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Fish Oil Market

Fish Oil Market

Fish Oil Market by - Product (Sardine Oil, Squalene Oil), Grade (Food Grade, Pharma Grade) & Region - Forecast 2022 - 2032

Fish Oil Market

[350 Pages Report] The global fish oil market size was valued at USD 12.3 Bn in 2022, and is estimated to reach USD 23.8 Bn by 2032 with a CAGR of 6.8% from 2021 to 2032.

Attribute

Details

Market Size Value in 2022

USD 12.3 Billion

Market Forecast Value in 2032

USD 23.8 Billion

Global Growth Rate

6.8%

Forecast Period

2022-2032

Top fish oil businesses are concentrating on providing omega fish oil/omega-3 supplements in the worldwide market as health supplements become more popular. Manufacturers are supplying goods with additional nutrients as a result of the high degree of competition.

Due to rising demand for fish oil from the pharmaceutical business, top fish oil producers are also concentrating on offering new products to the worldwide market.

Aquaculture, animal nutrition & pet feed, supplements & functional food, medicines, and other industries all require omega-3 fatty acids in substantial amounts. Furthermore, fish oil aids in the appropriate functioning of the nervous system and improves the cardiovascular system.

Fish oil consumption has increased significantly as medical professionals and the general population become more aware of the importance of omega-3 fatty acids. As a result, businesses are adding enriched EPA and DHA to their nutraceutical product lines. The global fish oil market has been impacted by the increasing need for EPA and DHA in human nutrition.

Health Benefits Propelling Growth of the Global Fish Oil Market

The worldwide fish oil omega-3 market is growing due to the health advantages of different fish oils such as menhaden oil, cod oil, anchovy oil and mackerel oil. Cod oil is gaining popularity as a result of its high nutritional value, since it meets virtually all of the vitamin D and A requirements.

Omega-3 fatty acids found in anchovy oil can help decrease inflammation-causing proteins. Anchovy oil is also in high demand due to its antioxidant characteristics.

Vitamin A in menhaden and mackerel oil can help prevent against vision loss caused by glaucoma and age-related macular degeneration (AMD).

Sales of menhaden and mackerel oil are increasing in the pharmaceutical and dietary supplement sectors as a consequence of the nutritional characteristics and health advantages of fish oil.

Country-wise Analysis

Factors Driving the Sales of Fish Oil in the U.S

With a market share of 32.1% in 2021, North America is expected to continue to dominate the worldwide market. United States is expected to account for more than 85% of the North American market in 2021.

The animal feed business in the United States is looking to omega-3 fatty acids to increase livestock productivity, health, and welfare, or to leverage the qualities of these fatty acids to create enhanced goods for humans, such as meat and eggs. As a result, the use of fish oil as a feed additive is increasing, although supplies are restricted for the time being.

Fish Oil Market Flourishing in China

The market for fish oil in China is predicted to reach a significant value by end of 2022, while demand for omega-3 fish oil in Japan is expected to increase at a profitable pace of 5.7% throughout the forecast period.

The potential of the ingredient for sports nutrition, as well as rising prospects for highly tailored nutrition, likely to be strengthening China's market.

Fish oil consumption has also increased among children and adolescents in the country. In the paediatric nutrition category, an increasing variety of functional foods and health foods have been launched.

In China, sales of fish oil through supermarkets and hypermarkets are anticipated to account for around 35% of the business to consumer distribution channel, while sales of fish oil through specialised stores are likely to rise at a rapid pace in the future years.

Sales of Fish Oil Progressing in Germany

Germany held a 24.2% market share in Europe in 2021, while demand for omega-3 fish oil in the United Kingdom is predicted to expand at a healthy rate during the forecast period.

To increase sales, top fish oil producers in Germany are focused on promotional and marketing operations. The growing body of data supporting omega-3 fatty acids' nutritional advantages has inexorably raised public awareness of the product.

Organic fish oil is becoming more popular, and producers are responding by offering it to clients. To reach a wide customer base, top fish oil supplement companies are focused on product introductions with organic claims. Fish oil sales through specialty stores are likely to increase at a profitable rate in the future years, accounting for 35 percent of the business to consumer distribution channel.

Demand for Fish Oil in India

India is one of South Asia's fastest-growing economies, with high demand for fish oil.

The nutraceuticals industry is fiercely competitive and gaining traction in India. Because of greater product knowledge, rising disposable income, and a desire for preventative care and self-treatment, the market is predicted to grow over the next decade.

Greater use of marine by-products in nutraceuticals is projected to result from increased research and study on marine-based health supplements and their advantages for human health.

DHA and EPA, which are present in particularly high amounts in fatty fish such as herring, cod, and trout, are recommended by several health organisations to be consumed on a regular basis. Manufacturers are working on supplying allergen-free fish oil to those in India who are sensitive to fish oil.

Demand for Non-GMO Fish Oil in Australia

Australia holds 73.4% of the Oceania market and is predicted to grow at an annual rate of 6.7% by 2032.

Consumers in Australia are migrating to non-GMO goods in functional foods, nutraceuticals, baby formula, cosmetics, and personal care items as their knowledge of non-GMO marked products grows. As a result, producers are concentrating on exploiting natural sources to provide non-GMO and chemical-free fish oil.

Category-wise Insights

Use of Fish Oil in Animal Nutrition and Pet Food Drive Market Growth

The most efficient technique to increase long-chain fatty acids in dairy products is to supplement animal diet with marine-derived products, particularly sardine oil and herring oil. As a result of the multiple health advantages of fish oil in animal feed, demand for fish oil in animal nutrition is increasing. The need for sardine oil in animal feed is driving up sales of fish liver oil.

Omega-3 fatty acids have been demonstrated to help skin and coat problems due to their anti-inflammatory characteristics. Omega-3 supplements may help dogs with allergy symptoms such scratching, itching, biting, and hair loss. The usage of fish oil in pet food is expanding as a result of its health benefits.

Fish Oil of Pharma Grade to be highly desirable

Food-grade fish oil is predicted to increase at a CAGR of 7.1 % in 2021, Sales of pharma grade fish oil are expected to account for more than 48 % in 2021.

Due to increased demand for organic fish oil from the pharmaceutical sector, pharma grade fish oil is dominating the worldwide market.

Anchovy Oil the Most Attractive Product Type of Fish Oil

Anchovy oil was 34.9 % of the worldwide market in 2021, whereas demand for tuna oil is predicted to grow at a CAGR of 6.6 % from 2022 to 2032.

According to USDA Food Data Central, anchovies are high in omega-3 fatty acids, proteins, vitamins, and minerals, all of which contribute to a healthy environment. The use of fish oil in aquaculture is also fuelling global demand for anchovy oil.

Fish body oil is made from sardine oil, mackerel oil, and salmon oil, among others. Fish body oil is becoming increasingly popular as a result of its numerous health advantages.

Online Distribution Channels Drive Fish Oil Sales

Fish oil sales via online retailers are predicted to account for 20.9 % of total sales in 2021, with a CAGR of 7.3 % expected through 2032. Online retail sales of fish oil are being driven by major companies and customers using online sales channels.

Competition Landscape: Top Fish Oil Manufacturers

Omega Protein Corporation, FF Skagen A/S, Pesquera Diamante S.A., Copeinca AS, Marvesa Holding N.V., Pesquera Exalmar, Corpesca S.A., Colpex International, FMC Corporation, TripleNine Group A/S are among the key players in the Fish Oil market.

Top cod oil retailers are concentrating on continual product introductions in order to reach a wide customer base, while top mackerel oil retailers are concentrating on marketing and promotional operations in order to raise knowledge about the health advantages of fish oil in the global market.

Because millennials are the most scattered target population and respond to marketing messages in a variety of ways, appealing to them may be tough. Manufacturers, on the other hand, are well aware that millennials are the most active users of social media and respond best to online advertising. The appeal against one-click ordering and the ability to compare supplements online is crucial for this target group in the decision-making process.

Scope of the report

Attribute

Details

Market Size Value in 2022

USD 12.3 Billion

Market Forecast Value in 2032

USD 23.8 Billion

Global Growth Rate

6.8%

Forecast Period

2022-2032

Historical Data Available for

2017-2021

Market Analysis

MT for Volume and USD Bn for Value

Key Regions Covered

North America, Latin America, Europe, East Asia, South Asia, Oceania and Middle East and Africa

Key Countries Covered

United States, Canada, Brazil, Mexico, Germany, UK, France, Italy, Spain, Nordic, Russia, Poland, China, India, Thailand, Indonesia, Australia and New Zealand, Japan, GCC countries, North Africa, South Africa, others.

Key Market Segments Covered

Grade , Product, Process, End User, Sales Channel, Region

Key Companies Profiled            

Pricing

Available upon Request

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Key Segments Covered

By Grade:

  • Feed Grade Fish Oil
  • Food Grade Fish Oil
  • Pharma Grade Fish Oil

By Process:

  • Crude Fish Oil
  • Refined Fish Oil
  • Modified Fish Oil

By Product:

  • Salmon Oil
  • Tuna Oil
  • Cod Liver Oil
  • Sardine Oil
  • Squalene Oil
  • Krill Oil
  • Anchovy Oil
  • Menhaden Oil
  • Others

By End User:

  • Aqua-feed
    • Crustaceans
    • Eels
    • Cyprinids
    • Marine Fish
    • Salmon & Trout
    • Tilapias
  • Food & Beverages
  • Dietary Supplements
  • Cosmetic & Beauty Products

By Sales Channel:

  • Offline Sales Channel
    • Supermarkets/Hypermarkets
    • Departmental Stores
    • Convenience Store
    • Other Sales Channel
  • Online Sales Channel
    • Company Website
    • E-commerce Platform

By Region:

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia
  • Oceania
  • Middle East and Africa-MEA

Key Questions Answered in the Report

How much is the fish oil market current worth?

Currently fish oil market is worth more than USD 11.5 Bn.
Fish oil consumption is expected to grow at a CAGR of around 6.8% during the period 2022-2032.
In terms of revenue, fish oil grew at a CAGR of around 4.9% during 2017-2021
The primary factor driving the growth of the fish oil market is the rising popularity of health supplements.
Market players are opting for technological advancement, new product developments and production capacity expansion.
The top 5 producers of fish oil hold around 15% of the market share.
The US, Germany, Australia, India and China are the major countries driving demand for fish oil.
The major players involved in the fish oil market are Omega Protein Corporation, FF Skagen A/S, Pesquera Diamante S.A., Copeinca AS, Marvesa Holding N.V., Pesquera Exalmar, Corpesca S.A., Colpex International, FMC Corporation, TripleNine Group A/S.
North America holds around 36.3% of the total fish oil revenue share.
US fish oil market is projected to grow at a CAGR of around 5.7% over the next 10 years.

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