FISH PROTEIN CONCENTRATE MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

One of the major challenges faced by the global fish protein concentrate market is the high production cost involved. Fish protein concentrate is produced through a heat treatment process that involves cooking, pressing, drying and processing of fish. This complex production process is energy intensive and requires sophisticated equipment and facilities. It also involves high labor costs for sorting, cleaning and processing of fish waste material. The low yield of only 20-30% fish protein concentrate from raw fish materials further increases the per unit production cost. Strict environmental regulations related to waste disposal from fish processing plants additionally burden the production costs. These high costs make fish protein concentrate less competitive as compared to other animal- and plant-based alternative proteins. Market players need to focus on automation, use of renewable energy, and waste optimization to lower the unit production costs to drive higher adoption of fish protein concentrates.

Market Opportunities: Growth of vegan and vegetarian population

The global fish protein concentrate market is expected to witness new growth opportunities due to the rising vegan and vegetarian population worldwide. According to surveys, around 8-10% of the global population follows a vegan or vegetarian diet due to health, ethical, or environmental reasons. This population segment is continuously on the lookout for sustainable and nutritious non-animal protein sources. Fish protein concentrate is a natural and complete plant-based protein that is attracting these health-conscious consumers. It is a suitable alternative to meat, poultry, and dairy proteins. With improved tastes and textures of fish protein concentrates, its use in vegan meat analogs, dairy substitutes, and nutrition bars is increasing. This growing vegan and vegetarian demographic is expected to drive the demand for clean label and sustainable fish protein concentrates in the coming years. Market players need to focus on product innovation and brand positioning to tap into this lucrative consumer segment.