A new analysis from market research and competitive intelligence source Future Market Insights states that the size of the worldwide fish oil market was predicted to be US$ 12.3 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 6.8% from 2022 to 2032 to reach US$ 23.8 billion.
As health supplements grow more popular, top fish oil companies are focusing on delivering omega fish oil/omega-3 supplements in the global market. As a result of the high level of competitiveness, manufacturers are adding more nutrients to their products.
Because of the increased demand for fish oil from the pharmaceutical industry, prominent fish oil producers are focusing on developing new products for the global market.
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Omega-3 fatty acids are required in large proportions in aquaculture, animal nutrition and pet feed, supplements and functional food, medications, and other industries. Furthermore, fish oil helps the neurological system work properly and enhances the cardiovascular system.
As doctors and the general public become more aware of the importance of omega-3 fatty acids, fish oil consumption has increased substantially. As a result, companies are developing nutraceutical products with enriched EPA and DHA. The increased need for EPA and DHA in human nutrition has had an impact on the global fish oil market.
Key Takeaways from Market Study
- With a market share of 32.1 percent in 2021, North America will continue to dominate the worldwide market.
- China’s market is projected to be strengthened by the ingredient’s potential for sports nutrition, as well as expanding chances for highly personalised nutrition.
- Australia currently controls 73.4 percent of the Oceania market and is expected to increase at an annual rate of 8.7% in the next years.
- India is one of the fastest-growing economies in South Asia, and fish oil is in high demand.
- In 2021, India’s fish oil demand is expected to be worth USD 37.7 million.
- In 2021, sales of pharmaceutical-grade fish oil are estimated to account for more than 48% of total sales.
- Fish liver oil sales are increasing as a result of the increased demand for sardine oil in animal feed.
- Germany held a 24.2 percent market share in Europe in 2021
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Competitive Landscape
The fish oil industry is slightly fragmented, varied, and competitive, with a number of small and mid-sized businesses actively engaged in product development and research. Every region has seen the growth of subsidiaries, commercial divisions, and research institutes supported by major participants in the fishmeal and fish oil sector.
Some of the leading companies offering Fish Oil are 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.
Get More Valuable Insights
Future Market Insights, in its new offering, provides an unbiased analysis of the Fish Oil presenting historical demand data (2017-2021) and forecast statistics for the period from 2022-2032.
The study divulges compelling insights on the Fish Oil based on Product ( Sardine Oil, Squalene Oil, Cod Liver Oil, Krill Oil, Salmon Oil, Tuna Oil, Menhaden Oil ,Anchovy Oil, and Others) , Grade (Food Grade , Pharma Grade and Feed Grade ), Process Type (Modified Fish Oil, Refined Fish Oil, and Crude Fish Oi), End User(Aqua feed ( Cyprinids, Marine fish, Salmon & Trout, Crustaceans, Eels, Tilapias), Food & Beverages, Dietary Supplements, Cosmetic & Beauty Product), Distribution Channel – B2B ( Manufacturers and Distributors), B2C ( Modern trade (hypermarkets & supermarkets), Convenience stores, grocery stores, medical stores, discount stores), E- commerce/ online stores, and across seven major regions of the world (North America, Latin America, Europe, East Asia, South Asia, Oceania, and MEA).
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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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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