Fish Powder Market Is Anticipated To Grow At A CAGR of 6.51% By 2025

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.

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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.

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