Fish protein concentrate market estimated to grow at 7% CAGR by 2029

The sales of fish protein concentrate touched about 57,466 metric tonne in 2018, and are likely to g…

The sales of fish protein concentrate touched about 57,466 metric tonne in 2018, and are likely to grow by 5.5 percent year-on-year in 2019. A new research study by Future Market Insights (FMI) underlined the key elements shaping the growth of the fish protein concentrate market for the assessment period of 2019-2029, which is anticipated to grow at about seven percent over the 10-year period.

As fish protein concentrate goes up the popularity scale as a viable ingredient for value-addition, market players are looking for ways to enable a production ramp-up in a bid to bridge the supply-demand gap.

According to the research study, the demand for animal-sourced protein is seeing a quantum leap, as animal proteins have gotten positive reviews in recent years from a nutritional standpoint.

“Consumers are now showing much more confidence in animal proteins, which is a distinct move away from the time when plant-sourced was synonymous with healthy. Such trends are signalling the influx of promising opportunities for the fish protein concerntrate market in 2019 and beyond,” stated the report.

“The leading participants in the market could also centre on devising persuasive and influential marketing strategies by identifying the regional patterns of animal-sourced proteins. Powerful advertisements are no less than a harpoon for capturing the ideal customer targets, which, in turn, will help the manufacturers to hit the right the right spot,” it added.

The research study found that the growth of brands in the fish protein concentrate market will be largely defined by the bespoke formulations they bring into the table for their customers.

In addition, governments across various countries - the United States, Sweden, Canada, and Japan, to name a few - are centring on promoting fish protein concentrate as a must-have ingredient. This, in turn, is poised to create a new pool of opportunities for the market players to tap into.

According to the report, Type C will clearly lead the pack by a large margin, followed by Type B and Type A. Since Type C is manufactured under utmost hygienic conditions, it has been, and will continue to be perceived of being ideal for consumption.

In addition, prices of Type C are relatively reasonable as compared to Type B and A, which further underpins the overall growth in consumption of Type C through 2029. The report further opined that consumers will continue to show marked preferences for powder forms over liquid ones, owing to their larger shelf-life and easy-to-transport benefits.

Opportunities galore for the market players of fish protein concentrate, as the food and beverage producers worldwide are embracing fish protein concentrate for value-addition purposes.

As the transition towards nutritional diet firms up, food and beverage producers are leaning on fish protein concentrate to increase their product integrity. Use of fish protein concentrate in cosmetic and personal care industry is likely to pick pace through 2029, as the demand for chemical-laden cosmetic and personal products is seeing a drastic collapse.

Manufacturers to extensively focus on R&D activities, cogent packaging remains a priority
Manufacturers will continue pouring investments in R&D activities, as product innovations in such a turbulent market space certainly pays off. As the leading companies face intense competition from regional players, their focus on research and development will continue to get strong and profound.

Manufacturers are also focussing on offering wholesome and consistently available fish protein concentrate, so that their products clearly stand out amid the global market shelves.

Packaging continues to be a key interactive tool for the manufacturers to convey their brand values and establish meaningful relationships with their end user bases.

The market players are placing transparency in packaging at the top of all their marketing priorities, as product transparency plays a key role in turning consumer decisions into the brands’ favour.