Fish Protein Hydrolysate Market Size, Analysis & Forecast 2030

The fish protein hydrolysate market size is expected to grow from US$ 498.07 million in 2022 to US$ 748.66 million by 2030; it is estimated to register a CAGR of 5.2% from 2022 to 2030.

Market Insights and Analyst View:

Fish protein hydrolysate is a product made from fish or fish material by the method of protein hydrolyzation. Thus, fish protein hydrolysate is a mixture of broken proteins. Fish protein hydrolysates are reported to have a number of improved properties compared to the protein of origin, namely improved functional properties and bioactive properties such as anti-oxidative or anti-hypertensive activities. Recently, fish protein hydrolysate is also started to be used as cryoprotectants for frozen fish products. These are the factors expected to drive the fish protein hydrolysate market growth during the forecast period.

Growth Drivers and Challenges:

There is a rapid growth in the production of fisheries and aquaculture industry driven by the development of fishing technologies. With rising production of fisheries across the globe, fish waste is produced in a substantial amount. According to The National Institute of Biotechnology Information (NCBI), about two-thirds of the total fish production is discarded as waste.  Fish waste can be converted into value-added products such as FPH by adding various proteolytic enzymes. The skin, heads, bones, viscera, and liver of fish waste is a good source of amino acids, antioxidants, proteins, and peptides. The waste has also been found to possess desirable bioactive and functional peptides. Thus, companies are highly emphasizing on using fish waste as protein for various industries including food & beverages, animal feed, and nutraceuticals. Thus, increasing fish waste by aquaculture and fisheries further drives the fish protein hydrolysate market growth.

Moreover, FPH is a good source of protein and nutrients such as phosphorus, calcium, and other minerals. It helps prevent the spread of infectious diseases and boosts animal immunity against fungi, bacteria, viruses, and parasites. Regular consumption of FPH by broiler chickens helps in their muscle development. FPHs can enhance animals' metabolic systems, which protects them from the risk of diseases and infections. Thus, the nutritional benefits of fish protein hydrolysate relating to animal health drive its demand among animal feed industries.

However, a lack of a well-organized collection, storage, and transportation model creates further hurdles, whereby fish by-products may get wasted. Also, unforeseeable roadblocks prevent the smooth movement of fresh food supply chains, resulting in the wastage and restraining market demand.

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Fish Protein Hydrolysate Market: Strategic Insights

Market Size Value in	US$ 498.07 million in 2022
Market Size Value by	US$ 748.66 million by 2030
Growth rate	CAGR of 5.2% from 2022 to 2030
Forecast Period	2022-2030
Base Year	2022

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Report Segmentation and Scope:

The global fish protein hydrolysate market is segmented on the basis of form, application, and geography. Based on form, the market is bifurcated into dry and liquid. Based on application, the market is segmented into animal nutrition, food & beverages, pharmaceuticals & nutraceuticals, personal care, and agriculture. Further, the animal nutrition segment is subdivided into poultry, ruminants, swine, aquaculture, pets, and others. The fish protein hydrolysate market, based on geography, is segmented into North America (the US, Canada, and Mexico), Europe (Germany, France, Italy, the UK, Russia, and the Rest of Europe), Asia Pacific (Australia, China, Japan, India, South Korea, and the Rest of Asia Pacific), the Middle East & Africa (South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America).

Segmental Analysis:

Based on form, the fish protein hydrolysate market is segmented into dry and liquid. The dry segment holds a larger share in the market. The demand for fish protein hydrolysate in power form is higher than liquid form owing to a longer shelf-life and ease of transportation and storage. These factors drive the market growth for the powder segment.

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Regional Analysis:

Geographically, the fish protein hydrolysate market is segmented into five key regions—North America (NA), Europe (EU), Asia Pacific (APAC), South & Central America, and the Middle East & Africa. Asia Pacific dominated the global fish protein hydrolysate market; the market in this region was valued at US$ 170 million in 2022. The market in Europe is expected to register a CAGR of 4.8% during the forecast period. Developed and developing countries in Asia Pacific witness growth in urbanization, coupled with the rising middle-class population, offering several opportunities for the market players. Factors such as increased demand for protein supplements coupled with increased use of the personal and sports fitness product drive its demand in APAC.

North America accounts for the second-largest share of the fish protein hydrolysate market, accounting for nearly ~30% market share. The US and Canadian consumers are moving toward a healthy lifestyle, and they prefer products that provide health benefits. The increasing health concerns among consumers thus drives the growth of the North American market for fish protein products. Health benefits from both animal and plant food sources help boost energy levels, strengthen muscle and bone structure, and increase focus and concentration among a variety of other health benefits, thus this region is inclined toward the aqua nutrition. Due to this factor, the demand for fish protein hydrolysate is rising in North America.

Industry Developments and Future Opportunities:

Initiatives taken by key players operating in the fish protein hydrolysate market are listed below:

1. In May 2021, Biomega Group, which is a leading bioscience company producing marine ingredients, announced the expansion of its biorefining footprint by investing in a new greenfield site in Hirtshals, Denmark. The purpose of investment was to expand the production capacity of the company.

COVID-19 Pandemic Impact:

The COVID-19 pandemic adversely affected almost all industries in various countries. Lockdowns, travel restrictions, and business shutdowns in North America, Europe, Asia Pacific, South & Central America, and the Middle East & Africa hampered the growth of several industries including food & beverages, pharmaceuticals & nutraceuticals, personal care, animal nutrition, etc. The shutdown of manufacturing units disturbed global supply chains, production activities, delivery schedules, and essential and nonessential product sales. Various companies witnessed delays in product deliveries and a slump in their product sales in 2020, which hampered the fish protein hydrolysate market. The shortage of workforce and limited supply of raw materials also led to a halt in operations and processes across the globe during the COVID-19 pandemic. These factors negatively impacted the market growth in the pandemic.

Various trade barriers imposed by governing bodies to prevent the spread of COVID-19 hampered the imports of raw materials. China, Vietnam, India, Bangladesh, and Egypt are among the major countries producing raw material, which leads to dependency on these countries in other parts of the world. Bans on international imports and exports in many countries interrupted the supply of raw materials during the COVID-19 pandemic.

However, in 2021, various economies resumed operations as several governments revoked the previously imposed restrictions, which positively impacted the global marketplace. Moreover, manufacturers were permitted to operate at full capacities, which helped them overcome the demand and supply gaps.

Competitive Landscape and Key Companies:

Bio-marine Ingredients, Ireland Limited, Copalis Sea Solutions, CR Brown Enterprises, Diana Group, Hofseth BioCare ASA, Janatha Fish Meal & Oil Products, Marutham Bio Ages Innovations (P) Ltd, SAMPI, Scanbio Marine Group AS, and Sopropêche are among the prominent players operating in the global fish protein hydrolysate market. These market players adopt strategic development initiatives to expand their businesses, further driving the fish protein hydrolysate market growth.