fish oil Market

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.

MARKET INTRODUCTION

Fish oil is a valuable supplement that offers many health benefits. Its rich source of omega-3 fatty acids can help to improve overall health, boost cognitive function, and reduce the risk of heart disease. It is widely used by a diverse range of people, including health-conscious individuals, athletes, and animal owners, and is available in many convenient forms.

MARKET SEGMENTATION

The global fish oil market is categorized into several species’ types, including blue whiting, anchoveta, sardine, capelin, and others. Sardine was the top-performing species in the global market in 2020. The United States Food and Drug Administration (USFDA) has classified sardines as having low levels of mercury, below the minimum level found in other fish such as salmon, mackerel, anchovies, and tuna. Due to their small size and low position in the aquatic food chain, sardines and other similar species have a lower likelihood of accumulating mercury in their tissues.

The global fish oil market is categorized by geographical regions includes North America, Europe, Asia Pacific (APAC), South and Central America (SCAM), and the Middle East and Africa (MEA). The dominant region for the market in 2020 was the Asia-Pacific, which can be attributed to the changing lifestyle of consumers who are increasingly health-conscious and therefore driving the demand for fish oil in the region. Moreover, the increasing prevalence of chronic diseases and the growing geriatric population are expected to further fuel the growth of the fish oil market in the region.  

IMPACT OF COVID-19

The COVID-19 pandemic presented unparalleled challenges for numerous industries, including the food and beverage sector. Raw material and labor shortages, factory closures, and operational challenges under COVID-19 safety protocols had adverse effects on the fish oil market. Lockdown measures also heavily impacted end-use industries, thereby restraining the growth of the fish oil market. However, with the introduction of COVID-19 vaccines, the situation has improved, leading to increased business activities worldwide. The economies are gradually recovering, and the global demand for fish oil is anticipated to rise. Major manufacturers have commenced operations, thereby increasing the production capacity of fish oil.

MARKET PLAYERS

Pesquera Exalmar S.A.A., Omega Protein Corporation, Pelagia AS, Copeinca, Coplex International S.A.C, Triplenine, FF Skagen A/S, DSM, Croda International PLC, and BASF SE are the key players in this market. To increase their consumer base and expand their geographical reach, these companies are implementing strategies such as mergers and acquisitions, as well as product launches.

The global fish oil market size has been determined using a combination of primary and secondary research. The research process began with extensive secondary research, utilizing both internal and external sources to gather qualitative and quantitative information about the market. Furthermore, numerous primary interviews were conducted with industry insiders to verify the data and gain more analytical insights on the subject. These interviews were conducted with industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, as well as external consultants such as valuation experts, research analysts, and key opinion leaders, who specialize in the global fish oil market.