Global Fish Oil Market size was valued at $3.69 Billion by 2020 and is anticipated to grow at a CAGR of 7.8% during the forecast period 2021-2026. The Fish Oil Market growth rate is attributed to the growing consumer demand for plant-based protein alternatives with growing consumer interest in foods that promote health and well-being are anticipated to bring new opportunities. Fish oil is simply the fat or oil from which fish tissue is extracted. Oily fish, such as herring, tuna, anchovies, and mackerel, are commonly found here. It is, however, often derived from the livers of other forms of fish. Almost 30 percent of fish oil consists of omega 3, while the remaining 70 percent is made of other ingredients. A safe source of omega-3 fatty acids is fish oil. Fish oil can lower triglyceride levels at high doses, as high levels of triglycerides increase the risk of heart disease. In addition, for irregular heartbeats and for depression, fish oil is often recommended. Rising chronic diseases around the world are anticipated in the coming years to fuel demand for fish oil.
Moreover, it is anticipated that increased health approvals by various agencies, including the EU, the American Dietetic Association, the Food and Drug Administration (FDA) and the EFSA (European Food Safety Authority), together with regulatory support for the promotion of the fishing industry, would have a positive effect on the market. Growing R&D investments along with technological advancement to use the portion in the healthcare sector is also predicted to open new business avenues.
Global Fish Oil Market Segment Analysis – By Source
Based on source, anchovy segment held the highest segmental revenue share in 2020. This can be attributed to the fact that anchovies have some of the largest concentrations of polyunsaturated EPA and DHA fatty acids of any species of fish. While consumed as whole fish, most anchovies are processed into feed and capsule fish oil, as well as fishmeal, primarily used in aqua-feeds as they are good source of omega-3 fatty acids, calcium, and substantial vitamins and minerals. In addition, anchovies have one of the lowest mercury concentrations of all forms of fish, making them, when consumed in moderation, a healthy and nutritious choice.
Moreover, anchovy segment is also anticipated to witness significant growth along the forecast period 2021-2026 as the increase in demand of fish oil in pharmaceuticals, supplements & functional food, and others, which fuels the demand for fish oil among individuals.
Global Fish Oil Market Segment Analysis – By Application
Based on application, aquaculture segment accounted for the largest segmental revenue of the Fish Oil market in 2020 owing to the rising importance of breeding and regular stocking for enhancing fish production output. In addition, increasing aquaculture production of salmon along with positive industry outlook on aquaculture in China owing to cheap labor and application growth is anticipated to stimulate market growth during the forecast period 2021-2026.
However, the supplements & functional food is poised to hold the highest growth rate with a CAGR of 7.89% over the forecast period 2021-2026. This is owing to the increase in prevalence of chronic diseases in human beings and the role of fish oil in prevention these diseases, this leads to the rising use of fish oil in supplements around the world.
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Global Fish Oil Market Segment Analysis – By Geography
North America is the major region dominating the Fish Oil market with a market share of 42.16% in the year 2020 on account of the understanding of the nutritional advantages of food containing fish oil in the United States.
However, Asia Pacific is projected to be the significant-growing market during the forecast period 2021-2026 owing to the growing ageing population, coupled with the rising trend in health and knowledge among general consumers, has increased the consumption of dietary supplements, with the omega-3 fish oil market increasing significantly in the region. China is one of the major fishmeal and oil producers in the world. However, to expand its use in the pharmaceutical industry, it focuses primarily on the manufacture of high-quality pharmaceutical grade fish oil. Also, the consumption of nutritional and pharmaceutical grade fish oil has increased significantly in Japan due to growing health concerns among the geriatric population of the world.
Global Fish Oil Market Drivers
Increasing awareness about the health benefits
The Fish Oil market is poised to receive upswing owing to increasing awareness about the health benefits leads to increase the consumption. The growing aquaculture industry increases fish oil consumption and boosts the worldwide market. Growing numbers of people with cardiovascular and heart disease worldwide are leading to a rise in fish oil consumption and contributing to the global growth of the fish oil industry.
Global Fish Oil Market Challenges
Adverse climatic conditions
Despite several drivers, adverse climatic conditions largely restrict the growth of the fish oil industry. In the central and eastern central parts of the Pacific, El Nino is an adverse climate phenomenon that occurs and is characterized by ocean water warming and high air pressures. El Nino has resulted in a significant global temperature change and triggers high rainfall and air temperature fluctuations that have a serious effect on agriculture and fishing activities along coastal areas in developing countries.
Global Fish Oil Market Industry Outlook
Product launches, mergers and acquisitions, joint ventures and geographical expansions are key strategies adopted by players in the Fish Oil Market. In 2020, Fish Oil Market share is fragmented by the top ten players present in the market. Fish Oil Market top 10 companies are Croda Inc., COPEINCA ASA, EPAX AS, Omega Protein, GC Rieber Oils, Colpex, American Marine Ingredients, Corpesca S.A. and others.
In June 2014, Enzymotec Ltd. launched Omega PC, a premium fish oil-based product which is a wild, and cold fish extract consisting of omega 3 fatty acids.
In May 2014, American Marine Ingredients introduced distillation method developed by the University of Alaska to produce omega-3 fish oils.
In March 2020, GC Reiber Oils announced its collaboration with Barrington Nutritionals over the distribution of GC Reiber Oil’s VivoMega omega-3 fish oil in the US and Mexico.
North America dominated the Fish Oil Market with a share of 42.16% in the year 2020.
The factors such as growing demand for hydrogenated vegetable oils and margarine on account of changing eating habits are amongst the major factor projected to impel growth of Fish Oil Market.
Increasing awareness about the health benefits leads to increase the consumption and growing aquaculture industry increases the consumption of fish oil is the key factors owing the growth in the segment during forecast period 2021-2026.
Related Reports :
A. Fishmeal & Fish Oil Market
B. Fish Oil Products Market
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