Rockville, MD, Nov. 28, 2024 (GLOBE NEWSWIRE) -- According to Fact.MR, a market research and competitive intelligence provider, the global Shrimp Hydrolysate Market is estimated to reach a valuation of US$ 293.5 million in 2024 and is expected to grow at a CAGR of 8.7% during the forecast period of 2024 to 2034.
The global market for shrimp hydrolysate is on an upward trajectory as a result of the growing need for animal feed, aquaculture commodities, and food ingredients which are all sustainable and rich in nutrients. Hydrolysate of shrimp, a protein-dense product obtained from enzymatic digestion of shrimp waste has high value of its digestibility and bioactive materials used for health and growth in different markets namely aquafeed and pet food.
The growing concern over waste minimization and recovery in the seafood sector and the rising tendency towards circular economy principles have equally contributed to market expansion. In addition, it has been looked for incorporation in functional foods and nutraceuticals due to rising health consciousness among consumers and the need for natural raw materials of superior quality. R&D activities looking to improve product formulations and create new applications are on the rise in this market, spurring growth in various industries.
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Key Takeaways from the Shrimp Hydrolysate Market Study:
- The global shrimp hydrolysate market is projected to grow at 7% CAGR and reach US$ 675.9 million by 2034 The market created an opportunity of US$ 382.4 million between 2024 to 2034
- North America is a prominent region that is estimated to hold a market share of 3% in 2034. Predominating market players include Hofseth BioCare ASA., Seagarden AS & Diana Aqua Liquid form of Product Form is estimated to grow at a CAGR of 8.8% creating an absolute $ opportunity of US$ 195.0 million between 2024 and 2034
- Pacific White Shrimp of shrimp hydrolysate under Source is expected to reach around US$ 134.7 million by 2024
“An increase in disposable incomes in the developing markets enhances the adoption rates of shrimp hydrolysate consumption,” says Fact.MR analyst.
Leading Players Driving Innovation in the Shrimp Hydrolysate Market:
The Key Players in the Shrimp Hydrolysate industry include Sopropeche; Hofseth BioCare ASA; Seagarden AS; Nikken Foods Co., Ltd.; Diana Aqua; Copalis Sea Solutions; Nueva Pescanova Group; Pacific Bio; Ocean Pride Co., Ltd.; Aroma NZ Ltd.; Bio-Oregon; Agrinos AS; Other Prominent Players.
Shrimp Hydrolysate Industry News & Trends:
Aroma NZ Ltd.: By purchasing Nelson Ranger Fishing mussel farms in December 2023, Aroma NZ Ltd. increased its operations and greatly increased its capability for open ocean activities. Their aquaculture capabilities have grown as a result of this acquisition, which encompasses several farms and expands their operational fleet.
Nikken Foods Co., Ltd.: unveiled a brand-new, cutting-edge spray drier at their Fukuroi facility in Japan, which can produce up to 100 metric tons per month. With the use of cutting-edge production methods, this expansion is anticipated to boost their worldwide commercial growth and increase product quality, In November 2023
Seagarden AS: In order to improve the nutritional value of different aquaculture species, particularly shrimp, Seagarden AS announced in September 2023 the introduction of new marine fish powders designed for larval microencapsulated diets. Their dedication to offering premium ingredients for animal nutrition is in line with this trend.
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Development by Market Players in the Shrimp Hydrolysate Market:
- Pacific Bio (Vietnam): In Oct 2023, Pacific Bio (Vietnam) announced an increase in its production of bio-based animal feed solutions, focusing on sustainable and natural ingredients. The company’s products are gaining traction in Southeast Asian markets.
- Agrinos AS: In Nov 2023, Agrinos AS expanded its biological solutions portfolio for sustainable agriculture, introducing new fish-based products aimed at improving crop yield while promoting environmental stewardship.
- Aroma NZ Ltd: In February 2024, Aroma NZ Ltd. launched a new line of high-quality marine-derived nutraceuticals, including omega-3 and collagen products, aimed at boosting health and wellness in global markets.
Fact.MR, in its new offering, presents an unbiased analysis of the global shrimp hydrolysate market, presenting historical data for 2019 to 2023 and forecast statistics for 2024 to 2034.
The study reveals essential insights based on Product Form (Powder, Liquid, Paste), Source (Pacific White Shrimp, Giant Tiger Prawn, Akiami Paste Shrimp, Others), Application (Aquaculture, Agriculture, Animal Feed, Food & Beverages, Cosmetics & Personal Care, Pharmaceuticals, Others) & End-User Industry (Aquaculture, Agriculture, Animal Feed, Food & Beverage, Cosmetics, Pharmaceutical, Others) Distribution Channel(Online Retails[E-commerce platforms, Manufacturer's online stores, Specialized online retailers], Offline Retails[Specialty Stores, Direct Sales, Distributors/Wholesalers, Agricultural Cooperatives]) across major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia, and Pacific, Middle East & Africa).
Discover Additional Market Insights from Fact.MR Research:
Global Shrimp Meal Market is expected to be worth US$5,571.7 million by 2024, It is expected to grow at a notable compound annual growth rate (CAGR) of 7.1% to reach US$11,063.3 million by 2034. The Japanese market is expected to reach US$ 341.4 million in 2024 and grow at a compound annual growth rate (CAGR) of 8.2% until 2034.
Global Fish Meal Market is expected to grow at a compound annual growth rate (CAGR) of 7%, from a 2023 valuation of US$5.6 billion to a 2033 valuation of US$11 billion. The nutritional value of fish meal is excellent. Fish meal has balanced EAAs and high amounts of digestible protein.
Global Sales Of Marine Functional Ingredients are projected to reach US$ 7,446.53 million by 2033, up from US$ 4,080.7 million in 2023. From 2018 to 2022, the global sales of marine functional ingredients increased at a compound annual growth rate (CAGR) of 6.1%, per the Fact.MR report.
Global Soy Protein Hydrolysate Market is projected to reach US$ 1.83 billion from its 2023 valuation of US$ 1.11 billion. Protein supplements are becoming more and more popular among athletes, fitness enthusiasts, and others looking to achieve their nutritional needs as a result of increased knowledge of the value of protein in the diet.
Global Demand For Frozen Shrimp is expected to reach US$57.15 billion by 2033, from an anticipated US$25.51 billion in 2023. The fast-paced lifestyles of American consumers are mostly driving up demand for packaged and convenience meals, which is expected to enhance sales of frozen shrimp.
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