Fish Oil Market Worth About USD 4.08 billion By 2024

The global fish oil market size is expected to value at USD 4.08 billion by 2022. The market is subject to witness a substantial growth due to the growing aquaculture activities across the globe. Increasing health consciousness among general population and growing awareness associated with health advantages of omega 3 fatty acid are considered as one of the prominent factors fostering the growth of fish oil industry over the forecast period.

Additionally, increasing need for hydrogenated vegetable oils and margarine coupled with varying food patterns among young population are expected to boost market demand for the market in the upcoming years. Globally, the fish oil market is predicted to grow at CAGR of 8.72% in forecast period, providing numerous opportunities for market players to invest in research and development in the market.

Furthermore, increasing demand form protective coatings and lubricants market is anticipated to drive market growth over the forecast period. Numerous health benefits associated with consumption of fish oil due to presence of omega-3 fatty acids is expected to drive market expansion in the upcoming years.

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Additionally, presence of icosapentaenoic acid and docosahexaenoic acid i.e. (DHA & EPA) that aids in limiting high blood pressure, cholesterol level, and reduces risk of coronary heart diseases such as strokes, thereby driving the growth of fish oil industry, in the recent years. Growing occurrence of heart related disorders based on changing food patterns and unhealthy diet among general population are anticipated boost demand of fish oil over the forecast period as well. Growing demand for fish oil for production of various cosmetic products and skin care products such as emollients and ointments is predicted to propel market growth in the near future.

Rise of the aquaculture sector coupled with technological advancement in farming sector, particularly in the developing economies such as China and India are expected to drive market expansion in the upcoming years. Additionally, factors such as favorable atmospheric conditions and abundant availability of farming land in the Asia Pacific region are driving market growth further. Growing demand for omega-3 supplements from functional food industry due to its numerous health benefits is estimated to fuel market demand for fish oil during the forecast period.

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However, high cost of the fish oil and lack of availability in the market prices, thereby creating a huge demand &supply gap are anticipated to limit market growth over the coming years to a certain extent. Although, rising research & development activities along with technological advancement in aquaculture farming is projected to stimulate market growth during next seven years.

Aquaculture is considered as one of the fastest growing segment in the fish oil market with substantial revenue generation in the last couple of years. Growing popularity of the aquaculture market segment is attributed to the increasing of breeding and regular stocking to improve overall output production. Salmon & trout market, which is sub-segment of aquaculture, has also witnessed significant growth owing to the robust farming base of salmon fish in European countries such as Norway and Chile.

The fish oil industry is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the rise in the implementation of latest techniques, increasing awareness of nutritional benefits of fish oil, and existence of well-established agriculture infrastructure. Asia-Pacific region is predicted to hold major market share in the fish oil market with massive growth in forecast period.

Countries such as China, India, Indonesia, Thailand, and Bangladesh are leading the Asia-Pacific market with rising health consciousness among general population, shifting trends awareness towards nutritional diet, growing aquaculture sector, and significant investment by leading industry players considering potential growth opportunities in the region.

The key players in the fish oil industry are Croda Incorporations, COPEINCA ASA, EPAX AS, Omega Protein Co., GC Rieber Oils AS, Colpex International S.A.C., American Marine Ingredients LLC, Enzymotec Ltd., and Corpesca S.A.