Fish Powder Market

SKU: DMFB3018 | Last Updated On: Oct 14 2022 | Available Formats

>Fish Powder Market Expected to reach a high CAGR 6% during the forecast period 2022-2029:

Fish Powder Market is segmented By Source (Whole Fish), By Application (Swine, Aquaculture, Poultry, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029.

Fish Powder Market is projected to reach a high CAGR of 6% during the forecast period 2022-2029.

Fish powder also known as the fish meal is a powder obtained by drying and grinding fishes that are not generally used for human consumption. It is manufactured from wild-caught and small marine fishes including anchovy, capelin, sand eel, sardine, pilchard and horse mackerel. It is also manufactured from offal and bones obtained as residuals after processing fishes used for human consumption. The global fish powder market is expected to witness robust growth in the forecast period of 2021 to 2028. The rising production of functional food items is expected to influence the growth of the global fish powder market. The global market for fish powder is also projected to grow as a result of the rising application of various fishes such as hose mackerel, capelin, and anchovy in the production of fish powder. Moreover, the growth majorly depends on the variety of fishes used during the production of the fish powder. The product is made from about 90% of oily fish species, such as anchovy, menhaden, sardine, capelin, and 10% of white fish offal such as haddock and cod.

Fish Powder Market

Metrics

Details

Market CAGR

6%

Segments Covered

By Source, By Application, and By Region

Report Insights Covered

Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights.

Fastest Growing Region

Asia Pacific

Largest Market Share 

North America

Market Dynamics

Growth in the swine industry owing to increased demand for pork may foster the market size

The fish powder is widely used to feed swine owing to its high nutritional value. Global pork production was at over 120 million metric tons in 2018 owing to increasing population and disposable income which is likely to stimulate the overall industry demand. The fish powder is widely used in swine feed as it provides high protein content and a wide range of micronutrients including vitamins and amino acids. The fish oil present in it also improves weaned pig’s growth performance thereby stimulating the overall industry growth.

Moreover, the rising production of functional food items is also expected to influence the growth of the global fish powder market. Fish protein powder is a dried stable fish product in which protein concentration is more than that of the fish flesh. It is a food-grade version of fish powder fit for human consumption. The fish powder is purified and processed to make it suitable to be utilized as a functional food. The global market of functional foods may surpass USD 400 billion by the year 2022 owing to rising awareness for fortified and functional food which may stimulate the product demand. Fish protein powder aids in weight management and muscle growth owing to its high protein concentration thereby driving industrial growth.

However, a significant amount of fishmeal is produced by fish processing byproducts as it reduces byproduct waste. Stringent regulations in European countries to restrict the use of animal by-products to feed similar species may act as a constraint in the fish powder market.

Market Segmentation

The whole fish segment is expected to be the largest segment with a share of XX% during the forecast period

The global fish powder market has been segmented by source into whole fish and by-product. The whole fish segment held the largest share as of 2020, owing to the growth of captured fisheries market. The amount of captured fisheries production increased from about 87.81 million tons in 2010 to about 90.91 million tons in 2016. The rise of the frozen food and fisheries industries along with technological advancements such as horizontal wrapper packaging and spiral freezers are anticipated to further drive growth.

The by-product is anticipated to expand at the fastest CAGR of XX% from 2021 to 2028. The rise in the production of by-products from fisheries is expected to drive growth over the forecast period. The rise in the by-product segment is estimated to increase the production of fish meal products by over 25% in the next 10 years. The production from wild capture was about 3.7 million tons in 2016 as compared to the 1.94 million tons from aquaculture production in the same year. The trend is expected to drive the product demand over the forecast period.

Geographical Penetration

The Asia Pacific is expected to dominate the global fish powder market

By geography, Asia Pacific is expected to dominate the global fish powder market in the year 2020, growing with a CAGR of xx% during the forecast period, owing to the growing aqua feed production in the region. Asia-Pacific Aquafeed Market was worth USD 33.14 billion in 2020 and is estimated to be growing at a CAGR of 12.50%, to reach USD 59.71 billion by 2025. The demand for seafood in the Asia Pacific region is catalyzed by both domestic consumption and exports. Seafood plays a key role in the dietary habits in several Asian countries such as China, Thailand, Vietnam, Indonesia, Malaysia, South Korea, Japan and other countries. Catalyzed by rising incomes and increasing health consciousness, dietary habits in the region are witnessing a transition from a high carbohydrate-based diet to one that is rich in proteins. This has encouraged many consumers to opt for protein sources such as meat and seafood.

Europe is expected to register the highest CAGR of about XX% over the forecast period, on account of the growth of the aquaculture industry. The fisheries and aquaculture production from the EU countries accounted for 6.45 billion tons in 2017. In 2018, regional fish and seafood consumption was approximately 25 kg per capita owing to increased fish landings which are likely to boost the market growth. The aquaculture market is expected to rise at a CAGR of XX% over the next five years. These factors along with the growth of the catcher’s sector for fisheries in the region is projected to drive the market.

Competitive Landscape

The global fish powder market is highly fragmented with key manufacturers such as Oceana Group, Austevoll Seafood ASA, Blue Line Foods, Wudi Deda Agriculture, and Omega Protein Corporation. Companies are looking for mergers, acquisitions and joint ventures to achieve market expansion. On the other hand, the key players are focusing on product launches and heavy investments in the field of research and development. These steps provide much needed competitive edge to stay ahead of their rivals. With the above-mentioned factors, producers are also likely to focus on product launches and innovations catering to the poultry and swine applications. For instance, in January 2018, Cargill inaugurated its fish powder mill with an investment of USD 10 million in India to manufacture the powder for tilapia and other warm-water species. This was later acquired by Mulpuri foods and fish powder.

COVID-19 Impact: The fish powder market has been negatively impacted due to trade disturbances

Fish and other aquatic foods are a key part of our global food systems and a highly nutritious food group of major social, cultural and economic significance. Disruptions in supply chains for fish and aquatic foods happened due to disruptions in transportation, trade, and labour. Falling production from reduced fishing efforts and delayed stocking of aquaculture systems lead to lower supplies, access, and consumption of these foods. Decreased consumer demand and increased transaction costs had a knock-on effect that pushed the price of fish and aquatic foods up and made them less affordable for poor consumers. In addition, the imports and exports of various products have been paused due to the pandemic situation. The exports of raw materials required for fish powder have declined from the previous year, which will impact the overall market. The majority of the fish powder manufacturers have shut down which also reduces the requirement of the imported raw materials. The decline in the reliance on non-vegetarian food products has further decreased the market amidst the pandemic. Therefore, the market players have witnessed a considerable downfall in the fish powder market during the pandemic.

Frequently Asked Questions

What is the Projected CAGR value of the Fish Powder Market?

Fish Powder Market is expected to grow at a CAGR of 6% during the forecasting period 2022-2029.

Which region controlled the global market during 2022-2029?

North America region Controls the Fish Powder Market during 2022-2029.

Which is the fastest growing region in the Fish Powder Market?

Among all regions, Asia Pacific is the fastest growing market share during the forecast period.

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