Fish Powder Market Size, Share & Trends Analysis Report By Source (Whole Fish, By-product), By Application (Swine, Aquaculture, Poultry), By Region, And Segment Forecasts, 2019 - 2025

Industry Insights

The global fish powder market size was valued at USD 6.64 billion in 2018 and is estimated to expand at a CAGR of around 6.51% from 2019 to 2025. The growth is driven by the rising awareness among customers regarding the use of fortified foods. Rise in the production of functional food is anticipated to further accelerate the product demand, thereby expanding its market share in the food industry.

Rising investments for the use of different fish species, such as anchovy, horse mackerel, capelin, menhaden, sand eel, and pilchard for the production of fish powder is anticipated to boost sales. Moreover, development of the market depends upon variation in the species of fish required for the production process. The product is made from about 90% of oily fish species, such as anchovy, menhaden, sardine, capelin, and 10% of white fish offal such as haddock and cod.

Incorporation of protein content makes fish powder suitable for human consumption along with its active concentration of mineral content. The benefits of the product, such as efficiency along with the protein content is anticipated to drive the demand over the forecast period.

The product can also be used to formulate ready-to-eat products. The formulation of fish powder along with functional content makes it suitable to be used as a ready-to-eat meal. The large amount of protein content in dried fish along with additional 30% of Fish Protein Powder (FPP) for improving the nutritional quality makes it appropriate for the ready-to-eat meal products. These factors along with the protein content found in different species drives its demand for different applications.

Source Insights

Whole fish segment held the largest market share of about 61.53% in 2018, attributed to the growth of captured fisheries market. The amount of captured fisheries production increased from about 87.81 million tons in 2010 to about 90.91 million tons in 2016. The rise of the frozen food and fisheries industries along with technological advancements such as horizontal wrapper packaging and spiral freezers are anticipated to further drive growth.

By-product is anticipated to expand at the fastest CAGR of 7.84% from 2019 to 2025. The rise in the production of by-product from fisheries is expected to drive growth over the forecast period. Rise in the by-product segment is estimated to increase the production of fish meal products by over 25% in the next 10 years. The production from wild capture was about 3.7 million tons in 2016 as compared to the 1.94 million tons from aquaculture production in the same year. The trend is expected to drive the product demand over the forecast period.

Application Insights

Aquaculture segment held the largest share of the fish powder market with about 52.03% in 2018, owing to the rise in the production of aquaculture. The volume of aquaculture production has seen an increase from about 58.96 million tons in 2010 to 80.03 million tons in 2016. The rise in demand for sea food is propelling the growth of aquaculture. Aquaculture production is anticipated to rise at a CAGR of 5.15% over the next five years, which in turn is anticipated to boost product demand over the forecast period.

Poultry is expected to be the fastest-growing application, with a CAGR of about 8.40% over the forecast period. The growth of feed industry is driving the demand for poultry. The feed industry is expected to expand at a CAGR of 8% over the next 10 years with the growth of cattle, aquafeed, and poultry industries. Growing feed industry along with rising sales in fisheries and their feed products bode well for the overall market.

Regional Insights

In terms of value, Asia Pacific held the largest market share of about 71.54% share in 2018. The demand is predicted to rise due to growing aqua feed production in the region. The aquafeed production in Asia Pacific accounted for about 70% of the global market in 2018. The trend is expected to continue rising over the forecast period. Moreover, the share of about 35% in the consumption from feed industry anticipates the demand in the market.

Europe is expected to register the highest CAGR of about 8.67% over the forecast period, on account of growth of the aquaculture industry. In Europe, the aquaculture segment is anticipated to register a CAGR of 8.2% over the forecast period. The fisheries and aquaculture production from the EU countries accounted for 6.45 billion tons in 2017, contributing to a market share of about 3%. The aquaculture market is expected to rise at a CAGR of 6% over the next five years. These factors along with the growth of the catchers sector for fisheries in the region is projected to drive the market.

Fish Powder Market Share Insights

Rising demand from aqua feed and fisheries is projected to boost market developments and production ventures thereby fueling the market. It is identified by several strategic activities, such as acquisitions and mergers, and product and technological innovations, capacity expansions, and the initiated taken by the key manufacturers, such as Oceana Group Limited, Austevoll Seafood ASA, FMC Corporation, Croda International Plc., and Omega Protein Corporation.

The key players focus on increasing the production and facilities to obtain a major market share. The strategic partnerships and joint ventures with aqua feed production companies to introduce new application and products is projected to remain a critical success factor over the forecast period. With all of the above factors, manufacturers are also likely to focus on product launches and innovation catering particularly to the poultry and swine applications.

Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2015 to 2025. For the purpose of this study, Grand View Research has segmented the global fish powder market report on the basis of source, application, and region:

• Source Outlook (Revenue, USD Billion, 2015 - 2025)

  • Whole Fish

  • By-Product

• Application Outlook (Revenue, USD Billion, 2015 - 2025)

  • Swine

  • Aquaculture

  • Poultry

  • Others

• Regional Outlook (Revenue, USD Billion, 2015 - 2025)

  • North America

    • The U.S.

  • Europe

    • Germany

    • The U.K.

  • Asia Pacific

    • China

    • Japan

    • India

  • Central & South America

  • Middle East & Africa