Marine Protein Market Gains Momentum at 10.2% CAGR to Reach 20.19 Billion by 2033 | Fact.MR
Rising global population and health-conscious diets drive higher demand for marine protein.
Rockville , Sept. 26, 2023 (GLOBE NEWSWIRE) — According to Fact.MR the Marine Protein Market is valued at US$ 7,634.9 million in 2023 and is anticipated to reach US$ 20,190.0 million by 2033. And the market is anticipated to grow at a CAGR of 10.2% from 2023 to 2033.
Due to several health benefits marine protein is in demand and market size growing significantly, Companies should develop different formats and flavors that appeal to varied segments, like powders, pills, capsules, shots, bars, snacks, etc., all targeted at specific demographics.
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| Report Attributes | Details |
| Forecast Period | 2023 – 2033 |
| Value Projection (2033) | US$ 20,190.0 Million |
| Growth Rate (2023-2033) | 10.2% CAGR |
| No. of Pages | 170 pages |
| No. of Tables | 64 Tables |
| No. of Figures | 192 Figures |
Offer options that align with popular interests such as plant-based alternatives and low sugar/carb formulas to accommodate trends and address growing concerns about health issues caused by unbalanced modern diets. Also, provide solutions that are more convenient by integrating marine protein supplements with everyday meals like cereals or smoothie mixes.
It is a crucial nutrient with numerous advantageous health effects also Enhance transparency by providing detailed information on product labels and websites covering sources, harvest methods, processing facilities, quality assurance programs, third-party certifications, and endangered species avoidance measures.
Emerging markets to offer significant market growth opportunities:
Due to its development into emerging markets, the marine protein industry is expected substantial growth opportunities. Emerging markets like Asia, Africa, and Latin America are facing an acceleration in urbanization, healthcare awareness, and economic growth. People are now more frequently selecting specialized nutrition products as a result.
By entering these markets, businesses have the opportunity to grow their clientele, access new sources of income, and establish a presence in industries that are expected to experience rapid growth in the upcoming years.
Key Players Invest in Research & Development as the Ultimate Growth Strategy:
The competitive landscape is fuelled by the presence of national and international players. Leading Companies are implementing mergers & acquisitions and new product launches as key strategies to compete in the market. Acquisitions and mergers have facilitated companies to improve product quality and expand product reach. Moreover, launching new products in the market has supported the companies to offer demanded quality products and meet the changing consumer trends across the industry.
For instance
- A partnership between BlueNalu, a manufacturer of seafood products in California, and Nutreco, a producer of aquafeed, was announced in January 2020. BlueNalu will benefit from this partnership as they reposition themselves in the market for seafood manufacturing.
- Seafood producer Cooke Inc. purchased Houston-based Omega Protein Corporation to support its growth strategy as a market leader in seafood production as well as the company’s expanded supply side of the business.
Key Takeaways from the Report:
- The global Marine Protein market is expected to reach a market valuation of US$ 20,190.00 million by the end of 2033 whereas a demand growing at a CAGR of 10.2% over the forecast period.
- United States is projected to have the highest value share around 35.0% by 2023 in the Marine Protein Market globally.
- China is estimated to have a value CAGR of 12.7% during the prediction period.
- India is estimated to have a value CAGR of 14.0% during the prediction period.
Key Segments of Marine Protein Industry Research Report
| By Source | By Form | By Distribution Channel |
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Key Players:
- Optimum Nutrition, Inc
- BioTechUSA
- TCI CO., LTD
- Further Food
- Vital Proteins LLC
- Hunter & Gather
- Shiseido Co. Ltd
- The Clorox Company
- THE BOUNTIFUL COMPANY.
- Codeage LLC
- Everest NeoCell LLC
Get More Valuable Insights
Fact.MR, in its new offering, provides an unbiased analysis of the global Marine Protein market presenting historical demand data (2018 to 2022) and forecast statistics for the period from 2023 to 2033. The study incorporates compelling insights on the Marine Protein market based on source (Fish –based, Shellfish-based, Algae-based, Other), Form (Capsules, Powder, Liquid) and Distribution Channel (Hypermarkets/Supermarkets, Convenience Stores, Drug Stores and Pharmacies, Health and Wellness Stores, Other Retailers, Online Retailing) across various regions.
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