Seafood Powders Market | Contrive Datum Insights

Market Overview:

The Global Seafood Powder Market Grew From $7.69 Billion In 2022 To $14.02 Billion In 2030 At A Compound Annual Growth Rate (CAGR) Of 7.8%. 

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Seafood powder is made from crab, fish, lobster, shrimp, and other types of seafood. Seafood powders are used in dressings, dips, fillings, spreads, sauces, and many other things. The increase in seafood powder means that consumers will buy more seafood powder over the next few years. Due to its ability to boost the body's natural sodium, seafood powder has become more popular as a result of changes in the way seafood tastes. The immune system gets a boost when more seafood powder is eaten for its protein, which is likely to grow the seafood powder market.

Fish powder is made by drying and grinding a fish or by getting rid of the fish's water and oil. Fish powder is also called fish meal. Feed for farmed fish, pigs, dogs, cattle, and poultry is made with fish powder. Fish powder is an important part of animal feed because it has amino acids, protein, fatty acids, and other minerals.

Most of the growth of the market is due to users becoming more aware of how to use fortified food items. On the other hand, the growth of the global fish powder market is also likely to be affected by the rise of functional foods. The global market for fish powder is also expected to grow because more fish, like hose mackerel, capelin, and anchovy, are being used to make fish powder. Also, the growth depends mostly on the kinds of fish that are used to make the fish powder.

COVID-19 Impact:

Fish and other aquatic foods are an important part of our global food systems. They are also a group of foods that are very healthy and have a lot of social, cultural, and economic value. Transport, trade, and labor problems caused problems in the supply chains for fish and aquatic foods. Due to less fishing and slower stocking of aquaculture systems, there are less of these foods available, and fewer people are eating them. Fish and other aquatic foods became more expensive for poor people because the number of people buying them went down and the cost of doing business went up. Due to the pandemic, imports and exports of many different products have also been stopped. The exports of raw materials needed to make fish powder have gone down since last year, which will have an effect on the market as a whole. Most of the companies that made fish powder have shut down, which also makes it less important to import raw materials. In the middle of the pandemic, the market has shrunk even more because people are eating less meat. During the pandemic, the fish powder market has dropped a lot, which has hurt the people who work in it.

Market Dynamics:

Market Trends:

Due to its high nutritional value, fish powder is often used to feed pigs. In 2018, the world produced more than 120 million metric tons of pork. This is because the world's population and disposable income are growing, which is likely to increase demand in the industry as a whole. Fish powder is often used to feed pigs because it is high in protein and has a lot of micronutrients, such as vitamins and amino acids. The fish oil in it also helps weaned pigs grow faster, which is good for the growth of the industry as a whole.

Driving Factors:

• Growing Product Expansions in Retail Channels

Because more and more people want things to be easy, fish powders are now sold in supermarkets and hypermarkets. Modern trade channels have moved to the forefront, giving supermarkets and hypermarkets a bigger share of the market. This channel has an advantage because it offers a wide range of products under one roof.

• High Demand from Various End User Industries

Fish has a lot of good things for you, like omega-3, vitamin D, and B2. As a result, people are turning to fish meat instead of chicken and red meat. Because of this, companies are making ready-to-use fish gravies that come in packages. Most of these are sold in sachets of powder to give customers the best taste and most convenience, especially in developed countries where people have busier lives.

Because of this, there is more demand for fish powder, which is a key ingredient in making these dishes. Also, people in developed countries are more willing to try new foods and flavors, which makes them more likely to buy fish powders.

• High Nutritional Value of the Products

Fish powder is an important part of many health products because it contains protein. The growth of the global fish powder market is likely to be sped up by the efficiency and high nutritional value of the products. The development of fish powder to meet the growing demand for ready-to-eat meals is also expected to help the fish powder market grow in the coming years. Key growth factors for the global fish powder market also include the health benefits of better lever strength, hormonal balance, better eye sight, and strength development.

Restraints/Challenges:

• Environmental Concerns

Pollution, the destruction of habitats, and climate change all have an effect on the ecosystems that seafood comes from. These things can have an effect on the quality and availability of seafood, which can slow down the market.

• The Increasing Prices of Fish Meals

The problem happened because the price of synthetic feed, which most fish farmers use, tends to go up. So, current farming companies aren't very good at what they do because the cost of making feed keeps going up. This problem is caused by the fact that the feed industry doesn't let fish feed be made from local raw materials. Statistics show that a lot of the raw materials for feed are still brought in from other countries, especially fish meal.

• Aquaculture Challenges

Aquaculture, or fish farming, has become a major source of seafood, but it is limited by things like disease outbreaks, the pollution of water by fish waste, and the need for sustainable feed sources. These problems can affect the amount and quality of seafood that is raised in farms.

• The Growing Use of Fish Meal Substitutes

Now that people are eating more plant-based foods and are more aware of how fishing affects the environment, many businesses are making fish substitutes. Some of them are fish sticks, fishcakes, scampi, and shrimp made from plants. Some of the things used to make these items are wheat gluten, soy, and jackfruit. To make their food taste like fish, the top companies may also use artificial flavors or natural foods like seaweed. Some people may also be allergic to fish or worry about their health when they eat fish because some seafood contains mercury or plastics. Some people may not eat certain kinds of fish or seafood because of their religion.

Opportunities:

• Growing Demand for Healthy and Sustainable Protein

Many people think of seafood as a healthy way to get protein, important nutrients, and omega-3 fatty acids. As people learn more about health and nutrition, seafood can take advantage of the growing demand for healthier food options.

• Expansion of Aquaculture

Aquaculture is now an important part of the seafood market and provides a large amount of the world's seafood supply. As technology improves and more sustainable methods are used, aquaculture operations may be able to grow even more, leading to more production and more market opportunities.

• Innovation and Value-Added Products

There are more value-added seafood products on the market, like ready-to-eat meals and seafood snacks. There are also fish fillets, shrimp skewers, and seafood that has already been marinated. Innovation in product design and packaging can help reach new groups of consumers and grow the market.

Strategic Development:

• In June 2019 - Cargill made a deal with InnovaFeed, a leading French supplier of insect protein, to market fish feed that contains insect protein together. This is to help Cargill's sustainable aquaculture portfolio grow.
• In January 2018 - In another case, Cargill opened its first-ever fish feed plant in India, with the goal of tripling production and giving farmers access to high-quality fish feed.
• In January 2022 - Poseidon Ocean Systems' aeration technology was used by Cermaq Canada Ltd., a salmon farming company in Canada. Cermaq Canada said that a new aeration technology from Poseidon Ocean Systems has helped them stop putting out more than 76,000 kg of CO2 in 2021.
• In November 2020 - PAI Partners, a private equity firm based in France, bought the majority of Angulas Aguinaga for an amount that was not made public. With this purchase, PAI hopes to speed up the company's new strategic business plan, help the company expand its product line by launching new product categories, and help the company's efforts to go global, with a focus on France and Italy.
• In August 2019 - Incontech PTE Ltd. launched a tri-peptide collagen supplement in jelly packs in Singapore. This was done so that customers could get products that were easy to use and worked well. It will also help the company get more customers in Asia and the Pacific.
• In September 2015 - Thai Union Group, which makes seafood in Thailand, and The Savola Group, which makes consumer goods in the Middle East, joined forces to bring new, good-quality seafood products to people in the Middle East.

Key Vendors:

Top market players are

• International Ingredient Solutions

Food additives are made by Ingredients Solutions, Inc. The company makes hydrocolloids like carrageenan, sodium alginate, pectin, tara, and locust bean gum.

• Nikken Foods USA

Nikken Foods has been around since 1964 and is one of the world's largest suppliers of high-quality, real food ingredients to the food industry. Nikken's ingredients, like Soy Sauce Powders, Vegetable & Mushroom Extract Powders, Seafood Extract Powders, and Specialty items, are full of umami and kokumi benefits that boost the flavor to the highest level of YUM.

• Advanced Biotech

Advanced Biotech makes, sells, and develops collagen-based products that are used for coating and to help injured tissues heal faster. It works with a company that has made its own (U.S.-patented) ways to make highly purified collagen and change the surface of the protein in other ways to make it more bioactive.

• Savoury Systems International LLC

In 1997, Savoury Systems International LLC was set up. The Company's main business is the wholesale distribution of a wide range of groceries.

• Chaijinda Seafood Co. Ltd.

Chaijinda Seafood Co Ltd is a major company that makes dried seafood. We develop and process a wide range of seafood products so that we can offer a wide range of high-quality options. Our new line of powdered products is made from pure natural materials and has fine powder.

• Kanegrade Ltd.

Kanegrade is known as one of the best places in the UK and around the world to get natural food ingredients. Natural colors and extracts, vegetable products, fish extracts, fruit products, botanical extracts, and nutraceuticals are some of the things that are sold. Kanegrade can also give technical advice to customers about how to use their products.

• Scan American Food Company

Scan-American Corporation sells machinery and equipment for use in factories. The company sells equipment for cooking, freezing, blending, washing pallets, and moving products. In the state of Missouri, Scan-American serves the food, cosmetics, drugs, and chemicals markets.

Segmentation Analysis:

The market is segmented on the basis of source, end-user, product type, category, distributed channel and region.

By Source:

By Source, the Whole Fish segment had the biggest share of the market in 2021, at xx%, and it is expected to keep its lead until the end of the forecast period. Capture fisheries are set up to catch fish as well as prawns, lobsters, crabs, sea cucumbers, whales, pearl oysters, edible bivalves, and many other species. The market is expected to grow because of the growth of the frozen food and fishery industries, as well as technological advances like horizontal wrapper packaging and spiral freezers. By-Products: During the forecast period, growth is expected to be driven by the increased production of by-products from fisheries. Cereals, rice, maize, and wheat, as well as tubers like cassava, can be mixed with powders made from fish waste.

• Whole Fish
• By-Product

By End-User:

By End-User, because aquaculture production has gone up, the aquaculture segment had the biggest share of the fish powder market in 2021, making up more than half of the whole market. Aquaculture is growing because more and more people want to eat seafood. By making it easier for aquatic animals to digest nutrients, fishmeal helps cut down on pollution from wastewater effluent. Marine feed ingredients are hard to find and haven't changed much over the last 10 years. Most fishmeal is used in aquaculture and farm animal feed because it is high in protein (60–72%). Fish oil is mostly used to feed marine fish that are raised in farms and to eat by humans. Over the last few decades, feed has changed a lot to meet the ever-growing demand for fishmeal and fish oil from the aquaculture industry, especially from the farming of marine species. It used to be mostly made of things that came from the sea, but now it has a lot of things that come from plants. Aquaculture farmers want to use fishmeal more efficiently so that they can compete with livestock farmers for fishmeal on global markets for animal feed.

• Aquaculture
• Animal Feed
• Poultry
• Sports Nutrition & Dietary Supplements
• Cosmetics & Personal Care
• Pharmaceuticals
• Fertilizers

By Product Type:

Fish, crustaceans, mollusks, and other types of seafood make up different parts of the seafood market. In 2021, the fish segment had the largest share because fish is good for your health. Fish with white meat have the least amount of fat of any animal protein source. Oily fish are a good source of good fats because they are high in omega-3 fatty acid. Including fish in your diet gives your body nutrients it needs. Also, fish doesn't have as many bad fats as red meat does. Wild Alaskan salmon, Arctic char, sardines, anchovies, farmed trout, and albacore tuna are all high in omega-3s, good for the environment, and make less pollution. Because of this, more and more people in many places want to buy fish.

• Fish
• Crustaceans
• Mollusks
• Others

By Category:

The seafood market is split into fresh, frozen, canned, and other categories. In 2021, the fresh segment had the largest share of the market. Most people like to eat fresh seafood because it is good for their health. People's eating habits have changed because of things like being less active and more sedentary, making more money, more people getting chronic diseases, and more people caring about health and wellness. People are very focused on cutting back on or getting rid of carb-heavy foods from their daily diets, including protein-rich foods like fish. These things are likely to make more people around the world want fresh seafood.

• Fresh
• Frozen
• Canned
• Other Categories

By Distributed Channel:

The seafood market is divided into supermarkets and hypermarkets, specialty stores, online retail, and others based on how the seafood is sold. During the period of the forecast, the segment of online retail is expected to have the highest CAGR. Online stores sell a wide range of goods at very low prices. Also, it's easy for people to buy things they want online.

• Supermarkets & Hypermarkets
• Specialty Stores
• Online Retail
• Others

Regional Insights:

The global Seafood Powders market has been looked at in different parts of the world, like North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa (MEA).
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During the time frame of the forecast, the market is expected to grow in a healthy way in all regions. The seafood powder market is likely to be driven by the growth of the food processing and nutritional supplements industries around the world. Because the processed food industry is growing and becoming more profitable, people in emerging economies are likely to buy a lot of seafood powder. South Asia and East Asia as a whole have a big share of the seafood powder market, and the market is expected to grow at a pretty fast rate due to population growth and changes in how people eat. The growth of the seafood powder market is likely to benefit from China and India's growing economies.

North America is a growing market because people there have a lot of money and spend a lot on natural nutraceuticals and healthy food ingredients. This could help the seafood powder market grow.

• North America
• US
• Canada
• Mexico
• Rest of North America
• Europe
• Germany
• France
• Italy
• Spain
• UK
• Nordic Countries
• Denmark
• Finland
• Iceland
• Sweden
• Norway
• Benelux Union
• Belgium
• The Netherlands
• Luxembourg
• Rest of Europe
• Asia-Pacific
• Japan
• China
• India
• Australia
• South Korea
• Southeast Asia
• Indonesia
• Thailand
• Malaysia
• Singapore
• Rest of Southeast Asia
• Rest of Asia-Pacific
• The Middle East & Africa
• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest of the Middle East & Africa
• Latin America
• Brazil
• Argentina
• Rest of Latin America

Scope of Report:

Conclusion:

• The report gives a detailed look at the parent market's trends, and governing factors, as well as each segment's market attractiveness.
• The report also shows how different market factors affect different market segments and places.
• The report also helps you understand the dynamics and structure of the market by analyzing the market segments and estimating the size of the Global Seafoods Powder Market.