Fish Powder Global Market Report 2024

Fish powder is a finely ground powder derived from cooked fish flesh, often prepared from leftover fish. This type of powder is utilized to supplement staple foods such as maize and cassava, enhancing the micronutrient concentrations in the meal.

The primary types of fish powders are steam-dried and flame-dried fish powders. Flame-dried fish meal is produced using a short rotary dryer, also known as a direct hot air dryer or flame dryer, which is a key method in manufacturing approximately 75% of the world's fish meal. The sources for these powders include whole fish and by-products, serving various applications in swine, poultry, aquaculture, and other sectors. The end-users of fish powder encompass food and beverages, sports nutrition and dietary supplements, cosmetics and personal care, pharmaceuticals, animal feed, among others. These products are distributed through both business-to-business (B2B) and business-to-customer (B2C) sales channels.

The fish powder market research report is one of a series of new reports that provides fish powder market statistics, including global market size, regional shares, competitors with a fish powder market share, detailed fish powder market segments, market trends, and opportunities, and any further data you may need to thrive in the fish powder industry. This fish powder market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The fish powder market size has grown strongly in recent years. It will grow from $8.22 billion in 2023 to $8.82 billion in 2024 at a compound annual growth rate (CAGR) of 7.3%. The growth observed in the historical period can be attributed to several factors, including increased consumer awareness of the nutritional benefits of fish, a rise in the demand for protein-rich and functional food ingredients, an increase in health consciousness and a preference for natural ingredients, the expansion of aquaculture and fisheries industries, the need for sustainable and eco-friendly food sources, and the demand for fish powder in the animal feed and pet food industries. These factors collectively contributed to the growth experienced during the historic period.

The fish powder market size is expected to see strong growth in the next few years. It will grow to $11.52 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%. The anticipated growth in the forecast period can be attributed to several factors, including the adoption of fish powder as a flavor enhancer and natural umami ingredient, an increased emphasis on waste reduction and the utilization of fish by-products, the growing need for omega-3 fatty acids and essential micronutrients in diets, the expansion of fish powder applications in cosmetic and personal care products, and the rising demand for fish protein in sports and fitness nutrition. Major trends expected in the forecast period encompass the microencapsulation of fish powder, a focus on clean label and natural processing, the implementation of innovative packaging solutions, the emergence of powdered fish oil and omega-3 supplements, and the fortification of food and beverages.

The substantial increase in the production of functional foods is a key driver behind the growth of the fish powder market. Functional foods are increasingly preferred due to their ability to offer numerous health benefits and contribute to overall well-being. Fish powder holds particular significance in the realm of functional foods as it serves as a valuable source of calcium, antihypertensive proteins, and antioxidants. As reported by the Institute of Food Technologists (IFT), a non-profit scientific society based in the United States, the sales of functional foods and beverages in the U.S. reached $83 billion in 2021, marking a notable 6.8% increase over the previous year. This trend underscores the rising consumer demand for functional foods, and consequently, the fish powder market is expected to experience significant growth in response to the escalating production of these health-oriented products.

The anticipated growth of aquaculture is set to drive the fish powder market in the coming years. Aquaculture involves the cultivation, breeding, and harvesting of aquatic organisms in controlled environments, such as ocean enclosures. Fish powder, a valuable protein-rich feed ingredient, is widely used in aquaculture to foster growth and provide essential nutrients to cultured aquatic organisms. In 2022, the Food and Agriculture Organization of the United Nations reported that global production of fisheries and aquaculture reached 214 million tons in 2020, with a total value of about USD 424 billion. As a result, the expansion of aquaculture is a significant factor fueling the demand for fish powder.

Technological advancements play a pivotal role in shaping the fish powder market, with key players actively adopting various technologies to enhance their market positions. For example, in January 2022, Cermaq Canada Ltd., a salmon farming company based in Canada, integrated aeration technology supplied by Poseidon Ocean Systems. This technology implementation enabled Cermaq Canada to eliminate over 76,000 kg of CO2 emissions from its operations in 2021.

Major companies in the fish powder market are introducing sustainable feeding solutions, such as NaturAlgae, to provide a nutritious and eco-friendly feed ingredient for the aquaculture sector. NaturAlgae, launched by MiAlgae, a UK-based microalgal production company, is an omega-3 powder designed for use as a nutritious feed ingredient. The dry powder boasts a high concentration of DHA and other oils, offering renowned health benefits associated with omega-3. MiAlgae's innovative manufacturing process involves repurposing by-products from the Scotch whisky industry to cultivate omega-3-enriched microalgae. This approach presents a sustainable alternative to traditional omega-3 sources derived from wild-caught fish. Beyond nutritional benefits, this initiative supports environmental sustainability by potentially reducing CO2 emissions, recycling substantial volumes of water, and conserving wild fish stocks.

In May 2023, Scoular, an agribusiness firm based in the United States, completed the acquisition of a frozen fish processing facility from Northwest Farm Food Cooperative. The transaction, valued at an undisclosed amount, was a strategic move by Scoular to bolster and extend its presence in the pet nutrition sector. With the newly acquired facility, Scoular aims to enhance its support to pet food manufacturers by providing high-quality and sustainable fish ingredients, thereby expanding its range of offerings. The facility obtained from Northwest Farm Food Cooperative specializes in repurposing fish trimmings, transforming them into frozen fish ingredients tailored for use in pet food and treat processing. This acquisition positions Scoular to strengthen its foothold in the pet nutrition market while simultaneously contributing to the sustainability of fish-based ingredients in the industry.

Major companies operating in the fish powder market include Austevoll Seafood ASA, Omega Protein Corporation, Daybrook Fisheries Inc., Cermaq Group AS, Kodiak Fishmeal Company, Pesquera Exalmar SAA, Nissui Corporation, Pesquera Hayduk S.A., Oceana Group Limited, Dalian Longyuan Fish Meal Co. Ltd., FMC Corporation, Marvesa Holding N.V., Tecnológica de Alimentos S.A., Croda International PLC, Sursan Su Urunleri AS, Alaska Seafood International LLC, Pelagia AS, Scanbio Marine Group AS, Pioneer Fishing Pty Ltd., Sardina D.O.O., Novofood SA, Qingdao Future Group, Havsbrún, Norebo Holding AS, TripleNine Group A/S, United European Seafood Traders PTE LTD., Balticovo AS, Scoular Company, GC Rieber Oil AS, Austral Group SAA, FF Skagen A/S, GC Rieber Oils AS

Asia-Pacific was the largest region in the fish powder market in 2023. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the fish powder market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the fish powder market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The fish powder market consists of sales of fish protein concentrate, fish albumin, glue, gelatin. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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