The global fish oil market size was valued at US$ 12.3 Billion in 2022, and is estimated to reach US$ 23.8 Billion by 2032 with a CAGR of 6.8% from 2021 to 2032.
The distribution and availability of raw materials is one of the core needs of the global fish oil market. Acquisition Approach: Strengthen acquisitions in high raw material availability regions such as Latin America and Western Europe by acquiring local companies across these markets and improve regional presence and strengthen company’s positioning in the fish oil market.
Increasing innovation across various stages of fish oil value chain mainly production level and refining due to increase in competition. Manufacturers are focusing on developing high quality fish oil products with various certifications, quality standards, grades, and product types.
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The main organizations in the fish oil market are to a great extent concentrating on securing and item enhancement to keep up their intensity in the worldwide market. For example, Omega Protein Corporation, as of late gained Bioriginal Food and Science Corp., a main provider of plant and marine based strength oils and fundamental unsaturated fats in the nourishment and nutraceutical businesses.
This securing empowers Omega Protein Corporation to enhance its fish oil contributions in the human sustenance item sections and upgrade its client reach. The leading companies operating in the global fish oil market are PT FKS Multi Agro Tbk, China Fishery Group Ltd., The Chemical Company, TASA (Tecnologica De Alimentos S.A.), Alpha Atlantique, Empresas Copec S.A., and Fahad Fishmeal & Oil Compan, among others.
According to the report published by Future Market Insights (FMI), the global fish oil was worth US$ 1,082.8 Mn in 2021 and is projected to touch a valuation of US$ 2,166.3 Mn by the end of 2028. The market is expected to exhibit a CAGR of 6.7% over the course of the forecast period of 2022-2032.
Aquaculture Industry to Support Global Market Growth
Global aquaculture production is projected to witness a CAGR of 8.1% during the period 2008-2030. Some regions, in particular Latin America and the Caribbean (LAC) and Middle-East and North-African (MNA) region, would benefit proportionately more from this scenario. In contrast, North America and Japan would lose from this scenario.
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Stellar growth of aquaculture production would entail more fish oil use by some fish species groups, which is expected to drive fish oil price upward. Development in aquaculture, together with advancements of aquaculture farming, there has been a major resource input needed in the form of feeds (including fish oil) to sustain these aquaculture practices.
The growing demand for Omega-3 fatty acid supplements that helps in the prevention of cancer, stroke, and heart attack and is found in fish oil is also one of the reasons behind the growing demand for fish oil across the globe.
Decrease of Fish Oil Inclusion in Aquafeed to Hamper Market Growth
There has been rise in the total global consumption of fish oil consumption globally. However, the average inclusion of fish oil in aquafeed have been on constant fall in the recent years. The major factor for the global fall in fish oil inclusion levels in aquafeed has been due to the spike in global fish oil prices in the last decade. Rise in fish oil price has been due various reasons, importantly being stagnant global supplies of fish oil, and robust industrial demand for fish oil in the major consumption countries.
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Key Segments Covered
By Grade:
- Feed Grade Fish Oil
- Food Grade Fish Oil
- Pharma Grade Fish Oil
By Process:
- Crude Fish Oil
- Refined Fish Oil
- Modified Fish Oil
By Product:
- Salmon Oil
- Tuna Oil
- Cod Liver Oil
- Sardine Oil
- Squalene Oil
- Krill Oil
- Anchovy Oil
- Menhaden Oil
- Others
By End User:
- Aqua-feed
- Crustaceans
- Eels
- Cyprinids
- Marine Fish
- Salmon & Trout
- Tilapias
- Food & Beverages
- Dietary Supplements
- Cosmetic & Beauty Products
By Sales Channel:
- Offline Sales Channel
- Supermarkets/Hypermarkets
- Departmental Stores
- Convenience Store
- Other Sales Channel
- Online Sales Channel
- Company Website
- E-commerce Platform
Author
Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives.
She has exceptional analytical skills and often brings thought leadership to the table.
Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results.
Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions and post-merger integration and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor’s Degree in Electrical Engineering from Nagpur University, India.
Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor.
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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