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Marine oil is in high demand from end-use industries such as aqua feed and pharmaceuticals. However, the COVID-19 pandemic has impacted the global marine oil market, with significant obstruction in raw material procurement and the supply of raw material from one country to another.
This reduction in supply consequently hampers production in end-use industries, thereby diminishing the growth of the global marine oil market. Nevertheless, the global marine oil market is expected to gradually recover with the resumption of activities across the globe, and reach a valuation of US$ 2.6 Bn by 2030.
Key Takeaways from Marine Oil Market Study
- The EMEA region has a significant market share, catering to more than one third of the global marine oil market, primarily due to backward and forward integration.
- Owing to huge demand for marine oil from other end-use industries, the pharmaceuticals and others segments are expected to have a sizeable market share, globally.
- Refined marine oil is expected to progress at a CAGR of more than 4%, owing to its high usability in end-use industries.
- Increasing utility of plant-based marine oil in aqua feed is a factor fuelling the growth of the marine oil market.
- The COVID-19 pandemic will have a short-term effect on the global marine oil market.
“EPA DHA-based blended cooking oil is currently gaining traction. It can be one of the potential options to rejuvenate the maturing product life cycle,” says a Fact.MR analyst.
Product Launches to Enhance Market Resiliency
Key players in the marine oil market are China Fishery Group, Austral Group, Clover Corp, Arbee, Mukka Sea Foods Industries Limited., GC Rieber, Cellana Inc., Pesquera Diamante, Pesquera Hayduk, TASA, Solutex, Pharma Marine, Triple Nine, Evonik Industries, Olvea Group, Nissui Group, and others. Some of the key developments in the market include:
- In 2018, Evonik Industries collaborated with DSM to establish a new joint venture called Vermaris, to manufacture algal oil.
- Arbee Fish Oil formulated its skin care moisturizers with minute compositions of fish oil-inherit skin hydrating properties.
- In 2019, Nissui Group, in collaboration with NEC Corporation, developed an AI-based technology for monitoring yellowtail growth. This technology is important to manage feed used and proportional growth.
- In 2020, GC Riebrer entered into collaboration with Haukeland University Hospital to carry out investigation on supplements based on omega 3 to reduce inflammatory arthritis.
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The COVID-19 crisis has had a negative impact on the demand for marine oil in the first quarter of 2020. Lockdowns implemented across various countries in first and second quarters of 2020 have caused significant reduction in demand for marine oil, globally.
Additionally, production of marine oil was also affected due to restricted supply of raw materials. However, the marine oil market is expected to gradually come into shape when effects of the pandemic are lessened.
Regional Outlook of Marine Oil Market
The marine oil market has a strong foothold in EMEA and South Asia & Pacific, contributing more than half to the global marine oil market share.
These regions have both, backward and forward integration in the marine oil market space, which makes them key regions on a global level. Other regions such as East Asia and North America also have a sizeable market share.
These regions witness considerably high consumption of marine oil since they have potential end-use sectors when compared to other regions such as Latin America.
Latin America is not a large producer of marine oil; end-use industries in the region are not much established, which results in a slightly low growth rate. The marine oil market in East Asia is expected to deliver the highest growth rate of more than 4% over the forecast period.
The report sheds light on leading manufacturers in the marine oil market, along with their detailed profiles. Essential and up-to-date data related to market players who are principally engaged in the production of marine oil has been brought with the help of a detailed dashboard view. Market share analysis and comparison of prominent players provided in the report permit report readers to take preemptive steps in advancing their businesses.
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Key findings of the report:
- Prominent manufacturers, raw material suppliers, equipment providers, traders, and distributors in the market.
- In-depth analysis of important market segments, market potential, impacting trends, and challenges.
- Critical examination of the strengths, weaknesses, opportunities and threats of each player.
- Extensive investigation of the effects of the growth of relevant industries.
- Accurate data regarding the future prospects of the during the forecast period.
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