Fish Protein Market has been gaining traction in the emerging markets | By Type and Application
November 25, 2021
Surge in demand of fish protein in pharmaceutical & cosmetics industry, rise in demand for organic animal feed are the major factor propelling the market growth
PORTLAND, OR, UNITED STATES, November 25, 2021 /EINPresswire.com/ -- Fish Protein Market by Type (Fish Protein Concentrate (FPC), Fish Protein Hydrolysate (FPH), and Fish Protein Isolate (FPI)) and Application (Animal Feed, Pharmaceuticals, and Cosmetic): Opportunity Analysis and Industry Forecast, 2019–2026." According to the report, the global fish proteins industry was estimated at $3.19 billion in 2019 and is expected to hit $4.20 billion by 2026, registering a CAGR of 4.0% from 2019 to 2026.
Drivers, restraints, and opportunities-
Rise in demand of fish protein in pharmaceutical and cosmetics industry, increase in demand for organic animal feed due to growing awareness about toxic effects of chemical based animal feed products, and surge in demand for fish protein in the poultry feed industry drive the growth of the global fish protein market. On the other hand, high cost of fish protein, and low direct intake of fish-based protein impedes the growth to certain extent. However, rise in adoption of Fish Protein Hydrolyzed (FPH) collagen in nutritional cosmetics have created a number of opportunities for the key players in the industry.
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The Fish Protein Concentrate (FPC) segment to retain its dominance by 2026-
Based on type, the Fish Protein Concentrate (FPC) segment accounted for more than half of the global fish protein market share in 2019, and is expected to dominate throughout the forecast period. This is attributed to rise in health awareness of fish protein and surge in demand of fish meal as poultry feed. On the other hand, the Fish Protein Hydrolysate (FPH) segment is anticipated to grow at the fastest CAGR of 4.9% by 2026. This is due to upsurge in demand for fish protein in cosmetic industry.
The animal feed segment to maintain the lion's share during the study period-
Based on application, the animal feed segment contributed to nearly three-fourths of the global fish protein market revenue in 2019, and is anticipated to rule the roost during 2019–2026. This is attributed to the health benefits of fish protein in animal feed. On the other hand, the pharmaceutical segment, would showcase the fastest CAGR of 5.3% till 2026. The rise in demand of fish protein for wide range of pharmaceutical products and its uses in various medical applications, such as treatment of patients suffering from malnutrition, specific disorders of absorption, digestion, amino acid metabolism, and burns drives the growth of the segment.
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Europe, followed by North America held the major share in 2019-
Based on geography, Europe held the highest share in 2019, generating more than one-third of the global fish protein market. This is attributed to increasing the application of fish protein in animal feed as well as cosmetic industry. On the other hand, North America held the second largest share in 2019, contributing to more than one-fourth of the total market share. Simultaneously, the region across Asia-Pacific would cite the fastest CAGR of 5.6% during the estimated period. This is due to the rise in awareness of fish meal as poultry feed.
Key market players-
Mukka Seafood Industries
BioOregon Protein Limited
Qingdao Future Group
New Alliance Dye Chem Pvt. Ltd
Scanbio Marine Group
Taian Health Chemical Co., Ltd
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