Fish Protein Market to grow at a CAGR of 4.0% & to garner $4.20 billion by 2026
According to a new report published by Allied Market Research, titled, “Fish Protein Market by Type and Application: Opportunity Analysis and Industry Forecast, 2019–2026,” the fish protein market size was valued at $3.08 billion in 2018, and is estimated to reach $4.20 billion by 2026, registering a CAGR of 4.0% from 2019 to 2026. In 2018, the fish protein concentrate (FPC) segment accounted for more than half of the share, and is expected to grow at a CAGR of 3.30% throughout the forecast period. North America is one of the prominent regions in the market that accounted for a sizeable share of the total market in 2018.
Fish protein serves as a rich food additive, which extracted from whole fish. Three types of fish protein extracts are available in the market, which include fish protein concentrate (FPC), fish protein hydrolysate (FPH), and fish protein isolate (FPI). Fish protein is extracted through particular fish species such as Yellowtail amberjack, Tuna, Anchovy, Coho Salmon, Trout, Snapper, Tilapia, Bluefish, Pollock, Grouper, Sardines, Mackerel, Cod, Haddock, Flounder, Perch, and Halibut. The consumption of fish protein is witnessed to be higher in the animal feed industry, and followed by pharmaceutical and cosmetic industries.
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The growth of the global fish protein is majorly driven by factors such as upsurge in demand for fish meal in the livestock industry, owing to rise in awareness about toxic effects of chemical-based animal feed products. Moreover, alarming increase in prevalence of obesity and rise in fascination among youth to gain muscle mass propel the demand for fish protein. In addition, surge in incidence of poultry diseases boosts the demand for fish protein. This is attributed to the fact that fish meal contains 72% fish protein and helps to increase the resistance power of poultry birds against various diseases, which helps to increase their life span, which, in turn, propels the growth of the global fish protein market. However, increase in preference of proteins extracted from alternate sources such as plant-based proteins, due to high cost of fish protein, rise in concerns pertaining to storage, and high transportation cost restrain the fish protein market growth. On the contrary, upsurge in demand for trendy cosmetics such as nutricosmetics, which contain fish protein and increase in popularity of fish protein among youth are anticipated to provide lucrative opportunities for market expansion during the forecast period.
The report segments the global fish protein market into type, application, and region. On the basis of type, the market is divided into fish protein concentrate (FPC), fish protein hydrolysate (FPH), and fish protein isolate (FPI). The applications covered in the study include animal feed, pharmaceutical, and cosmetics. Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
According to the fish protein market analysis in 2018, the fish protein concentrate segment generated the highest revenue, and is expected to remain dominant throughout the forecast period. This is attributed to increase in adoption of fish meal in the poultry industry. However, the fish protein hydrolysate (FPH) segment is expected to grow at the highest CAGR throughout the forecast period, due to increase in adoption of fish protein hydrolysate (FPH) in pharmaceutical and cosmetic industries.
In 2018, animal feed was the most prominent segment, accounting for maximum share in the global market, owing to the positive impact of fish protein on livestock. However, the cosmetic segment is expected to witness the highest growth, due to increase in use of nutricosmetics, which consist collagen that aids in reducing wrinkles and helps in skin tightening.
On the basis of fish protein market forecast, the U.S. accounted for the maximum share in the global market in 2018, and is expected to continue this trend during the forecast period. This is attributed to higher expenditure of consumers on animal feed and dietary supplements due to their nutritional benefits.
However, China is expected to grow with the highest CAGR throughout the forecast period, owing to development of the livestock industry.
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Key Findings of the Study:
By type, the fish protein hydrolysate (FPH) segment is expected to witness the fastest growth, registering a CAGR of 4.90% during the forecast period.In 2018, depending on application, the animal feed segment held the highest share, accounting for more than half of the global market share.China was the most prominent market in the Asia-Pacific region in 2018, and is expected to grow at a significant CAGR throughout the forecast period.North America was the dominant region in 2018, accounting for more the one-third of the global fish protein market share.
The key players profiled in global fish protein industry include Apelsa Guadalajara, Aroma NZ, Bevenovo Co., Limited, BioOregon Protein, Mukka Seafood Industries, New Alliance Dye Chem Pvt. Ltd, Nutrifish, Qingdao Future Group, Scanbio Marine Group, and Taian Health Chemical Co., Ltd.
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