Portland, OR, June 30, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research,the global fish protein market generated $3.08 billion in 2018, and is estimated to reach $4.20 billion by 2026, registering a CAGR of 4.0% from 2019 to 2026.The report offers anextensive analysis of changing market dynamics, key winning strategies, business performance, major segments, and competitive scenario.
Rise in demand from the pharmaceutical and cosmetics industries and increase in demand for organic animal feed with rise in awareness regarding hazardous effects of chemical based animal feed drive the global fish protein market. However, expensive nature and less direct intake of fish protein restrain the market growth. On the other hand, increase in fish protein hydrolyzed (FPH) collagen adoption in nutritional cosmetics creates new opportunities in the coming years.
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Covid-19 scenario:
- The sale of fish and fish products is majorly depending on the international trade. Therefore, the restrictions on the trade of aquaculture products during the global lockdown affected its export and import activities, which in turn, impacted the supply.
- Moreover, there has been decrease in the demand for seafood across the globe during the coronavirus pandemic.
The report offers a detailed segmentation of the global fish proteinmarket based on type, application, and region.
Based on type, the fish protein concentrate (FPC) segment contributed to the largest share in 2018, accounting for more than half of the total share, and is estimated to maintain its dominant position during the forecast period. However, thefish protein hydrolysate (FPH) segment is expected to register the highest CAGR of 4.9% from 2019 to 2026.
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Based on application, the animal feed segment accounted for the largest share in 2018, holding nearly three-fourths of the total share, and is expected to maintain the largest share throughout the forecast period. However, the pharmaceuticalsegment is estimated to portray the highest CAGR of 5.3% during the forecast period.
Based on region, Europecontributed the highest share, accounting for more than one-third of the total market share in 2018, and will maintain its dominance throughout the forecast period. However, Asia-Pacific is expected to grow at the highest CAGR of 5.6% from 2019 to 2026.
Leading market players analyzed in the research include Apelsa Guadalajara,Bevenovo Co., Limited, Aroma NZ, Mukka Seafood Industries, BioOregon Protein, Nutrifish, New Alliance Dye Chem Pvt. Ltd, Scanbio Marine Group, Qingdao Future Group, and Taian Health Chemical Co., Ltd.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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