Fish Powder Market size was estimated at USD 6.64 billion, in 2018 and is projected to grow CAGR at 6.5 % over the forecasted period, 2019 to 2025. The growth is attributed to the rising awareness of consumption of fortified foods. Increase in consumption and production of functional food is expected to further accelerate this market.
Increasing investment on
different fish species such as horse mackerel, anchovy, capelin, and sand eel
is expected to boost the sales. The product development is depending on the
availability of a wide variety of fish species such as sardine, menhaden,
capelin, anchovy and white fish such ascod and haddock.
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The key driving factors responsible for the growth of Fish Powder
market :
Increasing awareness among
consumers related to proteins and minerals contain in fish powder is expected
to drive the market demand during the forecast period.
Increasing demand for ready to
eat meal coupled with highly functional ingredients is expected to fuel the
market growth. Dried fish contain large amount of protein. Therefore, it is
added in ready to eat meals to enhance the protein content of the food by 30%.
Growing demand of fish powder in ready to eat meal products is anticipated to
proliferate the market demand.
Source Insights
By source, the market is divided
into whole fish and by-product. Whole fish segment accounted for the largest
market share with 61.53%, in 2018. This high revenue share can be attributed to
the growth of captured fisheries. Rise in the demand of frozen food coupled
with advanced technology such as spiral freezer and horizontal wrapper
packaging are expected to witness positive impact on market.
By-product, the segment is
expected to grow at the highest CAGR of 7.8% during the forecast period. This
high growth rate can be attributed to increasing production of by-product of
fishes. Due to rise in this segment, it is expected that fishmeal production
will increase more than 25% in the forthcoming years. In 2016, the wild capture
production was 3.7 million tons compared to aquaculture production of 1.94
million tons in the same year. These factors are expected to drive the demand
for this market over the forecast period.
Application Insights
By application, the fish powder
market is segmented into swine, aquaculture and poultry. Among application,
aquaculture segment held the largest market share of 52.03% of the global
market share, in 2018 owing to the increasing aquaculture production. This
production has been increased from 58.96 million tons to 80.03 million tons
from 2010 to 2016. Moreover, rising demand for sea food is expected to further
flourish the market demand and expected to expand with CAGR of 5.15% during,
2019 to 2025.
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