The fish protein market was valued at $3.08 billion in 2018, and is estimated to reach $4.20 billion by 2026, registering a CAGR of 4.0% from 2019 to 2026. In 2018, the fish protein concentrate (FPC) segment accounted for a majority share, and is expected to grow at a CAGR of 3.30% throughout the forecast period.
Fish protein is a rich source of protein, which is a colorless and tasteless powder obtained from whole fish. Fish protein is extracted majorly from fishes such as Yellowtail amberjack, Tuna, Anchovy, Coho Salmon, Trout, Snapper, Tilapia, Bluefish, Pollock, Grouper, Sardines, Mackerel, Cod, Haddock, Flounder, Perch, and Halibut. Three types of fish protein are available in the market, which include concentrate, hydrolysate, and isolate. There are various types of fish from which Fish protein is predominantly used in animal feed, pharmaceuticals, and cosmetics.
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Increase in awareness about animal feed has been witnessed among poultry farm owners in the recent years. Consumers choose fish meal as animal feed, as it improves the health and production of poultry birds. In addition, rise in concern about beauty among consumers fuel the demand for nutricosmetics, thereby boosting the growth of the market.
The key players profiled in global fish protein industry include Apelsa Guadalajara, Aroma NZ, Bevenovo Co., Limited, BioOregon Protein, Mukka Seafood Industries, New Alliance Dye Chem Pvt. Ltd, Nutrifish, Qingdao Future Group, Scanbio Marine Group, and Taian Health Chemical Co., Ltd.
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Key Findings of the Study:
- By type, the fish protein hydrolysate (FPH) segment is expected to witness the fastest growth, registering a CAGR of 4.90% during the forecast period.
- In 2018, depending on application, the animal feed segment held the highest share, accounting for more than half of the global market share.
- China was the most prominent market in the Asia-Pacific region in 2018, and is expected to grow at a significant CAGR throughout the forecast period.
- North America was the dominant region in 2018, accounting for more the one-third of the global fish protein market share.
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