Increasing awareness among consumers regarding applications of fish protein in dietary supplements, cosmetics, personal care segment, pharmaceuticals, sports nutrition, and other industries is driving the fish protein market growth. Its use in preventing various health concerns and ensuring good heart and brain function will fuel consumption of fish protein among various age groups. According to a study by Future Market Insights (FMI), increasing focus on health and wellness and demand for natural ingredients in food products will push fish protein sales between 2021 and 2031.
Fish is a low-fat and high quality protein and a great source of vitamins, minerals, and omega 3 fatty acids. Therefore it is considered among the rich and most widely available source of protein. Leading players in the global fish protein market are incorporating latest technology such as steam treatment for maintaining safety, quality and organic standards for dried spices, with an aim to gain edge in the highly competitive market. However, inefficient logistics and uncertain climatic conditions are expected to inhibit production of fish protein market globally, thereby impeding growth. The food industry is expected to account for over 42% of fish protein market in 2021.
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The FMI researches deeply into the prevailing dynamics in order to offer interesting acumens into the Fish protein market. Some of these are:
- Fish protein market is expected to rise at 7.2% CAGR between 2021 and 2031
- Expansion of the sports nutrition industry is spurring growth in the U.S., which accounts for over 77% of sales in North America
- Rising focus on health and wellness is driving the U.K. market. It is expected to register 8.2% y-o-y growth in 2021
- Germany will remain the dominant market for fish protein in Europe. Increasing dietary supplements sales will drive growth
- Expansion of the food sector will support growth in China. Meanwhile increasing fish consumption will create a conducive environment for growth in Japan and South Korea
“Manufactures of fish protein are offering new, high-quality products. To offer better quality they are investing in research and development activities. As a result, the market has witnessed several new product launches in the last few years” said a lead analyst at FMI
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Fish Protein Gaining Traction from Youth
Trends in food consumption have changed dramatically over the years. Consumers are increasingly worried about their health and wellbeing which has also increased demand for healthy food items. People are looking for convenient multi-component goods that are readily available on the market and also help to balance consumers' fast moving lifestyle. The age group of 16-28 are more attracted towards the fish protein for their more attractive flavors in the fish protein market. Fish protein helps in providing the required amount of proteins which is supported by the body and are digestible. This will create an opportunity to the manufacturers to penetrate their product in the market and gain traction in the fish protein market.Companies are coming up with various fish protein concentrate market based ingredient and derivatives for application in various segments.
Snack Fortification Emerges as Key Trend
Consumers are expressing willingness to buy snacks that are fortified with nutrients. Not only does the fortification enhance the nutritional quality but it also transforms the odour, texture, and flavour of the snack. For instance, some corn snacks are fortified with 3-9% of fish protein powder. Snackification is nothing but snacking on fast served foods or ready to eat foods on frequent intervals during the day.
There has been a rising shift from traditional meals (breakfast, lunch, dinner) to all-day snacking, largely owing to the busy working lifestyles and especially the younger age groups not following strict mealtimes. Still, consumers would want to have healthier snacking options that would keep them fit in their “to-go” lifestyle. Thus, the snacking culture can expect more substance, taste, and nutrition in the form of fortified snacks with fish protein powder snacks.
Who is winning?
Some of the key players operating in fish protein market are, Omega Protein corporation, Bio-Oregon Protein, Colpex International Inc., Mukka Seafood Industries Limited, Scanbio Marine Group, ,Peterlabs Holdings, Apelsa Guadalajara, Aroma NZ, Ingredients Inc., Siam Industries International, Bio Phoenix Formulations, Qingdao Future Group and others.
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Get Valuable Insights into Fish Protein Market
Future Market Insights, in its new offering, provides an unbiased analysis of the Fish Protein Market, presenting historical demand data (2016-2020) and forecast statistics for the period from (2021-2031). The study divulges compelling insights on the fish protein market based on Form (Powder and Liquid), By Product Type (Fish Protein Concentrate, Fish Protein Isolate, Fish Protein Hydrolysate, By Application (Food and beverages, Pharmaceuticals, Cosmetics and personal care Sports nutrition and dietary Supplements, and others) and across seven major regions (North America, Latin America, Europe, East Asia, South Asia, Oceania, and Middle East and Africa).
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