Fish Protein Powder Market Share

Global Fish Protein Powder Market Overview

Fish Protein Powder Market Size was valued at USD 3.328 Billion in 2022. The Fish protein powder industry is projected to grow from USD 5.0663 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 5.70% during the forecast period (2023 - 2030). Growing demand for high-quality protein driving the market growth.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

 Fish Protein Powder Market Trends

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  Sedentary Lifestyle On The Rise Among Millennials Across Geographies

  
  

Due to the various advantages offered by some dietary supplements, such as omega-3 fatty acids, which work by reducing the body's triglyceride synthesis, the demand for dietary supplements has increased due to the growing geriatric population and the large pool of people suffering from cardiovascular disease throughout the U.S. High triglyceride levels can result in coronary artery disease, heart disease, and stroke. Blood triglyceride levels are decreased when nutrition, exercise, and omega-3 polyunsaturated fatty acids are combined. Heart disease is the top cause of death for people of both sexes and from the majority of racial and ethnic groups in the United States, according to the Centers for Disease Control and Prevention.

A sedentary lifestyle is a major contributor to the worrisome increase in cardiovascular disease. As a result, more and more people are turning to dietary supplements for long-term health support. The fatty acids and oils found in seafood are crucial for maintaining normal cholesterol levels. Markets benefit from consumers' increasing interest in health. An increase in demand from developed regions has been a driving factor in the market's expansion. Organic food is becoming more popular among consumers in high-income countries. The rising popularity of plant-based diets and growing awareness of the health risks associated with meat have both had positive effects on the fish protein industry. Market expansion is anticipated to be fueled by the health consciousness of consumers in developed countries. So, the focus of the major businesses should be on increasing their customer base in these fruitful markets by developing new and better products. Besides, recent developments in medicinal science have opened up new fields of use for fish protein. For example, fish protein is used in the manufacturing of a variety of OTC health products. Fish protein is used in high-tech cosmetic formulations like those made by Nutri cosmetics.

Also, organizations all over the nation launched several projects to educate chronic illness sufferers, which is anticipated to support the expansion of the industry as a whole. For instance, the Chronic Disease Self-Management Education (CDSME) programs offered by the Administration for Community Living give participants knowledge and skills to assist them in better managing age-related and chronic diseases like diabetes, heart disease, arthritis, chronic pain, and depression. The money is used to increase, scale up, and maintain evidence-based CDSME programs, and organizations that are eligible for grants include tribes, NGOs, universities, and regional agencies on ageing. According to the terms of these grants, grantees are implementing a variety of initiatives, including collaborating with regional ageing agencies, hospitals, and rural clinics to deliver programs, concentrating on self-management programs for people affected by chronic pain, documenting health care cost savings through HIEs, and obtaining reimbursement from Medicare, Medicare Advantage, and Medicaid. As a result, these elements are probably going to help the industry in the next years.

Fish Protein Powder Market Segment Insights

Fish Protein Powder Product Type Insights

The Fish Protein Powder Market is segmented on the basis of product type, into fish protein concentrate, fish protein isolate, and fish protein hydrolysate. The fish protein concentrate segment held the largest market share. Fish protein concentrates are the proteins that are more concentrated as compared to the original raw material. Fish protein concentrates are available in different colors, and tastes, and are also available in powder, liquid, and paste forms. All forms of fish protein concentrates can be water soluble and insoluble and have very high nutritional value. The fish protein concentrates are prepared by different methods which are chemical procedures or biological procedures. The health-beneficial properties such as the development of the brain, and heart health key growth factors propelling the demand for fish protein concentrates. Moreover, the antioxidant and bioactive properties associated with fish protein concentrates are aiding in relieving various gastrointestinal problems such as irritable bowel syndrome, hence, contributing to the growth of the market and is anticipated to witness significant growth over the forthcoming years.

November, 2022: The revenue of Hofseth BioCare ASA has grown by 105 % year by year, as the company signed contracts with various new processors operating in the salmon business to ensure better access to salmon in the company’s process of production.

Figure 1: Fish Protein Powder Market, by Product Type, 2022 & 2030 (USD Million)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Fish Protein Powder Application Insights

The global fish protein powders market segmentation, based on application, includes,  food & beverages, cosmetics, and personal care, sports nutrition and dietary supplements, pharmaceuticals, and animal feed. The animal feed segment accounted for the largest market share. Fish protein powder is gaining momentum in the animal feed industry, as animals are an important part of the food supply chain across the globe. People consider animal products such as milk, meats, or eggs as the enriched source of protein across the globe. There are various research projects are in progress to investigate the impact of fish protein hydrolysates in the animal feed industry. Moreover, the fish processing industry produces and discards a large number of waste parts almost per year, which is approximately 60% of the total biomass. The waste discarded by the fish processing industry can be transformed into value-added products such as fish protein hydrolysates, and powder with the help of several proteolytic enzymes. The rising demand for food ingredients for the production of healthy animal feed products in the poultry, aquaculture, and pig farms is propelling the growth of the segment.

Figure 2: Fish Protein Powder Market, by Application, 2022 & 2030 (USD Million)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Fish Protein Powder End User Insights

The Fish Protein Powder Market data has been bifurcated by commercial, and residential. The commercial segment accounted for a larger market share. Owing to increasing demand from various industries such as food, feed, nutraceuticals, pharmaceuticals, cosmetics, and personal care. The continuous innovation has led to the availability of fish protein powder in various grades such as food, and feed grade, as per the grade the powder is supplied to the industries. Fish protein powder is a food-grade product available in powder form which is designed mainly for human consumption and human applications. Fish protein powder is significantly different from various fish meal products that are designated for applications in animal feed. In addition to this, fish protein powder has several sanitary processing, functional, and purity features that make it a functional ingredient for the human food industry. In addition to this, various elements associated with the nutritional components of fish protein powder focus on the antioxidant, and bioactive properties, which are positively impacting the demand in the pharmaceuticals, and nutraceuticals industry for the production of various drugs and other health supplements. Moreover, fish protein powder is also being used as an ingredient in various cosmetic formulations such as lipsticks, nail paints, sunscreens, face creams, hair sprays, body lotions, and shampoos among others that in turn propel the growth.

Figure 3: Fish Protein Powder Market, by End User, 2022 & 2030 (USD Million)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Fish Protein Powder Distribution Channel Insights

The Fish Protein Powder Market data has been bifurcated, on the basis of distribution channel, by B2B and B2C. The commercial segment accounted for a larger market share. The B2B segment held the largest market share. B2B abbreviated as business-to-business, is a process of distribution for distribution and selling of finalized goods to other businesses. Business-to-Business distribution includes one business obtaining goods from a supplier or manufacturer and then selling them to various wholesalers, retailers, or different manufacturers. Digitalization in the B2B channel has opened prospects for small to large enterprises across the globe. For instance, bygora GmbH is a leading B2B marketplace to buy and sell various novel products or ingredients from anywhere.

Figure 3: Fish Protein Powder Market, by End User, 2022 & 2030 (USD Million)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Fish Protein Powder Regional Insights

By Region, the study segments the market into North America, Europe, Asia-Pacific, South America, and Middle East & Africa. Asia-Pacific fish protein powder market accounted for largest market share in 2022.

Figure 4: FISH PROTEIN POWDER MARKET SHARE BY REGION 2022 (%)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

The North American fish protein powder market is a significant segment of the Fish Protein Powder Market. The North America region includes major markets such as the US, Canada, and Mexico. The growing fish production across the region coupled with the usage of fish for extracting protein out of it through screening or settling out the bones and drying, by extracting the oil in order to yield higher amount of protein is set to fuel its market growth. For instance, according to the National Oceanic and Atmospheric Administration, the weighted production of marine aquaculture in the United States was roughly constant from 2014 to 2019. Nonetheless, throughout the same period, the amount of domestic marine aquaculture sales climbed an average of 2.3 percent per year. In addition, from formerly being among the top five producers internationally, the United States currently holds the 18th-place position globally. Between 70 and 85 percent of the seafood consumed in the United States is imported, and more than half of this seafood is thought to have been generated through foreign aquaculture. The nation's seafood trade deficit has increased to USD 17 billion in 2020, driven by imports.

Europe fish protein powder market includes the UK, Germany, France, Italy, Spain, and Rest of the Europe are all included in the analysis of the European market. Europe continues to hold a significant share in the global fish protein powders market, owing to the presence of major players in the region providing fish protein powders for various applications coupled with their growing innovations. For instance, in April 2020, Prince Nova entered into an agreement to distribute marine nutrition products from Hofseth BioCare (HBC) within the EU. HBC offers a wide range of products including protein, calcium, and oil products from Norwegian salmon. In addition, the company uses its hydrolysis technology to extract nutrients from the fish which is then used in a wide range of application such as protein powder for sports, endurance, and recovery nutrition.

Asia-Pacific is the most populated region in the world, consisting of some of the major economies, including China, India, Japan, Australia and New Zealand and others. The growing fishing sector across the APAC region coupled with the increasing government investment is set to create huge opportunities for its market growth. For instance, The Pradhan Mantri Matsya Sampada Yojana (PMMSY), a new flagship initiative with a huge investment of USD 2.46 billion for the growth and expansion of the fisheries sector in the nation, was recently presented by the government of India, led by Prime Minister Mr. Narendra Modi. The program's goals are to close large productivity and production gaps in the fishing industry, infuse innovation and cutting-edge technology, improve post-harvest infrastructure and management, modernize, and strengthen the value chain and traceability, and create a framework for efficient fisheries management and the welfare of fishermen. The plan emphasizes the significance of maximizing the potential of fisheries in a sustainable, moral, inclusive, and equitable manner. The PMMSY outlines ambitious objectives for FY 2025, such as increasing fish production by USD 0.61 million, increasing aquaculture productivity from the current national average of 3 tonnes per Ha to 5 tonnes per Ha, doubling exports from USD 5.72 billion to USD 12.28 billion, creating more job opportunities, and increasing fishers' and fish farmers' incomes by a factor of two to consolidate the fisheries sector's gains and promote.

The rest of the world includes South America, the Middle East, and Africa, will witness moderate growth in the fish protein powders market in the upcoming years. The various strategies adopted by the government bodies to expand the fishing sector is likely to create huge opportunities for the fish protein powders in the upcoming years. For example, in February 2022, the development of the fishing industry is a priority for the Brazilian government. For that reason, the Brazilian government announced a tender for the 20-year concession of seven public fishing ports, with a total anticipated investment and operational cost of around USD 135.17 million. According to technical assessments, this new initiative will benefit 59,000 artisanal fisherman, and fishery production might reach 54,000 tonnes annually. Due to improved handling and processing techniques, the amount of waste that must be minimized may reach 87,500 tonnes during the concession. Thanks to hygienic upgrades and USD 37.07 million in productivity benefits in industrial fishing, an additional USD 91.14 million in added value is anticipated. The project's socioeconomic advantages total close to USD 0.19 billion. Besides this, the recent steps taken by major government bodies to expand the production of fish in the region is likely to create huge opportunities for the fish protein powders market in the upcoming years. For example, in October 2021, within five years, the Ministry of Agriculture, Livestock, and Fisheries says it aims to produce 13,000 tonnes annually, which would bring in USD 65 million in revenue. Japan, the United States, China, and Europe are anticipated to be the top export destinations, but they also see potential for the domestic market, which is currently supplied by imports from Chile.

Fish Protein Powder Key Market Players & Competitive Insights

Major market players are trying to inject heavy investment on R&D to upsurge their product lines, which will help the fish protein powder market grow even more. The growth of market players is dependent on market conditions, government support, and industry development. Thus, vendors focus on expanding geographically and improving product quality. One of the main business strategies accepted by manufacturers in the global fish protein powder industry to benefit clients and expand the fish protein powder market segment is to build local production houses to reduce operating costs.

Key Companies in the Fish Protein Powder Market Includes

• Mukka Proteins Limited (India)


• Omega Protein Corporation (US)


• Hofseth Biocare ASA (Norway)


• Bio-Marine Ingredients Ireland (Ireland)


• BioOregon Protein (US)


• TripleNine (Europe)


• FF Skagen A/S (Europe)


• Hangzhou Nutrition Biotechnology Co., Ltd (China)


• Janatha Fish Meal & Oil Products (India)


• Hayduk (Europe)

Fish Protein Powder Industry Developments

May, 2020: HBC signed its second research agreement with Stanford University for investigation on GI-protective properties of SPH/ProGo for children and adults GI tract disorders.

November, 2022: The revenue of Hofseth BioCare ASA has grown by 105 % year by year, as the company signed contracts with various new processors operating in the salmon business to ensure better access to salmon in the company’s process of production.

November, 2022: The revenue of Hofseth BioCare ASA has grown by 105 % year by year, as the company signed contracts with various new processors operating in the salmon business to ensure better access to salmon in the company’s process of production.

Fish Protein Powder Market Segmentation

Fish Protein Powder Type Outlook

• Fish Protein Concentrates


• Fish Protein Hydrolysates


• Fish Protein Isolates

Fish Protein Powder Form Outlook

• Commercial


• Residential

Fish Protein Powder Application Outlook

• Food & Beverages


• Cosmetics And Personal Care


• Sports Nutrition And Dietary Supplements


• Pharmaceuticals


• Animal Feed


• Others

Fish Protein Powder Distribution Channel Outlook

• B2B


• B2C

Fish Protein Powder Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  • Mexcio
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia & New Zealand
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • South America
  
  
  • Middle East
  
  
  • Africa