The global fish oil market size was valued at $1,905.77million in 2019, and is estimated to reach $ 2,844.12million by 2027 with a CAGR of 5.79% from 2021 to 2027. Fish oil is derived from the tissues of fish that contain omega 3 fatty acids, such as eicosapentaenoic acids (EPA) and docosahexaenoic acids (DHA). Omega-3 fatty acids are largely used in the segments of aquaculture, animal nutrition & pet feed, supplements & functional food and pharmaceuticals and others. Moreover, fish oil also helps in improving the cardiovascular system and also plays a major role in proper functioning of the nervous system. The growing awareness among the medical professionals and public about the importance of omega-3 fatty acids has led to significant increase in fish oil consumption. Therefore, companies are now expanding their nutraceutical product line with the addition of concentrated EPA and DHA. The rising demand of EPA and DHA in human nutrition has made a notable impact on the global fish oil market.
The omega 3 fatty acid present in fish oil is important and very essential for elder people for reducing risk of chronic dieses and most importantly the older consumers are keen to take preventive measures in terms of heart, cognitive, eye and joint deterioration. With increasing awareness about the health benefits of omega-3, its consumption is expected to increase among the consumers. The fish oil market will witness a significant growth as a huge number of global population is expected to fall in 65-demography. Currently, more than 25.9% of the Japanese population is aged over 65; therefore, omega 3 fish oil is largely consumed in Japan to avoid risk of cardio vascular diseases in elder consumers. To reduce the occurrence of such chronic dieses, the Japanese government is also creating awareness for intake of omega 3 fatty acid in the diet. This trend is expected to follow in rest of the world in coming years and higher awareness of health and wellbeing among senior consumers will drive the fish oil market during the forecast period. However, adverse climatic conditions largely restrain the growth of the fish oil market. El Nino is an adverse climatic phenomenon that develops in the central and east central parts of the Pacific and is characterized by the warming of ocean water and high air pressures. El Nino results in a major change of temperatures globally and causes high rainfall and fluctuations in air temperatures that severely affect agriculture and fishing activities along coastal areas in developing countries. El- Nino also hampers the transport activities in these coastal areas, resulting in an increased cost of transportation. Thus, change in climatic conditions is anticipated to hamper the fish oil market growth.
The fish oil market is segmented into species, application and region. By species, the market is categorized into anchovy, mackerel, sardines, cod, herring, menhaden and others. By application, it is classified into aquaculture, animal nutrition & pet food, pharmaceuticals, supplements & functional food and others. By region, it is analyzed across North America (U.S., Canada, and Mexico), Europe (UK, Germany, Denmark, Norway, Belgium and rest of Europe), Asia-Pacific (China, Japan, India, Vietnam, Indonesia and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
The mackerel segment would witness the fastest growth, registering a CAGR of 10.94% during the forecast period.
By species, the anchovy segment led in terms of market share in 2019, and is expected to retain its dominance during the forecast period. This is attributed to increase in demand of fish oil in pharmaceuticals, supplements & functional food and others, which boosts the demand for fish oil among individuals.
Aquaculture segment would witness the fastest growth, registering a CAGR of 8.88% during the forecast period.
By application, the supplements & functional food segment led the fish oil market share in 2019, owing to increase in prevalence of chronic diseases in human beings, which leads to the rising use of fish oil in supplements around the world.
North America segment would witness the fastest growth, registering a CAGR of 8.62% during the forecast period.
The key players operating in the fish oil industry include Omega Protein Corporation, FMC Corporation, Copeinca AS, Corpesca SA, Colpex International, TripleNine Group A/S, FF Skagen A/S, Pesquera Diamante S.A., Marvesa Holding N.V. and Pesquera Exalmar.
Key Benefits For Stakeholders
This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the fish oil market analysis from 2019 to 2027 to identify the prevailing fish oil market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier–buyer network.
In-depth analysis of the fish oil market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market industry.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as the global fish oil market trends, key players, market segments, application areas, and market growth strategies.
Fish Oil Market Report Highlights
Key Market Players
Colpex International, Corpesca S.A., TripleNine Group A/S, Omega Protein Corporation, Pesquera Diamante S.A., FF Skagen A/S, Marvesa Holding N.V., FMC Corporation, Pesquera Exalmar, Copeinca AS
Innovation is the key for the growth of the global fish oil market in terms of value sales. In addition, developments such as on-land recirculating aquaculture systems, aquaponic systems, offshore systems and the use of information technology has boosted the aquaculture industry globally, which also resulted in fueling the growth of the fish oil market.
According to the perspective of CXOs of the top companies in the market, the rising demand for long chain omega-3 fatty acid primarily drives the global fish oil market. However, impositions on the fishing quota and adverse climatic conditions such as the El Nino impede the market growth. Presently, the aquaculture industry is the largest consumer of fish oil, as it acts as ideal energy source and provides essential fatty acids to farmed fishes. On the other hand, CXOs are concerned about increasing demand-supply gap, which leads to price fluctuation of fish oil in the global market. However, the CXO’s are very optimistic about the rising demand of omega 3 in human nutrition applications, such as pharmaceutical and supplements & functional foods. This in turn fosters the market growth. Moreover, in North America, fish oil is largely used in pharmaceuticals and supplements & functional food applications, due to the rising health awareness among consumers, which also result in fuelling the growth of fish oil market.