Fish protein market expected to grow 7.2% by 2033, says IMF

The fish protein market (Fischproteinmarkt) is valued at USD 1 billion in 2023 and is expected to double to USD 2 billion by 2033. The market is expected to register a CAGR of 7.2% during the forecast period.

Fish Protein Market Information

Attributes	Details
Fish Protein Market Size in Value in 2023	1 billion dollars
Forecast market value by 2033	2 billion dollars
Global growth rate (2023 to 2033)	7.2%
Forecast period	2023 to 2033

Fish protein is highly valued by health-conscious consumers due to its numerous nutritional benefits. Government initiatives and subsidies to boost aquaculture have also worked in the market’s favor. IMF analysis predicts a favorable period for major players. On the other hand, the time is ripe for new players to enter the market and capture the market by filling technology gaps.

Developed markets have become the most lucrative, driven by consumers’ propensity for innovation. New variants of over-the-counter fish protein supplements are flooding the North American and European markets. Modern lifestyles and poor diets have prompted consumers to seek a quick fix. On the other hand, the beauty industry is harnessing the power of the product to launch new formulations such as nutricosmetics.

Furthermore, key players are striving to capture market demand by adopting technologies that accelerate the growth cycle of fish. This is extremely beneficial in increasing production capacities. Since demand is currently on the rise, key players must strive to not get hampered by market constraints such as high production, storage, and transportation costs.

Key takeaways from the report:

According to IMF analysis, fish protein market sales grew at a CAGR of 6.1% between 2017 and 2022.
The US fish protein market is expected to grow at a CAGR of 8% to reach USD 566.4 million by 2033.
The Indian fish protein market is expected to grow at a CAGR of 6% during the forecast period.
Between 2023 and 2033, the South Korean market is expected to grow at a CAGR of 6.1% to reach a valuation of UD 64.2 million by 2033.
During the forecast period, the powder segment is expected to grow at a CAGR of 7.4% as the top performing form.
The fish protein isolate segment is expected to grow at a CAGR of 6.6% during the forecast period. It is currently the most demanded segment, by product type.

Major players diversify to attract consumers’ attention

Key players are launching a variety of products, especially in the pharmaceutical sector, to support the market growth. Moreover, to stay abreast of current trends, many are launching sustainable and organically grown variants to meet the market demands. To reduce competition, key players are investing in advanced technologies to produce better quality products in a shorter time frame.

Key market developments:

In 2021, Avant Meats Company Limited acquired Vinh Hoan Corporation, a renowned seafood and protein producer. This move aimed to strengthen the commercialization of fish protein by expanding the global sales network and production capabilities.
In 2022, Paine and Partners sold its ScanBio subsidiary to two companies, namely Pioneer Infrastructure and Verdane. Pioneer Infrastructure is based in the United Kingdom, while Verdane is based in Norway. Pain and Partners officially acquired ScanBio in 2011.

Main market players:

Omega proteins
Bio-Oregon Protein
Colpex International Inc.
Mukka Seafood Industries Limited
NZ Flavor
Ingredients Inc.
Peterlabs Holdings
Siam Industries International
Apelsa Guadalajara SA de CV
Bio Phoenix Formulas
Qingdao Future Group

Complete Market Assessment: Full Report

Fish Protein Market by Category

Form:

Product Type:

Fish protein concentrate
Fish protein isolate
Fish protein hydrolysate

Application:

Food and drinks
Cosmetics and personal care
Sports nutrition and food supplements
Drugs
Others

Region:

North America
Latin America
Europe
East Asia
South Asia
Oceania
AEM

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