Fish protein concentrate is obtained from fish processing by-products and finds wide application in aquaculture, poultry feed, pet food, dietary supplements and nutritional products. It is a rich source of proteins, minerals, vitamins and essential fatty acids. The nutrient profile of fish protein concentrate makes it a suitable alternative for consumers seeking protein-rich food options.
The global Fish Protein Concentrate Market is estimated to be valued at US$ 143.2 Mn in 2024 and is expected to exhibit a CAGR of 6.8% over the forecast period 2024 To 2031.
The market is driven by the rising demand for high-quality protein ingredients from the aquaculture, animal feed and dietary supplement industries. Fish protein concentrate contains balanced amino acid profiles and essential fatty acids that promote growth and well-being. Key players operating in the Fish Protein Concentrate Market are Scanbio Marine Group, Colpex International, BioOregon Protein, Omega Protein, Apelsa Guadalajara, Aroma NZ, Sopropeche, Peterlabs Holdings, Hofseth BioCare, Nutrifish, Olvea Fish Oils, Protein Feeds, Mukka Sea Foods, Qingdao Future Group, Seagarden, Shandong Fukui Foodstuff, Shandong Yuwang Ecological Food Industry, Taian Health Chemical, Zhejiang Zengus, and Zhejiang NHU.
Key Takeaways
Key players: Scanbio Marine Group is a leading producer of fish protein concentrate with strong presence across Europe and North America. Omega Protein is one of the largest manufacturers of fish protein concentrate globally.
Growing demand: Rising Fish Protein Concentrate Market Demand for dietary supplements infused with essential nutrients is driving the Fish Protein Concentrate Market. The aquaculture industry is also increasing consumption of fish protein concentrate to replace animal-based proteins in fish feed.
Technological advancements: Manufacturer are focusing on developing innovative production technologies to enhance the nutritional profile and functionality of fish protein concentrate. New extraction techniques help minimize waste and increase protein yields.
Market Trends
1. Increasing demand for plant-based and clean label proteins: Growing consumer preference for sustainable and natural ingredients is fueling the demand for fish protein concentrate as a clean label protein source.
2. Rising prominence of aquaculture: Wide application of fish protein concentrate in aquafeed is boosting market opportunities as aquaculture grows at a rapid pace globally.
Market Opportunities
1. Scope for product innovation and new applications: Companies are investing in R&D to develop value-added fish protein concentrate products with enhanced health benefits for different application industries.
2. Growth in emerging markets: Emerging countries in Asia Pacific and Latin America with growing health-conscious population offer lucrative opportunities for fish protein concentrate producers.
Impact of COVID-19 on Fish Protein Concentrate Market Growth
The outbreak of COVID-19 severely impacted the Fish Protein Concentrate Market in the initial months of 2020. Nationwide lockdowns disrupted supply chains across countries, hampering movement of goods. This led to shortage of raw materials required for manufacturing fish protein concentrate.
Demand for fish protein concentrate also witnessed a slump due to shutdown of HoReCa sector and limitations on social gatherings. Fish protein concentrate finds major usage as an ingredient in pet food, aquaculture feed, nutritional supplements etc. However, with restricted outdoor activities, demand from these segments reduced significantly.
As lockdowns eased from mid-2020, the market started recovering gradually. Manufacturers made efforts to streamline supply chains and meet the increasing demand. Renewed focus on health and nutrition amid the pandemic boosted consumption of nutritional supplements containing fish protein concentrate. Rising awareness about benefits of protein-rich diets also supported market regrowth.
The aquaculture industry resumed operations and witnessed rebound in demand for high-protein aquaculture feeds containing fish protein concentrate. Advancements in online distribution channels further aided market recovery in the post-COVID period. While uncertainties persist, the market is expected to return to its pre-pandemic growth trajectory backed by rising health-consciousness.
Geographical Regions with High Fish Protein Concentrate Market Concentration
Europe accounts for the largest share of the global Fish Protein Concentrate Market in terms of value. This is attributed to growing consumption of aquaculture feeds and nutritional supplements in countries like Norway, Denmark, Germany, UK, France etc. Europe is home to leading manufacturers who cater to robust domestic as well as export demand.
Asia Pacific also has considerable market presence, led by China. Rising aquaculture industry, growing pet food consumption and burgeoning middle class have been fueling the Fish Protein Concentrate Market in Asia Pacific. The region is anticipated to witness fastest growth going forward, supported by substantive production in China and India along with increasing awareness.
Fastest Growing Regional Market for Fish Protein Concentrate
The Fish Protein Concentrate Market Regional Analysis in South America has potential for high growth, especially in Brazil and Argentina. Increasing adoption of sustainable and nutritious protein sources is driving demand from South American countries.
Major catalysts for market growth in this region include expansion of aquaculture industry, rising foreign investments in animal and pet feed sector, and growing consumption of sports nutrition and dietary supplements. robust economic development and efforts toward enhance local fish farming will further support sustained growth of the Fish Protein Concentrate Market in South America over the coming years.
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