The size of the global fish oil market is set to grow at a CAGR of 7.8% in the forecast period 2021-2026

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“Global Fish Oil Market”

Raising awareness of the health benefits that are driving the growth of the global fish oil market.

Global fish oil market The size was estimated at $ 3.69 billion by 2020 and is expected to grow at an annual growth rate of 7.8% over the forecast period 2021-2026. The growth rate of the fish oil market is attributed to the growing consumer demand for vegetable protein alternatives. Growing consumer interest in foods that promote health and wellbeing is expected to open up new opportunities. Fish oil is simply the fat or oil from which fish tissue is extracted. Oily fish like herring, tuna, anchovies and mackerel are common here. However, it is often obtained from the livers of other fish species. Almost 30 percent of fish oil is made up of omega-3 fatty acids, while the remaining 70 percent is made up of other ingredients. A safe source of omega-3 fatty acids is fish oil. Fish oil can lower triglyceride levels in high doses because high triglyceride levels increase the risk of heart disease. In addition, fish oil is often recommended for irregular heartbeats and depression. In the coming years, increasing chronic diseases are expected around the world to fuel the demand for fish oil.
In addition, various agencies, including the EU, the American Dietetic Association, the Food and Drug Administration (FDA), and the EFSA (European Food Safety Authority), are expected to increase health approvals and prudential support for the fishing industry, too have a positive impact on the market. Growing R&D investment as well as technological advances to harness the share in the health sector are also expected to open up new business opportunities.

Analysis of Global Fish Oil Market Segment – By Source

Based on the source, the anchovy segment had the highest segment revenue share in 2020. This is because anchovies have some of the highest concentrations of EPA and DHA polyunsaturated fatty acids of any species of fish. While eaten whole fish, most anchovies are made into feed and capsule fish oil, as well as fish meal, which is primarily used in aqua foods because it is a good source of omega-3 fatty acids, calcium, and important vitamins and minerals. Additionally, anchovies have one of the lowest levels of mercury of any species of fish, which when consumed in moderation makes them a healthy and nutritious choice.
In addition, the anchovy segment is expected to see significant growth in the forecast period 2021-2026 as the demand for fish oil in pharmaceuticals, nutritional supplements and functional foods and other products increases, fueling demand for fish oil among individuals.

Global Fish Oil Market Segment Analysis – By Application

Due to its application, the aquaculture segment accounted for the largest segment turnover in the fish oil market in 2020, as breeding and regular stocks are becoming increasingly important for increasing fish production. In addition, increasing salmon production in aquaculture, as well as the industry’s positive outlook for aquaculture in China due to the growth of cheap labor and applications, is expected to stimulate market growth in the forecast period 2021-2026.
However, dietary supplements and functional foods are likely to have the highest growth rate with a CAGR of 7.89% in the forecast period 2021-2026. This is due to the increasing prevalence of chronic diseases in humans and the role of fish oil in preventing these diseases. This leads to an increasing use of fish oil in nutritional supplements around the world.

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Global Fish Oil Market Segment Analysis – By Geography

North America is the main region dominating the fish oil market with a market share of 42.16% in 2020 as the nutritional benefits of foods containing fish oil are well known in the United States.
However, it is assumed that the Asia-Pacific region will be the fastest growing market in the forecast period 2021-2026. Due to the increasing aging of the population and the rising trend in health and knowledge among general consumers, dietary supplement consumption has increased significantly. The omega-3 fish oil market in the region is growing significantly. China is one of the largest fishmeal and oil producers in the world. However, in order to expand its use in the pharmaceutical industry, it mainly focuses on the production 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 world’s geriatric populations.

Global fish oil market drivers

Raising awareness of the health benefits

The fish oil market is on the verge of a boom as awareness of the health benefits leads to an increase in consumption. The growing aquaculture industry increases fish oil consumption and strengthens the global market. More and more people with cardiovascular and heart disease worldwide are leading to an increase in fish oil consumption and contributing to the global growth of the fish oil industry.

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Global challenges in the fish oil market

Unfavorable climatic conditions

Despite several factors, unfavorable climatic conditions largely limit the growth of the fish oil industry. In the central and eastern central part of the Pacific, El Nino is an adverse climatic phenomenon characterized by the warming of sea water and high air pressure. El Nino has caused a significant global temperature change, triggering high fluctuations in precipitation and air temperature, which have serious effects on agriculture and fisheries along coastal areas in developing countries.

Global Fish Oil Market Industry Outlook

Product launches, mergers and acquisitions, joint ventures and geographic expansion are key strategies used by players in the fish oil market. In 2020, the fish oil market share will be fragmented by the top ten players in the market. The top 10 companies in the fish oil market are Croda Inc., COPEINCA ASA, EPAX AS, Omega-Protein, GC Rieber-Oils, Colpex, American Marine Ingredients, Corpesca SA and others.

Acquisitions / product launches

In June 2014 Enzymotec Ltd. Omega PC, a premium fish oil-based product, which is a wild and cold fish extract made up of omega-3 fatty acids.

In May 2014, American Marine Ingredients introduced the distillation method developed by the University of Alaska to make omega-3 fish oils.

In March 2020, GC Reiber Oils announced the collaboration with Barrington Nutritionals to distribute GC Reiber Oil’s VivoMega Omega-3 fish oil in the US and Mexico.

The central theses

North America dominated the fish oil market with a share of 42.16% in 2020.

The factors such as the growing demand for hydrogenated vegetable oils and margarine due to changing eating habits are among the main factors that should propel the growth of the fish oil market.

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The increasing awareness of the health benefits is leading to an increase in consumption, and the growing aquaculture industry is increasing the consumption of fish oil. These are the key factors for the segment’s growth in the forecast period 2021-2026.

Related reports:

A. Fish meal and fish oil market

https://www.industryarc.com/Research/Fishmeal-Fish-Oil-Market-Research-505064

B. Fish Oil Products Market

https://www.industryarc.com/Report/17788/fish-oil-products-market.html

Further reports on the food and beverage market can be found here

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