Global fish oil market to grow with a CAGR of 6.7 percent to reach around USD 17.64 billion by 2028.

09-Jun-2022 | Zion Market Research

The global fish oil market was valued at nearly USD 11.95 billion in 2021, the market is predicted to grow with a CAGR of 6.7 percent to reach around USD 17.64 billion by 2028. The presence of omega 3 fatty acids in fish oil, which is obtained from the tissue of oily fish such as tuna, salmon, anchovy, and others, has a variety of health advantages. Omega 3 fatty acids are essential for the manufacturing of nutritional supplements because they contain docosahexaenoic acid (DHA), alpha-linolenic acid (ALA), and alpha-linolenic acid (ALA). All such ingredient has increased their demand in pharmaceutical as well as nutraceutical manufacturers.

The global fish oil market is largely driven by a change in lifestyle and an increasing population of health-conscious population. Fish oil, being a high source of essential omega 3 fatty acids, has the ability to lower blood pressure, bad cholesterol, and the risk of coronary heart disease, all of which are projected to propel the fish oil market forward. The abundance of land for fish farming and suitable climatic conditions in countries like India and China are expanding aquaculture operations, which is projected to fuel the expansion of the fish oil market in near future. However, the high cost of fish oil, along with a large demand-supply imbalance in the fish oil industry, may stymie the market expansion in the coming years. On the other side, an increase in disposable income and growing awareness about the benefits of fish oil are likely to offer better growth prospects.

During the COVID-19 pandemic, market growth remained stable. Increased use of fish oil is seen as the influence of its immunity booster properties. A surge in uptake of a variety of supplements to improve the overall immunity contributed to a constant demand for fish oil in the global market.

Global fish oil market

The global fish oil market is divided based on species, application, and region. Based on the species, the global market is segregated into sardine, salmon, tuna, menhaden, anchovy, cod liver, and other species. The application segment of the market is bifurcated into animal nutrition & pet food, aquaculture, pharmaceuticals, functional food & supplements, and others.

North America was the largest market for fish oil in 2021, and it is expected to continue its dominance over the forecast period. Market growth in this region is primarily attributed to the large consumption of fish products, new product launches by well-established players, and a large consumer base. Because of the thriving aquaculture industries in China, India, Thailand, and Indonesia, the Asia Pacific fish oil market is expected to grow significantly in the coming years. The expansion of the fish oil market is expected to be influenced favorably by increased knowledge of the product's health advantages among Asian consumers. Europe is also a major revenue contributor to the global fish oil market. Countries like the United Kingdom and Norway have boosted their aquaculture efforts. The presence of Denmark, a significant producer of fish oil, in Europe is expected to boost the expansion of the fish oil industry in the future years.

The global fish oil market is dominated by Copeinca AS, Omega Protein Corporation, FMC Corporation, TripleNine Group A/S, Corpesca SA, FF Skagen A/S, Colpex International, Marvesa Holding N.V., Pesquera Diamante S.A., and Pesquera Exalmar.

Recent Developments

  • June 2021, With the debut of the new Omega-3 Index Test for dogs, OmegaQuant has expanded its offering. Pet owners can use this sample collection kit to have their doctor assess their pet's omega-3 level.
  • April 2020, Omega 3 concentration natural fish oils from AlaskOmega are designed to provide high doses of omega-3 to a variety of goods, including nutritional supplement powders, energy bars, multivitamin blends, and milk products, and other functional foods and drinks.
  • March 2020, Wiley Companies has introduced omega 3 concentrate fish oil, which contains at least 200mg of docosahexaenoic and eicosapentaenoic acids (EPA). The ingredient was created to be used in foods, drinks, and dietary supplements.

Browse the full Fish Oil Market By Species (Anchovy, Mackerel, Sardines, Cod, Herring, Menhaden, And Others), By Application (Aquaculture, Animal Nutrition & Pet Food, Pharmaceuticals, Supplements & Functional Food, And Others), And By Region – Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2022 – 2028.” Report at https://www.zionmarketresearch.com/report/fish-oil-market

Global fish oil market is segmented as follows:

By Species

  • Anchovy
  • Mackerel
  • Sardines
  • Cod
  • Herring
  • Menhaden
  • Others

By Application

  • Aquaculture
  • Animal Nutrition & Pet food
  • Pharmaceuticals
  • Supplements & Functional food
  • Others

By Region

  • North America
    • The U.S.
    • Canada
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

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