The fish protein hydrolysate market from pet food and animal feed application is anticipated to attain lucrative revenue growth on account of growing prevalence of food-borne infections and diseases among animals. Consumers are adopting high protein diet for their pets and animals to safeguard them from potential diseases.
Rising imposition of stringent regulations on waste disposal could have a positive impact on the market. Governments around the world are ensuring the safe disposal of fish by-products in oceans to curb environmental degradation. Meanwhile, restrictions on the consumption of bone meal protein and mammalian meat in animal feed by the European Union could strengthen the demand for marine hydrolysate. Global Market Insights, Inc., estimates that the fish protein hydrolysate market for animal feed and pet food applications could reach USD 270.1 million by the year 2026.
These products contain vital amino acids which are important for maintaining good animal health. Rapid innovation in the production processes of fish protein hydrolysate that are aimed to lower time, cost, and enhance yield could massively benefit the business outlook.
Listed below are a few of the ongoing trends propelling fish protein hydrolysate industry size:
Burgeoning demand for anchovy protein hydrolysate
Factors like heavy investments by feed manufacturers, rising meat consumption and proliferating product launches could significantly boost the adoption of anchovy protein hydrolysates across animal feed products. The anchovy protein has a high content of trace nutrients that is capable of preventing nutrients from leaching.
Promising opportunities across APAC
Rise in number of pet and livestock owners across the Asia Pacific could advance the demand for fish protein hydrolysate products in pet foods and animal feeds. Rampant growth of fishing activities across countries such as Japan, Indonesia, and China could broaden the horizon for fish protein hydrolysate manufacturers.
These factors have influenced several key players to expand their operations in the region to develop new products with improved properties and better digestibility. Citing an instance, Hofseth BioCare (HBC) announced that it has inked an exclusive comprehensive distribution contract with DKSH. The agreement would see DKSH distribute all of HBC’s marine products across ten territories in Asia including Indonesia, Thailand, Malaysia, Philippines, China, Vietnam, Korea, Japan, India, and Taiwan. DKSH also possesses the right to sell “white labeled” final products throughout the territories on a non-exclusive basis.
Adoption of new business strategies
Prominent industry players such as Green Earth Industries LLC, Copalis Sea Solutions, 3D Corporate Solutions, SOPROPECHE, TripleNine, SAMPI, Diana Pet Food, Bio-Marine Ingredients Ireland Ltd., Scanbio Marine Group, Diana Aqua, Hofseth Biocare ASA, Nutrifish, Rossyew, Omega Protein, TC Union Agrotech, Sociedad Pesquera Landes SA, Alaska Protein Recovery, and Janatha Fish Meal & Oil Products are focusing on a series of organic as well as non-organic strategies like mergers, acquisitions, business expansions and collaborations to enhance their market presence. Taking April 2020 for instance, Prinova Europe decided to partner with HBC by signing an exclusive distribution deal to supply its marine nutrition products within the European Union.