The Global Fish Protein industry reached USD 764.3 million in 2019. Demand for Fish Protein registered a 6.5% Compound Annual Growth Rate from 2019 to 2023, indicating that the global industry would reach USD 1,065.0 million in 2024. Over the projection period (2024 to 2034), global sales of protein extracted from fish are expected to exhibit a 7.2% CAGR, ultimately totalling a sales value of USD 2,134.5 million by the end of 2034.
The fish protein sector worldwide is a vibrant industry changing positively due to fast-rising interest in protein sources of quality. As populations expand and the trend in eating points to more nutritious proteins, fish protein has come into the limelight owing to its many advantages.
The fishery sector and fishery products in the broad sense include activities from catching and farming fish to sophisticated technologies for further processing of protein extracted from fish materials to improve their quality and extend their shelf life.
One important trend that companies are prioritizing is the establishment of sustainable development which encourages conservation of the environment through responsible fishing policies and practices.
Other than that, there are factors within the industry, quite technological, that enhance the process of making food in the forms required. With fisheries, there are other involuntary factors like overfishing, climate change or regulatory developments that cannot be avoided and so innovations are taking place.
The global fish protein industry prospects are said to be quite encouraging as their growth will be driven by consumer preference and technology advancements focusing on the green angle. Within this framework, the industry is planning an evolution that will allow providing to customers worldwide nutritious protein foods with all inner solids and maintain healthy seas and ocean resources for generations to come.
| Attributes | Description |
|---|---|
| Estimated Global Industry Size (2024E) | USD 1,065.0 Million |
| Projected Global Value (2034F) | USD 2,134.5 Million |
| Value-based CAGR (2024 to 2034) | 7.2% |
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The table below presents a comparative assessment of the variation in CAGR over six months for the base year (2023) and current year (2024) for the Global NPK fertilizer industry.
This analysis reveals crucial shifts in industry performance and indicates revenue realization patterns, thus providing stakeholders with a better vision of the ecosystem growth trajectory over the year. The first half of the year, or H1, spans from January to June. The second half, H2, includes the months from July to December.
| Particular | Value CAGR |
|---|---|
| H1 | 6.7% (2023 to 2033) |
| H2 | 7.8% (2023 to 2033) |
| H1 | 8.0% (2024 to 2034) |
| H2 | 7.1% (2024 to 2034) |
The above table presents the expected CAGR for the Global NPK fertilizer industry over several semi-annual periods spanning from 2024 to 2034. In the first half (H1) of the decade from 2024 to 2034, the business is predicted to surge at a CAGR of 6.7%, followed by a slightly variable growth rate of 7.8% in the second half (H2) of the same decade.
Moving into the subsequent period, from H1 2024 to H2 2034, the CAGR is projected to change slightly 8.0% in the first half and remain relatively moderate at 7.1% in the second half.
Dietary supplements rising as a leading application of protein extracted from fish
The industry for dietary supplements has rapidly embraced fish protein given its very high nutritional benefits for general consumption. There is a rise in the level of health awareness especially among consumers looking for these supplements that contain essential amino acids and omega-3 fatty acids, along with other nutrients.
Fish protein supplements have also found a growing market among athletes and fitness enthusiasts for muscle repair and development. Moreover, the demand for fish protein in supplements is helped by clean-label trends such as the use of minimal preservatives and the increase of natural ingredients.
Rising Technological advancements in Fish Protein Extraction and Processing
The extraction of protein extracted from fish and its further processing is being changed by technology which is making it more cost-effective and time efficient. Methods like enzymatic hydrolysis and membrane filtration are elevating the yield and accuracy of the fish protein isolates.
At the same time, developments in cold-storage logistics and packaging are improving the storage longevity of protein extracted from fish consumables so that they get to the consumers in an ideal state. This trend emphasizes the use of technology as a basis for product quality improvement and operational efficiency overcoming the barriers that have existed.
Sustainable Aquaculture Practices Revolutionizing Fish Protein Production
To keep up with the ever-increasing demand, the industry has incorporated some elements of aquaculture approaches that are friendlier to the environment. Recent developments include the use of integrated multi-trophic aquaculture (IMTA), which introduces compatible species of fish to allow them to co-exist, and recirculating aquaculture system (RAS), which is the recycling of water.
These approaches multiply outputs and are sustainable in terms of the fish resource base. In the case of the industry, such sustainable production practices aim to be able to supply populations with protein sources without endangering the environment and therefore contribute to the goals of the international community on food production which is safe for the environment.
Principal Consultant
Global sales increased at a CAGR of 6.5% from 2019 to 2023. For the next ten years (2024 to 2034), projections are that expenditure on the industry will rise at 7.2% forecast CAGR.
Over the last few decades, the demand for fish protein is quite remarkably on the rise and the industry has demonstrated much growth over the same period. Increasing concern for the healthy aspects of protein extracted from fish has been a major reason behind the growth the industry has experienced over the years.
In the past, this sector advanced from the manufacture of conventional fishmeal products to a more sophisticated and broad product range that includes fish protein concentrates, isolates and hydrolysates.
This evolution of the industry has been because of the development of technology in fields such as processing and extraction, leading to higher-grade, more functional protein products from fish. Most importantly, the requirement for protein sources that are environmentally friendly, high quality and cost-effective has also turned the industry towards growth.
Prospects of the global fish protein industry look optimistic. The health and wellness trends emerging will likely sustain demand for fish protein in areas of its application such as dietary supplements, functional foods and beverages. This trend will directly increase the usage of protein extracted from fish products. It will also open new opportunities in the industry such as the development of new ingredients and formulations based on fish proteins.
Tendency toward plant and other alternative proteins can also support the fish protein sector through the creation of semi-finished products targeting wide customers. For the most part, development is on the rise owing to continuous research and technology development as well as changes in consumers' preferences.
The fish protein food market industry is rather concentrated, with both large-scale multinational corporations and smaller regional competitors. This can be examined in a multi-tier system with three levels based on target market revenues.
Tier-1 players are powerful global companies that operate in many regions and earn large revenues. Companies like Omega Proteins and Bio-Oregon Protein are the dominant entities because of proprietary technology, large-scale production and a wider range of products. They make up approximately 50% of the industry share. They have positioned themselves in order to expand further by investing in research and development and through strategic M&A.
Tier-2 players are national companies with medium revenue although strong operational capacities in particular geographic regions. Some examples are Colpex International Inc and Mukka Seafood Industries Ltd. The companies have about 30% of the industry share.
They concentrate on specific products and are focused on markets stressing ecological sustainability and superior products. Without having the extensive resources of a Tier-1, their size allows them to pivot very easily to the demands of the industry.
Tier-3 players are small companies and startups having minimal market share with lower revenues. Aroma NZ is an example of a Tier-3 player. These companies comprise a total of an estimated 20% of the total market. They usually manufacture high quality, new products and cater to local tastes. Their size induces the provision of quality personal service and serves a niche portion of the society.
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Omega Proteins manufacture fish protein in a variety of forms including fish oil, fish meal and organic concentrates with rich additives of omega-3 fatty acids. It advocates sustainable fisheries and also maintains traceability to standards for the safety of the product.
New ambitions of Omega Proteins include growing in new markets through innovations in the product range as well as strategic acquisitions. In the future, the company plans to improve its production base and look for new directions of utilization of protein extracted from fish in dietary supplements and functional products.
Colpex International Inc is in the business of developing fish protein concentrates and fish protein hydrolysates for food, dietary and feed applications. The company's strategy is to strengthen its market share via mergers and acquisitions.
For instance, it entered into a merger with Bio-Oregon Protein to expand its offerings. Colpex seeks to diversify its product line through investments in new processing technologies in order to satisfy increasing requirements for quality fish protein products worldwide.
The following table shows the estimated growth rates of the top five markets. These countries are set to exhibit high consumption, recording high CAGRs through 2034.
| Countries | CAGR 2024 to 2034 |
|---|---|
| USA | 7.9% |
| Norway | 7.1% |
| China | 8.4% |
| Japan | 8.2% |
| India | 8.7% |
In the USA, the growing awareness of the healthiness of consumers has greatly expanded the industry for dietary supplements and thus, fish protein products. Fitness and wellness consciousness has made people supplement with more protein powder for muscle recovery, muscle gain and general well-being. Protein derived from fish, rich in essential amino acids and omega-3 fatty acids is being used more.
At the same time, the trends for clean-label products focus on the need for fish protein supplements as well. The industry for Fish Protein in USA is projected to exhibit a CAGR of 7.9% during the assessment period and revenue from the sales of protein extracted from fish in the country is expected to reach USD 298.8 million with a market share of 14%.
Norway owes its success as a global leader in fish protein mainly towards advanced fishing and aquaculture industries. Being known as a fishing nation, it practices responsible fisheries management and modern aquaculture technologies, especially in the production of salmon. Such practices guarantee enough supply and quality of fish, which is required to produce high grade fish protein products.
Norway is expected to be one of the fast growing countries in the industry due to its exports which are owing to sustainability and the creation of modern technologies in its production. The country's expertise in processing and value addition gives it competitive advantage as its fish protein products are in great demand across the world.
These trends are leading to a projected value of USD 256.1 million by 2034 with Fish Protein demand calculated to rise at a value CAGR of 7.1% during the forecast period (2024 to 2034) with a value share of 12%.
The industry potential for fish protein in China is mainly fueled by its large fishing industry coupled with the high local market for its products. China has advanced fishing and aquaculture systems which ensures that there is plenty of bone and fish for processing into fish proteins and selling.
There are more consumers in the middle class with a rising awareness of the health benefits of eating more protein, especially fish, which acts as a catalyst for the growth of the industry. Furthermore, policies of the government encouraging the development of aquaculture and sensible fishing are also aiding the development of the sector.
These factors are responsible for the robust projected forecast CAGR of 8.4 from 2024 to 2034, with the country achieving a global value share of 29% in 2034 with a value of USD 619.0 million.
| Segment | Fish Protein Isolate |
|---|---|
| Main Segment | Product Type |
| Value Share (2034) | 41% |
As fish protein isolate does not alter the taste or the smell, it can be found in many products such as food and drinks as well as pharmaceuticals. Fish protein isolate has a high protein level and a sophisticated amino acid profile that is perfect for food fortification and other related nutrition products.
Fish protein isolate is also used in the cosmetic industry for its skin-feeding properties, further proving its usefulness. These multitudes of functionalities enable fish protein isolate to grow at a high rate make it a leading product type within the fish protein industry. This growth has propelled the segment's value to USD 875.1 million in 2034 with a market share of 41% and further projections suggest its growth at a CAGR of 7.5%.
| Segment | Dietary Supplements |
|---|---|
| Main Segment | Application |
| Value Share (2034) | 25% |
Fish protein powder is widely used in the industry as it has a longer shelf life and is convenient for transportation. When converting to powder, a dehydration technique is employed that makes it possible for the protein to be used for a longer period, thus minimizing chances of spoiling and waste. As a result, manufacturers and suppliers who are faced with a crunch of storage and transportation space for such products prefer powdered fish protein.
Further, this form is functional and can be easily added into many types of formulations such as foodstuffs, dietary products and animal feed. Fish protein in powdered form is preferable due to its long-term stability and easy handling characteristics. Bolstering from these trends, this segment is set to achieve a market share of 63% with a market value of USD 1,344.7 million by 2034 due to growth at a forecast CAGR of 6.8%.
At this stage, the global industry of protein extracted from fish is on an impressive growth path because of protein demand all over the globe and consumer demand for healthy and sustainable products. To strengthen their market positioning, firms have been going into mergers and acquisitions, which allows several firms to acquire better technologies and increase production capabilities as well as make sure that they remain competitive in the industry.
New product development is taking the lead with businesses making new products out of protein extracted from fish and targeting varied consumers. Such innovations include ready-to-eat meals, protein supplements and functional foods for health responsible consumers. To sustain and improve growth, attention is shifting to the improvement of catch traceability and fishing methods in order to comply with norms and customer demands.
Partnerships with research institutions and investment in Research and development are proving to be important in producing high-grade environmentally friendly products. In satisfying existing customers and finding new ones, marketing tactics are focusing on the nutritional and environmental aspects of protein extracted from fish as well.
As per Product Type, the industry has been categorized into Fish Protein Concentrate, Fish Protein Isolate and Fish Protein Hydrolysate.
As per Form, the industry has been categorized into Liquid and Powder.
As per Application, the industry has been categorized into Food & Beverages, Cosmetics & Personal Care, Dietary Supplements, Pharmaceuticals and Others.
Industry analysis has been carried out in key countries of North America, Latin America, Western Europe Eastern Europe, Balkans & Baltic, Russia & Belarus, Central Asia, East Asia, South Asia & Pacific, and Middle East & Africa.
The global market is estimated at a value of USD 1,065.0 million in 2024.
Prominent players in the landscape include Omega Proteins, Bio-Oregon Protein, Colpex International Inc, Mukka Seafood Industries Ltd, Aroma NZ, Ingredients Inc, Peterlabs Holdings and Siam Industries International.
The Global Industry grew at a Historical CAGR of 6.5% from 2019 to 2023.
The USA sales are projected to hold a revenue share of 14% over the forecast period.
The industry is projected to grow at a forecast CAGR of 7.2% from 2024 to 2034.
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