Fish Protein Hydrolysate Market to Cross $748.66Mn Globally by 2030 – Exclusive Report by The Insight Partners
The global fish protein hydrolysate market size to experience a CAGR of 5.2% during 2022-2030.
Pune, India, Nov. 09, 2023 (GLOBE NEWSWIRE) — According to our latest study on “Fish Protein Hydrolysate Market Size Report, Forecast to 2030 – COVID-19 Impact and Global Analysis – by Form, Application, and Geography,” the fish protein hydrolysate market is expected to grow from $498.07 million in 2022 to $748.66 million by 2030; it is estimated to grow at a CAGR of 5.2% from 2022 to 2030.
Competitive Landscape and Key Companies:
Bio-marine Ingredients, Ireland Limited, Copalis Sea Solutions, CR Brown Enterprises, Diana Group, Hofseth BioCare ASA, Janatha Fish Meal & Oil Products, Marutham Bio Ages Innovations (P) Ltd, SAMPI, Scanbio Marine Group AS, and Sopropêche are among the key players operating in the fish protein hydrolysate market. They are focusing on providing high-quality products to fulfill customer demand.
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In 2022, Asia Pacific held the largest share of the global fish protein hydrolysate market and is also expected to register the highest CAGR during the forecast period. China, Indonesia, India, Vietnam, and the Philippines are the top Asian countries that lead the production capacity of aquaculture in the world and comprise more than half of the total production. More than 90% of the global aquaculture harvest is in Asia. The proliferating aquaculture production increases the intake of aquafeed across the region. Thus, aquafeed producers are increasingly seeking nutritional ingredients to formulize protein-rich feed.
Fish protein hydrolysate is a prominent ingredient that is a major requirement of feed producers. Thus, the demand for fish protein hydrolysate is high among animal feed industries in the region. Moreover, hydrolyzed protein from fish is used mainly in skin conditioners, moisturizers, and hair conditioners. Growth in the production of cosmetic products in developed and developing countries such as Japan, South Korea, and India is projected to boost fish protein demand. Spending on manufacturing food, beverages, and cosmetics has increased significantly over the years and is expected to continue to rise at a high rate. These factors are expected to drive the fish protein hydrolysate market growth across Asia Pacific.
Demand For Fish Protein Hydrolysate for Exercise Recovery Aid
Demand for fish protein hydrolysate among health enthusiasts has increased significantly recently. Also, the increasing allergies and side effects associated with whey protein have shifted consumers toward fish protein hydrolysate. There are significant opportunities for fish protein hydrolysate manufacturers in the market to introduce innovative products for the health and wellness segment. Manufacturers are seeking opportunities owing to the growing demand for ergogenic and exercise recovery aids. They are also looking for good nutritional food additives with bioactive ingredients that can deliver high glutamine content. Offering fish protein hydrolysate in sports beverages, nutritional supplements, and protein drink powder mixes is likely to create lucrative opportunities for manufacturers operating in the fish protein hydrolysate market.
Fish Protein Hydrolysate Market: Segmental Overview
Based on application, the fish protein hydrolysate market is segmented into animal nutrition, food & beverages, pharmaceuticals & nutraceuticals, personal care, and agriculture. Further, the animal nutrition segment is subdivided into poultry, ruminants, swine, aquaculture, pets, and others. The animal feed segment held the largest market share in 2022. The emergence of transferrable diseases in livestock such as beef, cattle, and cows has led to an upsurge in the incorporation of supplementary additives in feed for enhancing immune response, feed use, and improving valuable microflora, thereby developing pathogen resistance that is likely to drive animal feed additives market. Government initiatives, primarily in China, to regulate meat products and protect human health from infectious animal-derived food may favor market growth. Rising demand for animal-based food products to enhance protein content in diets may further fuel animal feed additives demand. Thus, the demand for fish protein hydrolysate is high among animal feed industries, which is expected to boost the market for the segment during the forecast period.
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Impact of COVID-19 Pandemic on Fish Protein Hydrolysate Market
The COVID-19 pandemic adversely impacted the economies and industries due to the disruption of global supply chains, shortage of raw materials and laborers, and shutdown of manufacturing units, leading to a huge slump in product manufacturing and distribution activities. Problems in logistic supply chains led to the pause in international exports and imports. Moreover, during the peak of the pandemic, various countries, including China, closed livestock and poultry trading and slaughter markets in most of the regions. Such barriers in the livestock industry hampered the demand for feed ingredients, which had a negative impact on the demand for fish protein hydrolysate for feed during the pandemic.
However, in 2021, governments of various countries, such as the US, China, India, the UK, and France, revoked various restrictions and permitted businesses to operate at full capacity. This helped application industries to overcome the demand and supply gaps. Also, the awareness and inclination toward sustainable protein sources increased, favoring the growth of the fish protein hydrolysate market.
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