Deep Analysis of Impact of COVID-19 on “Fish Powder Market 2019-2025” Growth Worldwide….


The global fish powder market size is expected to reach USD 10.32 billion by 2025, according to a new report by Grand View Research, Inc. It is projected to expand at a CAGR of 6.51% during the forecast period. The growth is attributed to the rising use of fish meal products in poultry and swine diets. Rising aquaculture production along with the rise in the fortified food industry over the forecast period is anticipated to further fuel the growth.
Amidst the global pandemic crisis and the indefinite lockdown across nations, the consumer food & beverage industry first witnessed high demand for household staples, healthy food items, and consumables with longer shelf lives. The demand for frozen food products, fruits & vegetables, eggs, flour, and whole grains, among others, witnessed a considerable increase during the early stages of the crisis. Presently, most companies in the industry are faced with low consumption of their products and supply chain challenges. The companies are focusing more on altering their supply chains in order to reinforce their online presence and delivery measures, in an attempt to adapt to the present business environment. The changes in consumer buying behavior and the dynamic shifts towards online and D2C distribution channels may have serious implications on the near future growth of the industry. Our team is diligently working towards accounting these factors in our report with the aim of providing you with the up-to-date, actionable market information and projections.
Rising use of fish powder for the fortification of food is anticipated to drive the market. Moreover, demand for different fish categories such as anchovy, horse mackerel, capelin, menhaden, sand eel, and pilchard among others in functional food production is expected to drive the market. Increased aqua feed farming is anticipated to continue to drive the demand in the forthcoming years.
The production of fish meal is highly concentrated in Asia Pacific. China accounts for about 90% of the global aquafeed production. China is also the world’s largest importer of fish meal products; accounting for about 1.57 million metric tons in 2017 from 0.98 million metric tons in 2013. Growing imports along with the surge in prices has anticipated the demand for the products.
Rising demand in the aquafeed industry in India has driven the growth of the fish powder market. In India, the consumption of aquafeed was around 1 million tons in 2012, which reached to about 7 million tons in 2017. India has about 26 aquafeed mills with production capacity of about 43.4%, producing about 1.25 million tons of feed. Rise in fish farming is anticipated to further boost the product demand over the forecast period.
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Rising interest for functional ingredients in food products due to their various health benefits in poultry and swine application will fuel growth of the market. Improvements in the production facilities and expansion of geographical reach to boost market development is expected to create growth opportunities in near future. The key players engage in acquisitions and mergers, online sales, limited extensions, among other development endeavors. Major companies operating in the market are Oceana Group Limited, Austevoll Seafood ASA, FMC Corporation, Croda International Plc., and Omega Protein Corporation.
Further key findings from the report suggest:
·         In terms of revenue, whole fish as a source is projected to ascend at a CAGR of 5.62% over the forecast period of 2019 to 2025
·         Aquaculture emerged as the leading application segment with a market share of over 52.03% in 2018
·         Asia Pacific led the global fish powder market in 2018, with a 71.54% market share in terms of revenue. Growing aqua feed industry on account of the demand from functional ingredients mainly in developing countries such as India and China is expected to propel the market
·         The market is highly competitive in nature. The main players include Oceana Group Limited, Austevoll Seafood ASA, FMC Corporation, Croda International Plc., and Omega Protein Corporation
·         Various manufacturers are concentrating on new product launches, capacity expansions, and technological innovations to estimate existing and future demand patterns from upcoming product segments.
The global fish powder market size was valued at USD 6.64 billion in 2018, and is estimated to expand at a CAGR of around 6.51% from 2019 to 2025. The growth is driven by the rising awareness among customers regarding the use of fortified foods. Rise in production of functional food is anticipated to further accelerate the product demand, thereby expanding its market share in the food industry.
Rising investments for the use of different fish species, such as anchovy, horse mackerel, capelin, menhaden, sand eel, and pilchard for the production of fish powder is anticipated to boost sales. Moreover, development of the market depends upon variation in the species of fish required for the production process. The product is made from about 90% of oily fish species, such as anchovy, menhaden, sardine, capelin, and 10% of white fish offal such as haddock and cod.
Incorporation of protein content makes fish powder suitable for human consumption along with its active concentration of mineral content. The benefits of the product, such as efficiency along with the protein content is anticipated to drive the demand over the forecast period.
The product can also be used to formulate ready-to-eat products. The formulation of fish powder along with functional content makes it suitable to be used as a ready-to-eat meal. The large amount of protein content in dried fish along with additional 30% of Fish Protein Powder (FPP) for improving the nutritional quality makes it appropriate for the ready-to-eat meal products. These factors along with the protein content found in different species drives its demand for different applications.
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https://www.grandviewresearch.com/press-release/global-fish-powder-market
Whole fish segment held the largest market share of about 61.53% in 2018, attributed to the growth of captured fisheries market. The amount of captured fisheries production increased from about 87.81 million tons in 2010 to about 90.91 million tons in 2016. The rise of the frozen food and fisheries industries along with technological advancements such as horizontal wrapper packaging and spiral freezers are anticipated to further drive the growth.
By-product is anticipated to expand at the fastest CAGR of 7.84% from 2019 to 2025. The rise in the production of by-product from fisheries is expected to drive the growth over the forecast period. Rise in the by-product segment is estimated to increase the production of fish meal products by over 25% in the next 10 years. The production from wild capture was about 3.7 million tons in 2016 as compared to the 1.94 million tons from aquaculture production in the same year. The trend is expected to drive the product demand over the forecast period.
Grand View Research has segmented the global fish powder market on the basis of source, application:
Fish Powder Source Outlook (Revenue, USD Billion, 2015 - 2025)
·         Whole Fish
·         By-Product
Fish Powder Application Outlook (Revenue, USD Billion, 2015 - 2025)
·         Swine
·         Aquaculture
·         Poultry
·         Others
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.




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