The global Fish Powder Market research report provides complete insights on industry scope, trends, regional estimates, key application, competitive landscape and financial performance of prominent players. It also offers ready data-driven answers to several industry-level questions. This study enables numerous opportunities for the market players to invest in research and development.
Market Overview:
The global fish powder market size is expected to reach USD 10.32 billion by 2025, according to Million Insights, registering a 6.51% CAGR over the forecast period, from 2019 to 2025. Increasing production of aquaculture and growth in the fortified industry are major factors to drive the market growth.
Key Players:
- FMC Corporation
- Marvesa
- Austevoll Seafood ASA
- Tasa
- Croda International PLC
- Sürsan
- Oceana Group Limited
- The Scoular Company
- Omega Protein Corporation
- GC Rieber Oil
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Growth Drivers:
Increasing investment on different fish species such as horse mackerel, anchovy, capelin, and sand eel is expected to boost the sales. Increasing awareness among consumers related to proteins and minerals contain in fish powder is expected to drive the market demand during the forecast period. Increasing demand for ready to eat meal coupled with highly functional ingredients is expected to fuel the market growth. Dried fish contain large amount of protein. Therefore, it is added in ready to eat meals to enhance the protein content of the food by 30%. Growing demand of fish powder in ready to eat meal products is anticipated to proliferate the market demand.
Source Outlook:
- Whole Fish
- By-Product
Whole fish segment accounted for the largest market share with 61.53%, in 2018. This high revenue share can be attributed to the growth of captured fisheries. Rise in the demand of frozen food coupled with advanced technology such as spiral freezer and horizontal wrapper packaging are expected to witness positive impact on market.
By-product, the segment is expected to grow at the highest CAGR of 7.8% during the forecast period. This high growth rate can be attributed to increasing production of by-product of fishes. Due to rise in this segment, it is expected that fishmeal production will increase more than 25% in the forthcoming years. In 2016, the wild capture production was 3.7 million tons compared to aquaculture production of 1.94 million tons in the same year. These factors are expected to drive the demand for this market over the forecast period.
Application Outlook:
- Swine
- Aquaculture
- Poultry
Among application, aquaculture segment held the largest market share of 52.03% of the global market share, in 2018 owing to the increasing aquaculture production.Moreover, rising demand for sea food is expected to further flourish the market demand and expected to expand with CAGR of 5.15% during, 2019 to 2025.
Poultry segment is expected to grow with CAGR of 8.40% from 2019 to 2025 due to development of feed industry. The feed industry is also expected to register more than 8% CAGR in forthcoming years due to the increasing number of cattle, poultry industry, and aqua feed. The growth of the feed industry coupled with rising demand in fisheries will positively impact the market growth.
Regional Outlook:
Asia Pacific held the largest share of 71.54%, in 2018. This is attributed to the increasing aqua feed production. Europe is projected to witness the highest CAGR of 8.2% over the forecast period, from 2019 to 2025 due to growth in aquaculture industry. Further in Europe the aquaculture application is expected to growth at the fastest rate with a CAGR of 8.2%, during the forecast period. In addition, fisheries &aqua culture segment production accounted 6.45 billion and expected to grow at a CAGR of 6% over the forecast period. Increasing number of catchers for fisheries is expected to drive the market growth in this region.
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