Fish Protein Hydrolysate Market Trends

The fish industry in the Asia-Pacific (APAC) region is booming, and this growth is leading to an increase in the production of fish protein hydrolysate. This special substance has various uses, including in pharmaceuticals, personal care products, agriculture, and as feed for animals and pets. This increase in production is expected to make the market for fish protein hydrolysate grow even more.

India's Significant Contribution: India, the second-largest producer of fish in the world, is making a major contribution to this growth. According to the Ministry of Fisheries, Animal Husbandry, and Dairying, India produces 7.56% of the world's fish and contributes 1.24% to the nation's Gross Value Added (GVA) and over 7.28% to its agricultural GVA. Millions of people in India depend on fishing and aquaculture for their food, nutrition, income, and way of life. In the year 2019–20, the fisheries sector brought in export revenue of Rs. 46,662.85 crores. More than 280 lakh people are supported by the sector at the primary level, and about twice as many benefit further down the value chain. The fishing industry has been growing at an average annual rate of 7% in recent years. Fish, being a cheap and abundant source of animal protein, is considered one of the best solutions to combat hunger and dietary deficiencies.

Potential for Growth: The fishing industry has been labeled as the "Sunrise Sector" due to its exceptional double-digit average annual growth of 10.87% since 2014–15. It has shown enormous growth potential, reaching a record-breaking production of 142 lakh tonnes of fish in the fiscal year 2019–20. This sector has not only contributed significantly to the livelihoods of over 28 million people in India, especially for vulnerable and marginalized populations but has also played a crucial role in promoting socioeconomic growth. To further enhance this growth, the fishing industry requires consistent attention and support through policies and finances to ensure sustainable, responsible, inclusive, and equitable development. The sector has the potential to double its exports, indicating a promising future.

In conclusion, the thriving fishing sector in the APAC region, along with the extraction of fish protein hydrolysate to meet various needs, is poised to significantly contribute to the overall growth of the market.