Middle East and Africa Fish Protein Concentrate Market

Middle East and Africa Fish Protein Concentrate Market Overview:

Middle East and Africa 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. The local market is also expected to experience moderate growth to record a notable compound annual growth rate throughout the forecast period (2022 - 2027).

Fish protein concentrate is mainly considered as a protein-rich component developed from fresh fish. It is prepared for human consumption and is fortified with a high protein content and is available in liquid and powder form. It finds several applications in the food industry, food supplements and pharmaceuticals. Fish protein concentrates contain around 80% protein and are considered a solution for high protein diets. As it contains certain essential amino acids, it is also used in the animal feed industry.

Recent Developments 

Paine & Partners, LLC, a leading private equity firm around the world has published about its agreement to obtain Scanbio Marine Group, a renowned fish protein concentrate, fishmeal fish and fish oil producer that uses fresh fish by-products and silage from Scanbio AS, which is under the control of Rolf Eide, Per Arne Eide, and certain other shareholders.

Scanbio Marine Group AS, a worldwide provider of fish protein concentrate, fishmeal and fish oil that uses fresh and canned fish by-products, confirmed about its agreement 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 located in Norway.

Market Drivers and Restraints:

Strong growth in the nutritional and dietary supplements industry is expected to result in increased demand for fish protein concentrate in the Middle East and Africa during the forecast period, creating a lucrative opportunity for manufacturers of this industry. The nutritional profile of fish protein concentrate is highly compatible with the human digestion process. In the coming years, with increasing consumer demand for protein and other essential nutrients, fish protein concentrate could be used as the preferred protein source. Fish protein concentrates can be widely used during a specific growth stage of babies, for people with diseases, or for large-scale reproduction purposes. Also, fish protein concentrate is an important product for economically underdeveloped countries, which need a cheap source of animal protein for human consumption in order to combat malnutrition. Fish protein concentrate that is extracted from oily fish is recognized as an excellent source of omega-3 fatty acids and other prominent micronutrients needed for humans. Fish protein concentrates already have an established market in the developed nations, but manufacturers operating in the Middle East and Africa fish protein concentrates market are also focus on improving their footprint in nations of this area.

Market Segmentation

The Middle East and Africa Fish Protein Concentrate Market has been segmented by type, form, end-use, and regions. Based on the type of product, the market is segmented into type A, type B and type C. Depending on the form, the market is segmented into powder and liquid. Based on the end-use, the market is segmented into biomedical applications, animal feed, cosmetics & personal care, and food processing.

Impact of covid-19 on Middle East and Africa Fish Protein Concentrate Market

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 closure of production units because of the stringent lockdown conditions has led to a decline in the sales of fish protein concentrate in different parts of 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 COVID19 pandemic on the economy. 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 Middle East and Africa Fish Protein Concentrate market has been classified on the basis of geography into South Africa, Egypt, Saudi Arabia, United Arab Emirates, Israel, and Rest of Middle East and Africa. The local market is displaying the highest growth in the fish protein concentrate business due to increasing spending on food products and surge in the non-vegetarian population.

Leading Company

Colpex International had the prominent portion of the Middle East and Africa Fish Protein Concentrate Market in terms of sales and revenue in 2019.

Key Players

Some of the key players in the Middle East and Africa Fish Protein Concentrate Market include Bio Marine Ingredients Ireland Ltd., Colpex International, Bio Phoenix Formulations, Bevenovo Co., Ltd., Aroma NZ, S.A. de C.v., Apelsa Guadalajara, Advance International, Inc., Scanbio Marine Group AS, Ingredients, Inc., BioOregon Protein, and others.