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Marine-derived Protein Market

Market Study on Marine-derived Protein: PMR Foresees Various Opportunities, Analysing Encompassing Increasing Demand for Sustainable Protein Alternatives, Advancements in Marine Protein Extraction Technologies, and a Rising Awareness of the Nutritional Benefits Associated With Marine Sources

A Detailed Analysis of the Marine-derived Protein Market Based on Is Flourishing Due to the Escalating Demand for Sustainable and High-Quality Protein Sources, Driven by Growing Consumer Awareness of Health and Environmental Sustainability

Marine-derived Protein Market

The global marine-derived protein market is forecast to expand at a CAGR of 6.4% and thereby increase from a value of US$7.33 Bn in 2023 to US$11.32 Bn by the end of 2030.

Attributes

Key Insights

Marine-derived Protein Market Size (2023E)

US$7.33 Bn 

Projected Market Value (2030F)

US$11.32 Bn 

Global Market Growth Rate (CAGR 2023 to 2030)

6.4%

Historical Market Growth Rate (CAGR 2018 to 2022)

5.8%

Revenue Share of Top Four Countries (2022E)

42%

 

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Market Introduction and Definition

Proteins obtained from marine creatures, including fish, shellfish, and algae, are referred to as marine-derived proteins. These proteins undergo extraction and processing to yield concentrates, hydrolysates, and isolates, among other forms. The market for proteins produced from marine sources is a major paradigm change in the global food sector, combining innovation, sustainability, and nutrition harmonically. For those who are concerned about their health, marine-based proteins are a great option because they include an abundance of vital elements, such as vitamins, minerals, and omega-3 fatty acids. They are also considered to be more environmentally friendly than traditional livestock-based proteins because of their low ecological impact and effective production techniques.

The market for proteins derived from marine sources is becoming significantly more diverse, driven by consumers' increasing desire for alternative protein sources, especially in the health and wellness space. The market has grown significantly as people's knowledge of the nutritional advantages of marine proteins has increased. Increased interest in environmentally friendly and sustainable food options, a rise in people's awareness of nutrition and physical fitness, and the development of novel processing techniques are some of the factors driving this growth. Furthermore, consumers and manufacturers have shown a great deal of interest in marine-based proteins due to the growing emphasis on environmental protection and healthy eating practices. The growth of the market has been greatly aided by a rise in environmentally conscious and health-sensitive consumption in recent years.

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Market Growth Drivers

High-quality Nutritious Substitute Provided By Marine Protein Crates

A convergence of factors, including health, sustainability, and gastronomic diversity, is drawing more and more attention to marine protein. Because they promote cognitive and cardiovascular health, marine proteins have a significant positive impact on human welfare. They are also abundant in several important minerals, omega-3 fatty acids, and essential amino acids. As consumers are becoming more aware of the health benefits associated with fish and other marine-derived sources, they are turning to these proteins as a lean and superior nutritional alternative. Furthermore, the growing popularity of sustainable food production methods—which tackle environmental problems through aquaculture, ethical fishing, and innovative approaches like algae-based proteins—is driving interest in marine proteins.

Moreover, the capacity to accommodate a wide range of gourmet preferences and the demand for nutrient-dense, sustainable protein sources in a rapidly evolving global food environment are two further reasons why marine proteins are so appealing. They can be found in whole fish or as processed extracts. Demand for products created with marine protein has increased rather slowly in India and other well-known countries like the United States, compared to other places like China and Southeast Asia. With population growth and increased levels of disposable income, demand may eventually rise.

Environmental Implications And Sustainability Issues

Utilizing marine protein sources is fraught with difficulties, most of which have to do with environmental effects and sustainability concerns. Because it disrupts the delicate balance of aquatic environments and depletes fisheries, overfishing—which is driven by expanding global demand—endangers marine ecosystems. Additionally, bycatch and habitat loss are two other ways that the extraction of marine proteins may affect the environment. Concerns concerning contaminants in some marine species, especially heavy metals like mercury, limit the broad usage of some types of marine proteins. Consumer acceptability and usage of marine proteins may also be impacted by issues related to cultural norms, allergies, and taste preferences, especially in regions where alternative protein sources are more prevalent.

In addition, the appropriate and sustainable use of these valuable resources will depend on overcoming these challenges as the market for marine proteins grows. Aquaculture has challenges of its own, including disease control, habitat damage, and the environmental impact of fish farms, even though it is often considered a sustainable alternative to wild-caught fish. The changing climate poses a threat to marine ecosystems by affecting the diversity and abundance of marine animals. A shift in the acidity and temperature of the ocean can affect the availability and health of fish stocks. A growing worldwide demand for marine proteins may lead to competition for resources between various marine life forms and between marine and terrestrial protein sources.

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Market Restraints

High Cost Of Marine-Derived Protein

Technological developments and intensive research and development are needed to produce marine-based protein. Examples of these activities include the fabrication of protein for tissue engineering and the use of nanomaterials for drug delivery, both of which depend heavily on marine protein. Its wide range of uses in therapeutic applications can be attributed to its biocompatibility, abundance, and biodegradability. As a result, using expensive technology during production raises the final product's price somewhat and limits the market's expansion. Furthermore, tariff escalation occurs when import charges on semi-processed goods are greater than those on raw materials and when duties on finished goods are significantly higher. Products containing marine protein are subject to significant import duties.

Additionally, areas like North America and Europe heavily rely on the import of protein for the production of proteins derived from marine sources. Yet, hefty import taxes drive up the cost of the finished goods on the market. Due to the high expense of importation, middle-class consumers are forced to pick less expensive alternatives to products containing marine-derived proteins.

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Opportunities

Growing Popularity As A Substitute Source Of Protein For Health Benefits

Globally, there is an increasing need for healthy, sustainable, and alternative protein sources; marine protein provides a range of options. Increasing consumer awareness of the health benefits of marine proteins and increasing population numbers present significant market opportunities for innovative, ethically derived goods. When managed correctly, the expansion of aquaculture presents an opportunity to both mitigate the damaging environmental effects of overfishing and supply the growing demand for protein. Recent technological developments, including biotechnology and algae farming, offer novel approaches to producing marine proteins with less detrimental effects on the environment. The pharmaceutical and food sectors can benefit from the development of goods with added value, such as functional foods and nutraceuticals boosted with marine bioactive compounds.

With consumers increasingly seeking out diverse and eco-friendly protein sources, marine proteins have a great opportunity to shape the future of sustainable and health-conscious diets. Both new markets and established food sectors offer opportunities for marine protein. The pharmaceutical and cosmetic industries are looking into marine proteins for possible medical and cosmetic uses by using bioactive compounds that have anti-inflammatory, antioxidant, and collagen-promoting properties. Furthermore, the growing acceptance of plant-based diets has spurred the development of proteins generated from algae as a sustainable alternative to conventional animal sources of protein.

Analyst’s Viewpoint

The growing consumer knowledge of sustainable and environmentally friendly protein sources is supporting the market's expansion. The market for proteins produced from marine sources is in perfect harmony with the global adoption of eco-friendly practices. Innovations are being driven by partnerships between food makers, researchers, and the marine industry, guaranteeing the sustainable procurement and processing of these proteins. Additionally, the market for proteins produced from marine sources is growing and serving as a beacon of sustainability and wellness, meeting the changing demands of industries and consumers alike. With more research needed to fully understand these proteins' potential, their market share will increase and influence future dietary options and environmentally friendly behaviors.

Supply-side Dynamics

The country is one of the biggest importers of marine protein in the world because of its unique culture, which views seafood as a delicacy. This region is equipped with the equipment and knowledge required to guarantee the superior quality of the marine protein products it imports. Additionally, sales have increased significantly as a result of suppliers' continuous research and development efforts to create novel marine protein-based products that are customized to customer demands. Additionally, export opportunities have been created via partnerships between food companies and foreign markets, which has increased the nation's sales of marine-derived protein. In addition, the region's market expansion will be favorably impacted by the simple availability of labor and an abundance of raw materials.

Another important reason for the dominant market position of major suppliers of marine-derived proteins in the Asia-Pacific area is their high brand recognition. These businesses have established a reputation for being reputable and trustworthy, highlighting attributes like sustainability, ethical sourcing, and high quality. This dedication builds customer trust and loyalty, which is essential for steady market share growth. Furthermore, their leadership positions in the dynamic and exciting Asia-Pacific market are further cemented by their strategic marketing initiatives, which are customized to the distinct preferences of Asian consumers and prioritize ongoing innovation and product development.

Market Segmentation

Which Source is Expected to Benefit the Most from Revenue Generation?

Growth of Fish-derived Proteins Category Due to its Abundance in Omega-3

The fish-derived proteins category dominated the marine-derived protein market in 2022. Fish proteins include the proteins found in many different fish species, including cod, haddock, salmon, tuna, and others. High-quality amino acids and important fatty acids—especially omega-3—found in fish-derived proteins are well known for their positive effects on general health. Furthermore, fish proteins have no flavor, which makes them perfect for a variety of culinary uses. Moreover, fish proteins are rich in omega-3 fatty acids, essential amino acids, and premium proteins. The most popular marine protein sources are mollusks like clams, mussels, and oysters, as well as crustaceans like shrimp, crab, and lobster. Moreover, the algae-derived proteins category is anticipated to grow at a significant rate over the forecast period. The nutritional supplement industry's rapid expansion, consumers' growing inclination toward spirulina-sourced products, and the proliferation of items including algae as an ingredient are the primary causes of this segment's substantial market share. Seaweed and algae-based proteins may have unique nutritional qualities and are commonly viewed as environmentally beneficial choices. Growing microalgae is one way to produce high-protein biomass from marine microbes.

Which End-user Will Be Targeted the Most for Sales?

Increased Nutritional Value of Marine-derived Protein will Boost the Growth of Food and Beverage Industry Category

The food and beverage industry category dominated the marine-derived protein market in 2022. Because they can boost nutritional value without significantly changing taste, marine-derived proteins are in high demand in the food and beverage industry. Marine proteins are expected to be utilized in functional foods and drinks that appeal to customers who are health-conscious and looking for natural protein supplements. Moreover, the pharmaceutical industry category will grow at a substantial rate in the forecast period. Marine proteins are beneficial to the pharmaceutical industry, though their uses are more niche. Specialized formulations would be needed for pharmaceuticals. Using novel mechanisms, marine life has become an invaluable resource for the production of pharmaceuticals. Pharmaceuticals derived from marine environments offer a wealth of chemical diversity, which opens up possibilities for the creation of potentially beneficial drugs.

Which Extraction Technique Are the Most Sales-focused?

Enzymatic Hydrolysis Category to Widen Footprint Due to its Effectiveness in Maintaining the Integrity of Proteins

In 2022, the enzymatic hydrolysis category led the market. Enzymatic hydrolysis is a highly favored extraction technique because of its effectiveness in maintaining the integrity of proteins. To ensure a better production of bioactive substances, this approach breaks down proteins into peptides and amino acids using enzymes. On the other hand, throughout the projected period, the ultrasound-assisted extraction segment is expected to increase significantly, driven by its capacity to improve extraction efficiency and produce higher-quality protein from marine sources. As more people look for high-quality, sustainable protein sources, ultrasound-assisted extraction's non-invasiveness and shortened processing times are adding to its appeal.

Which Type will Contribute to the Most in Market Revenue?

Hydrolysates Category to Dominate Sales due to Increased Demand from Sports Sector

The hydrolysates category dominated the market in 2022. Because of their faster absorption and increased bioavailability due to their pre-digested state, hydrolysates are becoming more and more well-liked among consumers looking for effective protein sources. Fitness lovers and athletes find this form particularly appealing. The hydrolyzed marine protein is used in a number of pharmaceutical products because of its medicinal qualities, which include anti-inflammatory and antioxidant effects. Moreover, the isolates category held a significant share in the market. For people seeking minimally processed protein supplementation, isolates offer a more refined form of protein. The growing trend toward protein-focused diets and growing knowledge of the health advantages of marine-derived proteins are driving expansion in the markets for both hydrolysates and isolates. These formats serve a variety of consumer tastes and have a major impact on the growing market share of proteins derived from marine sources.

Top Regional Markets

Growing Popularity of Marine-themed Cuisines in South Asia & Oceania to Fuel Growth Market

Over the course of the forecast period, South Asia & Oceania is anticipated to maintain their dominant position in the marine-derived protein market. The growing awareness of well-being and disposable income will serve as catalysts for the expansion of the marine protein market in this area. The South Asia & Oceania marine protein market will benefit from the simple accessibility of the raw material. The range of marine-derived protein products available in China has greatly expanded as a result of cooperative efforts between food producers and seafood suppliers. Many creative and attractive products made from marine materials have been developed as a result of these collaborations. These partnerships have enhanced processing methods by merging knowledge from both industries, guaranteeing the creation of delicious, nutrient-dense, and high-quality marine-derived protein products. These days, consumers can choose from a wide variety of marine-derived protein products, such as fish protein isolates, hydrolysates, and concentrates, all of which are designed to satisfy different nutritional requirements. Growth in the market has been fueled by consumers' response to the increased variety. Furthermore, by strengthening supply chains, these cooperative initiatives have increased the accessibility of marine-derived protein to a wider range of consumers.

What Opportunities Lies in North America for Manufacturers?

Rising Awareness of Wellbeing in North America will Boost its Expansion

North America marine-derived protein market is expected to grow at a significant rate over the forecast period. The popularity of many marine-themed cuisines is rising in North America, as is consumer knowledge of seafood's health advantages. Additionally, there is a rising demand for environmentally friendly and sustainable protein sources. The region is renowned for its varied seafood-eating practices, which include a wide variety of marine proteins such as fish, seaweed, shellfish, and algae. In order to guarantee the environmental sustainability of marine protein production, consumers and regulatory agencies support responsible buying practices and certification schemes like the Marine Stewardship Council (MSC). Sea proteins are becoming more and more in demand as people become more aware of the health advantages of omega-3 fatty acids are present in fatty fish like salmon. In addition, to meet the need for marine proteins, North America's aquaculture industry is growing. Growing popularity has been given to salmon farming in particular as a sustainable means of raising fish while lessening the strain on wild fish stocks.

Competitive Intelligence and Business Strategy

The competitive landscape in the market for marine-derived proteins is dynamic and diverse. Prominent players such as Omega Protein Corporation, Sea Run Holdings Inc., Arctic Nutrition AS, Aroma NZ Ltd., Marine Ingredients, and others, with a wide range of expertise, are concentrating on R&D, environmentally friendly sourcing, and novel formulations. Leading businesses also place a strong emphasis on product certifications and ecologically responsible procedures. Their goal is to meet the growing demand for components that are sustainable and natural.

These companies would also prioritize quality, innovation, and catering to customer preferences in an effort to maintain their market position and profit from the rising demand. For instance, with their exceptional capacity to seize substantial market shares and forge strong positions in the Asia-Pacific marine derived proteins market, Aker BioMarine and Corbion have emerged as notable leaders in the field. Their wide market reach is a crucial component of their success. By developing beneficial alliances with regional distributors and merchants, both businesses have proactively extended their distribution networks throughout a number of Asian nations. Their dominance of market shares is largely due to their strategic strategy, which not only makes effective product delivery possible but also improves market penetration.

Key Recent Developments

New Product Launch

September 2023: The third quarter of 2023 saw record-breaking sales of krill oil for Aker BioMarine, which attributes the success to rising consumer demand for premium, sustainably sourced omega-3 fatty acids. In order to keep up with growing demand worldwide, the company also announces plans to increase production capacity.

Market Impact: The market for marine-derived protein is anticipated to benefit from the increase in krill oil sales, which are being driven by growing consumer interest in sustainable omega-3 fatty acids. The augmented production capacity corresponds with the escalating demand, which could potentially impact the wider market dynamics in a way that promotes products produced from marine sources. Additionally, the product's success might raise public awareness of the advantages marine-derived products provide for the environment and human health, which could accelerate market expansion overall.

June 2023: To increase its krill oil distribution in the Asia-Pacific area, Neptune Wellness Solutions has partnered with a significant food and beverage firm. Through this partnership, Neptune's deep experience in krill oil extraction will be combined with the partner's robust market position in Asia-Pacific to expand the consumer base for krill oil products greatly.

Market Impact: The Asia-Pacific marine-derived protein market is anticipated to benefit from Neptune Wellness Solutions' collaboration with the food and beverage company. Due to Neptune's proficiency in krill oil extraction and the partner's dominant market position, krill oil products should become more widely available and consumer-known, which might expand the market for marine-derived proteins in the targeted area

Marine-derived Protein Market Report Scope

Attribute

Details

Forecast Period

2023 to 2030

Historical Data Available for

2018 to 2022

Market Analysis

US$ Million for Value

Key Regions Covered

  • North America
  • Latin America
  • Europe
  • South Asia & Oceania
  • East Asia
  • The Middle East & Africa  

Key Countries Covered

  • United States
  • Canada
  • Germany
  • United Kingdom
  • France
  • Italy
  • Spain
  • Russia
  • China
  • Japan
  • South Korea
  • India
  • Thailand
  • Malaysia
  • Indonesia
  • Australia
  • New Zealand
  • GCC Countries
  • South Africa  

Key Market Segments Covered

  • Source
  • End-user
  • Extraction Technique
  • Type
  • Region

Key Companies Profiled

  • Omega Protein Corporation
  • Aroma NZ Ltd.
  • Hofseth BioCare ASA
  • GC Rieber Oils
  • Scanbio Marine Group
  • Golden Omega
  • Marine Ingredients
  • Sea Run Holdings Inc.
  • Arctic Nutrition AS
  • CP Kelco
  • Other Players

Report Coverage

  • Market Forecast
  • Company Share Analysis
  • Competition Intelligence
  • DROT Analysis
  • Market Dynamics and Challenges
  • Strategic Growth Initiatives  

Customization & Pricing

Available upon request

Marine-derived Protein Market Research Segmentation

By Source:

  • Fish-derived Proteins
  • Algae-derived Proteins
  • Shellfish-derived Proteins
  • Marine Invertebrate Proteins

By End-user:

  • Food and Beverage Industry
  • Pharmaceutical Industry
  • Cosmetics and Skincare Industry

By Extraction Technique:

  • Enzymatic Hydrolysis
  • Supercritical Fluid Extraction
  • High-Pressure Processing (HPP)
  • Ultrasound-assisted Extraction
  • Microwave-assisted Extraction

By Type:

  • Concentrates
  • Isolates
  • Hydrolysates

By Region:

  • North America
  • Europe
  • East Asia
  • South Asia & Oceania
  • Latin America
  • Middle East & Africa

- Companies Covered in This Report -

  • Omega Protein Corporation
  • Aroma NZ Ltd.
  • Hofseth BioCare ASA
  • GC Rieber Oils
  • Scanbio Marine Group
  • Golden Omega
  • Marine Ingredients
  • Sea Run Holdings Inc.
  • Arctic Nutrition AS
  • CP Kelco

- Frequently Asked Questions -

The market is anticipated to grow at a CAGR of 6.4% during the projected period.

The marine-derived protein market was valued at US$ 7.33 billion  in 2023.

China held the largest market share in 2023.

The prominent players in the market are Omega Protein Corporation, Aroma NZ Ltd., Sea Run Holdings Inc., Arctic Nutrition AS, Marine Ingredients, and others.

The isolates segment is expected to grow at the fastest growth during the forecast period.

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