San Francisco, 30 Nov 2018 - According to a report published by Grand View Research, Inc.; the fish oil market is expected to reach a valuation of around USD 4.08 billion by 2022.
Rising awareness among the consumer about health benefits of omega 3 and rise in aquaculture activities can propel the market during the forecast period (2012 to 2022). Additionally, supportive regulatory policies and growing R&D investments coupled with technological advancements for using the ingredients in the healthcare sector will create more opportunities in the coming years.
Increasing demand for hydrogenated vegetable oils and margarine due to changing eating habits is expected to supplement the market growth. Consumption of eicosapentaenoic acid (EPA) and docosahexaenoic acid (DHA) aid in reducing blood pressure, coronary heart diseases, and bad cholesterol. High prevalence of heart diseases among individual due to unhealthy lifestyle is expected to increase the product demand over the forecast period. Additionally, growing use of the product in cosmetic products as an emollient, general ointments, and in lubricants and protective coatings is projected to supplement the market growth during the forecast period.
However, high prices of the product along with a huge demand-supply gap and availability of alternatives such as pork and beef can restrain the market growth.
Worldwide fish oil market can be segmented on the basis of application and region.
Based on application, the market can be categorized into aquaculture, direct human consumption, and others.
The aquaculture segment is further fragmented into salmon and trout, marine fish, tilapias, crustaceans, and others. The aquaculture segment was the leading segment in 2014 and estimated for revenues exceeding USD 1.97 billion. Increasing awareness and efforts regarding rearing and breeding of fish is likely to boost the segment in the coming years. The salmon and trout segment is expected to drive the growth due to strong farming base of salmon fish in Chile and Norway.
In 2014, the direct human consumption segment estimated for over 9% of the overall revenue and anticipated to grow in the coming years. This growth can be attributed to increasing demand for functional foods and supplements in China, Japan, and India. Rise in consumption of LC-omega for treating several health problems such as cardiovascular diseases, Crohn’s disease, psoriasis, asthma, and eczema is expected to boost the segment growth in the coming years. Additionally, growing intake of the product to achieve brain health and neurological development in children will also drive the segment growth.
Geographically, the market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.
In 2014, North America reported for over 7.5% of the overall volume. The region is anticipated to show growth in the coming years due to rise in awareness of nutritional benefits of the product in the U.S. But, high consumption level of red meat in Mexico and the U.S. due to their high protein content is anticipated to have negative impact on the region.
In 2014, the product demand in Asia Pacific was 463.1 kilo tons. The region is poised to grow at a CAGR of 2.4% in terms of volume. This growth can be ascribed due to presence of abundant fishing farm land, growing food and beverage industry, and growth in aquaculture in countries including India, China, Bangladesh, and Thailand. Additionally, growing use of omega 3 in infants’ formulas and rise in awareness about nutritional diet are also boost the demand for dietary supplements in developing countries such as China and India.
Europe is likely to show significant growth in the coming years. European Commission passed the Common Fisheries Policy Reform and Strategic Guidelines, which is anticipated to promote aquaculture in the region. Growing aquaculture activities in the U.K and Norway is likely to drive the market in this region.
Top companies operating in the market include Croda Inc.; Nutrifynn Caps, Inc.; Pesquera Diamante S.A.; Marvesa Holding N.V.; American Marine Ingredients.
Key market participants are majorly involved in R&D activities and new product development. They are also involved in fishing activities and production of omega 3.
Grand View Research has segmented the global fish oil market on the basis of application, and region:
Global Fish Oil Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2012 - 2022)
- Aquaculture, by product
- Salmon & trout
- Marine fish
- Direct Human Consumption
Global Fish Oil Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2012 - 2022)
- North America
- Asia Pacific
- Latin America
Browse Press Release of this Report: www.grandviewresearch.com/press-release/global-fish-oil-market
About Grand View Research
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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