Dublin, Oct. 16, 2024 (GLOBE NEWSWIRE) -- The "Fish Oil Alternatives Market Report 2024" has been added to ResearchAndMarkets.com's offering.
The fish oil alternatives market size has grown strongly in recent years from $2.49 billion in 2023 to $2.68 billion in 2024 at a compound annual growth rate (CAGR) of 7.7%. The growth during the historic period can be linked to several factors, heightened awareness about contaminants in fish oil, a rising incidence of fish allergies, an increase in vegetarian and vegan populations, the recognized health benefits of omega-3 fatty acids, and a growing demand for dietary supplements.
The fish oil alternatives market size is expected to see strong growth in the next few years. It will grow to $3.62 billion in 2028 at a compound annual growth rate (CAGR) of 7.8%. The projected growth during the forecast period can be attributed to several factors, rising health and wellness trends, increased demand for clean-label products, regulatory pressure for sustainability, a growing market for vegan supplements, and heightened awareness of the health benefits of omega-3 fatty acids.
Key trends expected to drive this growth include greater investment in algae farming, advancements in oil extraction technologies, the expansion of vegan product lines, enhanced regulatory support for sustainable alternatives, and further technological improvements in oil extraction processes.
The rise in popularity of vegan food is expected to drive growth in the fish oil alternatives market. This increase in popularity is due to heightened health awareness, environmental concerns, and ethical considerations regarding animal welfare. Vegan alternatives to fish oil, such as algae oil and flaxseed oil, offer essential omega-3 fatty acids without using animal sources. These alternatives are beneficial for cardiovascular health and provide environmentally sustainable options for vegans. For example, the International Food Information Council, a US-based nonprofit supported by the food, beverage, and agricultural industries, reported in May 2023 that the percentage of people following a vegan diet rose to 52% in 2022, up from 39% in 2021. The vegan population also increased to 2% compared to the previous year. Thus, the growing interest in vegan food is fueling the expansion of the fish oil alternatives market.
Leading companies in the fish oil alternatives market are focusing on developing innovative products, such as plant-based supplements that deliver omega-3 fatty acids without the environmental impact of fish oil. These supplements are derived from plants and provide essential nutrients, including omega-3 fatty acids, which are important for overall health. For instance, in June 2024, MegaFood, a US-based dietary supplement company, introduced the Omega 3-6-9 Supplement. This product features sustainably sourced ahiflower and fish-free algae oil, improved taste, and reduced burps thanks to careful processing and delayed-release capsules. It offers a comprehensive nutrient profile with omega-3, omega-6, and omega-9 fatty acids, providing a more eco-friendly, palatable, and holistic option in the fish oil alternatives market.
Major companies operating in the fish oil alternatives market are Cargill, Archer Daniels Midland Company (ADM), BASF, Wilmar International, CHS, Dupont De Nemours, Koninklijke DSM, Croda International, Corbion, Pelagia, Omega Protein Corporation, Olvea Group, Connoils, Sonic Biochem, TerraVia Holdings, Bioway Organic Group, Veramaris, AlgiSys BioSciences, GC Rieber Oils and Medix Laboratoires.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Report Scope
Markets Covered:
1) By Product Type: Chia Seed Oil; Soybean Oil; Canola Oil; Hemp Seed Oil; Algae Oil; Walnut Oil; Flaxseed Oil; Other Product Types
2) By Species: Anchovy; Cod Liver; Menhaden; Tuna; Sardine; Salmon; Other Species
3) By Application: Food And Beverage Industry; Cosmetics And Personal Care; Animal Feed; Pet Food Additive; Pharmaceuticals; Nutraceuticals; Bio Fuels; Other Applications
Key Companies Mentioned: Cargill Inc.; Archer Daniels Midland Company (ADM); BASF SE; Wilmar International; CHS Inc.
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita.
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 175 |
| Forecast Period | 2024 - 2028 |
| Estimated Market Value (USD) in 2024 | $2.68 Billion |
| Forecasted Market Value (USD) by 2028 | $3.62 Billion |
| Compound Annual Growth Rate | 7.8% |
| Regions Covered | Global |
Key Topics Covered:
1. Executive Summary
2. Fish Oil Alternatives Market Characteristics
3. Fish Oil Alternatives Market Trends and Strategies
4. Fish Oil Alternatives Market - Macro Economic Scenario
5. Global Fish Oil Alternatives Market Size and Growth
5.1. Global Fish Oil Alternatives Market Drivers and Restraints
5.2. Global Fish Oil Alternatives Historic Market Size and Growth, 2018 - 2023, Value ($ Billion)
5.3. Global Fish Oil Alternatives Forecast Market Size and Growth, 2023 - 2028, 2033F, Value ($ Billion)
6. Fish Oil Alternatives Market Segmentation
6.1. Global Fish Oil Alternatives Market, Segmentation by Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Chia Seed Oil
- Soybean Oil
- Canola Oil
- Hemp Seed Oil
- Algae Oil
- Walnut Oil
- Flaxseed Oil
- Other Product Types
6.2. Global Fish Oil Alternatives Market, Segmentation by Species, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Anchovy
- Cod Liver
- Menhaden
- Tuna
- Sardine
- Salmon
- Other Species
6.3. Global Fish Oil Alternatives Market, Segmentation by Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Food and Beverage Industry
- Cosmetics and Personal Care
- Animal Feed
- Pet Food Additive
- Pharmaceuticals
- Nutraceuticals
- Bio Fuels
- Other Applications
7. Fish Oil Alternatives Market Regional and Country Analysis
7.1. Global Fish Oil Alternatives Market, Split by Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
7.2. Global Fish Oil Alternatives Market, Split by Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8. Asia-Pacific Fish Oil Alternatives Market
9. China Fish Oil Alternatives Market
10. India Fish Oil Alternatives Market
11. Japan Fish Oil Alternatives Market
12. Australia Fish Oil Alternatives Market
13. Indonesia Fish Oil Alternatives Market
14. South Korea Fish Oil Alternatives Market
15. Western Europe Fish Oil Alternatives Market
16. UK Fish Oil Alternatives Market
17. Germany Fish Oil Alternatives Market
18. France Fish Oil Alternatives Market
19. Italy Fish Oil Alternatives Market
20. Spain Fish Oil Alternatives Market
21. Eastern Europe Fish Oil Alternatives Market
22. Russia Fish Oil Alternatives Market
23. North America Fish Oil Alternatives Market
24. USA Fish Oil Alternatives Market
25. Canada Fish Oil Alternatives Market
26. South America Fish Oil Alternatives Market
27. Brazil Fish Oil Alternatives Market
28. Middle East Fish Oil Alternatives Market
29. Africa Fish Oil Alternatives Market
30. Fish Oil Alternatives Market Competitive Landscape and Company Profiles
30.1. Fish Oil Alternatives Market Competitive Landscape
30.2. Fish Oil Alternatives Market Company Profiles
- Cargill
- Archer Daniels Midland Company (ADM)
- BASF
- Wilmar International
- CHS
31. Fish Oil Alternatives Market Other Major and Innovative Companies
- Dupont De Nemours
- Koninklijke DSM
- Croda International
- Corbion
- Pelagia
- Omega Protein Corporation
- Olvea Group
- Connoils LLC
- Sonic Biochem
- TerraVia Holdings
- Bioway Organic Group Limited
- Veramaris
- AlgiSys BioSciences Inc.
- GC Rieber Oils
- Medix Laboratoires
32. Global Fish Oil Alternatives Market Competitive Benchmarking
33. Global Fish Oil Alternatives Market Competitive Dashboard
34. Key Mergers and Acquisitions in the Fish Oil Alternatives Market
35. Fish Oil Alternatives Market Future Outlook and Potential Analysis
35.1 Fish Oil Alternatives Market in 2028 - Countries Offering Most New Opportunities
35.2 Fish Oil Alternatives Market in 2028 - Segments Offering Most New Opportunities
35.3 Fish Oil Alternatives Market in 2028 - Growth Strategies
For more information about this report visit https://www.researchandmarkets.com/r/fyz0dm
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
