Fish Oil Market Outlook from 2024 to 2034

The global fish oil market size is anticipated to reach USD 10,401.5 million in 2024 and USD 24633 million by 2034. Global sales of fish oils will likely soar at a CAGR of 9% CAGR during the next ten years spurred by rising consumer demand for omega-3 supplements.

Cod liver oil remains a hot-selling product in the sector owing to presence of vitamins A and D apart from omega-3 fatty acids. The target category is projected to account for a revenue share of 21.4% in 2024 and further record rapid CAGR over the next ten years.

As consumer focus is shifting towards health and well-being, there is a greater scope for products like fish oils. These oils are rich in omega-3 fatty acids, especially docosahexaenoic acid (DHA) and eicosapentaenoic acid (EPA) which are vital for human health.

Fish oil is witnessing high demand owing to its multiple health benefits. For instance, it has the tendency to promote heart and mental health. The omega-3 fatty acid content of the oil is essential for brain function and development.

Oil derived from fish possesses anti-inflammatory properties that can reduce pain and stiffness triggered by arthritis and other diseases. Courtesy of these potential health benefits, consumption of fish oil supplements is set to rise rapidly through 2034.

Global Fish Oil Industry Assessment

Attributes Description
Estimated Market Size (2024E) USD 10,401.5 million
Projected Market Value (2034F) USD 24633 million
Value-based CAGR (2024 to 2034) 9%

Rising incidence of chronic diseases like arthritis, depression, and cardiovascular diseases is set to propel demand. Fish oil has become a popular supplement to maintain cardiovascular health and overall well-being. As a result, its usage in dietary supplements is increasing significantly. Thus, surging demand for dietary supplements, particularly among aging population and health-conscious consumers, will likely boost sales growth.

Robust expansion of the aquaculture industry, coupled with surging demand for seafood, is expected to create growth avenues for fish oil producers and exporters. These oils are widely used in aquafeeds to promote growth and health of farmed fish.

Industry leaders are heavily investing in research and development to explore the benefits of omega-3 fatty acids. This is expected to expand the application area of oils derived from fish as they are rich in omega-3s.

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Semi Annual Market Update

The below table presents the anticipated CAGR for the global industry over several semi-annual periods spanning from 2024 to 2034. For the first half (H1) from 2023 to 2033, the sector is set to thrive at a CAGR of 8.8%. For the second half (H2), there will likely be a slight increase, with sales recording a CAGR of 9.1%.

Particular Value CAGR
H1 8.8% (2023 to 2033)
H2 9.1% (2023 to 2033)
H1 9.4% (2024 to 2034)
H2 9.3% (2024 to 2034)

Moving forward to the subsequent period, from H1 2024 to H2 2034, the CAGR is foreseen to be 9.4% in the first half and 9.3% in the second half, indicating a negligible deviation between the two CAGRs.

Key Industry Highlights

Rising Awareness about the Benefits of Fish Oils Spurring Market Growth

Consumers across the world are becoming aware of the health benefits of oils derived from fish, including their high omega-3 fatty acid content. This is expected to act as a catalyst triggering growth of the fish oil market during the assessment period.

Omega-3 fatty acids are believed to improve heart health, reduce inflammation, and promote brain function. Thus, increasing awareness of the potential benefits of oils derived from fish will play a key role in driving the target industry forward through 2034.

Growing Emphasis on Sustainable and Ethical Sourcing

Increasing concerns over overfishing and environmental degradation are leading to a rising emphasis on sustainable and ethical sourcing of fish oil. Industry leaders are increasingly adopting eco-friendly practices and obtaining certifications like MSC. This is expected to positively impact the industry during the projection period.

Ongoing Food Fortification Trend

Consumers, especially health-conscious ones, are increasingly seeking healthy and fortified food products to reduce the risk of disease development and promote well-being. This is prompting food manufacturers to use ingredients like omega-3 fatty acids in their products.

Several leading manufacturers are fortifying products like bakery items, dairy products, and beverages with omega-3 fatty acids to cater to growing demand from health-conscious consumers. This growing food fortification trend is set to facilitate industry expansion.

Factors Limiting Fish Oil Market Growth

Despite a positive outlook, the global industry is facing few challenges that might limit its growth. These include high cost of oils derived from fish and high competition from plant sources. Similarly, growing concerns about overfishing are negatively impacting the sector.

Oils derived from fish are more expensive, which becomes a barrier for budget-conscious consumers, thereby limiting industry growth. Many people are also seeking plant-based sources of omega-3 fatty acids, including algae oil and flaxseed. This growing interest in alternatives due to factors like price, health, individual preferences, and sustainability can hamper growth.

Nandini Roy Choudhury
Nandini Roy Choudhury

Principal Consultant

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2019 to 2023 Global Fish Oil Sales Analysis Compared to Demand Forecast for 2024 to 2034

Global fish oil sales recorded a CAGR of 9.1% between 2019 and 2023. This growth was mostly due to increased awareness of health benefits. Oils derived from fish are rich in omega-3s, which have been linked to numerous health benefits, including reduced inflammation and heart health.

People also showed a great interest in preventive healthcare measures during the COVID-19 pandemic. This directed them towards supplements containing omega-3 fatty acids and vitamins.

Looking forward, the global industry is projected to advance at a CAGR of 9% throughout the assessment period. This is attributable to the surging demand for dietary supplements, nutraceuticals, and fortified foods and beverages, especially those containing omega-3 fatty acids.

Today, people are realizing the importance of essential nutrients like vitamins and omega-3 fatty acids on body functioning and well-being. As a result, they are spending large amounts on products containing these essential nutrients, leading to sales growth.

Growing focus on improving pet health and nutrition is encouraging usage of fish oils in pet foods. Oils derived from fish are believed to enhance the skin, coat, and overall health of pets. Leading companies are targeting specific demographics to boost their sales. For instance, they are encouraging parents to use omega-3 supplements to promote brain and health development of infants.

Market Concentration

Tier 1 companies comprising FF Skagen A/S and Pesquera Diamante S.A. among others hold around 20% of the fish oil market share. These leaders are experts in creating fish-based products for global as well as regional businesses.

Tier 1 companies employ advanced manufacturing and extraction technologies to create high-quality products. Their extensive distribution facilities globally also help them to stay ahead of the competition. They are concentrating on adopting sustainable practices to woo eco-conscious consumers. Similarly, these companies are investing large amounts in research to expand the application area of target oils.

FF Skagen is one of the leading producers of fish oil and fishmeal globally. Having an experience of over 50 years, the company specializes in processing feed supplements for fish and animal breeding. It exports its fish-based products to over 60 countries.

Pesquera Diamante S.A., located in Lima, Peru, is striving to meet the food needs of the Peruvian and global businesses by providing proteins and marine-origin foods. It specializes in processing and producing and fishmeal and oil.

Tier 2 companies, having presence in specific regions, account for 24.3% of the industry share. These players are using different strategies, including new product launches, campaigns, and advertisements to boost their sales. They are also looking to strengthen their positions through mergers, acquisitions, and collaborations. Few players in this category include

Tier 3 companies, including start-ups, currently lead the target sector, holding a prominent share of 55.7%. These players are constantly launching new products as well as making use of online platforms and celebrity endorsements to expand their customer base and compete with industry giants.

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Comparative Market Overview

The following section provides a comparative analysis of two industries in the food and beverage division related to target sector, namely, krill oil phospholipid and olive oil industries. The information provided in the tables below would enable potential clients to make wise investment decisions and put efforts in the most beneficial zones.

Krill Oil Phospholipid Industry Assessment:

The krill oil phospholipid industry is expected to progress rapidly during the forecast period. This is due to growing product usage in functional foods and beverages, nutraceuticals, cosmeceuticals, and dietary supplements.

Attribute Description
Related Industry Krill Oil Phospholipid Industry
CAGR (2024 to 2034) 7%
Growth Factor Increasing product usage in fortified foods, nutraceuticals, and dietary supplements.
Opportunity Growing awareness about the potential health benefits of krill oil phospholipids including supporting brain, cardiovascular, and joint health.
Key Trends Development of new encapsulation methods.

Olive Oil Industry Assessment:

Olive oil is gaining wider popularity in households and food manufacturing sector owing to its multiple benefits. High consumption of this oil in these sectors is set to boost sales growth during the assessment period.

Attribute Description
Related Industry Olive Oil Industry
CAGR (2024 to 2034) 2.9%
Growth Factor Growing demand for healthier oil options globally.
Opportunity Increasing applications in food service/HoReCa sector.
Key Trends Rising consumer interest in healthier food products.

Country-wise Insights

The below section offers insights into leading nations. Among these, India and Germany are anticipated to witness lucrative CAGRs of 9.4% and 9.3%, respectively, through 2034.

Countries CAGR 2024 to 2034
United States 8.7%
China 8.8%
United Kingdom 9.1%
Germany 9.3%
India 9.4%

High Consumption of Dietary Supplements Propelling Demand in the United States

The United States fish oil market is poised to register a CAGR of 8.7% during the assessment period. This is attributable to increasing spending on dietary supplements and growing usage of fish-based oils in aqua feeds.

Americans are spending large amounts on dietary supplements, especially omega-3-based ones. This is expected to uplift demand for fish oils in the nation throughout the assessment period.

Growing usage of these oils as feed additives is another prominent factor impacting sales growth. Leading animal feed companies in the United States are utilizing omega-3 fatty acids to enhance livestock productivity and health.

China Becoming a Promising Pocket for Players

Sales of fish oils in China are projected to soar at a CAGR of 8.8% between 2024 and 2034. This is attributable to rising awareness about the health benefits of oils derived from fishes and increasing demand for nutraceuticals.

Developing countries like China are witnessing high consumption of omega-3 supplements and fortified foods owing to rising awareness of the health benefits of these products. This will continue to provide impetus for industry growth in these countries through 2034.

There is also an increased demand for nutraceutical products in China as they provide multiple health benefits. This is expected to further contribute to sales growth as fish oil has become a pivotal component in different nutraceutical products.

Aging Population Boosting Growth in the United Kingdom

The United Kingdom is projected to exhibit a CAGR of 9.1% during the assessment period. Prominent factors spearheading this growth include increasing geriatric population, growing interest in preventive healthcare, and rising trend toward personalized nutrition.

In recent years, there has been a spike in the geriatric population across the United Kingdom. According to Census 2021, the number of people aged 65 and over grew from 9.2 million in 2011 to over 11 million in 2021 across England and Wales.

Aging population in the nation is leading to a surging interest in preventive healthcare and dietary supplements like fish oil that can promote overall health and well-being. Thus, as the geriatric population in the United Kingdom increases, so will demand for oils derived from fish through 2034.

Category-wise Insights

The following section offers in-depth insights into leading segments of the sector. Pharma grade segment is set to lead the sector, holding a value share of 45.6% in 2024. Based on product, cod liver oil segment is estimated to account for a revenue share of 21.4% in 2024.

Pharma Grade Set to Retain its Monopoly in the Fish Oil Market

Segment Pharma Grade (Grade)
Value Share (2024) 45.6%

Pharma grade segment is expected to dominate the global industry, accounting for a value share of 45.6% in 2024. This is attributable to growing usage of pharma grade fish oil in the thriving pharmaceutical sector.

Pharmaceutical companies need fish oils with a more precise and concentrated amount of omega-3 fatty acids, especially DHA and EPA. As a result, there is a significant demand for pharma grade oil.

Pharma grade oil is high in purity and contains high concentrations of omega-3s. This makes it suitable for different pharmaceutical formulations, thereby providing impetus for segment growth.

Cod Liver Oil Remains Highly Sought-after Product

Segment Cod Liver Oil (Product)
Value Share (2024) 21.4%

As per the latest analysis, demand will likely remain high for cod liver oil owing to its unique nutritional profile and health benefits. The target segment is anticipated to account for a revenue share of 21.4% in 2024.

Cod liver oil is becoming a popular and trusted supplement as it is rich in vitamins A and D which offers additional health benefits. People looking for multi-functional supplements often find cod liver oil attractive owing to its combination of omega-3 fatty acids and vitamins. It is also believed to have additional health benefits such as enhancing mood and promoting joint health.

Growing usage of cod liver oil in dietary supplements, functional foods, and beauty products is set to boost segment growth. Similarly, wider availability and cost-effectiveness of cod liver oil are making it accessible to a large portion of the population.

Competition Outlook

The competitive landscape of fish oil market is fiercer. In order to succeed, innovation is becoming a key tool for players. Leading companies are looking to launch novel products to appeal to a wider customer base.

Key players are highlighting the health benefits of oils derived from various types of fishes to target health-conscious consumers. They are also striving to enhance the taste and delivery of fish oil capsules to make them more palatable and effective.

Many companies are offering concentrated DHA and EPA forms and even exploring alternative omega-3 sources like krill oil. Similarly, strategies like acquisitions, partnerships, distribution agreements, and mergers are becoming prevalent in the sector.

Industry Updates

  • In October 2023, DSM-firmenich launched life’s OMEGA O3020 in North America. It is the first and the only single-source algal omega-3 with the same EPA to DHA ratio naturally found in standard fish oil but with more potency.
  • In May 2024, FMC Corporation signed a research agreement with AgroSpheres, a biotechnology firm pioneering breakthroughs in crop health and crop protection.
  • In May 2024, Superba Krill Oil Team unveiled its new products at the Vitafoods Europe

Leading Fish Oil Brands

  • 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

Key Segments of the Fish Oil Market Report

By Grade:

Based on grade, the global fish oil market is trifurcated into feed grade, food grade, and pharma grade.

By Process:

In terms of process, the sector is categorized into crude, refined, and modified fish oils.

By Product:

Popular products include salmon oil, tuna oil, cod liver oil, sardine oil, squalene oil, krill oil, anchovy oil, menhaden oil, and others.

By End User:

Prominent end users include aqua-feed, food and beverages, dietary supplements, and cosmetic and beauty products. The aqua-feed segment is further divided into crustaceans, eels, cyprinids, marine fish, salmon & trout, and tilapias.

By Region:

Fish oil market analysis has been carried out in key countries of North America, Latin America, Europe, East Asia, South Asia, Oceania, and the Middle East and Africa.

Frequently Asked Questions

How big is fish oil market?

The global industry is estimated to be valued at USD 10,401.5 million in 2024.

What is the demand outlook for the fish oil market?

Global demand is set to increase at 9% CAGR through 2034.

What is the predicted industry revenue for 2034?

Global revenue is set to total USD 24633 million by 2034.

Which is the most popular product?

Cod liver oil.

Who are the key players in the fish oil industry?

Omega Protein Corporation, FF Skagen A/S, Pesquera Diamante S.A, and Copeinca AS.

Who is the largest producer of fish oil in the world?

Peru.

Table of Content

1. Executive Summary

2. Industry Introduction, including Taxonomy and Market Definition

3. Market Trends and Success Factors, including Macro-economic Factors, Market Dynamics, and Recent Industry Developments

4. Global Market Demand Analysis 2019 to 2023 and Forecast 2024 to 2034, including Historical Analysis and Future Projections

5. Pricing Analysis

6. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034

    6.1. Grade

    6.2. Process

    6.3. Product

    6.4. End User

7. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Grade

    7.1. Feed Grade Fish Oil

    7.2. Food Grade Fish Oil

    7.3. Pharma Grade Fish Oil

8. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Process

    8.1. Crude Fish Oil

    8.2. Refined Fish Oil

    8.3. Modified Fish Oil

9. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Product

    9.1. Salmon Oil

    9.2. Tuna Oil

    9.3. Cod Liver Oil

    9.4. Sardine Oil

    9.5. Squalene Oil

    9.6. Krill Oil

    9.7. Anchovy Oil

    9.8. Menhaden Oil

    9.9. Others

10. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By End User

    10.1. Aqua-feed

        10.1.1. Crustaceans

        10.1.2. Eels

        10.1.3. Cyprinids

        10.1.4. Marine Fish

        10.1.5. Salmon & Trout

        10.1.6. Tilapias

    10.2. Food & Beverages

    10.3. Dietary Supplements

    10.4. Cosmetic & Beauty Products

11. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Region

    11.1. North America

    11.2. Latin America

    11.3. Western Europe

    11.4. South Asia and Pacific

    11.5. East Asia

    11.6. Middle East and Africa

12. North America Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries

13. Latin America Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries

14. Western Europe Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries

15. South Asia and Pacific Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries

16. East Asia Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries

17. Middle East and Africa Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries

18. Sales Forecast 2024 to 2034 by Grade, Process, Product, and End User for 30 Countries

19. Competition Outlook, including Market Structure Analysis, Company Share Analysis by Key Players, and Competition Dashboard

20. Company Profile

    20.1. Omega Protein Corporation

    20.2. FF Skagen A/S

    20.3. Pesquera Diamante S.A.

    20.4. Copeinca AS

    20.5. Marvesa Holding N.V.

    20.6. Pesquera Exalmar

    20.7. Corpesca S.A.

    20.8. Colpex International

    20.9. FMC Corporation

    20.10. TripleNine Group A/S

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