Global Fish Oil Market is estimated to reach $2,364 million by 2024; growing at a CAGR of 5.6% from 2016 to 2024. Fish oil is derived from tissues of oily fish species and contains essential nutrients for human and animals. It is an enormous source of omega-3 fatty acids and can be consumed as general health supplement.
Global Fish Oil Market size is expected to reach $2,364 million by 2024 from $1,524 million in 2016; growing at a CAGR of 5.6% from 2016 to 2024. By geography, Asia-pacific and Rest of the World are expected to grow at a CAGR of 6.8% and 6.1%, respectively, during the forecast period.
Increasing direct consumption of fish oil will uplift the growth of the global fish oil market
Major driving factors of global fish oil market are rise in consumer awareness regarding health benefits of omega 3 fish oil, augmented aquaculture activities, and increasing direct consumption of fish oil. Additionally, growing use of fish oil as an ingredient in cosmetic products is also one the fish oil market trends.
Though, high cost of fish oil coupled with large demand-supply gap may hamper the market growth in the coming years. Regulatory support from various agencies such as, The Food and Drug Administration (FDA) and EFSA (European Food Safety Authority) would provide several growth opportunities for the market in the coming years.
The global fish oil market has been bifurcated into species, application, and geography. Species segment includes marine fish, tilapias, carps, salmon and trout, and others.
Application segment comprises direct human consumption, aquaculture, and others. North America, Europe, Asia-Pacific and Rest of the World (RoW) are the key region covered under the global fish oil market analysis.
Salmon and trout dominated the species segment
Salmon and trout held for the largest market share in 2016, owing to its increased direct human consumption to improve metabolism and strengthen muscle & heart.
Europe accounted the highest market share in 2016
Europe held for the largest market share of 41.5% in 2016, driven by rise in aquaculture activities in Norway and UK. The Common Fisheries Policy Reform passed by European Commission has also led to growth of fish oil market in the region.
Asia-Pacific is to attain the fastest CAGR of 6.8% during the forecast period 2016-2024. The growth would be primarily driven by increasing aquaculture sector mainly in countries such as China, Singapore, Australia, Philippines, Indonesia, Bangladesh, Thailand, and India.
Additionally, Jamaica, and Trinidad & Tobago are also expected to witness significant demand of fish oil market.
The major players in the global fish oil market include EPAX AS, Croda Inc., Colpex, TASA, Omega Protein Corporation, COPEINCA ASA, Copeinca AS, FMC Corporation, Corpesca SA, and Pesquera Diamante S.A, among others.
Scope of Fish Oil Market
- Marine Fish
- Salmon and Trout
- Others (Includes Eels, Mackerels, Herrings)
- Direct Human Consumption
- Others (Includes Hydrogenation and Industrial use)
- North America
- South America
- Middle East
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