Fish Powder Market Analysis Report By Source, By Application, By Region And Segment Forecasts From 2019 To 2025

Industry Insights

The global fish powder market size was estimated at USD 6.64 billion, in 2018 and is projected to grow CAGR at 6.5 % over the forecasted period, 2019 to 2025. The growth is attributed to the rising awareness of the consumption of fortified foods. An increase in consumption and production of functional food is expected to further accelerate this market.

Increasing investment in different fish species such as horse mackerel, anchovy, capelin, and sand eel is expected to boost sales. The product development is depending on the availability of a wide variety of fish species such as sardine, menhaden, capelin, anchovy, and white fish such ascod and haddock.

Increasing awareness among consumers related to proteins and minerals contained in fish powder is expected to drive the market demand during the forecast period.

Increasing demand for ready-to-eat meals coupled with highly functional ingredients is expected to fuel the market growth. Dried fish contain a large amount of protein. Therefore, it is added in ready-to-eat meals to enhance the protein content of the food by 30%. The growing demand for fish powder in ready-to-eat meal products is anticipated to proliferate the market demand.

Source Insights

By source, the market is divided into whole fish and by-products. The 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. The rise in the demand for frozen food coupled with advanced technology such as spiral freezers and horizontal wrapper packaging is expected to witness a positive impact on the 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 the increasing production of by-products of fish. Due to the 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 Insights

By application, the fish powder market is segmented into swine, aquaculture, and poultry. Among applications, the aquaculture segment held the largest market share of 52.03% of the global market share, in 2018 owing to the increasing aquaculture production. This production has been increased from 58.96 million tons to 80.03 million tons from 2010 to 2016. Moreover, the rising demand for seafood is expected to further flourish the market demand and is expected to expand with a CAGR of 5.15% from, 2019 to 2025.

The poultry segment is expected to grow with a CAGR of 8.40% from 2019 to 2025 due to the development of the 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 Insights

The 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 the aquaculture industry. Further in Europe, the aquaculture application is expected to grow at the fastest rate with a CAGR of 8.2%, during the forecast period. In addition, fisheries &aqua culture segment production accounted for 6.45 billion and is expected to grow at a CAGR of 6% over the forecast period. An increasing number of catchers for fisheries is expected to drive market growth in this region.

Fish Powder Market Share Insights

Increasing demand from fisheries and aqua feed is expected to pave market production and development, thereby expected to fuel market growth. Manufactures have taken several initiatives such as technological innovation, partnerships, mergers,s, and acquisitions. The key market players involved in this market are Austevoll Seafood ASA, Tasa, Oceana Group Limited, Croda International Plc., The Scoular Company, FMC Corporation, Marvasa, Omega Protein Corporation, and GC Rieber Oil.

The key players are focusing on making a strong distribution network and product development. Joint venture and strategic partnership to introduce new products in the market. Along with these initiatives, the major players are focusing on product innovation targeting swine and poultry applications.

Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels, and provides an analysis of the latest industry trends in each of the sub-segments from 2015 to 2025. For the purpose of this study, Million Insights has segmented the global fish powder market report based on source, application, and region:

• Source Outlook (Revenue, USD Billion, 2015 - 2025)
    • Whole Fish
    • By-Product

• Application Outlook (Revenue, USD Billion, 2015 - 2025)
    • Swine
    • Aquaculture
    • Poultry
    • Others

• Regional Outlook (Revenue, USD Billion, 2015 - 2025)
    • North America
        • U.S.
    • Europe
        • Germany
        • U.K.
    • The Asia Pacific
        • China
        • Japan
        • India
    • Central & South America
    • Middle East & Africa