Market Research Future (MRFR) expects the fish protein hydrolysate market size to reach an approximate valuation of USD 560.5 million by 2028. Between 2021 and 2028, the global market will be thriving at a rate of 4.32%, estimates Market Research Future.
Top Boosters and Barriers
Rising interest in fitness and health worldwide, especially since the outbreak of the novel coronavirus, has raised the number of health-aware consumers. This should be favorable for the fish protein hydrolysate industry. Following the global lockdown along with the stay-at-home practice prevalent everywhere, people are now opting for a healthier diet, fostering the demand for products infused with fish protein hydrolysate.
The rise in health consciousness is also in response to the prominence of sedentary jobs in conjunction with a hectic and stressful lifestyle. This gives way to a number of diseases. To deal with this issue, a soaring number of consumers are steering their focus towards a more balanced diet, which should further enhance the market share in subsequent years. Besides, the soaring geriatric population in various countries that is vulnerable to several chronic ailments will heighten the demand for fish protein hydrolysate-infused items in the ensuing years.
Several vendors undertake strategical measures for promoting their brands, also highlighting the importance of products with immunity boosting properties. They focus on business expansion, product launches, strategic collaborations, acquisitions, and joint ventures to foster the product sales and enhance profit margins.
Sources of fish protein hydrosylate are Herrings, Anchovy, Sardine, Shads, and Menhaden. Anchovy forms the highest share in the worldwide industry, as this fish protein hydrolysate sourced from anchovies have massive amounts of nutrients. Also, anchovies contain high amounts of amino acids as well, which also fosters their preference among consumers.
Forms of fish protein hydrolysate are Liquid as well as Powder.
Applications are Pharmaceuticals, Food, Personal Care, along with Animal Feed & Pet food.
North America is rapidly gathering traction in the worldwide market and has secured the lead, thanks to the booming demand for fish protein hydrolysate as preference for health-fostering products continues to surge. This could be in response to the rising health consciousness and awareness among people. The personal care industry is subjected to the biggest changes, as millennials are increasingly opting for cosmetic products that are infused with natural ingredients. Moreover, escalating demand for collagen enhancing and anti-aging personal care items among consumers in the region adds significantly to the business value. Fish protein hydrolysate is increasingly being infused into a variety of personal care products. In addition, the evolving perceptions regarding skincare products have raised the preference for advanced anti-aging solutions.
Asia Pacific can anticipate incredible expansion in the future, soaring at the fastest pace from 2021 to 2028, as a result of the mounting number of consumers leading a healthy lifestyle. The inclination is therefore growing towards products that boost the immunity and overall health. Also, surging awareness with regard to the various health advantages associated with fish protein among consumers compel the manufacturers to use the product extensively in their products. Soaring production of supplements integrated with fish protein hydrolysate targeting malnourished children will also contribute to the fish protein hydrolysate market growth. The market share is further fostered by the rise in people’s disposable incomes, heightened preference for protein-enriched items, and manufacturers trying to enhance their portfolio as well as ingredient options.
Renowned fish protein hydrolysate developers and distributors include Diana Group (Brittany), Sociedad Pesquera Landes Sa (Chile), Janatha Scanbio Marine Group AS (Norway), Sopropêche (France), Fish Meal & Oil Products (India), Bio-marine Ingredients Ireland (Ireland), TC Union Agrotech and United Fisheries (Thailand), Hofseth BioCare ASA (Norway), Copalis (France), Omega Protein Corporation (US), to name a few.
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