The global fish oil alternatives market reached a value of USD 2.4 billion by the end of 2022 & expanding at USD 2.5 billion in 2023. Future Market Insights (FMI) anticipates it to grow at a rate of over 5% between the years 2023 and 2033. As per this fish oil alternatives market analysis report, the overall valuation is projected to reach USD 4.1 billion by 2033.
Increasing the acceptability of plant-based diets to lessen the burden of cardiovascular diseases is boosting the sales of fish oil alternatives. It is anticipated that global consumption of omega-3 fatty acids may rise as public knowledge of its health advantages rises.
As soybean, safflower, sunflower, cotton, and corn seeds are abundant sources of omega-3, there is an increasing demand for vegetable oils made from their seeds globally. So, the fish oil alternatives sector is anticipated to rise promisingly throughout the projected period.
Traditionally the demand for omega-3 constituents has encouraged the use of fish oil substitutes high in omega-3 fatty acids. Moreover, the availability of omega-3 fats is no more limited to only those who strictly adhere to a plant-based diet. It is likely to be produced more for non-veg consumers as plant-based diets can lower the risk of heart disease.
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.
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
Product Type:
- Chia Seed Oil
- Soybean Oil
- Canola Oil
- Hemp Seed Oil
- Algae Oil
- Walnut Oil
- Flaxseed Oil
- Other Oils
Application:
- Food & Beverage Industry
- Cosmetics and Personal Care
- Animal Feed
- Pet Food Additive
- Pharmaceuticals
- Neutraceuticals
Sales Channel:
- Offline Channel
- Supermarkets or Hypermarkets
- Departmental Stores
- Convenience Store
- Online Channel
- Company Website
- E-commerce Platform
- Other Online Websites
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