Fish Oil Market Trend, Opportunity Analysis and Industry Forecast 2030.
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 F&B 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 F&B, 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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NOTE: Our Team of Researchers are Studying Covid19 and its
Impact on Various Industry Verticals and wherever required we will be
considering Covid19 Footprints for Better Analysis of Market and Industries.
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