The global fish oil alternatives market valued at USD 2.4 billion by the close of 2022, is expected to witness a growth rate exceeding 5% from 2023 to 2033, projecting an overall valuation of US$ 4.1 billion by 2033, according to Future Market Insights (FMI).
The sales of fish oil alternatives are experiencing an upswing due to the increasing acceptance of plant-based diets as a means to alleviate the burden of cardiovascular diseases. The global consumption of omega-3 fatty acids is expected to rise with growing public awareness of their health benefits.
Abundant sources of omega-3 in soybean, safflower, sunflower, cotton, and corn seeds are driving the demand for vegetable oils derived from these seeds globally. Consequently, the fish oil alternatives sector is poised for promising growth throughout the forecast period.
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While the demand for omega-3 constituents traditionally prompted the use of fish oil substitutes rich in omega-3 fatty acids, their availability is no longer confined to strict adherents of plant-based diets. The market is expected to cater to non-vegetarian consumers as well, given the potential heart disease risk reduction associated with plant-based diets.
The fish oil alternatives market is set to flourish across industrial verticals, including cosmetics, animal feed, and pharmaceuticals, indicating substantial growth prospects for producers during the forecasted period. Additionally, the increased adoption of fish oil alternatives in home cooking is anticipated to strengthen the online sales channel, with eCommerce websites playing a pivotal role in expanding the market to new regions.
Key Takeaways from the Fish Oil Alternatives Market Study Report
- The United States holds a greater share of the global fish oil alternatives market due to higher consumption of Omega-3. The market is yet to reach its peak as the trend of veganism is continuously increasing its sales.
- With the increased need for pre-portioned baby food formulae, Asia Pacific could witness a greater need for oil alternatives. This is because nations like India, China, Japan, and Thailand are expected to have a higher demand for infant formula.
- The healing qualities of fish oil alternatives are predicted to drive the pharmaceuticals segment’s growth during the forecast period.
- With a revenue share of more than 50% in 2022, the application of fish oil alternatives in supplements and functional food ingredients is the dominant segment.
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Competitive Landscape for the Fish Oil Alternatives Market Players
Burcon Nutrascience Corp., Cargill Inc., Dupont PVT Ltd., and Sotexpro are a few of the industry leaders globally. To increase their market share, these key players are investing highly in product innovation and the acquisition of regional players. Given the vast market potential, there have been new players entering the market at all points along the value chain.
Recent Developments by the Fish Oil Alternatives Industries
For instance, Algorithm, AlaskOmega, and Aenova collaborated to develop chewable vegan soft gel capsules in September 2021. This product containing microalgae-based alpha mega omega-3 DHA oil was designed to provide businesses with a competitive advantage over rivals.
Due to the environmental advantages of plant sources over fish oil, major fish oil suppliers are now switching effectively. For instance, Cargill Incorporated introduced “Latitude” in October 2018 as a sustainable alternative source of omega 3 in feeds.
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Key Segments Covered by Fish Oil Alternatives Industry Survey Report
Fish Oil Alternatives Industry by Product Type:
- Chia Seed Oil
- Soybean Oil
- Canola Oil
- Hemp Seed Oil
- Algae Oil
- Walnut Oil
- Flaxseed Oil
- Other Oils
Fish Oil Alternatives Industry by Application:
- Food & Beverage Industry
- Seasonings & Dressings
- Sauces & Dips
- Other foods
- Cosmetics and Personal Care
- Skin Care
- Hair care
- Other Products
- Animal Feed
- Poultry Feeds
- Cattle Feeds
- Aqua Feeds
- Other Feeds
- Pet Food Additive
- Dog Food
- Cat Food
- Other Pet Foods
- Pharmaceuticals
- Neutraceuticals
- Dietary Supplements
- Sports Nutrition
- Bio Fuels
- Other Applications
Fish Oil Alternatives Industry by Sales Channel:
- Sales of Fish Oil Alternatives over Offline Channel
- Supermarkets or Hypermarkets
- Departmental Stores
- Convenience Store
- Sales of Fish Oil Alternatives over Online Channel
- Company Website
- E-commerce Platform
- Other Online Websites
Fish Oil Alternatives Industry by Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia and Pacific
- Middle East and Africa (MEA)
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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