Fish Powder Market by Oceana Group Limited, Austevoll Seafood ASA, FMC Corporation
The
global Fish Powder Market size is expected to reach USD
10.32 billion by 2025, according to a new report by Grand View Research, Inc.
It is projected to expand at a CAGR of 6.51% during the forecast period. The
growth is attributed to the rising use of fish meal products in poultry and
swine diets. Rising aquaculture production along with the rise in the fortified
food industry over the forecast period is anticipated to further fuel the
growth.
Rising
use of fish powder for the fortification of food is anticipated to drive the
market. Moreover, demand for different fish categories such as anchovy, horse
mackerel, capelin, menhaden, sand eel, and pilchard among others in functional
food production is expected to drive the market. Increased aqua feed farming is
anticipated to continue to drive the demand in the forthcoming years.
The
production of fish meal is highly concentrated in Asia Pacific. China accounts
for about 90% of the global aquafeed production. China is also the world’s
largest importer of fish meal products; accounting for about 1.57 million
metric tons in 2017 from 0.98 million metric tons in 2013. Growing imports
along with the surge in prices has anticipated the demand for the products.
Rising
demand in the aquafeed industry in India has driven the growth of the
fish powder market. In India, the consumption of aquafeed was around 1 million
tons in 2012, which reached to about 7 million tons in 2017. India has about 26
aquafeed mills with production capacity of about 43.4%, producing about 1.25
million tons of feed. Rise in fish farming is anticipated to further boost the
product demand over the forecast period.
Rising
interest for functional ingredients in food products due to their various
health benefits in poultry and swine application will fuel growth of the
market. Improvements in the production facilities and expansion of geographical
reach to boost market development is expected to create growth opportunities in
near future. The key players engage in acquisitions and mergers, online sales,
limited extensions, among other development endeavors. Major companies
operating in the market are Oceana Group Limited, Austevoll Seafood ASA, FMC
Corporation, Croda International Plc., and Omega Protein Corporation.
Further key findings from the report suggest:
- In terms of revenue, whole
fish as a source is projected to ascend at a CAGR of 5.62% over the
forecast period of 2019 to 2025
- Aquaculture emerged as the
leading application segment with a market share of over 52.03% in 2018
- Asia Pacific led the
global fish powder market in 2018, with a 71.54% market share in terms of
revenue. Growing aqua feed industry on account of the demand from
functional ingredients mainly in developing countries such as India and
China is expected to propel the market
- The market is highly
competitive in nature. The main players include Oceana Group Limited,
Austevoll Seafood ASA, FMC Corporation, Croda International Plc., and
Omega Protein Corporation
- Various manufacturers are
concentrating on new product launches, capacity expansions, and
technological innovations to estimate existing and future demand patterns
from upcoming product segments.
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
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