landing areas, starting with the conversion of five major fishing harbors into economic hubs. These efforts to improve the fishing industry have already shown positive results. In the fiscal year 2021–2022, marine exports reached Rs. 57,586 Crores, and fish production hit a record high of 16.25 MMT. The Pradhan Mantri Matsya Sampada Yojana (PMMSY) provided insurance coverage to 31.89 lakh farmers from 22 states and seven UTs, with an additional 6.77 lakh farmers getting coverage for nutritional and livelihood support during lean/ban times. India has become a nation with a surplus of fish and has been increasing its exports of fish and fish products to many countries worldwide.

In February 2022, the U.S. Department of Agriculture (USDA) invested USD 50 million in grants to assist seafood processors, processing facilities, and processing vessels through the Seafood Processors Pandemic Response and Safety Block Grant Program. This funding is meant to help these facilities deal with the costs associated with preparing for, avoiding exposure to, and responding to the COVID-19 pandemic. The grants, distributed through state agencies, will help cover these expenses. Consequently, the growing government investment in the fishing sector is expected to lead to increased production of fish protein hydrolysates, ultimately boosting its market growth in the coming years.