Fish Oil Market - Forecast(2023 - 2028)

Fish Oil Market Overview

Fish Oil Market size is estimated to reach $3.2 billion by 2026, growing at a CAGR of 6.4% during the forecast period 2021-2026. Fish oil is derived from the fish tissues that contain omega 3 fatty acids, such as docosahexaenoic acids (DHA) and eicosapentaenoic acids (EPA). Fish oil provides various health benefits, such as improving the cardiovascular system and enhancing the functioning of the nervous system. Fish oil is increasingly being adopted across the world owing to the growing awareness about the benefits of fish oil and the increase in the demand for omega 3 fatty acids. The rise in the adoption of anchovy-based fish oil in developed nations, increase in the demand for menhaden-based fish oils in animal nutrition, rise in awareness about the health benefits of docosahexaenoic acids (DHA), and the growing investment by the key players to develop high-quality fish oil are the factors that are set to drive the growth of the Fish Oil Market for the period 2021-2026.

Report Coverage

The report: “Fish Oil Market Forecast (2021-2026)”, by Industry ARC, covers an in-depth analysis of the following segments of the Fish Oil Market.

Key Takeaways

• Geographically, the North America Fish Oil Market accounted for the highest revenue share in 2020 and it is poised to dominate over the period 2021-2026 owing to the rise in the adoption of anchovy-based fish oil in developed nations.
• The increase in the demand for menhaden-based fish oils in animal nutrition is driving the Animal Nutrition segment. However, adverse climatic conditions is one of the major factors that is said to reduce the growth of the Fish Oil Market.
• Detailed analysis on the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Fish Oil Market report.
  
  

Fish Oil Market Segment Analysis-By Source

The Fish Oil Market based on the Source can be further segmented into Menhaden, Anchovy, Cod, Mackerel, Herring, Sardines, and Others. The Anchovy segment held the largest share owing to the factors such as the increase in awareness about the presence of docosahexaenoic acids (DHA) in anchovy-based fish oil and the rise in the product launches of anchovy-based fish oils. The growing investment by the key players to develop anchovy-based fish oils is driving the growth of the Fish Oil Market. The Menhaden segment is estimated to be the fastest-growing segment with a CAGR of 6.7% over the period 2021-2026. This growth is owing to the factors such as the growing demand for omega 3 fatty acids in various applications and the increase in the adoption of menhaden-based fish oils in animal nutrition.

Fish Oil Market Segment Analysis-By Application

The Fish Oil Market based on the Application can be further segmented into Animal Nutrition, Aquaculture, Supplements & Functional Food, Pharmaceuticals, and Others. The Animal Nutrition segment held the largest share in 2020 owing to the factors such as the growing adoption of menhaden-based fish oils in animal nutrition and increasing demand for omega 3 fatty acids in animal nutrition. The rise in investment by the key players in countries, such as India and China to develop quality fish oil products in animal nutrition is driving the growth of the Fish Oil Market. The Aquaculture segment is estimated to be the fastest-growing segment with a CAGR of 6.9% over the period 2021-2026. This growth is owing to the factors such as the growing demand for anchovy-based fish oils and the rise in importance of regular stocking for enhancing fish production output.

Fish Oil Market Segment Analysis-By Geography

The Fish Oil Market based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America, and Rest of World. North America held the largest share with 28% of the overall market in 2020. The growth in this segment is owing to the factors such as the rise in the adoption of anchovy-based fish oil in developed nations and the increase in the product launches by the key players. The growing demand for menhaden-based fish oils in animal nutrition is driving the growth of the Fish Oil Market. Asia-Pacific segment is estimated to be the fastest-growing segment over the period 2021-2026. The growth in this segment is owing to the factors such as the rise in awareness about the health benefits of docosahexaenoic acids (DHA) and the growing investment by the key players to develop high-quality fish oil.

Fish Oil Market Drivers

Rise in the Demand for Omega 3 Fatty Acids

The omega 3 fatty acids present in fish oil are very essential for elder people for reducing the risk of chronic diseases, heart, cognitive, and joint deterioration. The rise in customer awareness about the benefits of omega 3 fatty acids has propelled the demand for various fish oils, which is one of the major factors driving the growth of the Fish Oil Market.

Increase in the Adoption of Anchovy-Based Fish Oils

Customers across the world are increasingly shifting towards anchovy-based fish oils owing to their benefits, such as reducing triglyceride levels, slowing the buildup of plaque in arteries, and reducing blood pressure. The key players across the world are also focusing on developing quality anchovy-based fish oils, which is further propelling the growth of the Fish Oil Market.

Fish Oil Market Challenges

Adverse Climatic Conditions

The key players in the market are increasing their investment to carry out various research and development activities for developing quality fish oil to meet the demand for omega 3 fatty acids. However, adverse climatic conditions is one of the major factors that is estimated to reduce the growth of the Fish Oil Market.

Fish Oil Market Competitive Landscape:

Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Fish Oil Market. Key companies of this market are FMC Corporation, Colpex International, Pesquera Diamante S.A., Omega Protein Corporation, Marvesa Holding N.V., Wiley Companies, BASF SE, AlaskOmega, Croda Inc, and Pesquera Exalmar among others.

Partnerships/Product Launches:

• In April 2020, AlaskOmega has launched Omega 3 concentrate natural fish oils for incorporating high levels of omega-3 into various applications, such as meal replacement powders, energy bars, vitamin blends, dairy products, and other functional foods and beverages.
• In March 2020, Wiley Companies has launched omega 3 concentrate fish oil that provides a minimum of 200mg docosahexaenoic acids (DHA) and eicosapentaenoic acids (EPA). The product has been designed for use in food and beverages and dietary supplements.
• In November 2019, BASF SE has entered into a partnership with Ideogen to develop an omega-3 fatty acid solution for addressing the growing concern of patients with chronic non-alcoholic fatty liver disease (NAFLD).

Relevant Links:

For more Food and Beverage Market related reports, please click here