The increasing demand for nutraceuticals is driving the fish oil market growth
The global fish oil market size is likely to attain over USD 2,500.0 million by the year 2028. Besides, it is likely to project a CAGR of more than 3.5% during the forecast years 2021-2028. Over the forecast period, rising consumer awareness of the health advantages of omega 3 is projected to drive fish oil demand. Changing eating patterns are projected to drive up demand for hydrogenated vegetable oils and margarine, resulting in industrial expansion. In addition, throughout the projection period, rising product usage in protective coatings and lubricants is predicted to boost growth. Fish oil can reduce triglyceride levels in large dosages, which is beneficial because high triglyceride levels raise the risk of heart disease.
On the basis of application, aquaculture is predicted to be the largest application of the fish oil industry throughout the foreseen period. The demand in aquaculture market is due to the growing importance of reliable stocking for improving fish breeding. Furthermore, market growth is expected to be fueled by an increase in salmon aquaculture activity, as well as an increase in demand in China as a result of cheap labor. Increasing aquaculture operations, primarily in Asia Pacific, are expected to boost consumer demand for fish oil, owing to plentiful farming land and favorable climatic conditions in the region.
Asia-Pacific is the largest producer of aquaculture fish worldwide. China and Indonesia produce more than 70% of aquaculture fish in Asia-Pacific. Constant development in technologies, vast water resources and cheap labour are the major factors driving the growth of aquaculture industry in the region. Also, rapidly increasing population in China and India together with healthy and protein rich food demand are further necessitating the need to produce fish oil for food consumption.
The report also emphasizes several distinctiveness of the global fish oil industry by valuing the market from value chain breakdown. Moreover, the report encompasses numerous qualitative features of the fish oil industry which comprises market restraints, drivers, as well as key industry opportunities. Furthermore, the report offers an inclusive evaluation of the company profiling along with the market rivalry of local and global vendors.
The major players of the global fish oil market are Omega protein corporation, American Seafood, Colpex. GC RIEBER VIVOMEGA AS, Corpesca S.A., Croda Inc., FF Skagen A/S, FMC Corporation, Copeinca ASA, Marvesa Holding N.V. The established companies are shifting focus toward establishing manufacturing facilities associated with production of fish oil. Furthermore, the industry players are coming up with inorganic growth strategies to expand their market presence. The solutions providers are undergoing several strategic partnerships, business expansion, merger and acquisition, and several products and solution launches.
Key Segments of the Global Fish Oil Market
Application Overview, 2019-2028 (USD Million, Kilo Tons)
- Animal Nutrition & Pet Food
- Direct Human Consumption
Type Overview, 2019-2028 (USD Million, Kilo Tons)
- Salmon & Trout
- Marine Fish
Regional Overview, 2019-2028 (USD Million, Kilo Tons)
- Rest of Europe
- Rest of Asia-Pacific
Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- Rest of South America