Fish Protein Concentrate Market to Grow at CAGR of 7.0% through 2029 | Future Ma
Posted by Vijay Kundekar on March 24th, 2020
Future Market Insights (FMI), in its new research study, underlines the key elements shaping growth of fish protein concentrate market for the assessment period of 2019-2029. According to the research study, sales of fish protein concentrate touched ~ 57,466 MT in 2018, and are likely to grow by 5.5% YOY in 2019. 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, 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 signaling the influx of promising opportunities for the fish protein concentrate market in 2019 and beyond, finds the report.
“The leading participants in the market could also center 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.”
The research study finds that 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 U.S. Sweden, Canada, and Japan to name a few- are centering 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 the 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 opines 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 & 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 focusing 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.
More from FMI’s Food and Beverages Market Intelligence:
Future Market Insights (FMI) is a leading market intelligence and consulting firm. We deliver syndicated research reports, custom research reports and consulting services which are personalized in nature. FMI delivers a complete packaged solution, which combines current market intelligence, statistical anecdotes, technology inputs, valuable growth insights and an aerial view of the competitive framework and future market trends.
Mr. Abhishek Budholiya
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About the AuthorVijay Kundekar
Joined: August 22nd, 2019
Articles Posted: 420
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