The global fish powder market size is expected to reach USD 10.32 billion by 2025, registering a 6.51% CAGR over the forecast period, from 2019 to 2025. Increasing production of aquaculture and growth in the fortified industry are major factors to drive the market growth.
Increasing fish powder usage in food fortification is projected to accelerate the market growth. In addition, rising demand for capelin, horse mackerel, anchovy in functional food is expected to give traction to the market growth. The rising trend of aqua feed farming is also anticipated to have a positive impact on the market.
Fish meal has high popularity in the Asia Pacific region whereas, China accounts for around 90% of total global aqua feed production. Further, China is also a major fish meal importer accounting for 0.98 million tons in 2013 and reached 1.57 million tons, in 2017. Hence growing import coupled with increasing product demand is expected to further impel market growth in China.
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Rising awareness about the benefits of functional food products owing to its health benefits for swine and poultry applications is expected to drive the fish powder market growth. Improvement in production quality and geographical expansion of business by market players are expected to surge market demand over the forecast period, 2019-2025.
The market players are majorly focusing on merger and acquisition, business expansion and product development to gain competitive advantage over its competitors.
Further key findings from the report suggest:
• Among sources, whole fish segment is projected to grow at a CAGR of 5.62% from 2019 to 2025
• By application, aquaculture segment emerged as the leading application with a market share of over 50.03%, in 2018.
• Asia Pacific held largest market share of 71.54%,in 2018, in terms of revenue due to the growing aqua feed industry especially in India and China.
• Various manufacturers are concentrating on new product launches, capacity expansions, and technological innovations to estimate existing and future demand patterns from upcoming product segments.
Global Fish Powder Market: Key Players
Austevoll Seafood ASA, Oceana Group Limited, Croda International Plc., FMC Corporation, and Omega Protein Corporation
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