Marine Ingredients Market to Grow at 5.3% CAGR During 2019-2027

Marine Ingredients Market – Consumers’ Demand for Extra Nutrition to Uphold Sales

Marine ingredients are gaining the desired traction and are resonating with the consumer preferences, in light of their rare essential constituents. Demand for unique protein and fat content outside of their daily routine is increasingly setting eyes of consumers upon marine ingredients. However, the unbridged gap between the demand and supply ascending from the limited production of fishmeal and significant impact on exports with El Niño climate patterns lead to fluctuations in fishmeal prices, which has offered a center stage to the marine ingredients substitutes.

Marine Ingredients Market: Opportunities in ‘Infant Food’ Favor Gains

Buzz for organic foods and beverages can be seen in the Western markets excluding Latin America, where both large and small players are expending heavily in their production structure to get ‘organic’ and ‘antibiotic-free’ certified – our recent report finds that the marine ingredients market grew in excess of the CAGR 4.5% between 2013 and 2018 and is anticipated to advance at a rate closing in on 5.5% over the course of the forecast period.

Trends of adopting organic products over conventional ones as witnessed among the health aspirant demography are likely to come into play in helping the marine ingredients market march towards new records. Marine ingredients have to face-off only their partial substitutes, owing to their nutrient competent profile, which displays their monopoly as a rich-source of protein and paves way for their applications in the animal feed industry.

The marine ingredients market is significantly governed by the aquaculture manufacturers but crucial segments in the market are the health-driven marine ingredients – animal and pet foods and pharmaceutical industry; there is enormous growth potential for the nascent segment of marine ingredients enriched infant formula over the course of the forecast period.

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A shift from animal nutrition to human health will also contribute towards steering the marine ingredients market towards record-breaking levels. Although the pharmaceutical and nutraceutical application of marine ingredients is specifically targeted at extracting the high protein contents and enhancing the nutritional value of food, ash as a crucial marine ingredient possesses impressive potential in the animal feed industry, in light of its effectiveness in feed intake and gut digestibility.

Since end-user industries leverage marine ingredients as an additive to their products, powdered marine ingredients acquire a majority of the market share. However, the emergence of liquid marine ingredients has been gaining them grounds and creating a favorable growth scenario. With the ever-growing demand for marine ingredients from numerous end-use industries, manufacturers are reliant on growing aquaculture as a means to produce more by-products from farmed species.

Marine Ingredients Market – Growing Focus on Clean Label and Sustainability

The marine ingredients market is characterized by its fragmented nature with a number of multinational, regional, and local players. The multinational players enjoy a well-established position and acquire a sizeable share of over 40% of the marine ingredients market. However, on a regional level, the marine ingredients market remains under the influence of regional players procuring a share of over 35% and local players securing a share of over 20%. Marine ingredients companies are heavily investing in research and development activities to develop precautionary cure as a high frequency of diseases affect species like shrimp and tilapia and adversely impact the aquaculture businesses.

With the rising resonance of consumers for organic marine ingredients, multinational players and new entrants are heavily expending in their production structure to get ‘organic’ certified. As the aquaculture landscape is crowding at a rapid pace, key players leverage branding and labelling activities as a means to appeal to consumers and secure a significant position in the marine ingredients market.

Marine Ingredients Market: Macroeconomic Factors Likely to Boost Growth of the Market

With reference to the latest market forecast report published by Transparency Market Research, titled ‘Marine Ingredients Market: Global Industry Analysis and Opportunity Assessment 2019-2027', revenue generated from the global marine ingredients market is estimated to be valued at around US$ 7,144.9 Mn in 2019, which is projected to increase at a CAGR of 5.3% during the forecast period (2019-2027).

The steady growth of the global aquaculture industry is expected to seek higher demand for farm fish feed over the forecast period, creating a prospect for manufacturers to cater to the increasing demand for marine ingredient across the globe over the forecast period. Europe is the primary consumer of marine ingredients and is estimated to contribute around 40.1% value share of marine ingredients over the forecast period, owing to increased penetration of key marine ingredients producers in the market.

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Moreover, the domestic consumption of fish meal in Canada and the US is relatively low as compared to the fish meal export from these countries. Despite a reduction in the feed inclusion ratio of fish meal in animal feed, the booming aquaculture industry is expected to furnish new business opportunities for fish meal manufacturing companies, especially those which are established in the Atlantic Canadian region, due to the higher availability of fish resources for fish meal production.

West African seacoasts are proving to be promising regions for the investment of marine ingredient businesses, due to the presence of rare fish species which are valuable for the production of fish meal and fish oil. The establishment of these industries, in turn, may offer employment to the needy and poor, as unemployment and poverty is one of the major issues Africa is facing. Understanding between industrialists and the locals, and also the availability of plenty of resources, is likely to spur the growth of the marine ingredients market in this region.

The European region is extensively engaged in salmon aquaculture. Salmon aquaculture includes the farming and harvesting of salmons for commercial as well as recreational purposes. Marine ingredient specially the fish meal is a primary source of salmon feed, and this converts as an important driver in the growth of the marine ingredients market here.

There are many types of fish meal available in Europe - high quality and low quality. Salmon feed requires fish meal pellets which are high in nutrient content. High quality fish meal is relatively expensive, and hence, salmon aquaculture is a major factor in the growth of the marine ingredients market in this region.

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Rise in demand of halal fish oil is dependent on consumer behavior toward fish oils and healthy foods (fortified), and budding demand for nutraceuticals. Around 20% of world population has Muslims. With major concentration of Muslim population in Middle-East and Africa followed by Asia-Pacific region, there is strong demand for halal foods including halal based fish oil, which is expected to bolster the demand for marine ingredients market over the forecast period.

This TMR report contains the current trends that are driving each market segment, and offers detailed insights and analysis into the potential growth of the global marine ingredients market. The last part of the report includes the competitive landscape of numerous market players to provide a comprehensive and comparative dashboard.

TMR has profiled the most prominent companies that are active in the global Marine Ingredients market, such as Hofseth BioCare ASA, TripleNine Group A/S, Bio-marine Ingredients Ireland Ltd., SA Copalis, Symrise AG, Scanbio SA, Bio-Oregon Protein, Inc., Cargill Inc., A. Costantino & C. S.P.A., Alaska Protein Recovery LLC., Titan Biotech Limited, Jiangxi Cosen Biochemical Co., Ltd., and Gelita AG among others.

Marine Ingredients Market - Food and Beverages Industries have Emerged Growth

Market Outlook for Marine Ingredients Market

Marine ingredients are sourced from a wide variety of wild marine flora and fauna, either farmed or freshly caught. Marine ingredients are rich in their nutritional value and have a broad range of applications within the nutrition segment. Marine ingredients consist of bioactive ingredients such as omega-3, hydrolyzed proteins, amino acids, enzymes and other active ingredients which are predominantly derived from the by-products of other marine products. The demand for marine ingredients continues to grow due to the demand for natural ingredients in fortified food and cosmetics and personal care products. The ever-increasing quest for marine ingredients which are highly efficient and have offered consumer satisfaction drives the marine ingredients market towards a dynamic environment of research and technological competence. Currently, lucrative markets for marine ingredients are Brazil, China, Europe and U.S. The marine ingredients market is characterized by a number of mergers & acquisitions amongst the key market participants.

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Reasons for Covering this Title

The constant focus of research and development activities in the marine by-products industry in an attempt to use the vast underutilized resource of bioactive marine ingredients has led to an expansion of the marine ingredients portfolio. The benefits and applications of the fishes which are easy to catch and which are available in vast quantities can be delivered in a convenient form to the food, feed and cosmetic industry manufacturers through the marine ingredients. On the other hand, consumer trust is highly influenced by the support of scientific consents concerning marine ingredients, made by the manufacturers. The quality and sustainability of the marine ingredients sourced from the marine resources are also likely to influence the consumer buying decisions for the end use products and may affect the growth of the marine ingredients market. Also, there have been constant price fluctuations in the raw materials from where the marine ingredients are sourced. Many well-positioned ingredient manufacturers are establishing their footprint in the cosmetic segment and also strengthening their biotechnology and R&D activities through the acquisitions of companies operating in marine ingredients or marine biotechnology businesses.

Competitive Landscape of the Marine Ingredients Market

Some of the market participants in the global marine ingredients market identified across the value chain include KD Pharma Group, Cargill Inc., Bio-Marine Ingredients Ireland, LESSONIA, Thai Union, Yashaswi, Barnhardt Manufacturing Company, SHANGHAI JBICHEM INTERNATIONAL TRADING CO.,LTD., Seagarden AS, AKER BIOMARINE ANTARCTIC AS, Silvaco A/S, TropicalBiomarine and Arctic Nutrition amongst others.

Global Marine Ingredients Market: Key Takeaways

In 2014, the seafood manufacturer Thai Union Group invested in a technology which is called as the Global Innovation Incubator, which is used to produce value added products and also to develop marine ingredients.