Global Fish Protein Market Overview
Fish Protein Market Size was estimated at 36.94 (USD Billion) in 2022.The Fish Protein Industry is expected to grow from 38.5(USD Billion) in 2023 to 55.9 (USD Billion) by 2032. The Fish Protein Market CAGR (growth rate) is expected to be around 4.23% during the forecast period (2024 - 2032).
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Key Fish Protein Market Trends Highlighted
The Fish Protein Market is driven by rising demand for protein-rich foods, increasing health consciousness, and growing popularity of sustainable seafood options. Key market drivers include consumer preferences for healthier protein sources, increased demand for convenience foods, and rising disposable income in emerging economies.
Opportunities lie in expanding applications in the food, pharmaceutical, and pet food industries, as well as innovative processing technologies that enhance protein quality and functionality. Recent trends include the development of plant-based fish protein alternatives, the use of fish protein in sports nutrition and functional foods, and the adoption of sustainable fishing practices to ensure environmental protection.
Fish Protein Market Drivers
Rising Demand for Fish Protein as a Sustainable Food Source
The Fish Protein Market is subject to immense growth. Several factors cause this phenomenon. The primary reason is the rise in demand for sources to fulfill the need for sustainable and nutritious food. These valuable characteristics include the fact that fish protein is a source high in essential amino acids, minerals, and vitamins. Moreover, it is considered to be a sustainable environmental option. The number of people living on Earth is increasing, as well as their income.For many developing countries worldwide, the population of the middle class is on the rise. Changes in people's living standards have a direct effect on their diets. Over the years, in many nations, the consumption of fish protein has been growing steadily. Modern-day customers are very attentive to health issues. Therefore, the global trend of healthy food triggers the expansion of the fish protein market. Furthermore, due to the substantial harm and pollution animal agriculture has on nature and soil, an increasing number of consumers prefer plant-based and sustainable solutions, of which fish protein is one.Similar to other sources of protein, fish is in high demand among fitness and sports amateurs who take food supplements to grow bigger and stronger. The industry of fish protein market industry is well-positioned to grow with time. It is mostly because that market will be mainly driven by increasing customer awareness regarding the benefits of fish protein and the need of our planet for sustainable food sources. Directed promotion campaigns on eating fish and fish-based products.There are other factors encouraging growth. The diversifying of the aquaculture segment is perceived as an advantage that helps to meet the request. Additionally, the support from the side of governments that provide subsidies and encourage people to consume fish and other seafood is essential. There are several obstacles to the development of the fish protein industry. They include overfishing, changes in climate, and pollution of the environment.
Technological Advancements and Innovations in Fish Protein Production
The fish protein market industry is also driven by technological advancements and innovations in fish protein production. Advancements in aquaculture techniques, such as the development of recirculating aquaculture systems, are enabling the production of fish in a more controlled and sustainable way. This stimulates productivity and efficiency in fish farming, which is likely to reduce production costs and increase yields. In addition, new developments in extraction and processing technologies are enhancing the quality and yield of fish protein, which is making it more appealing to consumers.Innovations in the production of new fish protein ingredients, such as hydrolyzed fish protein and fish protein isolate, are increasing the use of fish proteins in the food, pharmaceutical, and cosmetic industries.
Government Regulations and Sustainability Initiatives
Government regulations and sustainability initiatives in the Fish Protein Market Industry are also of significance. Governments worldwide are playing an active part in ensuring measures allowing sustainable means of fish protein harvesting and production. Governmental regulations cover several areas, including but not limited to fishing quotas, fishing gear, and aquaculture practices. Additionally, sustainability initiatives are being advertised in order to lessen the negative impact the fish protein industry sector imposes on the environment.This may include eco-friendly ways of fishing, sustainable aquaculture systems, or the reduction of waste and by-products. The positive impact of these governmental regulations is expected in the long-term sustainable activity of the fish protein market.
Fish Protein Market Segment Insights:
Fish Protein Market Source Insights
The market is segmented based on source, product type, application, and region. Source Segment Insights: The market is segmented into marine fish, freshwater fish, and seafood processing by-products based on source. Marine fish accounted for the largest revenue share of the Fish Protein Market in 2023 and is projected to maintain its dominance throughout the forecast period. This can be attributed to the increasing demand for fish species such as tuna, salmon, and mackerel due to their high protein content and health benefits. Freshwater fish is expected to witness a significant growth rate during the forecast period.The rising demand for freshwater fish, such as tilapia and catfish, in developing regions, is driving the growth of this segment. These fish species are relatively inexpensive and have a high protein content, making them a viable alternative to marine fish. Seafood processing by-products, such as fishmeal and fish oil, are also expected to contribute to the growth of the Fish Protein Market. These by-products are rich in protein and are used in the production of animal feed, fertilizers, and other products. The increasing demand for fishmeal and fish oil, particularly in the aquaculture industry, is expected to drive the growth of this segment.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Fish Protein Market Type Insights
The Fish Protein Market is segmented by Type into Fish Protein Concentrate (FPC), Fish Protein Hydrolysate (FPH), and Fish Protein Isolate (FPI). Out of these, FPC dominated the Fish Protein Market's revenue in 2023. This happened as a result of its versatility in food processing, including being used as a binder, emulsifier and thickener, among others. Conversely, FPH is projected to register the highest growth over the next few years due to its increasing use in dietary supplements and nutraceutical products. On the other hand, FPI is expected to make strides in the pharmaceutical and medical sectors because of its high nutritional value and allergenic properties.The growing demand for fish protein from the aquaculture industry is expected to drive the growth of the Fish Protein Market in the coming years.
Fish Protein Market Application Insights
The application segment of the Fish Protein Market is broadly classified into Aquaculture Feed, Livestock Feed, Human Food, and Pet Food. Aquaculture Feed holds the largest market share, driven by the increasing demand for fishmeal and fish oil in the aquaculture industry. Livestock Feed is another significant segment, with fishmeal and fish oil being essential protein sources for livestock animals. Human Food is a growing segment, as fish protein is increasingly recognized for its nutritional benefits and is being incorporated into various food products.Pet Food is a niche segment, with fishmeal and fish oil used as high-quality protein sources in pet food formulations.
Fish Protein Market Grade Insights
The Fish Protein Market is segmented based on Grade into Food Grade, Feed Grade, and Technical Grade. Among these, the food-grade segment held the largest market share in 2023 and is expected to maintain its dominance throughout the forecast period. The growth of this segment can be attributed to the increasing demand for high-quality protein sources in the food industry. The Feed Grade segment is also expected to witness significant growth due to the rising demand for fishmeal and fish oil in the aquaculture industry. The Technical Grade segment is expected to experience moderate growth, driven by its applications in various industries such as pharmaceuticals and cosmetics.Overall, the Fish Protein Market is expected to register a CAGR of 4.23% during the forecast period, reaching a valuation of USD 55.9 billion by 2032.
Fish Protein Market Regional Insights
The regional segmentation of the Fish Protein Market provides insights into the market's geographic distribution and growth potential. North America holds a significant market share due to increasing consumer awareness about the health benefits of fish protein and the presence of major fish protein producers in the region. Europe is another key market, driven by a growing demand for sustainable and nutritious food sources. The APAC region is expected to witness substantial growth, primarily attributed to the rising population and increasing disposable income in countries like China and India.South America and MEA are emerging markets with untapped potential for fish protein, offering opportunities for market expansion.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Fish Protein Market Key Players And Competitive Insights:
Major players in the Fish Protein Market industry are adopting various growth strategies such as mergers & acquisitions, joint ventures, and partnerships to strengthen their market position. Leading Fish Protein Market players are focusing on research and development (R&D) to develop innovative products and technologies that meet the evolving needs of consumers. The Fish Protein Market is witnessing the emergence of new entrants, particularly from developing countries, offering competitive prices and innovative products. The competitive landscape is expected to intensify further as these new players gain market share and establish a foothold in the global market.Cargill, a prominent player in the Fish Protein Market, is committed to providing sustainable and high-quality fish protein products. The company offers a comprehensive range of fish protein ingredients tailored to meet the specific requirements of various food and beverage applications. Cargill has a strong global presence and well-established distribution networks, enabling it to cater to the needs of customers worldwide. The company's commitment to sustainability is reflected in its responsible sourcing practices and investment in environmentally friendly technologies.On the other hand, a key competitor in the Fish Protein Market industry, Omega Protein Corporation, is renowned for its innovative and sustainable fish protein products. The company focuses on extracting high-value ingredients from fish by-products, maximizing resource utilization. Omega Protein Corporation has a vertically integrated business model, controlling the entire supply chain from fishing to processing and distribution. The company's commitment to quality and innovation has earned it a strong reputation among customers in the food and feed industries. Omega Protein Corporation continues to invest in research and development to expand its product portfolio and enhance its competitive position.
Key Companies in the Fish Protein Market Include:
- Maruha Nichiro Corporation
- EWOS
- Omega Protein Corporation
- Skretting
- Nippon Suisan Kaisha Ltd.
- Aker BioMarine AS
- Nutreco N.V.
- Pescanova
- BioMar A/S
- Alltech
- TASA Group
- ADM
- Thai Union Group
- Copeinca
Fish Protein Market Industry Developments
The Fish Protein Market is projected to reach USD 55.9 billion by 2032, exhibiting a CAGR of 4.23% during the forecast period (2024-2032). Rising demand for fish protein in the food and beverage industry, growing health awareness, and increasing disposable income in developing countries are driving market growth.Recent news developments in the market include: In 2023, Corbion announced the launch of its new AlgaPrime DHA algal oil, a sustainable and vegan source of DHA omega-3 fatty acids for the food and beverage industry. In 2022, IFF acquired Frutarom, a leading provider of natural flavors and extracts, to expand its portfolio of fish protein ingredients. In 2021, Cargill invested in Calysta, a company that produces fish protein from fermentation, to meet the growing demand for sustainable protein sources.These developments indicate the growing interest and investment in the fish protein market, which is expected to continue in the coming years.
Fish Protein Market Segmentation Insights
- Fish Protein Market Source Outlook
- Marine Fish
- Freshwater Fish
- Seafood Processing By-products
- Fish Protein Market Type Outlook
- Fish Protein Concentrate (FPC)
- Fish Protein Hydrolysate (FPH)
- Fish Protein Isolate (FPI)
- Fish Protein Market Application Outlook
- Aquaculture Feed
- Livestock Feed
- Human Food
- Pet Food
- Fish Protein Market Grade Outlook
- Food Grade
- Feed Grade
- Technical Grade
- Fish Protein Market Regional Outlook
- North America
- Europe
- South America
- Asia-Pacific
- Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
36.94(USD Billion) |
| Market Size 2023 |
38.5(USD Billion) |
| Market Size 2032 |
55.9(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
4.23% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2022 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Maruha Nichiro Corporation, EWOS, Omega Protein Corporation, Skretting, Nippon Suisan Kaisha Ltd., Aker BioMarine AS, Nutreco N.V., Pescanova, BioMar A/S, Alltech, TASA Group, ADM, Thai Union Group, Copeinca |
| Segments Covered |
Source, Type, Application, Grade, Regional |
| Key Market Opportunities |
Rising health consciousness Growth in the aquaculture industry Technological advancements Increasing demand from emerging markets Innovations in product development |
| Key Market Dynamics |
1 Rising Demand for Alternative Protein Sources2 Technological Advancements in Protein Extraction3 Increasing Health Consciousness4 Growth of Aquaculture Industry5 Government Regulations on Sustainable Fishing |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Fish Protein Market is expected to reach USD 55.9 billion by 2032, with a CAGR of 4.23% from 2024 to 2032. The market is driven by the growing demand for fish protein as a healthy and sustainable source of nutrition.
Asia-Pacific is expected to account for the largest market share in the Fish Protein Market during the forecast period. The region is home to some of the largest fish-producing countries in the world, such as China, India, and Indonesia.
The key growth drivers of the Fish Protein Market include the growing demand for fish protein as a healthy and sustainable source of nutrition, the rising population and urbanization, and the increasing awareness of the health benefits of fish protein.
Fish protein is used in a wide range of applications, including food and beverages, animal feed, and pharmaceuticals. Fish protein is a valuable source of essential amino acids, vitamins, and minerals, making it an important ingredient in many food products.
The key competitors in the Fish Protein Market include Omega Protein Corporation, Cargill, Incorporated, and Skretting. These companies are all major players in the fish protein industry and offer a wide range of fish protein products.
The Fish Protein Market is expected to register a CAGR of 4.23% from 2024 to 2032.
The Fish Protein Market faces a number of challenges, including the rising cost of fish, the sustainability of fish stocks, and the competition from other protein sources.
The Fish Protein Market presents a number of opportunities for growth, including the growing demand for fish protein as a healthy and sustainable source of nutrition, the rising population and urbanization, and the increasing awareness of the health benefits of fish protein.
The key trends in the Fish Protein Market include the growing demand for fish protein as a healthy and sustainable source of nutrition, the rising population and urbanization, and the increasing awareness of the health benefits of fish protein.
The future outlook of the Fish Protein Market is positive, with the market expected to register a CAGR of 4.23% from 2024 to 2032. The market is driven by the growing demand for fish protein as a healthy and sustainable source of nutrition, the rising population and urbanization, and the increasing awareness of the health benefits of fish protein.
