The global fish oil alternatives market attained a value of USD 2.4 billion by 2022’s end. According to Future Market Insights (FMI), it will expand at a rate of more than 5% between 2023 and 2033. This fish oil substitutes market study report projects that by 2033, the total worth will amount to US$ 4.1 billion.
Fish oil substitutes are seeing an increase in sales as plant-based diets become more popular as a way to reduce the burden of cardiovascular illnesses. As more people become aware of the health benefits of omega-3 fatty acids, it is predicted that the world’s consumption of these fats may increase.
Worldwide demand for vegetable oils derived from the seeds of soybean, safflower, sunflower, cotton, and corn is rising since these seeds are rich sources of omega-3 fatty acids. Therefore, it is expected that the fish oil substitutes industry will grow positively over the estimated time frame.
The usage of fish oil alternatives that are high in omega-3 fatty acids has historically been pushed by the demand for omega-3 components. Furthermore, people who exclusively follow a plant-based diet are no longer the only ones with access to omega-3 fats. Since a plant-based diet can reduce the risk of heart disease, it is probably manufactured in greater quantities for non-vegetarian consumers.
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Growing demand for fish oil alternatives in industrial verticals, including cosmetics, animal feed, and pharmaceuticals, is poised to develop the market. During the forecasted period, producers of fish oil alternatives are projected to have development prospects with their expanding scope of application.
Increased adoption of fish oil alternatives in home cooking is projected to strengthen the online sales channel of the market. eCommerce websites can also be regarded as having developed the market for the commodity in many new regions.
Key Takeaways from the Fish Oil Alternatives Market Study Report
- The United States holds a greater share of the global fish oil alternatives market due to higher consumption of Omega-3. The market is yet to reach its peak as the trend of veganism is continuously increasing its sales.
- With the increased need for pre-portioned baby food formulae, Asia Pacific could witness a greater need for oil alternatives. This is because nations like India, China, Japan, and Thailand are expected to have a higher demand for infant formula.
- The healing qualities of fish oil alternatives are predicted to drive the pharmaceuticals segment’s growth during the forecast period.
- With a revenue share of more than 50% in 2022, the application of fish oil alternatives in supplements and functional food ingredients is the dominant segment.
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Competitive Landscape for the Fish Oil Alternatives Market Players
Burcon Nutrascience Corp., Cargill Inc., Dupont PVT Ltd., and Sotexpro are a few of the industry leaders globally. To increase their market share, these key players are investing highly in product innovation and the acquisition of regional players. Given the vast market potential, there have been new players entering the market at all points along the value chain.
Recent Developments by the Fish Oil Alternatives Industries
For instance, Algorithm, AlaskOmega, and Aenova collaborated to develop chewable vegan soft gel capsules in September 2021. This product containing microalgae-based alpha mega omega-3 DHA oil was designed to provide businesses with a competitive advantage over rivals.
Due to the environmental advantages of plant sources over fish oil, major fish oil suppliers are now switching effectively. For instance, Cargill Incorporated introduced “Latitude” in October 2018 as a sustainable alternative source of omega 3 in feeds.
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Key Segments Covered by Fish Oil Alternatives Industry Survey Report
Fish Oil Alternatives Industry by Product Type:
- Chia Seed Oil
- Soybean Oil
- Canola Oil
- Hemp Seed Oil
- Algae Oil
- Walnut Oil
- Flaxseed Oil
- Other Oils
Fish Oil Alternatives Industry by Application:
- Food & Beverage Industry
- Seasonings & Dressings
- Sauces & Dips
- Other foods
- Cosmetics and Personal Care
- Skin Care
- Hair care
- Other Products
- Animal Feed
- Poultry Feeds
- Cattle Feeds
- Aqua Feeds
- Other Feeds
- Pet Food Additive
- Dog Food
- Cat Food
- Other Pet Foods
- Pharmaceuticals
- Neutraceuticals
- Dietary Supplements
- Sports Nutrition
- Bio Fuels
- Other Applications
Fish Oil Alternatives Industry by Sales Channel:
- Sales of Fish Oil Alternatives over Offline Channel
- Supermarkets or Hypermarkets
- Departmental Stores
- Convenience Store
- Sales of Fish Oil Alternatives over Online Channel
- Company Website
- E-commerce Platform
- Other Online Websites
Fish Oil Alternatives Industry by Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia and Pacific
- Middle East and Africa (MEA)
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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