The latest report by IMARC Group, titled “Fish Oil Market Report by Source (Anchoveta, Sardine, Capelin, Menhaden, Herring, Anchovy, and Others), Distribution Channel (Hypermarkets and Supermarkets, Specialty Stores, Online Stores, and Others), End Use (Aquaculture, Animal Feed, Nutritional Supplements, Pharmaceutical, and Others), and Region 2024-2032“,The global fish oil market size reached US$ 2.3 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 3.8 Billion by 2032, exhibiting a growth rate (CAGR) of 5.61% during 2024-2032.
Factors Affecting the Growth of the Fish Oil Industry:
- Expansion of Aquaculture:
The expansion of aquaculture, especially fish farming, plays a pivotal role in increasing the global supply of fish, a primary source for oil extraction. As aquaculture practices become more prevalent and sophisticated, they enable a steady and controlled production of fish species like salmon, trout, and anchovy, which are rich in omega-3 fatty acids. This enhanced fish production secures a consistent raw material supply for fish oil extraction and helps stabilize prices, making fish oil more accessible and affordable for consumers and industries. Along with this, the controlled environment of aquaculture allows for better health and diet management of the fish, potentially leading to higher yields of oil per fish. These developments in aquaculture contribute significantly to meeting the rising demand for fish oil, employed in dietary supplements, pharmaceuticals, and as a nutritional component in animal feed.
- Technological Advancements:
Technological advancements in fish oil extraction methods have significantly improved the efficiency and sustainability of production. Additionally, modern extraction technologies, such as supercritical fluid extraction and enzymatic hydrolysis, offer more efficient ways to extract higher quality and purity levels of fish oil, minimizing waste and reducing the environmental impact compared to traditional methods. These technologies also allow for better preservation of the oil’s nutritional properties, enhancing the health benefits of the final product. Besides this, as these methods become more cost-effective, they lower production costs, enabling producers to expand their market reach. Such technological improvements not only benefit the fish oil industry by boosting productivity and sustainability but also attract consumers looking for high-quality, eco-friendly products.
- Increasing Research and Development:
The ongoing research and development (R&D) in the health benefits and potential new applications of fish oil are essential for innovation and market expansion. Additionally, fish oil, rich in omega-3 fatty acids, has been linked to a multitude of health benefits, including improved heart health, anti-inflammatory properties, and support for brain function. This has spurred extensive research into its application in pharmaceuticals, where it is used to develop treatments for various health conditions. Besides this, the inclusion of fish oil in pet food and functional foods is growing due to its nutritional benefits. As researchers continue to uncover new uses and benefits of fish oil, this drives product development and diversification, further expanding the market and increasing consumer interest across different sectors, from health and wellness to pet care across the globe.
For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/fish-oil-market/requestsample
Competitive Landscape with Key Player:
- China Fishery Group Limited
- Corporación Pesquera Inca S.A.C. (Copeinca AS)
- Camanchaca, FF Skagen A/S
- Foodcorp Chile S.A (Austevoll Seafood ASA)
- OLVEA Fish Oils (OLVEA)
- Oceana Group Limited
- Pesquera Diamante S.A.
- Pioneer Fishing
- TripleNine Fish Protein A/S (TripleNine Group).
Report Segmentation:
The report has segmented the market into the following categories:
Breakup by Source:
- Anchoveta
- Sardine
- Capelin
- Menhaden
- Herring
- Anchovy
- Others
Sardines account for the largest market share due to their abundant and widely harvested, making them a primary source of fish oil due to their high oil content compared to other fish species.
Breakup by Distribution Channel:
- Hypermarkets and Supermarkets
- Specialty Stores
- Online Stores
- Others
Based on the distribution channel, the market has been categorized into hypermarkets and supermarkets, specialty stores, online stores, and others.
Breakup by End Use:
- Aquaculture
- Salmon and Trout
- Marine Fish
- Crustaceans
- Tilapias
- Others
- Animal Feed
- Nutritional Supplements
- Pharmaceutical
- Others
Aquaculture dominates the market growth due to the rapid expansion of aquaculture operations worldwide, particularly in sectors like fish farming and shrimp farming, which has increased demand for fish oil as a vital component in aquafeed formulations, thereby driving market growth.
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Europe’s dominance in the fish oil market is attributed to its strong pharmaceutical and nutraceutical industries, coupled with a growing demand for omega-3 supplements, which has positioned it as the largest market for fish oil globally.
Global Fish Oil Market Trends:
At present, fish oil is rich in omega-3 fatty acids, which are known for their health benefits such as heart health, brain function, and anti-inflammatory properties. As awareness about these benefits grows, so does the demand for fish oil supplements. Additionally, fish oil is widely used in pharmaceuticals for its therapeutic benefits, especially in the treatment of cardiovascular diseases, arthritis, and other inflammatory conditions which increased its application in the pharmaceutical industry. Moreover, several advances in technology have improved the extraction and purification processes of fish oil, leading to higher-quality products with reduced contaminants which bolstered consumer confidence in fish oil supplements, thus contributing to the market growth.
Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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