North America Fish Protein Concentrate Market

North America Fish Protein Concentrate Market Size, Share, Growth (2023-2028)

North America Fish Protein Concentrate Market was worth USD XX million in 2023, which is estimated to reach USD XX million by 2028, growing at a CAGR of XX%.

Overview:

The fish protein concentrate has an approximate protein content of 80% and is widely acknowledged as a viable alternative to high-protein diets. Furthermore, because it contains all of the essential amino acids, the fish protein concentrate can be used in the animal feed business. Fish protein concentrate is an effective treatment for a variety of health issues, including protein shortage. Unlike other protein concentrates, fish protein concentrate contains all the necessary amino acids required for human health. Fish protein concentrates are being consumed more frequently as the food and beverage industry's need for seafood grows. Alternatives to animal-derived proteins like soybeans and whey proteins include fish protein concentrates.

Recent Development:

The acquisition of Bioriginal Food & Science Corp.'s entire inventory, one of the major suppliers of essential fatty acids and specialty marine and vegetable oils, was completed in September 2014.

North America Fish Protein Concentrate market growth

Drivers

A significant factor driving the Fish Protein Concentrate Market during 2020-2025 is the rising demand for fish protein concentrate in cosmetic and personal healthcare products. In the following years, the need for fish protein concentrate will be fueled by a growing population and a desire to adopt various healthcare items and cosmetics. In addition, the Fish Protein Concentrate Market is also being driven by the rising demand for fish protein concentrate in pharmaceuticals. Furthermore, fish guts have been discovered to produce fine grade absorbable sutures used in microsurgeries, ocular surgery, and other procedures. Additionally, the calcium shortage in youngsters can be treated using fish powder made from the backbone of tuna. As a result, demand for fish protein concentrate is expected to rise in the future years.
Furthermore, supplements containing fish protein concentrate are becoming increasingly popular in the West, with consumption rates exceeding 50% in industrialized countries like the United States and Canada. As a result, producers are increasingly focusing on providing fish protein concentrate-based supplements in various tastes, including chocolate, vanilla, and strawberry. In addition, European Food Safety Authorities recognize fish protein concentrate forms for their fat binding and anti-inflammatory capabilities (EFSA). Therefore, the market is predicted to develop at the quickest rate throughout the forecast period due to such recognition from international authorities.

Restraints

During the forecast period 2020-2025, short shelf life is a significant hindrance to the growth of the Fish Protein Concentrate Market. In addition, it frequently contains rancid fat, which degrades vitamins and reduces protein value. As a result, these constraints will limit its market expansion in the upcoming years.

North America Fish Protein Concentrate Market Segmentation

The North America Fish Protein Concentrate Market is segmented by Type, Form, and End-Use.

By Type

•    Type A

•    Type B

•    Type C

The market is augmented into Type A, B, and C.
Type A is considered a tasteless and odorless powder with 0.75 percent fat content, whereas type B has no specific odor or flavor limit, 3 percent fat content, and fishy flavors. In 2018, the Type A segment had the most significant market share. This segment is expected to expand at the fastest CAGR since it is a tasteless, odorless powder with a maximum protein concentration of up to 80%. The category is augmented to rise due to the rising demand for ready-to-eat food products that require flavor enhancers.

By Form

•    Liquid

•    Powder form

Powder dominated the market in 2019, owing to its widespread use in beverages and supplements. Furthermore, as the use of dry fish protein powder for food fortification and the manufacturing of value-added/functional foods has grown in popularity, the food industry has begun to investigate various techniques for generating fish protein components from multiple raw materials. Furthermore, fish protein powder is a dried and stable fish product suitable for human consumption, containing a higher protein concentration than the original fish flesh. Again, due to its widespread use as an organic fertilizer in industrial fermentation, as well as in vet feed formulation for various animals such as piglets, poultry, aquafeed, pet feed, and fur-bearing animals, the liquid sector is expected to develop at the quickest CAGR in the forecast period 2020-2025.

By End-Use

•    Food processing

•    Cosmetics and personal care

•    Animal feed

•    Biomedical applications

The market can be categorized into food processing, cosmetics and personal care, animal feed, and biomedical applications.
The cosmetics sector accounted for the most significant market share in 2019, owing to many advantages provided by fish protein concentrate, which is a rich source of bioactive substances like protein and peptides. Furthermore, due to the widespread use of bioactivities such as antioxidant, antibacterial, and anti-aging activities, bioactive proteins and peptides generated from marine fish have piqued the interest of the nutraceutical and cosmetic industries. Furthermore, due to their antioxidant and tissue regeneration properties, new advances of personal care products based on marine-fish-related proteins and peptides generated from the chemical or enzymatical breakdown of fish-processing by-products have developed fast. In addition, due to its nutritional usage with monogastric animals, the livestock feed sector is anticipated to increase with the highest and fastest CAGR in the forecast timeframe 2020-2025.

North America Fish Protein Concentrate Market Regional Analysis

Because of the significant dominant companies in the region, North America generated the largest market share of more than 37%. A considerable element driving market growth in that region is the growing elderly population and the increasing benefits of fish protein concentrate. Furthermore, the FDA publishes the Fish and Fisheries Products Dangers and Measures Guidance, which is a comprehensive compilation of the recent science and policy implemented on the hazards that influence fish and fishery products and adequate controls to prevent them. The United States will continue to be among the most profitable markets for fish protein concentrate. The region's immense purchasing power is one of the most important factors driving growth in the United States. The industry's expansion is being aided by favorable legal regulations and the regional existence of multiple companies. Apart from that, the country's total growth would be administered by frequent updates of the top market participants' new items and strategic initiatives. 

Impact of COVID-19 on North America Fish Protein Concentrate Market

The COVID-19 outbreak has hit the United States hard. The virus has harmed economies and sectors due to shutdowns, travel restrictions, and business closures, which has damaged corporate partnerships. One of the critical businesses affected by this pandemic is food and beverage, which has seen supply chain breakdowns and workplace closures. Fish protein concentrates are widely produced and consumed in the United States. However, the country's lockout of numerous industries and factories has disrupted worldwide supply networks, causing manufacture, delivery timetables, and sales of protein-based products to suffer. As a result, several corporations have already warned of possible delays in product deliveries and predicted revenue declines in the future.

North America Fish Protein Concentrate Market Players

1. Siam Industries International

2. Omega Protein Corporation

3. Peterlabs Holdings Berhad

4. Nutrifish

5. Advance International

6. Blue Wave Marine Ingredients

7. Apelsa Guadalajara

8. Bio Phoenix Formulations

9. Bio-marine Ingredients Ireland Ltd

10. Mukka Sea Food Industries