Fish Oil Market to Exceed USD 3,178.28 million by 2028

The scope of our recent study, titled "Fish Oil Market Forecast to 2028 - COVID-19 Impact and Global Analysis - By Species Type (Blue Whiting, Anchoveta, Sardine, Capelin, and Others) and Application (Pharmaceuticals, Animal Nutrition and Pet Food, Aquaculture, Dietary Supplements, and Others)," includes the factors fueling the market growth, revenue estimation and forecast, and market share analysis, along with the identification of significant market players and their key developments.

Market Overview

The fish oil market was valued at US$ 2,087.39 million in 2021 and is projected to reach US$ 3,178.28 million by 2028. It is expected to grow at a CAGR of 6.2% from 2021 to 2028. The fish oil market is divided into several different sectors based on its application. Pharmaceuticals was the largest market segment in 2020 and includes both non-prescription and prescription fish oils. Non-prescription fish oils are used as part of a regular multivitamin regimen to provide additional essential fatty acids in the diet. Animal nutrition and pet food, aquaculture, dietary supplements, and others also contribute to the fish oil market growth.

Market Segmentation 

The fish oil market is divided by application into pharmaceuticals, animal nutrition and pet food, aquaculture, dietary supplements, and others. Pharmaceuticals had the largest market share in 2020. Fish oil in the pharmaceutical industry is available in both non-prescription and prescription forms with varying concentrations. Non-prescription fish oils are often used by consumers to supplement their diets with essential fatty acids, as part of their multivitamin regimen.

The global fish oil market is segmented into five main regions-North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and South and Central America (SAM). In 2020, North America was the fastest-growing region in the global market. The North America fish oil market is growing due to factors, such as the rise in adoption of anchovy-based fish oil in developed nations and the increase in product launches from key market players in the region. According to the U.S. Department of Health & Human Services, 6 out of every 10 adults in the U.S. have a chronic disease. An increasing prevalence of such chronic diseases in North America is leading to high demand for fish oil, aiding the market.    

Impact of COVID-19

At the start of the COVID-19 pandemic, the fish oil market was negatively affected due to the closing of manufacturing plants and transportation restrictions. A decrease in demand from animal nutrition and pet food businesses, as well as from aquaculture, caused the market to suffer. But with a shift in consumer lifestyle to prioritize health, there has been an increase in the need for healthy food products and supplements. This has led to higher demand for fish oil from the pharmaceutical and dietary supplement industries, which is predicted to fuel the market growth during the forecast period.

This report provides a detailed analysis of the global fish oil market by assessing the growth drivers and restraints, current trends, and future prospects. It also provides an overview of the market with detailed market segmentation by species type, application, and geography. The report focuses on the various species types of fish oil including blue whiting, anchoveta, sardine, capelin, and others. It also provides a comprehensive assessment of the market on the basis of geography, covering North America, Europe, Asia-Pacific, South America, and Middle East & Africa.

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