FMI states in its recent study on the fish protein concentrate-market that the market will record a CAGR of 6.5% through 2031. Demand for fish protein concentrate is anticipated to continue surging particularly due to the increased sales in personal care and beauty products
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" companies have been focusing on developing a strong brand image. As a result, they are motivated to create products with long-term prospects. The reason behind this is consumers of today care not only about the quality of the products but also about where they come from and the ethics and business practices behind producing such products." says the FMI analyst.
Fish protein concentrate Market - Important Highlights
For the year 2021, Type C is expected to hold the largest market share of more than 80% in terms of value.
It is anticipated That application of fish protein concentrate will be the highest in powder form.
In the forecast timeframe, the FMI predicted that the US will remain one of the most profitable markets.
India will remain one of South Asia's largest markets for sales of fish proteins. Indeed, in 2021, the Indian market is projected to show a 7.4 percent Y-o-Y rise.
Fish protein concentrate Market - Drivers
The Increasing adoption of fitness goals as a result of health awareness has increased the consumption of protein among consumers of different age groups is anticipated to drive the market.
The main factor driving the fish protein concentrate market for the projected period 2021-2031 is the increased use of fish protein concentrate in personal care and cosmetic products.
Also, a nation with high fish-eating populations is boosting the growth of the market.
Fish oil, which is one of the key reasons that fish protein concentrate also exists as a key ingredient in pharmaceutical and nutraceutical products, is known to be safe for heart health, which is contributing to the growth of the industry.
Fish protein concentrate Market - Restraints
High manufacturing costs remain to be a key constraint for the market.
For several, the procurement of proteins is a privilege, as fast food and large-scale industrial production make it impossible to attain natural growth.
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COVID-19 Impact on Fish protein concentrate Market
The fish protein concentrate market growth is anticipated to be hampered owing to the unprecedented COVID-19 pandemic. The supply chains have been badly hit as many countries entered into lockdown. however, the market is likely to set on the path of regaining as the economies of several nations start stabilizing.
The fish protein concentrate market players are leaning towards the expansion of the production facilities besides opting for strategic collaborations to attain a competitive edge. Janatha Fish Meal & Oil Products has secured certifications such as ISO 22000:2005, Halal, Ecocert (NPOP, NOP, EC), and European Union recognition.
A few of the key companies functioning in the global market include Omega Proteins, Bevenovo Co. Ltd., Bio-Oregon Protein, Colpex International Inc., Janatha Fish Meal & Oil Products
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About the Study
The study offers readers a comprehensive assessment of the fish protein concentrate market. Global, regional, and national-level analysis of the latest trends influencing the market is covered in this FMI report. The study provides insights based on type (type A, B, C), by form (Powder, Liquid), by end-use (Food & Beverages, Sports Nutrition & Dietary Supplement, Cosmetic & Personal Care, Pharmaceuticals) and across key regions (North America, Latin America, Europe, China, Asia Pacific, Middle East & Africa).
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Name: Abhishek Budholiya
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Organization: Future Market Insights
Release ID: 88999573