Fish Protein Market

Market Overview

The global fish protein market was valued at USD 1 billion in 2022. It is estimated to reach USD 1.87 billion by 2031, growing at a CAGR of 7.2% during the forecast period (2023–2031). The increased usage of fish protein in the pharmaceutical and cosmetics sectors and the preference for using organic animal feed rather than feed based on chemicals considerably aid in expanding the global market.

Fish protein consumption is associated with a variety of extensive health benefits. This type of product, produced from seafood and contains various nutrients and vitamins, is quite popular due to the abundance of these substances in seafood. Since fish protein products have a higher nutritional value than other forms of animal protein, they are consumed not only by humans but also by other species. Fish, fish detritus, and fish meal are the most common ingredients used in the manufacturing process. The store specializing in fish protein may also sell fish protein isolate, fish protein concentrate, and fish protein hydrolysate in addition to fish protein. These are only a few of the many products available for purchase.

Fish protein has a long and illustrious history of applicability in animal nutrition, especially as feed additives. It has applications in numerous industries, including the pharmaceutical industry, the cosmetics and personal care industry, the sports nutrition industry, the infant formula industry, and the dietary supplement industry. Due to its high protein content, fish consumption is beneficial for both the heart and the brain. It is an excellent source of omega-3, omega-6, and omega-9 fatty acids, in addition to containing significant antioxidants.

Market Dynamics

Global Fish Protein Market Drivers:

Increase in Demand for Fish Protein in Pharmaceutical and Cosmetics Industries

For people with issues like obesity or being overweight, fish protein is beneficial. This is explained by lowering the amount of fat stored in muscles and enhancing the body's ability to control sugar. Additionally, fish protein is a simple-to-digest source of several peptides and important amino acids. It also has a significant role in treating sarcopenia, a disorder brought on by aging and characterized by a progressive loss of skeletal muscles. A vital component for muscle repair is protein.

Additionally, fish protein concentrate is a great source of gelatin and collagen, which are good for the skin and help reduce inflammation. Additionally, it is more affordable than plant-based protein concentrates. As a result, the increased usage of fish protein in the pharmaceutical and cosmetics sectors considerably aids in expanding the global market.

Rise in Demand for Organic Animal Feed

Fish protein contains amino acids and is simple for poultry and livestock animals to digest. Amino acids are necessary for the formation of proteins and the production of hormones and neurotransmitters, both of which are important for the healthy development of animals. Additionally, it helps to improve digestive processes, increases disease resistance, and promotes healthy production in calves, hens, pigs, and fishes. Other advantages include the fact that it offers a variety of benefits.

In addition, there has been an increase in a preference for organic animal feed. This can be attributed to increased awareness about the toxic effects of chemical-based animal feed products, such as how they lower animal disease resistance capacity and increase the mortality rate in fish and chickens during seasonal epidemics. In addition, this can be attributed to the fact that there has been seen to be an increase in the preference for organic animal feed. As a result, the preference for using organic animal feed rather than feed based on chemicals is a fundamental driver of the worldwide fish protein industry.

Global Fish Protein Market Restraint:

High Cost of Fish Protein

The price of fish protein and the goods made from fish protein is significantly greater than any other protein product. There has been a rise in demand for consumer-friendly alternatives to fish protein, such as plant-based and animal meat. Regarding animal feed, particularly aquafeed, there are cheaper alternatives to fish protein that can be purchased on the market. Some of these options include meat meal, bone meal, blood meal, chicken by-product meal, and hydrolyzed feather meal. These alternatives are commonly used in place of fish protein. In addition, the increased costs incurred for the preservation and shipping of fish meals are anticipated to be a factor that will slow the expansion of the industry.

Global Fish Protein Market Opportunities:

Upsurge in Adoption of Fish Protein Hydrolyzed (FPH) Collagen in Nutritional Cosmetics

The idea behind nutritional cosmetics is that one's appearance can be enhanced by consuming functional food products that provide both health benefits and benefits to one's skin, hair, and nails. This is the central tenet of nutritional cosmetics. Collagen used in fish protein hydrolysates comes from bovine, porcine, marine, and other sources, such as waste products from the food and agriculture industry. The consumption of hydrolyzed collagen serves to reduce the appearance of wrinkles, boost the suppleness of the skin, improve the moisture level of the skin, replace dead skin cells, promote longer and stronger nails, and help revitalize hair.

Therefore, manufacturers in the nutricosmetics business have been pushed to employ fish protein hydrolyzed collagen in beauty powders, beverages, tablets, and capsules as a result of an increase in customers' concerns about their physical appearance and an increase in consumers' preferences for natural goods for beauty and health. As a result, the growing use of fish protein hydrolyzed collagen in nutritious cosmetics is predicted to present lucrative growth prospects for the global market throughout the forecast period.

Regional Analysis

Europe Dominates the Global Market

Based on region, the global fish protein market is bifurcated into North America, Europe, Asia-Pacific, and LAMEA.

Europe is the most significant global fish protein market shareholder and is estimated to exhibit a CAGR of 15.24% over the forecast period. When it comes to the manufacture of animal feed, the European region makes great use of the protein found in fish. Fish meal is imported into Europe at a rate equal to around 1.6 million metric tons annually. As more individuals become aware of the nutritional benefits of consuming fish protein in this capacity, there has been an increase in the demand for fish protein to be used as animal feed in the European region, and this demand has been expanding. In addition, there is projected to be an increase in demand for personal care and cosmetic products manufactured from natural and organic components. This is one of the factors anticipated to drive the expansion of the market for fish protein in the region.

North America is anticipated to exhibit a CAGR of 13.94% over the forecast period. Due to the large amounts of money spent on animal feed and cosmetics in North America, the market for fish protein is experiencing substantial expansion there. It is projected that increasing consumers' awareness of the importance of maintaining a healthy lifestyle will increase demand for fish protein in the region due to its high nutritional content. In addition, an increase in consumer desire for personal care and cosmetic products made from natural and organic ingredients is anticipated to be a driving force behind the expansion of the fish protein market in North America. In the upcoming years, the market will probably be propelled forward by consumers having a positive attitude toward the fish protein product due to its benefits in animal feed and cosmetics.

The Asia-Pacific region has been home to a sizeable proportion of the world's livestock farmers for many years. As more people are becoming aware of the harmful consequences that chemical-based animal feed products can have, consumers are showing a preference for organic animal feed. This results in an increased demand for fish protein, which contributes to the market's expansion. Additionally, fish meal is useful to feed poultry birds since it helps strengthen their resistance power. As a result, an increase in the demand for fish protein as poultry feed is predicted to fuel the market growth in the Asia-Pacific region.

Fish protein is becoming more widely used in LAMEA industries, such as animal feed and pharmaceuticals, which is one of the primary factors driving the market. The pharmaceutical and animal feed industries in LAMEA have a relatively high consumption rate of fish protein hydrolysate, which is one factor that contributes to the expansion of the market. In addition, the expansion of the livestock and pharmaceutical sectors in the LAMEA region is projected to enhance the need for fish protein, which would, in turn, augment the market's growth. In addition, the use of nutricosmetics containing fish protein is increasing in Latin America due to increased awareness of organic cosmetics products. This is anticipated to have a favorable impact on the market for fish protein throughout the forecast period.

Segmental Analysis

The global fish protein market is bifurcated into type, application, and end-user.

Based on the type, the global fish protein market is bifurcated into Fish Protein Concentrate (FPC), Fish Protein Hydrolysate (FPH), and Fish Protein Isolate (FPI). 

The Fish Protein Concentrate (FPC) segment dominates the global market and is predicted to exhibit a CAGR of 3.30% during the forecast period. By draining the water, screening out the bones, and separating the oil from the fish, fish protein concentrate is created, which has a higher protein content and less ash than fish meal. Fish protein concentrate has primarily been employed in particular feeding situations for monogastric animals, like starter meals or milk substitutes. It also includes 80% protein and is a great source of readily digestible amino acids. It is also very concentrated and nutritious, but its use is restricted because of its high price. Animal feed, including fish meal, uses fish protein concentration as an ingredient. Fish meal is advantageous for fish and poultry animals since it provides 60–72 percent of fish protein, which is beneficial for muscle growth.

Additionally, it helps with resistance to illnesses like viral inclusion body hepatitis, which is very common in poultry animals. Due to its high nutritional value, fish protein concentrate also contributes to a decrease in the mortality rate of poultry animals and promotes the healthy growth of chickens. Together, these elements have increased demand for fish protein concentrate and sped up the expansion of the global market.

The global fish protein market is bifurcated into animal feed, pharmaceuticals, and cosmetics based on application. 

The animal feed segment is the most significant contributor to the market and is estimated to exhibit a CAGR of 3.70% over the forecast period. Fish meal, which contains much protein, is fed to calves, chickens, pigs, and other animals as well as to fish. It shields chickens from seasonal epidemics, lowering their mortality rate. Additionally, it helps ensure the healthy production of fish and fowl. Amino acids, which are useful and quickly assimilated by animals, are in the fish protein.

Additionally, it contains peptides that are important in animal feed, particularly for poultry, fish, and livestock animals. These peptides aid in killing germs, reducing inflammation, and improving immunological function. It has many benefits, including bettering digestive functions, increasing disease resistance, and promoting healthy growth in calves, chickens, pigs, and fish. Together, these elements are what have caused the worldwide market to expand.

Recent Developments

• July 2023- Hill's Pet Nutrition announced the launch of sustainable fish and innovative insect protein products. Its Science Diet Sensitive Stomach & Skin line is now available with Marine Stewardship Council (MSC)-certified Alaskan Pollock and insect protein.
• In 2022- Aquantix announced a revolutionary new technology that will enable the efficient production of fish protein from waste streams, resulting in even more innovation in the industry. This innovation will revolutionize the industry's operations, eradicate waste, and improve resource management.