Market Overview
It's expected that worldwide demand for fish oil would expand at an impressive yearly pace throughout the projection period, based on the most recent analysis from industry analysts. It is abundant in omega-3 fatty acids, which are essential in managing heart disease, and maybe acquired by ingesting fish or consuming multivitamins. In addition, seafood such as salmon, herring, tuna, and mackerel are rich in essential fatty acids.
Fish Oil Market Research was valued at USD 14.9 billion in 2022. The Fish Oil market industry is projected to grow from USD 15.73 Billion in 2023 to USD 21.82 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 5.60% during the forecast period (2023 - 2030).
There has been an increase in the use of fish oil due to an increasing number of people struggling from the heart and cardiovascular disease across the world. In addition, an abundance of omega-3 fatty acids from a wide variety of fish raises awareness of the health advantages of fish oil among the general population. As a result, people will consume more fish. As a result, fueling the expansion of the worldwide fish oil market.
Fish oil supplements have achieved significant acceptability in the market due to technological improvements in the healthcare industry, notably during the Covid 19 epidemic.
Market Segmentation
Species, use, and geographic location all have a role in the fish oil industry. There are many different kinds of fish sold on the market, based on their species, such as herring, anchovies, sardines, mackerel, cod, and others. Aquaculture, nutrition pet food, animal medications, vitamins functional food are just a few examples of the many different applications.
It is projected that the anchovy segment will continue to lead the market in terms of growth during the forecast timeframe. Rapid growth for fish oil from medications, supplements, and functional foods has led to a rise in the need for fish oil from humans.
Supplements and functional foods accounted for the most significant proportion of fish oil sales in 2019 due to a rise in the number of people suffering from chronic illnesses, which has resulted in an expansion in the global demand for fish oil supplements.
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Regional Classification
Geography can be further broken down into North America, Europe, Asia-Pacific, South America, and the rest of the world regarding the Fish Oil Market. In 2020, North America accounted for 28 percent of the global market. New products by significant businesses and rising anchovy-fish oil adoption are a few reasons for this sector's expansion. Other variables at play include In the animal nutrition industry, there is an increasing need for menhaden-based fish oils, which is fueling the evolution of the Fish Oil Market. It is predicted that the Asia-Pacific sector will increase at the quickest rate between 2021 and 2026. In addition, there has been a surge in knowledge about the health advantages of DHA and an economic boom by the major companies to manufacture high-quality fish oil.
The fish oil market overview has been riding the crest of a health-conscious wave, with consumers increasingly recognizing the myriad benefits of omega-3 fatty acids. As global dietary preferences continue to shift towards wellness-oriented choices, fish oil has transcended its humble origins to become a powerhouse supplement. This lucrative industry, marked by sustainability concerns and technological advancements, now charts a course toward further growth, promising a sea of opportunities for both producers and consumers alike.
Industry News
The Asia-Pacific region dominated the fish oil business in 2015. Fishmeal and fish oil are used in tremendous quantities in this region due to the rising number of animals and better products. More great marketplace for fish oil may be ascribed to increasing local production and a considerable trade balance of aquaculture products from these countries.
Key Players are:
Oceana Group Limited (South Africa), TripleNine Group (Denmark), Sarma Fish SARL (Morocco), FMC Corporation (US), Blueline Foods (India) Pvt. Ltd (India), Olvea Fish Oils (France)
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