Global fish oil market is expected to reach USD 4.08 billion by 2022, according to a new report by Grand View Research, Inc. Growing demand for omega 3 along with rising aquaculture activities is expected to propel growth over the forecast period.
Increasing health benefits of fish oil is expected to drive demand among food, and pharmaceutical manufacturers. Rising consumer awareness regarding benefits of the product for overall health and skin is expected to augment demand. However, presence of substitutes including beef, and pork along with high prices of fish oil is expected to hinder industry growth over the next seven years. Adoption of modern aquaculture practice will open new opportunities for market expansion over the forecast period.
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Further key findings from the study suggest:
- Direct human consumption accounted for over 9% of the global revenue in 2014 and is expected to show significant gains over the next seven years on account of high demand for functional foods & supplements in India, China and Japan. Increasing LC-omega consumption to maintain various health problems including cardiovascular, asthma, psoriasis, eczema and Crohn’s disease will drive consumption over the next seven years. In addition, rising intake of fish oil as it aids neurological development and brain health in children is expected to create immense market potential in the near future.
- Aquaculture dominated the global fish oil industry generating revenues exceeding USD 1.97 billion in 2014. Growing human consumption of fish is expected to propel aquaculture activities over the forecast period. Rising awareness among companies engaged in rearing and breeding of fish regarding the benefits adding fish oil to aquafeed is expected to propel market growth over the forecast period.
- Asia Pacific demand was 463.1 kilo tons in 2014 and is expected to show significant gains in light of abundant fishing farm land and growth of the food & beverage sector. In addition, increasing consumption of omega 3 in infants’ formulas mainly in India and China will fuel industry expansion.
- Key market players include Omega Protein, Croda Inc., EPAX AS, Colpex, American Marine Ingredients, GC Rieber Oils and Corpesca S.A. GC Rieber Oils offers omega 3 oil under the brand name “Vivo Mega” for human health. The product is enhanced with various quantities of EPA, DHA and a blend of EPA and DHA. Companies including Copeinca ASA, Corpesca, FF Skagen and Pesquera Diamante S.A. are integrated in their operations where the companies are engaged in fishing activities as well as production of omega 3.
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Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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