Press release
Fish Powder Market Continues Strong Growth Trajectory, Projected to Reach $11.52 Billion by 2028
Fish Powder Market
Experiencing robust expansion, the fish powder market is set to surge from $8.22 billion in 2023 to an estimated $8.82 billion in 2024, showcasing a compelling Compound Annual Growth Rate (CAGR) of 7.3%. Anticipating sustained growth, the market is projected to attain $11.52 billion by 2028, demonstrating a CAGR of 6.9%.
Key Growth Drivers:
Increasing Demand for Functional Foods Powers Fish Powder Market:
The upswing in functional food production is a significant driver for the fish powder market. Recognized for providing health benefits, functional foods, including fish powder rich in calcium, antihypertensive proteins, and antioxidants, are gaining popularity. In the United States alone, sales of functional foods and beverages reached $83 billion in 2021, witnessing a 6.8% increase over 2020.
Aquaculture Growth Propels Fish Powder Market:
The expansion of aquaculture is set to drive the fish powder market forward. As an essential protein-rich feed ingredient, fish powder contributes to the growth and nutrition of cultured aquatic organisms. Global production in fisheries and aquaculture reached 214 million tons, valued at approximately USD 424 billion in 2020, as reported by the Food and Agriculture Organization of the United Nations.
Explore the Global Fish Powder Market with a Detailed Sample Report:
https://www.thebusinessresearchcompany.com/sample.aspx?id=5943&type=smp
Major Players:
Leading contributors to the fish powder market include Austevoll Seafood ASA, Omega Protein Corporation, Daybrook Fisheries Inc., Cermaq Group AS, and others.
Technological Innovations Drive Sustainability:
Technological advancements are shaping the sustainability and growth of the fish powder market. Players like Cermaq Canada Ltd. adopt aeration technology to reduce CO2 emissions, showcasing a commitment to environmental responsibility. Additionally, companies launch innovative products like NaturAlgae, providing sustainable and nutritious feed ingredients for aquaculture.
Sustainable Feeding for Aquaculture:
Companies are introducing sustainable feeding solutions, exemplified by products like NaturAlgae, an omega-3 powder developed by MiAlgae. Utilizing an innovative manufacturing process that repurposes by-products from the Scotch whisky industry, NaturAlgae offers a sustainable alternative to traditional omega-3 sources from wild-caught fish, supporting environmental conservation and reducing CO2 emissions.
Regional Insights:
Asia-Pacific led the fish powder market in 2023, with Europe expected to be the fastest-growing region in the forecast period. The comprehensive market report covers regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Market Segmentation:
The fish powder market covered in this report is segmented -
1) By Source: Whole Fish, By-Product
2) By Type: Steam Dried (SD) Fish Powder, Flame Dried (FD) Fish Powder
3) By Distribution Channel: B2B, B2C
4) By Application: Swine, Poultry, Aquaculture, Other Applications
5) By End-User: Food And Beverages, Sports Nutrition and Dietary Supplements, Cosmetics and Personal Care, Pharmaceuticals, Animal Feed, Fertilizer
Access the Complete Report for In-Depth Analysis:
https://www.thebusinessresearchcompany.com/report/fish-powder-global-market-report
Fish Powder Global Market Report 2024 from TBRC covers the following information:
• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Fish Powder Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on fish powder market size, market drivers and trends, fish powder market major players, competitors' revenues, market positioning, and market growth across geographies. The fish powder market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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