Global Fish Oil Market

The global fish oil market size was around USD 12.3 Billion in 2022 and is expected to surpass USD 22.24 Billion by 2031, expanding at a compound annual growth rate (CAGR) of 6.8% during the forecast period, 2023–2031. The growth of the market is attributed to the growing awareness about health benefits of fish oil.

Fish oil, which may be obtained from eating fish or taking nutritional supplements, is high in omega-3 fatty acids, which are important components for all round development of good health. The oil is rich of other nutrients that help in the treatment of several illness especially heart disease. Seafood that contains high essential fatty acids include tuna, mackerel, salmon, and herring. Omega-3 fatty acids can also be found in whale blubber, seal blubber, and cod liver. Nutrients such as Docosahexaenoic acid and Eicosapentaenoic acid appear to be the two most important omega-3 fatty acids found in fish oil and are both abundantly also found in fatty fish such as salmon and tuna. Fish oil has a variety of health benefits including improved cardiovascular function and nervous system performance.

Get Free Sample Report

Fish Oil Market Trends, Drivers, Restraints, and Opportunities

• Growing consumer awareness of the consumption of fish and numerous nutritious values of its oil is projected to boost market revenue during the forecast period.

• High number of people suffering from heart and cardiac problems worldwide is another key factor boosting the demand for fish oil.

• High price of fish oil and the abundant presence of other alternative meat supplements such as pork and beef are projected to hamper the market growth.

• Changes in climatic circumstances that impact the rearing culture of fish farming act another major hurdle that can hinder the market expansion.

• Rapid adoption of advanced aquaculture practices and innovative fish farming techniques are expected to create new opportunities for market growth during the projection period.

Scope of Fish Oil Market Report

The report on the global fish oil market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.

Fish Oil Market Segment Insights

Anchovy segment is projected to hold significant market share

Based on sources, the global fish oil market is segmented into anchovy, cod, herring, mackerel, menhaden, sardines, and others. The anchovy segment is projected to hold significant market share due to increasing awareness of the presence of Docosahexaenoic acids in anchovy-based fish oil and rising number of new product launches of anchovy-based fish oils. The increasing investment by key players in the development of anchovy-based fish oils is propelling the segment. The Menhaden segment, however, is expected to register a substantial growth rate in the coming years due to rising demand for omega-3 fatty acids in a variety of applications and increasing use of menhaden-based fish oils as a key source of animal nutrition.

Get Free Sample Report

Aquaculture segment is anticipated to account for substantial share

On the basis of applications, the market is segregated into animal nutrition & pet food, aquaculture, cosmetic & therapeutic, pharmaceuticals, supplements & functional food, and others. The aquaculture segment is further divided into crustaceans, cyprinids, eles, marine fish, salmon & trout, tilapias, and others. The aquaculture segment is anticipated to account for substantial share of the market owing to increasing demand for anchovy-based fish oils and growing need for regular stocking for rising consumption of fish. Moreover, the increasing emphasis on boosting global fish output coupled with the promotion of farming of prominent fish species such as salmon and trout present another key driver of the segment.

Get Free Sample Report

Online stores segment to expand at a robust pace

In terms of distribution channels, the global fish oil market is fragmented into hypermarkets & supermarkets, online stores, specialty stores, and others. The online stores segment is anticipated to expand at a robust pace during the forecast period owing to the improved consumer experience for buying products online and heavy discount offer with the products. Owing of the COVID lockdowns, offline store had been shut down due to customers' fear of contacting the coronavirus. This resulted in increasing sales of various consumer products from the online platforms, which in turn, pushing the massive expansion of the e-commerce industry. Rapid digitalization, as a result of government initiatives, has resulted in significant penetration of online shopping and e-commerce.   

North America is expected to dominate the market

In terms of regions, the global market is classified as Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America is expected to dominate the market due to wide acceptance of anchovy-based fish oil by a large section of the regional population, impacted by growing knowledge about the health advantages of Docosahexaenoic acids. Moreover, increasing product launches related to menhaden-based fish oils by key players presents another key driver of the regional market.

Get Free Sample Report

Segments

The global fish oil market has been segmented on the basis of

Sources

• Anchovy
• Cod
• Herring
• Mackerel
• Menhaden
• Sardines
• Others

Applications

• Animal Nutrition & Pet Food
• Aquaculture
  • Crustaceans
  • Cyprinids
  • Eles
  • Marine Fish
  • Salmon & Trout
  • Tilapias
  • Others
• Cosmetic & Therapeutic
• Pharmaceuticals
• Supplements & Functional Food
• Others

Distribution Channels

• Hypermarkets & Supermarkets
• Online Stores
• Specialty Stores
• Others

Regions

• Asia Pacific
• North America
• Latin America
• Europe
• Middle East & Africa

Key Players

• Omega Protein Corporation
• Pesquera Exalmar S.A.A.
• FF SKAGEN A/S
• Croda International Plc
• TripleNine
• BASF Corporation
• Complex International S.A.C.
• The Scoular Company
• GOLDEN OMEGA
• Epax

Competitive Landscape

Key players competing in the global fish oil market are Omega Protein Corporation; Pesquera Exalmar S.A.A.; FF SKAGEN A/S; Croda International Plc; TripleNine; BASF Corporation; Complex International S.A.C.; The Scoular Company; GOLDEN OMEGA; and Epax. These players are constantly engaged in several business development activities such as collaborations, agreements, mergers & acquisitions, production capacity expansion, new product launches, and partnerships to strengthen their geographical presence and expand their customer base globally.