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The global fish oil market is witnessing a crucial rise due to increasing demand for the product for the production of dietary supplements and functional food. Increased regulatory support for promoting the fishery industry, coupled with rising R&D investments to fetch pharmaceutical significance to the product is expected to aid the growth of the market during the forecast period.
Key market players operating in the global fish oil market are focusing on the launch of new products to maintain their market prominence. Acquisition of small market players by the large market has also remained a significant strategy of the global fish oil market. FMC Corporation, DSM, Croda International Plc., TripleNine Group, and Omega Protein Corporation are some of the key players operating in the global fish oil market.
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Fish oil, which is derived from the body tissue of oily fish, such as salmon, tuna, anchovy, and others have various health benefits, due to the presence of omega 3 fatty acids within it. Presence of alpha-linolenic acid (ALA), docosahexaenoic acid (DHA), and alpha-linolenic acid (ALA) in omega 3 fatty acids make them crucial to be utilized for the production of dietary supplements.
Fish oil, being a rich source of crucial omega 3 fatty acids, can potentially help in reducing bad cholesterol, blood pressure, and can reduce the chances of coronary heart diseases, which in turn is expected to drive the fish oil market growth. Abundant availability of land for fish farming and favorable climatic conditions in countries, such as China and India is boosting the aquaculture activities in the countries, which is further expected to fuel the growth of fish oil market in the upcoming years.
The high price of fish oil, coupled with a high demand-supply gap in the fish oil market can obstruct the growth of the global fish oil market during the forecast years. Increased consumption of fish oil by aquaculture can lead to its shortage for other applications, such as dietary supplements, cosmetics, pharmaceuticals, and others, which can affect the market growth negatively.
Some of the key companies that are present in the global fish oil market are Croda International PLC., BASF SE, DSM, FMC Corporation, Omega Protein Corporation, Copeinca ASA, American Marine Ingredients, Pelagia AS, TripleNine Group, Blueline Foods Pvt. Ltd., Sarma Fish SARL, and GC Rieber Oils among the other fish oil producers.
· Cod Liver
· Aquaculture Feed
· Animal Feed
· Functional Food
· Dietary Supplements
· North America (U.S., Canada, and Mexico)
· Europe (France, Germany, Italy, Spain, U.K., Russia, and Rest of Europe)
· Asia Pacific (China, India, Japan, Australia, and Rest of Asia Pacific)
· South America (Brazil, Argentina, and Rest of South America)
· Middle East & Africa (South Africa and Rest of ME&A)
By species, the global fish oil market has been segmented into tuna, cod liver, salmon, anchovy, menhaden, and others. Salmon segment is projected to be the leading segment in the global fish oil market, due to numerous health benefits offered by the product. Salmon fish oil is rich in Omega 3 fatty acids, hence can potentially provide benefits in cardiovascular diseases, curing depression, reducing the symptoms of arthritis, and in improving skin and hair health significantly.
By application, the global fish oil market has been segmented into aquaculture feed, animal feed, functional food, dietary supplements, pharmaceuticals, and others. At present, aquaculture segment holds the major market share, and it is anticipated to be the dominant segment during the forecast period. Increased focus on improving global fish production, coupled with fostering farming of prominent fish species, such as salmon & trout is projected to increase the usage of fish oil in aquaculture applications.
Europe is expected to dominate the global fish oil market during the forecast period, owing to increased aquaculture activities in countries such as the UK and Norway. Presence of Denmark, which is a leading producer of fish oil, in Europe is further projected to aid the fish oil market growth in the forthcoming years. The Asia Pacific is anticipated to witness a significant rise in the fish oil market during the forecast years, due to the flourishing aquaculture industry in China, Thailand, India, and Indonesia. Increased awareness among Asian consumers regarding the health benefits offered by the product is projected to influence the fish oil market growth positively.
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