Latin America Fish Protein Concentrate Market

Latin America Fish Protein Concentrate Market Overview:

Latin America Fish Protein Concentrate Market was estimated at USD x.xx million in 2019 and is expected to reach over USD x.xx million by the end of the assessment period, recording a considerable CAGR throughout the outlook period (2022 - 2027)

Fish Protein Concentrate can be derived from fish that comprise of high-quality protein compared to the traditional fish that can be consumed by humans. It can be prepared from any fish or fishing waste by extracting the oil sieve or placing the bones and drying it, so that the fish protein concentrate is richer in protein and less in ash content than fishmeal and also incorporated in cereals or wheat. Fish protein concentrates can be added to existing food products to improve nutritional quality without significant changes and also improve the autonomy of finished baked goods. Chemical and biological methods are two ways that fish protein concentrate is produced on the market.

Recent Developments 

Paine & Partners, LLC, a renowned private equity firm, announced that it signed a contract to purchase Scanbio Marine Group, a leading producer of fish protein concentrate, fishmeal and fish oil.

Scanbio Marine Group AS, a renowned fish protein concentrate, fishmeal and fish oil provider, published that it had struck a deal to purchase Tank og Masse -Transport AS and Haugland Sjotransport AS, two independent Norwegian companies that collect, store and transport fishery by-products from fish processing facilities and aquaculture fisheries in Norway.

Market Drivers and Restraints:

Over the years, food consumption trends have changed dramatically. People are more concerned about their health and fitness, so the demand for healthy food products has also increased. People are looking for practical multi-component products that are readily available on the market and that also help offset the fast-paced lifestyle of consumers. For this reason, the cereal bar is considered the perfect, affordable product rich in nutrients such as proteins, fatty acids, minerals and various high-quality fibers, among others. With the growing demand for nutrient-dense cereal bars, the need to develop cereal bars with healthier ingredients has also increased. Researchers are looking for new food ingredients to improve the functionality and nutritional value of the product. Therefore, cereal bar manufacturers are turning to the fish processing industry, which generates a large amount of fish protein concentrate for human consumption from fish waste. This fish protein concentrate is an excellent source of protein and can be easily mixed with a cereal bar to improve its nutrient content. This increasing demand for fish protein concentrates by cereal bar manufacturers has supported the growth of the Latin American fish protein concentrates market and is therefore expected to increase significantly over the forecast period.

Market Segmentation

The Latin America Fish Protein Concentrate Market has been segmented by type, form, end-use, and geographies. According to the type of product, the market is segmented into type A, type B and type C. According to the form, the market is segmented into powder and liquid. According to the end-use, the market is segmented into biomedical applications, animal feed, cosmetics & personal care, and food processing.

Impact of covid-19 on Latin America Fish Protein Concentrate Market

The start of the coronavirus pandemic coincided with the peak of the harvest season. As the markets are closed, there is a threat of harvesting lakhs of hectares in the world. This impact will have repercussions throughout the economy and will last for more than a few months. Despite all the measures and given the continued restrictions on the movement of people and the movement of vehicles, concern has been expressed about the negative consequences of the COVID-19 pandemic on the fish protein concentrate business.

With the outbreak of coronavirus, several industries had an immense impact, especially the food & beverage sector and all its associated industries like fish protein concentrate. The shutdown of manufacturing units due to the strict lockdown conditions has resulted in the decline in sales in the fish concentrate business in several parts of the world. However, the rising health consciousness among end-users is supposed to fuel the call for fish protein concentrate in the coming years.

Regional Analysis

The Latin America Fish Protein Concentrate market has been categorized on the basis of geography into Mexico, Argentina, Brazil, Peru, Chile, and the rest of the Latin America. The regional market is showing the highest growth in the market for fish protein concentrates due to increased spending on food products and the growth of the non-vegetarian population.

Leading Company

Omega Protein Corporation had the most substantial share of the Latin America Fish Protein Concentrate Market in terms of sales and revenue by the end of 2019.

Key Players

Key players in the Latin America Fish Protein Concentrate Market include Siam Industries International, Omega Protein Corporation, Peterlabs Holdings Barhad, Nutrifish, Advance International, Blue Wave Marine Ingredients, Apelsa Guadalajara, Bio Phoenix Formulations, Bio-marine Ingredients Ireland Ltd., Mukka Sea Food Industries, among others.