New York, Feb. 10, 2022 (GLOBE NEWSWIRE) -- The latest research study on “Fish Oil Market Forecast to 2028 – COVID-19 Impact and Global Analysis – By Species Type (Blue Whiting, Anchoveta, Sardine, Capelin, and Others) and Application (Pharmaceuticals, Animal Nutrition and Pet Food, Aquaculture, Dietary Supplements, and Others)”, published by The Insight Partners. The various health benefits associated with fish oil and its use in a wide range of applications in different industries, are driving the fish oil market growth substantially. However, the adverse climatic condition and ecological risks are acting as market restraints.
| Report Coverage | Details |
| Market Size Value in | US$ 2,087.39 million in 2021 |
| Market Size Value by | US$ 3,178.28 million by 2028 |
| Growth rate | CAGR of 6.2% from 2021 to 2028. |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
| No. of Pages | 146 |
| No. Tables | 58 |
| No. of Charts & Figures | 72 |
| Historical data available | Yes |
| Segments covered | Species Type and Application |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
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Fish Oil Market: Competition Landscape and Key Developments
A few key players operating in the fish oil market are Pesquera Exalmar S.A.A.; Omega Protein Corporation; Pelagia AS; Copeinca; Coplex International SAC; Triplenine; FF Skagen A/S; DSM; Croda International PLC; and BASF SE. Leading market players are taking up various business strategies, such as mergers and acquisitions, expanding their geographical presence and consumer base across the world.
In 2020, Asia Pacific dominated the global fish oil market. The region is expected to continue its dominance during the forecast period. Trends in the fish oil market are influenced by the increasing awareness about the health benefits of omega-3, present abundantly in fish oil. Omega-3 fatty acids are beneficial for the geriatric population as it helps in reducing the risk of chronic diseases and provide preventive measures in terms of heart, cognitive, eye, and joint deterioration. According to the World Health Organization (WHO), the population in South East Asian countries is aging rapidly. While the proportion of people aged 60 or above was 9.8% in 2017, it will be increased to 13.7% and 20.3% by 2030 and by 2050, respectively. The growing aging population has led to a higher prevalence of chronic diseases which is expected to aid the fish oil market across the region over the coming years.
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Various Health Benefits Associated with Fish Oil:
Fish oil provides various health benefits to consumers due to the presence of omega-3 fatty acids such as eicosapentaenoic acids (EPA) and docosahexaenoic acids (DHA). The consumption of fish oil has increased as it helps in improving the cardiovascular system. It also plays a major role in the proper functioning of the nervous system. Along with this, fish oil helps in reducing the risk of chronic diseases, which is beneficial for the geriatric population. Various studies have suggested that the consumption of fish oil during pregnancy may help to reduce the risk of asthma in the child and reduce infant allergies. Apart from this, it also helps improve cognitive performance among adults between the age of 52 and 71. Thus, various health benefits associated with fish oil are driving the growth of this market.
Fish Oil Market Size: Segment Overview
Based on the species type, the global fish oil market is bifurcated into blue whiting, anchoveta, sardine, capelin, and others. In 2020, the blue whiting segment accounted for the largest fish oil market share, based on species type. Blue whiting is one of the cod family species and one of the most abundant fish stocks in the semi-pelagic water masses of the Northeast Atlantic. The fish oil derived from blue whiting is a potential source of omega-3 fatty acids.
Based on the application, the global fish oil market is bifurcated into pharmaceuticals, animal nutrition and pet food, aquaculture, dietary supplements, and others. The market for the pharmaceuticals segment is expected to grow at a faster pace during the forecast period. In various countries, such as Japan, the consumption of nutritional and pharmaceutical-grade fish oil is significantly increasing due to the surge in the presence of the geriatric population, which is likely to result in the rise in demand for pharmaceutical-grade fish oil for various health benefits.
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Impact of COVID-19 Pandemic on Fish Oil Market Growth:
Many industries, such as the food and beverage industry, faced unprecedented challenges due to the COVID-19 pandemic. The shutdown of the manufacturing units led to a negative impact on the production and supply side of the fish oil market. Also, lockdown hampering the logistics and transportation sector negatively impacted the fish oil market. During the pandemic, there was a shift in the lifestyle of the consumers towards focusing on a healthier lifestyle. Consumers in the pandemic started substituting conventional ingredients with healthier alternatives, increasing the demand for products, such as fish oil. The health benefits provided by fish oil positively impacted the awareness of fish oil during the COVID-19 pandemic.
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