Fish Oil Market

Market Synopsis:

Global Fish Oil market is valued at USD 12.7 Billion in 2022 and is projected to reach a value of USD 20.7 Billion by 2030 at a Compound Annual Growth Rate (CAGR) of 6.30% over the forecast period.

The Fish Oil market is expected to witness highest growth during the forecast period owing to the rising demand for Fish Oil by the older population with the considerable growth of the aquaculture industry. The rising awareness among the public and medical specialist about the importance of omega-3 fatty acids has substantial increase in the consumption of Fish Oil during the forecast period. Fish Oil offers multiple health benefits as it contains omega-3 fatty acids such as EPA (Eicosapentaenoic acid) which makes functioning of cardiovascular system better, and DHA (Docosahexaenoic acid) which plays an important role in effective functioning of the nervous system and this has effectively increased the demand for Fish Oil during the forecast period. Moreover, omega-3 fatty acids are actively used in the aquaculture segments like, animal nutrition and pet feed, pharmaceuticals, and supplements and functional foods which is expected to boost the demand of Fish Oil market during the forecast period. Now a days companies are enhancing their nutraceutical products along with concentrated EPA and DHA, and the rising demand of EPA and DHA in the human nutrition has made a positive impact on the Fish Oil market during the forecast period. With the increasing demand for Fish Oil and the developing aquaculture industry, the production of Fish Oil globally is very stagnant. Moreover, Fish Oil provides numerous health benefits such as it decreases the risk of deaths due to heart attack, lower triglycerides, dangerous abnormal heart rhythms and stroke which is expected to increase Fish Oil demand in the upcoming years.

Market Segmentation:

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The Anchovy Segment is Projected to Acquire the Largest Share in the Source Sector:

The growth of anchovy segment in the Fish Oil market is mainly attributed to increase in the awareness about the presence of docosahexaenoic acids (DHA) in anchovy-based Fish Oil, and growth in launch of products of anchovy-based Fish Oils. The rising investments by the major players in the Fish Oil market to develop the anchovy-based Fish Oils is driving the growth of the Fish Oil market during the forecast period.

The Animal Nutrition Segment is Projected to Hold the Largest Share of During the Forecast Period:

The growth of animal nutrition segment in the Fish Oil market is primarily attributed to the growth in the adoption of menhaden-based Fish Oils in the animal nutrition along with the expected increase in demand for omega-3 fatty acids in the animal nutrition during the forecast period. Moreover, growth in the investments by the prime players of the market in the developing countries such as China, and India in order to manufacture quality Fish Oil products in the animal nutrition is boosting the growth of Fish Oil market during the forecast period.

Asia Pacific Region is Projected to Grow with the Fastest Rate During Forecast Period:

The immense growth in the region is attributed to increasing aging population united rising health concerns and awareness among the general public have increased the consumption of dietary supplements within the Asia Pacific region during the forecast period. Moreover, China is primarily focusing on the high-quality pharma grade Fish Oil in order to increase its demand for more applications in the pharmaceutical industry. Furthermore, according to the United Nations Statistical Office, Fish Oil export in Japan has significantly increased.

Competitive Landscape:

The Fish Oil market is highly fragmented in nature due to the presence of key players in the market and their strategies introduced for the growth of Fish Oil market. Some of the key players in the Fish Oil market are China Fishery Group Limited, Corporación Pesquera Inca S.A.C. (Copeinca AS), Camanchaca, FF Skagen A/S, Foodcorp Chile S.A (Austevoll Seafood ASA), OLVEA Fish Oils (OLVEA), Oceana Group Limited, Pesquera Diamante S.A., Pioneer Fishing and TripleNine Fish Protein A/S (TripleNine Group).

Fish Oil Market is Segmented as Follows: