NEWARK, Del, Jan. 01, 2024 (GLOBE NEWSWIRE) -- According to Future Market Insights (FMI), the global marine by-products market is currently valued at US$ 33,725.4 million. Over the forecast period 2023 to 2033, global marine by-product sales are expected to surge at 5.6% CAGR. Total market value at the end of 2033 is anticipated to reach US$ 64,849.3 million.
Growth in the market will be driven by increasing consumer awareness and willingness to pay premiums for high-quality seafood products derived from sustainable sources.
Marine by-products are gaining wider popularity in a wide range of sectors due to their high nutritional content. They are being used in animal feeds, food products, dietary supplements, and cosmetics. Rising production and consumption of these products will therefore boost global marine by-product sales.
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The market is anticipated to benefit from creative promotional strategies and the extraction of useful compounds from underutilized species used by key marine by-product manufacturers.
Manufacturers are implementing creative strategies such as focusing on a variety of marine by-products catering to various end-use segments to minimize dependency on any particular application. It involves producing fish meal and oil for animal feed, aquaculture, and direct human consumption.
Investments are also being made in the development of cost-effective procedures for converting byproducts such as protein concentrates, lipid fractions, and collagen into saleable items.
Producers are looking for strategies to improve yield rates and overall product quality. They are building distribution networks across areas to tap into localized demand, mitigate risks associated with solely concentrating on any single geographic location, and sell surplus inventory into international markets when necessary.
Educating consumers about the benefits and sustainable aspects of marine by-products might also drive market growth. Manufacturers can invest in marketing campaigns, product labeling, and consumer education initiatives to create awareness and promote the value of marine-derived products.
Key Takeaways from the Marine By-products Market Report:
- The global marine by-products industry value is anticipated to reach US$ 64,849.3 million by 2033.
- Global demand for marine by-products is likely to soar at 6% CAGR over the forecast period.
- Based on product type, frozen seafood segment is anticipated to reach a valuation of US$ 54,668.03 million by 2033.
- By end use, feed production segment is forecast to reach a valuation of US$ 21,465.14 million by 2033.
- The United States marine by-products industry size is projected to reach US$ 15,045.06 million by 2033.
- Marine by-product demand in China market is likely to rise at a CAGR of 7%.
“The market for marine by-products is expanding significantly as a result of an increasing need for eco-friendly and sustainable components. To address changing customer tastes and capture opportunities in sectors including food, cosmetics, and nutraceuticals, manufacturers are utilizing modern technology and value-added manufacturing methods. This brings down operating costs, thus providing greater margins to suppliers.” - says Nandini Roy Choudhury, Client Partner at Future Market Insights
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Who is Winning?
Copeinca, Pelagia AS, Colpex International, GC Rieber Oils, KD Pharma Group, FF Skagen, Austevoll Seafood ASA, Qingdao Kangjing Marine Biotechnology Co., Ltd., Scanbio Marine Group, Aker BioMarine, Omega Protein Corporation are key marine by-products manufacturers listed in the report.
These key players are expanding their portfolios by introducing new products. They also implement strategies such as partnerships, collaborations, advertisements, acquisitions, and mergers to stay relevant in the market.
Key Companies Profiled
- Copeinca
- Pelagia AS
- Colpex International
- GC Rieber Oils
- KD Pharma Group
- FF Skagen
- Austevoll Seafood ASA
- Qingdao Kangjing Marine Biotechnology Co., Ltd
- Scanbio Marine Group
- Aker BioMarine
- Omega Protein Corporation
For instance,
- In May 2022, Pelagia announced the acquisition of Norsk Fiskeindustri Invest AS (NFI).
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Marine By-products Market by Category
By Product Type:
- Frozen Seafood
- Fish
- Molluscs
- Crustaceans
- Others
- Fish Oil
- Salmon oil
- Tuna oil
- Cod liver oil
- Sardine oil
- Squalene oil
- Krill oil
- Anchovy oil
- Menhaden oil
- Others
- Fish Meal
- Molluscs
- Eels
- Marine fish
- Trout
- Catfish
- Milkfish
- Salmons
- Swordfish
- Tilapia
- Tuna
- Cyprinids
- Crustaceans
- Others
By End Use:
- Food Service Industry
- Food Processing Industry
- Cosmetics
- Dietary Supplements
- Food and Beverages
- Feed Production
- Retail / Household
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa
About the Food & Beverage Division at Future Market Insights (FMI)
Expert analysis, actionable insights, and strategic recommendations – the Food & Beverage team at Future Market Insights (FMI) helps clients from all over the globe with their unique business intelligence needs. With a repertoire of over 1,000 reports and 1 million+ data points, the team has analyzed the food & beverage industry lucidly in 50+ countries for over a decade. The team provides end-to-end research and consulting services; reach out to explore how we can help.
Author
Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives.
She has exceptional analytical skills and often brings thought leadership to the table.
Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results.
Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions and post-merger integration and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor’s Degree in Electrical Engineering from Nagpur University, India.
Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor.
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About Future Market Insights (FMI)
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