22-July-2019: 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.
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.
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.
In
depth research report on Fish Powder Market
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.
Grand View Research
has segmented the global fish powder market on the basis of source:
Fish Powder Source Outlook (Revenue, USD Billion, 2015 -
2025)
·
Whole Fish
·
By-Product
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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, the company offers market
intelligence studies ensuring relevant and fact-based research across a range
of industries including technology, chemicals, materials, healthcare and
energy.
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