According to a recent report by Future Market Insights, a market research and competitive intelligence provider, global fish oil market size was valued at USD 12.3 Bn in 2022 and is estimated to reach USD 23.8 Bn by 2032 with a CAGR of 6.8% from 2022 to 2032.
As health supplements grow more popular, top fish oil companies are focusing on delivering omega fish oil/omega-3 supplements in the global market. As a result of the high level of competitiveness, manufacturers are adding more nutrients to their products.
Because of the increased demand for fish oil from the pharmaceutical industry, prominent fish oil producers are focusing on developing new products for the global market.
Omega-3 fatty acids are required in large proportions in aquaculture, animal nutrition and pet feed, supplements and functional food, medications, and other industries. Furthermore, fish oil helps the neurological system work properly and enhances the cardiovascular system.
As doctors and the general public become more aware of the importance of omega-3 fatty acids, fish oil consumption has increased substantially. As a result, companies are developing nutraceutical products with enriched EPA and DHA. The increased need for EPA and DHA in human nutrition has had an impact on the global fish oil market.
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Key Takeaways from Market Study
- With a market share of 32.1 percent in 2021, North America will continue to dominate the worldwide market.
- China’s market is projected to be strengthened by the ingredient’s potential for sports nutrition, as well as expanding chances for highly personalised nutrition.
- Australia currently controls 73.4 percent of the Oceania market and is expected to increase at an annual rate of 8.7% in the next years.
- India is one of the fastest-growing economies in South Asia, and fish oil is in high demand.
- In 2021, India’s fish oil demand is expected to be worth USD 37.7 million.
- In 2021, sales of pharmaceutical-grade fish oil are estimated to account for more than 48% of total sales.
- Fish liver oil sales are increasing as a result of the increased demand for sardine oil in animal feed.
- Germany held a 24.2 percent market share in Europe in 2021
“Due to consumers’ hectic lifestyles and increased taste, ingredients, and flavour, the Fish Oil sector is on the rise. Increased product awareness, as well as industry-wide research and development, are critical elements in market expansion.”, –says a lead analyst at Future Market Insights.
The fish oil industry is slightly fragmented, varied, and competitive, with a number of small and mid-sized businesses actively engaged in product development and research. Every region has seen the growth of subsidiaries, commercial divisions, and research institutes supported by major participants in the fishmeal and fish oil sector.
Some of the leading companies offering Fish Oil are Omega Protein Corporation, FF Skagen A/S, Pesquera Diamante S.A., Copeinca AS, Marvesa Holding N.V., Pesquera Exalmar, Corpesca S.A., Colpex International, FMC Corporation, TripleNine Group A/S.