Fish Oil Market Analysis And Growth Forecast 2024-2032

Global Fish Oil Market Analysis

The global fish oil market is poised for significant growth, projected to expand from US$ 2.19 billion in 2023 to US$ 3.61 billion by 2032, with a robust CAGR of 5.71% from 2024 to 2032. This growth is primarily driven by increasing consumer awareness of the health benefits of omega-3 fatty acids, rising demand from the aquaculture sector, and technological advancements in fish oil extraction processes.

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What is Fish Oil?

Fish oil is a type of oil extracted from the tissues of fatty fish species such as tuna, mackerel, sardines, and anchovies. Known for its rich content of omega-3 fatty acids, including EPA (eicosapentaenoic acid) and DHA (docosahexaenoic acid), fish oil is widely used in dietary supplements, functional foods, and pharmaceuticals. It is renowned for its numerous health benefits, including promoting heart health, improving cognitive function, reducing inflammation, and enhancing skin health.

Key Drivers of Fish Oil Market Growth

1. Growing Awareness of Health Benefits

As consumers become more health-conscious, the demand for natural supplements, particularly omega-3 rich fish oil, has surged. Fish oil is recognized for its heart health benefits, such as lowering bad cholesterol (LDL) and raising good cholesterol (HDL), thus reducing the risk of heart disease and stroke. Additionally, its potential to enhance brain function and prevent cognitive decline is fueling interest in fish oil supplements, particularly among the aging population.

Moreover, the anti-inflammatory properties of fish oil make it a popular remedy for conditions like arthritis, further contributing to its demand. As more people turn to natural, preventative health solutions, fish oil has become a key ingredient in many dietary supplements, functional foods, and beverages.

2. Surging Demand from Aquaculture

The growth of the aquaculture industry is one of the key drivers behind the increasing demand for fish oil. Fish oil is a vital component of aquafeed (feed for farmed fish) as it supports the growth and overall health of fish, improving feed conversion ratios and immune function. As global demand for seafood rises, the aquaculture industry has expanded rapidly to meet this need, driving up the demand for fish oil in aquafeed formulations.

The shift toward sustainable fish farming, as opposed to relying on wild-caught fish, further elevates the role of fish oil in aquaculture. Fish farming provides a more sustainable and controlled environment for seafood production, prompting greater use of fish oil in feed.

3. Technological Advancements in Fish Oil Extraction

Technological innovations in fish oil extraction techniques have significantly improved the efficiency of production. Advanced extraction methods, such as enzymatic hydrolysis and supercritical fluid extraction, allow producers to extract higher-quality fish oil with minimal loss of essential omega-3 fatty acids. These methods not only enhance the yield but also improve the bioavailability and concentration of key nutrients like EPA and DHA, making fish oil supplements more potent and effective.

Moreover, these technological advancements have helped reduce production costs, making high-quality fish oil more accessible and affordable for a wider range of consumers. The ability to produce more bioavailable fish oil has also spurred the development of value-added fish oil products with improved functionalities, catering to the needs of various industries such as pharmaceuticals and nutraceuticals.

Regional Insights: The Asia-Pacific Fish Oil Market

The Asia-Pacific region holds a significant share of the global fish oil market, driven by its substantial fisheries production and the growing popularity of omega-3 supplements. Countries like China, India, and Japan have seen increased consumption of fish oil, particularly due to the aging population and rising health awareness.

In China, for example, fish oil production has grown in tandem with the country’s expanding aquaculture sector. China is one of the world’s largest producers of fish oil, particularly from species like anchovies and sardines. The country is also working to improve the quality of its fish oil products, focusing on pharmaceutical-grade oils to cater to the growing demand from the health and wellness sectors.

Global Fish Oil Market: Company Analysis

Several prominent companies are leading the fish oil market, leveraging innovations in product offerings and extraction techniques. Key players include:

  • Croda International Plc.
  • Mukka Proteins Limited
  • FKS Multi Agro
  • GC Rieber Oil
  • Colpex International SAC
  • Corpesca S.A.
  • FF Skagen A/S
  • Nutrifynn Caps, Inc.

These companies are engaged in the production of high-quality fish oil products and are actively expanding their market presence through product innovation and strategic partnerships.

Recent Industry Developments

The fish oil market has witnessed several significant developments in recent years:

  • November 2022: Grontvedt, a Norwegian biotech company, launched a sustainable omega-3 product derived from pelagic Atlantic herring, rich in cetoleic acid, to meet the rising demand for eco-friendly and high-quality omega-3 supplements.
  • November 2022: Solid Gold, known for its innovative pet nutrition products, introduced “Let’s Sea Fish Oil,” a fish oil blend designed for pets. This product is rich in essential omega fatty acids and provides health benefits for pets, including improved skin, coat, and overall nutritional support.
  • September 2021: Evonik launched the AvailOm platform for high-load omega-3 powder in India. This move was in response to the growing demand for omega-3 supplements in the Indian market and was approved by the Food Safety and Standards Authority of India (FSSAI).

Market Forecast and Future Trends

The global fish oil market is set to experience sustained growth in the coming years, fueled by rising consumer interest in health supplements, increased aquaculture activities, and ongoing advancements in fish oil production technologies. The market is also expected to benefit from growing demand in emerging markets such as Asia-Pacific and Latin America, where rising awareness about the benefits of omega-3 fatty acids is driving consumption.

As the demand for sustainable and high-quality fish oil continues to grow, companies will likely focus on improving extraction methods, enhancing product bioavailability, and developing specialized products for various applications, such as pharmaceuticals and nutraceuticals.

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Anticipated Growth: Fish Oil Market Projected to Surge with a 5.89% CAGR from 2023 to 2030 | Renub Research

A recent analysis by Renub Research, titled “Fish Oil Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2030,” offers thorough market share insights. The report also includes an analysis of the competitors, niches, and recent developments in the Fish Oil Market.

Fish Oil Market will rise at a CAGR of 5.89% between 2023 and 2030. Fish oil, a crucial component in aqua feed, is derived from fish tissues containing omega-3 fatty acids like EPA and DHA. These fatty acids find applications in various sectors, including aquaculture, animal nutrition, pet feed, supplements, functional food, and pharmaceuticals. Not only does fish oil enhance cardiovascular and nervous system health, but there has also been a notable uptick in its consumption. The growing awareness among medical professionals and the public regarding the significance of omega-3 fatty acids has prompted companies to expand their nutraceutical product lines, incorporating concentrated EPA and DHA. This heightened demand for EPA and DHA in human nutrition has significantly influenced the global fish oil market.

Adequate intake of omega-3 fatty acids is of paramount importance for the elderly population as it helps in mitigating the risk of chronic ailments. The preventive measures taken against heart, cognitive, eye, and joint deterioration can be attributed to the consumption omega-3. With the growing awareness of the various health benefits associated with omega-3, consumers are expected to increase their consumption of this essential nutrient. This trend is expected to significantly boost the fish oil market, particularly considering the substantial global population within the 65-and-over demographic.

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In Japan, over 25.9% of the population is 65 and above, and omega-3 fish oil is widely consumed to reduce the risk of cardiovascular diseases in the elderly. The Japanese government is encouraging people to eat more omega-3 fatty acids to help prevent chronic diseases. This pattern is forecasted to extend globally in the upcoming years, with increased consciousness of health and well-being among senior consumers becoming a driving force for the fish oil market throughout the forecast period.

The fish oil market faces impediments due to unfavorable climatic conditions. The climatic phenomenon known as El Niño, originating in the central and eastern Pacific, leads to substantial rainfall and temperature fluctuations. This significantly impacts agriculture and fishing operations along coastal regions in developing nations. El Niño also disrupts transportation in these areas, escalating transportation costs. Consequently, an alteration in climatic conditions is expected to hinder the expansion of the fish oil market. Fish Oil Market is expected to be valued at around US$ 3.62 billion by 2030, according to Renub Research.

Denmark will still dominate the Export of fish oil industry.

Meanwhile, in terms of the fish oil industry’s global market, Denmark will remain a leader in the export market. A high technology is combined with a mature fishing industry and advanced sustainable fishing techniques to make it one of the foremost exporters of fish oil of superior quality. Prior to that, Denmark itself enjoyed competitive advantages. Its location gave it control over key ports and enabled the export of important raw materials such as lumber; it had ample fish stocks at its fingertips. Therefore, future exports of fish oil from Denmark are also likely to remain strong. Besides continuing to be a force in this industry itself, it will also continue tying its fate with the fortunes of others.

Norway is the leading player in the worldwide trade of fish oil imports market.

Norway is the major player in the world fish oil import market, which is actively meeting ever-increasing demands from abroad. The strategic location of Norway and its abundant marine resources have helped this country to establish a firm position in the industry. The nation leads in the extraction and processing of fish oil to meet a range of customer specifications across the globe. Taking responsibility for the quality and sustainability of its fish oil products, as well as maintaining a reputation as a responsible supplier with an excellent image, has helped increase Norway’s prestige.

The use of fish oil in pharmaceuticals is predicted to continue its growth in the coming years.

For a long time, the pharmaceutical industry has been studying the possible health effects of fish oil. The use of fish oil in this field is set to expand even further. This growth can be ascribed to fish oil’s boatload of reported health advantages, such as its anti-inflammatory effects and ability to lower blood pressure, not forgetting that it is good for your heart. Thus, it can be foreseen that fish oil will remain an important research field for the pharmaceutical industry in the next few years.

Mackerels is sustainable source of fish oil found worldwide.

Mackerels are a type of fish found in abundance across the globe. These fish are known for their rich oil content, which makes them a popular source of fish oil. The best part is that mackerels are considered a sustainable option, which means they can be harvested without causing any significant harm to the environment or depleting their population.

Key Company 

The global fish Oil market comprises various remarkable companies, which include FMC Corporation, Croda International Plc., Mukka Proteins Limited, FKS Multi Agro, and GC Rieber Oil. 

Market Summary.

Global FishOil Market break up by Export in 10 viewpoints: (Peru, Denmark, the United States, China, Norway, Chile, Iceland, Morocco, France, and Japan)

Import: (Norway, China, Denmark, Canada, the United States, Chile, Turkey, Netherlands, France, and Greece)

Production: (Peru, Vietnam, Chile, USA, Japan, China, Norway, Denmark, Iceland, and Others)

Application: (Animal Nutrition & Pet Food, Aquaculture, Cosmetic & Therapeutic, Pharmaceuticals, Supplements & Functional Food, and Others)

Species: (Anchovy, Mackerel, Sardines, Cod, Herring, Menhaden, and Others)

Distribution Channel: Global Fishmeal Market has been covered by Aquaculture from 4 viewpoints (Hypermarkets & Supermarkets, Online Stores, Specialty Stores, and Others)

The Global Fish Oil Market company has been covered from 3 Viewpoints (Overview, Recent Developments, and Revenue) (FMC Corporation, Croda International Plc., Mukka Proteins Limited, FKS Multi Agro, and GC Rieber Oil)

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