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Fish Oil Market Expected to Reach $2.8 Billion by 2027—Allied Market Research

 
2022
Fish Oil Market

Report Code : A00449

quote The global fish oil market is expected to witness significant growth owing to increase in its uses in pharmaceutical, supplements & functional food and others. Moreover, rise in trend of online sale of fish oil products is anticipated to boost the overall revenue of the industry. However, increase in raw material prices and stringent regulations are expected to hinder the market expansion quote

Shankar Bhandalkar
Team Lead-Research, Food & Beverages at Allied Market Research

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According to a new report published by Allied Market Research, titled, “Fish Oil Market by Species and Application : Global Opportunity Analysis and Industry Forecast, 2021–2027,” the global fish oil market size was valued at $1.9  billion in 2019, and is estimated to reach $ 2.8 billion by 2027 with a CAGR of 5.79% from 2021 to 2027. With a considerable decline in the count of several marine species, the governments across various countries have imposed quota restrictions on the practice of wild fish catching, as a measure to preserve marine life. This alternatively results in the rise of aquaculture, which is an effective intervention that involves the rearing of fish in artificially controlled environments. Moreover, the rearing of farmed fish is much more stable and secure from environmental threats, subsequently resulting in a steady supply of fish supplies, which is imperative for buyers such as large retail and the food and hotel industry. Fish oil is used as a prime ingredient for the aqua feed due to its high production yield, and a high protein yield. Hence, the consumption of fish oil is increasing along with the growth of aquaculture industry.

Moreover, it is observed that, the production of fish oil has significantly decreased in recent years, owing to the shortage of raw fish. This production shortfall is creating demand-supply gap of fish oil in end-user industries. Therefore, the major end-users such as aquaculture industry, have started investing in a suitable alternative of fish oil. In absence of whole fish, fish oil can be produced from by-product, such as heads, viscera and back-bones as they are very a good source to produce fish oil. These by-products can be further processed into fishmeal and fish oil. Currently, almost 30% of fish oil and fishmeal is produced from by-products and fish waste. Due to shortage of whole fish, the by-product usage for fish oil is expected to increase the fish oil production, which further augments the growth of the fish oil market. However, the fish oil industry has to manage many permits from the Ministry of Production and also from the Ministry of Environment. The governments of various countries have imposed stringent regulations and have set fishing quotas, which limits the fishing and in turn, hampers the fish oil production. The quota is primarily set to improve the sustainability of the fishing industry. The European Union has imposed nation/country wise TAC (Total Allowable Catches) and quotas to strictly regulate the volume and frequency of fishing activities in the region. As a result, the manufacturers do not get enough raw fish for oil extraction, which results the production shortfall. 

Fish oil helps in maintaining a healthy balance between omega-3 and omega-6 fatty acids, which helps in reducing the inflammatory processes in the human body. Moreover, it also helps in lowering the risks of coronary heart diseases as well as maintaining normal blood pressure and normal bold lipid values. Furthermore, fish oil is a beneficial supplement for pregnant women and kids as it is an important component in balanced nutrition. Thus, effective benefits of fish oil are one of the key factors owing to which it is used in pharmaceutical, which boosts the growth of the fish oil market.

Key Findings Of The Study

  • By species, the anchovy segment dominated the global fish oil market in 2019, and is expected to retain its dominance throughout the forecast period.

  • By application, the supplements & functional food segment accounted for the highest share in the fish oil market growth in 2019, and is projected to grow at a CAGR of 4.39% from 2021 to 2027.

  • By region, Asia-Pacific accounted for highest fish oil market share in 2019, and is expected to grow at a CAGR of5.06%.

The key players operating in the fish oil market analysis 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.   

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quote Fish Oil Market by Species (Anchovy, Mackerel, Sardines, Cod, Herring, Menhaden and Others), and (Aquaculture, Animal Nutrition & Pet Food, Pharmaceuticals, Supplements & Functional Food and Others): Global Opportunity Analysis and Industry Forecast, 2021–2027 quote

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