13th November 2019 – 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.
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.
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