The global fish oil alternatives market is poised for promising opportunities, registering a Compound Annual Growth Rate (CAGR) of 5% from 2023 to 2033. In 2023, its market value stands at US$ 2.5 billion, projected to reach US$ 4.1 billion by the end of the forecast period. The rising trend of veganism and the need for plant-based alternatives, driven by health-conscious consumers, contribute to the market’s growth. The pandemic accelerated the demand for nutrient-dense food items, boosting fish oil alternatives sales.
The fish oil alternatives market, historically limited to developed economies, experienced moderate growth from 2018 to 2022. The COVID-19 pandemic, while affecting the overall product performance, increased sales due to the growing desire for healthy food items. Post-pandemic, producers target health-conscious consumers, anticipating a higher year-on-year growth rate.
The global demand for vegan substitutes for fish oil rises with the increasing preference for plant-based diets. Urban lifestyle-related illnesses and concerns about processed fats in diets propel the adoption of alternatives to fish oils. Elderly individuals seek plant-based omega-3 sources to mitigate health risks.
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Plant-based oils gain traction in commercial food preparation businesses, aligning with shifting dietary trends. The use of fish oil alternatives in cosmetic and personal care products is expected to increase, enhancing market prospects. Consumer awareness and recognition of the nutritional value further contribute to market growth.
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)
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