Global Marine Ingredients Market - 2024-2031

Overview

Global Marine Ingredients Market reached US$ 9.11 billion in 2023 and is expected to reach US$ 15.35 billion by 2031, growing with a CAGR of 6.68% during the forecast period 2024-2031.

The global marine ingredients market encompasses a diverse range of products that are valued for their nutritional benefits and find applications across various industries. Increasing consumer awareness of health benefits, expansion of the aquaculture industry, demand for natural and sustainable ingredients, and the rising use of marine ingredients in animal feed along with cosmetics are driving the market growth.

According to FAO, State of World Fisheries and Aquaculture 2022, the global production of aquatic animals was estimated at 178 million tonnes in 2020. Of the overall production of aquatic animals, over 157 million tonnes were used for human consumption. The remaining 20 million tonnes were destined for non-food uses, to produce mainly fishmeal and fish oil.

Europe dominates the global marine ingredients market. Europe's well-established industry infrastructure, strong regulatory framework, and consumer preferences for high-quality and sustainable products continue to position it as a key player in the global marine ingredients market. Additionally, technological advancements in extraction and processing techniques have enhanced the efficiency and purity of marine ingredient production, further driving regional market growth.

Dynamics

Growing Awareness of Health Benefits

Fish oil, rich in omega-3 fatty acids, has gained recognition for its positive impact on cardiovascular health by reducing triglyceride levels and supporting heart function. With growing awareness of the health benefits of omega-3 fatty acids for cardiovascular health and brain function, there is a strong demand for such products. Additionally, omega-3 fatty acids enhance brain function and cognitive performance, making marine ingredients like fish oil increasingly popular to support their mental well-being.

Moreover, marine proteins sourced from fish and other marine organisms are valued for their high nutritional content and bioavailability, contributing to muscle growth, repair, and overall health. As consumers become more aware about the diverse health benefits offered by marine ingredients, there is a corresponding increase in demand for products fortified with these nutrients, driving growth in the marine ingredients market.

Use in Various End-Use Applications

The diverse range of end-use applications for marine ingredients emphasizes their versatility, nutritional value, and functional benefits, driving demand and market growth across multiple industries. As consumer awareness of the health and environmental benefits of marine-derived products continues to grow, the demand for marine ingredients in various end-use applications is also growing vigorously.

Seaweed and marine collagen, packed with nutrients, are finding their way into creams and masks to beautify and protect your skin and hair. Beyond beauty, marine ingredients are making waves in industries like biofuels and medicine. Their unique properties are being harnessed for enzymes, biomaterials and other innovative applications.

Marine ingredients are widely utilized in animal nutrition, particularly in aquafeed formulations for fish and shrimp farming. Fish oil is also incorporated into aquafeed to provide omega-3 fatty acids essential for fish growth, development, and immune function. Additionally, marine-derived proteins and peptides are used in pet food formulations to enhance palatability, digestibility, and nutritional value.

Overfishing and Sustainability Concerns

Overfishing and sustainability concerns are significant hindering factors to the growth of the global marine ingredients market. The extraction of marine ingredients such as fish oil and fishmeal often relies on wild-caught fish stocks, leading to the potential depletion of fish populations and disruption of marine ecosystems. According to Our World In Data organization, updated in March 2024, the world produces around 200 million tonnes of fish and seafood every year.

The organization stated that 34% of assessed global fish stocks were overfished. 21% of the catch comes from overfished populations. Additionally, unsustainable fishing practices can harm non-target species and degrade marine habitats, posing long-term environmental risks. Heightened awareness of these issues among consumers, regulatory bodies, and industry stakeholders result in stricter regulations that limit the growth of the marine ingredients market.

Segment Analysis

The global marine ingredients market is segmented based on source, raw material, type, form, application and region.

Increasing Demand for Functional Food and Beverage Products

The global marine ingredients market is segmented based on application into food and beverages, pharmaceuticals, cosmetics and personal care, animal feed and others. The food and beverage segment accounted for the largest share. Marine ingredients are valued for their nutritional properties and functional benefits in the food and beverage industry, leading to their widespread utilization in various products.

Various marine ingredients such as proteins, fish meal, oil and others are extensively used due to the high content of omega-3 fatty acids and other nutrients, that are associated with numerous health benefits, including cardiovascular health, brain function, and inflammation reduction. Dietary supplements are a common application for fish oil due to its concentrated form and ease of consumption.

In response to the growing demand for protein-rich snacks and beverages, marine proteins are being used as ingredients in protein bars, shakes, and snacks. Additionally, they are incorporated into functional beverages aimed at health-conscious consumers seeking products with added nutritional benefits. The utilization of marine ingredients such as fish oil and marine proteins in the food and beverage industry reflects a growing trend towards functional and health-focused products.

Geographical Penetration

High Aquaculture Farming in Europe

Europe dominates the global marine ingredients market. Europe boasts a significant aquaculture industry driving its dominance in the global market, creating rich source of marine ingredients such as fish oil and fishmeal. According to the European Commission, aquaculture farming in the EU yielded almost 1.1 million tonnes of aquatic organisms in 2022, worth €4.8 billion.

Spain, France, Greece and Italy produced more than two-thirds of the EU's total aquaculture output volume in 2022. Spain produced a little over one-quarter (an estimated 25.2 %) of the total, followed by France (17.0 %), Greece (13.0 %) and Italy (12.0 %). The abundance of aquaculture operations in Europe ensures a steady supply of marine-derived ingredients for various applications, supporting the regional market dominance.

Competitive Landscape

The major global players in the market include Mukka Proteins Limited, Fornazor International Inc., Koster Marine Proteins GmbH, Seatech Bioproducts Corp., Ming Ch Biotechtechnology Ltd., Athos Collagen Pvt. Ltd., LEXICARE PHARMA PVT. LTD., LESSONIA, Bio-marine Ingredients, Ireland Limited and Abyss Ingredients.

COVID-19 Impact Analysis

The COVID-19 pandemic had both positive and negative impacts on the global marine ingredients market. The pandemic brought challenges market with the lockdowns and restrictions on movement disrupted supply chains that caused delays in production and distribution. Furthermore, shifting consumer behavior led to fluctuations in demand for seafood products, impacting the overall market.

The increased demand for health supplements and functional foods due to the COVID-19 pandemic showed a positive impact on the market. Consumer focus shifted towards boosting their immunity, creating an opportunity for marine-derived ingredients. Additionally, the rise of e-commerce platforms provided companies with new ways to reach customers.

By Source

• Krill
• Algae
• Fish
• Squid
• Others

By Raw Material

• Whole Fish
• By-Product

By Form

• Liquid
• Powder

By Application

• Food and Beverages
  • Dietary Supplements
  • Functional Foods
  • Infant Formula
  • Bakery and Confectionery
  • Others
• Pharmaceuticals
• Cosmetics and Personal Care
• Animal Feed
• Others

By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Russia
  • Rest of Europe
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
• Middle East and Africa

Key Developments

• In November 2023, Macro Oceans, a California seaweed biotech company, introduced a new eco-friendly ingredient for skincare and haircare products. Their Hydrating Marine Polysaccharide, derived from Alaskan seaweed, is clinically proven to boost hydration.
• In February 2023, Givaudan Active Beauty unveils Gravityl, a natural product to fight against aging. This 100% natural ingredient, derived from red seaweed using marine biotechnology, combats the visible signs of aging caused by gravity.
• In November 2022, Merck, a leading science and technology company, unveiled two new cosmetic ingredients, RonaCare JouvaMer and RonaCare ReviMer at in-cosmetics Asia 2022. These natural, seaweed-derived extracts, sourced from the coast of Brittany, France, are designed to promote well-being and skin vitality.

Why Purchase the Report?

• To visualize the global marine ingredients market segmentation based on source, raw material, type, form, application and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of marine ingredients market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.

The global marine ingredients market report would provide approximately 78 tables, 79 figures and 235 pages.

Target Audience 2024

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies