Fish oil is packed with omega 3 fatty acids, known to boost brain, heart and eye health. This oil is among the most common natural supplement for treatment of hypertriglyceridemia or prevention of cardiovascular diseases. According to the findings of a recent study, the fish oil can even lower the risk of bleeding during surgery.
Fish Oil Market Size was valued at USD 14.9 billion in 2022. The Fish Oil market industry is projected to grow from USD 15.73 Billion in 2023 to USD 21.82 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 5.60% during the forecast period (2023 - 2030).
The fish oil market research report reveals a sea of opportunity in the ever-expanding health and wellness sector. With consumers increasingly seeking natural and sustainable sources of Omega-3 fatty acids, the market is poised for significant growth. This report dives deep into the trends, challenges, and emerging opportunities, providing a comprehensive analysis that will help businesses navigate the turbulent waters of the fish oil industry and ride the tide of consumer demand.
Due to its nutritional values, fish oil is consumed to get the benefits such as antioxidants, to reduce the risk of heart diseases, to increase brain power, and to enhance the health of skin hair. The various benefits that fish oil offers, increases its demand, worldwide, which, in turn, propel its market growth globally.
Gauging the potential of this market to upsurge in the years to come, Market Research Future (MRFR), in its recently published study report confirms that the global fish oil market will witness a significant growth by 2023 registering a phenomenal CAGR during the estimated period (2018 -2023).
Owing to the changing consumer preference towards including various nutritional sources to their diet; fish oil market is growing by leaps bounds. Besides, the extensive inclusion of this oil in the food for nutritional values is presaging towards the heyday the market is witnessing in the years to come. Also, the global FB market is opening new avenues of opportunities for this market.
Additional factors supporting the growth of the market include growing urbanization and globalization that is allowing people to know other nutritional sources such as fish oil.
On the flip side, factors such as the absence of regulatory laws are expected to restrict the market growth over the review period. However, efficient aquaculture techniques developed by the market players which are effectively increasing the production of fish oil is estimated to provide impetus to the market growth during the forecast period.
Global Fish Oil Market - Segments:
MRFR has segmented the report into four key dynamics for an easy grasp;
By Product Type : Salmon, Cod Liver, Tuna Oil, and Anchovy Oil among others.
By End-use : Animal Feed, Functional Food, Functional Beverages, Dietary Supplements, and Pharmaceutical Products among others.
By Distribution Channel : Store-based (supermarkets and hypermarkets, specialty stores, and others) and Non-store-based.
By Regions : Europe, North America, Asia Pacific, and Rest-of-the-World.
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Global Fish Oil Market - Regional Analysis
The North American region is projected to retain its dominance over the global fish oil market. Factors such as the high consumption of fish oil supplements for health development and the growing need to maintain a healthy lifestyle drive the market in the region.
Furthermore, the well-spread awareness about the importance of omega-3-rich fish oil for cognitive development is anticipated to escalate the market growth in the region over the forecast period. The North America market is expected to register a fabulous growth owing to the new product development by the key manufacturers of fish oil.
On the other hand, owing to the extensive demand from some of the burgeoning industries such as FB, Pharmaceuticals, and Personal care products and the increasing consumer awareness about health benefits the fish oil offers, the European market is expected to create a large revenue pocket over the assessment period. Spain Italy among other European countries, stand the largest fish oil producing countries.
The Asia Pacific region has emerged as a promising market for fish oil production. Factors fostering the growth of the regional market include the increasing health concerns among the geriatric population, demand for omega-3 fatty acids, and the need for affordable food with high protein content. The markets in the developing countries such as China and India have led to the adoption of aquaculture which is expected to boost the growth of the fish oil market in the APAC during the forecast period. The region is projected to perceive an outstanding growth in the global fish oil market over the assessment period 2018-2023.
Global Fish Oil Market - Competitive Analysis
The fiercely competitive fish oil market appears fragmented with the presence of several large and small-scale players operating in the market. Focused on improving their market performance, the market players are acquiring promising companies to expand in the fast-growing markets. Growth in terms of technologies in the market and product innovations is expected to create strong investment opportunities for global players.
Key Players:
Some of fish oil market players are TripleNine Group (Denmark), Oceana Group Limited (South Africa), Pesquera Diamante (Peru), the Scoular Company (US), Hayduk Corporacion (Peru), FF Skagen A/S (Denmark), FMC Corporation (US), Sarma Fish SARL (Morocco), Olvea Fish Oils (France), and Blueline Foods (India) Pvt. Ltd (India) among others.
Industry/ Innovation/ Related News:
January 1, 2019 ---– Indian officials and exporters announced that they are pushing to increase sales of staples such as sugar, rice, and milk to China, exploiting an opportunity which is created recently post to the increment in tariffs on many US foodstuffs that Beijing has raised. Officials confirmed the signing of the agreements to sell fish oil, and rapeseed meal to China lobbied to remove import barriers to soybean meal and discussed ways to increase sales of fruit and vegetables. Selling more produces to China would provide a boost to the Indian economy.
January 03, 2019 ---– The Special Economic Zone Authority in Duqm (SEZAD) announced the signing of an agreement with Dhofar Fisheries and Food Industries, which allows the company to utilize the authority’s land for setting up a fish packaging and canning facility with an investment of around RO10mn. The project will also have the capacity to produce about 2,200 tons of fish oil per annum worth around RO1.1mn, the statement said.
Key Players are:
Oceana Group Limited (South Africa), TripleNine Group (Denmark), Sarma Fish SARL (Morocco), FMC Corporation (US), Blueline Foods (India) Pvt. Ltd (India), Olvea Fish Oils (France)
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