Fish Powder Market Size, Regional Outlook, Application Growth Potential, COVID-19 Impact Analysis, Competitive Market Growth & Forecast, 2021 – 2027
Report ID: GMI3799
Fish Powder Market size will gain notable proceeds during the period 2021 to 2027 on account of the significant developments in poultry and aquaculture verticals. Rapid urbanization and the changing consumer lifestyles have influenced the adoption of pets, complementing the demand for healthy pet food. Higher penetration of fish powder in livestock feed along with the robust manufacturing of functional food items will drive the market expansion.
The growing number of investments, higher awareness pertaining to fortified foods, and the thriving need to formulate ready-to-eat meal products will create multiple growth opportunities for the market.
In terms of source, the fish powder market size from the whole fish segment is anticipated to flourish with the rising technological innovations across the fisheries. The growing demand for frozen food along with the booming advancements in captured fisheries are other paramount factors influencing the segment growth. According to the FOA (Food and Agriculture Organization), the total value of the global capture fisheries production accounted for 96.4 million tons in 2018, showing a rise of 5.4% from the average of the preceding three years.
Based on application, the fish powder industry is segmented into aquaculture, poultry, swine, food supplement, and others. Out of these, the demand for fish powder across aquaculture will record lucrative growth between 2021 and 2027 driven by the globally rising preference for seafood and the thriving aquaculture production rate.
The swine application segment will observe substantial gains for the market owing to the higher need for optimum protein content and micronutrients in swine feed. The booming population size coupled with the rising demand for pork will propel the industry growth.
With respect to regional landscape, Asia Pacific is set to emerge as a profit-generating source for the fish powder industry driven by the higher aqua feed production rate in the region. The hiking consumer household incomes and the presence of healthy dietary patterns have led to the increased intake of meat and seafood. The flourishing poultry and pig farming sector will also favor the regional market outlook.
Europe fish powder market is likely to amass a significant remuneration through 2027 with the expansion of the catchers sector for fisheries. The higher consumption of regional fish and seafood has made way for the substantial growth of the aquaculture sector. The mounting number of fitness enthusiasts has increased the intake of protein-enriched food products. In addition, the rising instances of fish landings in the region will add to the market potential.
Global fish powder industry participants include Austevoll Seafood ASA (Laco AS), Aksha Fish Meal and Oil, Diamond Aqua Fishes Meal, Omega Protein Corporation, Daybrook Fisheries, Wudi Deda Agriculture, Blue line foods, Polfish and Oceana Group.
These renowned companies are keen on new powder launches and production expansions to proliferate their offerings and customer base. They are also focusing on partnerships, acquisitions, and mergers to enhance their global presence.
For instance, in June 2019, Cargill inked an alliance with InnovaFeed, a leading French insect protein supplier, to jointly market fish feed inclusive of insect protein, in a bid to support the growth of its sustainable aquaculture portfolio.
In another instance, in January 2018, Cargill opened its first-ever dedicated fish feed plant in India with an aim to triple and offer access to high-quality feed fish feed to farmers.
COVID-19 pandemic and its effect on fish powder market forecast
In response to the COVID-19 crisis, the global economy witnessed a downfall owing to the ruptured business operations across the world. Its effects were sensed on the demand, production, and supply of fish powder with plummeted fishing efforts and the procrastinated stocking of aquaculture systems. The disrupted exports of raw materials also added to the hampered supply chains of aquatic foods. The declining preference for meat and seafood amidst the outbreak further impeded the market growth.
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