Fish Oil Market : Industry Outlook, Growth Prospects and Key Opportunities 2028
The global fish oil market is expected to reach USD 5.42 Billion by 2028, according to a new report by Reports and Data. Fish oil is essentially used as a feed item in several animals and human nutritional uses, which comprise aquaculture feed, animal pet feed, pharmaceuticals, dietary supplements, and functional food. Fish oil is the key ingredient in the growth of the aquaculture industry across the globe and it is a crucial factor for the growth of the fish oil market. Government regulations that limit the fishing quota create a gap between demand and supply, which mostly affects the market demand for fish oil. An increase in the production of fish oil from by-products and fostering prospects with third party suppliers could otherwise aid in mitigating this threat and in reducing the demand-supply gap.
An increase in consumer awareness about the health benefits of omega-3 fatty acids is anticipated to fuel the growth of the global fish oil market in the forecast period. Moreover, an increase in product consumption in protective coatings and lubricants would further drive the fish oil market growth in the forecast period. Additionally, high consumption of EPA/DHA omega-3 fatty acids aids in lowering blood pressure and bad cholesterol and mitigating the risk of coronary heart disease (CHD), such as strokes. These health benefits are likely to drive the growth of the fish oil market globally.
The increasing need for hydrogenated vegetable oils and margarine together with changing food patterns among people of the young generation are likely to drive market demand in the upcoming years.
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Further key findings from the report suggest
Aquaculture contributed to the largest market share in 2018 with a revenue of USD 1.84 Billion and is projected to have a growth rate of 6.3% in the forecast period. This market dominance can be attributed to the rising significance of breeding and regular stocking for improving fish production output. Further, an increase in aquaculture production of salmon along with positive industry outlook on aquaculture in China due to cheap labor and application growth is anticipated to fuel market growth.Store-based distributional channel occupied the largest market share in 2018 and is expected to continue its dominance in the forecast period with a growth rate of 6.3%.
Asia Pacific is projected to experience a significant growth at a CAGR of 6.3%, in terms of revenue, from 2019-2028 owing to the growth of aquaculture sector from countries such as China, India, Thailand, Indonesia, and Bangladesh. Besides, growing awareness for nutritional diet in emerging countries of China and India is expected to fuel demand for dietary supplements.
Key participants include TripleNine Group, Oceana Group Limited, Pesquera Diamante, The Scoular Company, FMC Corporation, GC Rieber Oils, Croda Inc., Omega Protein Corporation, Marvesa holding N.V., and Corpesca S.A. among others.
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