According to a recently published research report by Fact.MR, a provider of market research and competitive intelligence, the projected value of the fish oil products market is US$ 4.3 billion for 2033-end. Global demand for fish oil food products is estimated to increase at a CAGR of 5.2% through 2033.
The industry of fish oil products is anticipated to grow at a moderate pace with the rising demand for ingredients that are used to produce functional food and dietary supplements. In addition, increased regulatory support to promote fishery products is also likely to aid growth opportunities in the market.
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Fish oil is a rich source of omega-3 fatty acids that has the potential to reduce bad cholesterol and the chances of coronary heart disease. Furthermore, it also works effectively to reduce blood pressure. In recent years, industry players are investing a handsome amount in R&D activities to fetch pharmaceuticals significance to the market products. The abundant availability of land that can be used for fishing purposes along with favorable climatic conditions across the globe is further predicted to boost aquaculture activities. These factors can further increase the market availability of fish oil products.
On the flip side, the high price of fish oil along with a gap in the demand and supply can restrict the growth opportunities in the global market. However, rising awareness about the health benefits of fish oil products will stimulate their sales around the world.
Key Takeaways from Market Study
- Sales of fish oil products are likely to increase at a CAGR of 5.2% through 2033.
- The market of Canada is projected to expand at a CAGR of 4.7% through 2033.
- The current valuation of the global fish oil products industry is US$ 2.6 billion.
- Valuation of the market for fish oil products is expected to reach US$ 4.3 billion by 2033-end.
- The market in Germany is likely to expand at a CAGR of 3.2% through 2033.
Winning Strategy
Rising traction for supplement animal diets plays a vital role in increasing the fatty acids in numerous dairy products. There are various health advantages of fish oil for animal feed that are likely to cater to the rising requirement for animal nutrition.
Further, to gain a competitive edge in the global market, industry players are entering into partnerships.
For instance,
- FMC Corporation in February 2022 announced its partnership with NSPCA of South Africa. The partnership aims to expand the company’s business across the African region.
Top cod oil retailers are focusing on continuous product launches to reach a large consumer base, while top mackerel oil retailers are focusing on promotional and marketing activities to create awareness about the health benefits of fish oil in the global market.
Appealing to millennials can be a difficult task, since they are the most dispersed target group and respond to marketing messages extremely differently. But manufacturers know that millennials are the biggest social media users and they react the best to Internet marketing. For this target group in the decision-making process, appeal against one-click ordering and possibility of comparing supplements online is key.
- In 2019, BASF Nutrition and health launched an omega-3 solution for the chronic condition of non-alcoholic fatty liver disease.
- In 2020, AlaskaOmega launched omega-3 concentrate powder made from natural fish oil.
Similarly, recent developments related to companies offering fish oil have been tracked by the team at Fact.MR, which are available in the full report.
Key Companies in Fish Oil Products Market:
- Abundant Health Ltd.
- Barlean’s Organic Oils, LLC
- Captek Softgel International Inc.
- Omega Protein Corporation
- Nordic Naturals, Inc.
- Marine Ingredients
Segmentation of Fish Oil Products Industry Research
- By Species Type:
- White Whiting
- Anchoveta
- Sardine
- Capelin
- Salmon
- Other Species Types
- By Application:
- Supplements & Functional Foods
- Pharmaceuticals
- Animal Nutrition & Pet Foods
- Aquaculture
- Other Applications
- By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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