Fish Oil Market

Fish Oil Market Size:

The global fish oil market size reached US$ 2.3 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 3.8 Billion by 2032, exhibiting a growth rate (CAGR) of 5.61% during 2024-2032. Rising awareness of omega-3 benefits, increasing chronic disease prevalence, the expanding aquaculture industry, the surging demand for functional foods, supportive government initiatives, technological advancements, and growing geriatric population are some of the factors stimulating the market expansion.

Fish Oil Market Analysis:

• Major Market Drivers: The global fish oil market growth is driven by the rising awareness regarding the health benefits of omega 3 and fatty acids. Moreover, the increasing incidence of cardiovascular diseases (CVDs) around the world and the burgeoning geriatric population who are increasingly turning to dietary supplements to maintain their health, have significantly boosted product demand. Furthermore, the rising demand for dietary supplements and the expansion of the aquaculture industry also contribute to market growth. The surging awareness regarding the benefits of fish oil in pet nutrition, growing disposable income, and burgeoning presence of e-commerce platforms are driving the fish oil market demand.
• Key Market Trends: The key trends observed in the fish oil market include the growing global demand for high-purity fish oil products driven by the escalating consumer preference towards high quality supplements. In line with this, the key manufacturers are investing heavily to produce sustainable products, which is further accelerating the market growth. Additionally, the influx of fish oil in the functional foods and beverages (F&B) is on the rise, targeting health-conscious consumers and stimulating the market growth. Apart from this, the development of vegan versions of omega-3 and the trend of personalized nutrition are creating a positive outlook for the market.
• Geographical Trends: Europe leads the global market for fish oil due to the growing consumer awareness of the health benefits of omega-3 fatty acids found in fish oil, particularly for cardiovascular health and cognitive function. The region's robust aquaculture industry also significantly contributes, with fish oil being a vital ingredient in aquafeed to enhance the nutritional quality of farmed fish. Additionally, the European cosmetic industry is increasingly incorporating fish oil into skincare products for its anti-inflammatory and anti-aging properties.
• Competitive Landscape: The competitive landscape of the market is characterized by the presence of companies, such as China Fishery Group Limited, Corporación Pesquera Inca S.A.C. (Copeinca AS), Camanchaca, FF Skagen A/S, Foodcorp Chile S.A (Austevoll Seafood ASA), OLVEA Fish Oils (OLVEA), Oceana Group Limited, Pesquera Diamante S.A., Pioneer Fishing, TripleNine Fish Protein A/S (TripleNine Group), etc.
• Challenges and Opportunities: The global fish oil market faces several challenges, such as raw material prices that fluctuate with fish catch volumes, which can further have an effect on the production costs. One of the key threats to a sustainable supply of fish oil is overfishing and environmental concerns. Regulatory restrictions on the permitted levels of contaminants in fish oil products also pose problems. However, these challenges are accompanied by opportunities. The increasing consumer preference for health and wellness products offers significant growth potential. The development of innovative fish oil products with high purity, as well an expansion into markets  is fostering the market growth.
   

Fish Oil Market Trends:

Rising Awareness of Health Benefits Associated with Omega-3 Fatty Acids

The key driver for the fish oil market is the growing awareness about benefits of omega-3 fatty acids present in fish oil. Omega-3s play a crucial role in cardiovascular health, brain function, and in reducing the risk of inflammation. Additionally, they contains heart-friendly triglycerides, which help lower blood pressure, triglyceride levels, and help prevent fat buildup in the arteries. Moreover, omega-3s are also effective in managing arthritis and different-inflammatory diseases due to their potent anti-inflammatories properties. Apart from this, escalating awareness among consumers due to public health campaigns and increased media coverage are considerable boosting the fish oil market growth.

Increasing Prevalence of Chronic Diseases

The escalating prevalence of chronic diseases is another crucial factor behind the growth of the fish oil market. Lifestyle changes and demographic stem are key contributors to conditions like CVDs, diabetes, arthritis, and mental health disorders. According to the Centers for Disease Control and Prevention (CDC), among the U.S. population, in 2021, there were 29.7 million people of all ages, or 8.9% of the U.S. population diagnosed diabetes. Fish oil, rich in omega-3 fatty acids, has shown to have therapeutic benefits in managing and preventing these chronic conditions.

Burgeoning Aquaculture Industry

Aquaculture's rapid growth has provided a considerable thrust to the fish oil market. Fish farming and other forms of aquatic life farming collectively provide an important global food source. Fish oil is used extensively in aquaculture feeds to enhance the nutritional profile on which farmed fish are fed, which helps them grow and protects them from various diseases. The presence of fish oil in such feeds ensures that farmed fish are rich in omega-3 fatty acids, making them more desirable to health-conscious consumers. As wild fish stocks decline and the need for sustainable seafood sources increases, aquaculture's importance rises, driving the demand for high-quality fish oil. Innovations in aquafeed formulations, driven by the need for sustainable and cost-effective ingredients, also promote the use of fish oil.

Fish Oil Industry Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the global, regional, and country levels for 2024-2032. Our report has categorized the market based on the source, distribution channel, and end use.

Breakup by Source:

• Anchoveta
• Sardine
• Capelin
• Menhaden
• Herring
• Anchovy
• Others
   

Sardine accounts for the majority of the market share

The report has provided a detailed breakup and analysis of the market based on the source. This includes anchoveta, sardine, capelin, menhaden, herring, anchovy, and others. According to the report, sardine represented the largest segment.

The sardine segment is driven by the increasing awareness of their nutritional benefits, making them a popular choice among health-conscious consumers. Sardines are rich in omega-3 fatty acids, vitamins B12 and D, calcium, and protein, which contribute to heart health, bone strength, and overall wellness. This nutritional profile has led to heightened consumer interest, particularly among those seeking affordable and sustainable sources of these nutrients. Additionally, the rise in demand for convenient and ready-to-eat foods has boosted the popularity of canned and processed sardine products. The expanding aquaculture industry also supports the sardine segment, as farmed sardines provide a steady and reliable supply. Furthermore, sardines are increasingly used in the production of fish oil and fishmeal, essential components in animal feed and dietary supplements. Government initiatives promoting sustainable fishing practices and the use of underutilized fish species have further propelled the sardine market. Innovations in packaging and preservation techniques have enhanced product shelf life and quality, attracting a broader consumer base.

Breakup by Distribution Channel:

• Hypermarkets and Supermarkets
• Specialty Stores
• Online Stores
• Others
   

The report has provided a detailed breakup and analysis of the market based on distribution channel. This includes hypermarkets and supermarkets, specialty stores, online stores, and others. 

The hypermarkets and supermarkets segment is driven by the increasing consumer preference for one-stop shopping experiences. These large retail outlets offer a wide variety of products under one roof, providing convenience and time savings for busy consumers. The extensive product range, which includes groceries, household items, electronics, and clothing, appeals to a broad demographic, ensuring a steady flow of customers. Additionally, competitive pricing and frequent promotional offers attract price-sensitive shoppers, enhancing customer loyalty and driving sales volume. The integration of advanced technologies, such as self-checkout systems and mobile payment options, further enhances the shopping experience by reducing wait times and improving service efficiency.

The specialty stores segment is driven by the increasing demand for personalized and unique shopping experiences. Consumers are increasingly seeking out stores that offer specialized products and expert knowledge in specific categories, such as electronics, beauty, health foods, and sports equipment. These stores cater to niche markets and provide a curated selection of high-quality, often exclusive products that are not typically found in larger retail chains. The ability to offer tailored advice and personalized customer service enhances the shopping experience, fostering customer loyalty and repeat business.

The online stores segment is driven by the increasing adoption of e-commerce and digital technologies. The convenience of shopping from home, coupled with the ability to compare prices and products easily, appeals to a wide range of consumers. The availability of a vast product selection, often at competitive prices, makes online shopping an attractive option. Additionally, the integration of advanced technologies such as artificial intelligence and machine learning enhances the online shopping experience through personalized recommendations and targeted marketing. The rise of mobile commerce, facilitated by the widespread use of smartphones and mobile apps, has further accelerated the growth of online stores.

The other segment, encompassing various non-traditional and emerging retail channels, is driven by the increasing need for innovative and flexible shopping solutions. This segment includes pop-up stores, vending machines, direct selling, and subscription services.

Breakup by End Use:

• Aquaculture
  • Salmon and Trout
  • Marine Fish
  • Crustaceans
  • Tilapias
  • Others
• Animal Feed
• Nutritional Supplements
• Pharmaceutical
• Others
   

Aquaculture accounts for the majority of the market share

The report has provided a detailed breakup and analysis of the market based on the end use. This includes aquaculture (salmon and trout, marine fish, crustaceans, tilapias, others), animal feed, nutritional supplements, pharmaceutical, and others. According to the report, aquaculture represented the largest segment.

The aquaculture segment is driven by the increasing demand for sustainable seafood solutions amidst declining wild fish stocks. This demand is fueled by the global population's rising seafood consumption due to the recognized health benefits of fish. Technological advancements in aquaculture practices, such as improved breeding techniques and feed formulations, have significantly enhanced productivity and efficiency, making aquaculture a more viable option. Government support and favorable policies aimed at promoting sustainable fisheries and reducing overfishing have further bolstered the aquaculture industry's growth. Additionally, the development of high-quality, nutrient-rich feeds, including fish oil, has improved the health and growth rates of farmed fish, meeting consumer expectations for quality and nutritional value. The industry's expansion is also driven by the increasing investments in aquaculture infrastructure and research, leading to innovations that reduce environmental impacts and enhance production.

Breakup by Region:

• Europe
  • Germany
  • United Kingdom
  • France
  • Italy
  • Spain
  • Russia
  • Others
• Asia Pacific
  • China
  • Japan
  • India
  • Taiwan
  • Thailand
  • Others
• North America
  • United States
  • Canada
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
  • Turkey
  • Iran
  • Saudi Arabia
  • Others
     

Europe leads the market, accounting for the largest fish oil market share

The market research report has also provided a comprehensive analysis of all the major regional markets, which include Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); North America (the United States and Canada); Latin America (Brazil, Mexico, and others); and the Middle East and Africa (Turkey, Iran, Saudi Arabia, Others). According to the report, Europe accounted for the largest market share.

The Europe regional market is driven by the increasing consumer awareness of the health benefits of omega-3 fatty acids found in fish oil, particularly for cardiovascular health and cognitive function. This awareness is bolstered by extensive scientific research and public health campaigns promoting the use of fish oil supplements. Additionally, the rising prevalence of lifestyle-related chronic diseases such as heart disease and arthritis has led to a greater demand for preventive healthcare products, including fish oil. The region's strong aquaculture industry also plays a crucial role, with fish oil being a key ingredient in aquafeed to improve the nutritional quality of farmed fish. Furthermore, the European cosmetic industry is increasingly incorporating fish oil into skincare products due to its anti-inflammatory and anti-aging properties. Technological advancements in fish oil extraction and refinement processes have enhanced product quality, making fish oil supplements more appealing to consumers. Government initiatives and regulatory support for omega-3 consumption further stimulate market growth.

Competitive Landscape:

• The market research report has also provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the major market players in the China Fishery Group Limited, Corporación Pesquera Inca S.A.C. (Copeinca AS), Camanchaca, FF Skagen A/S, Foodcorp Chile S.A (Austevoll Seafood ASA), OLVEA Fish Oils (OLVEA), Oceana Group Limited, Pesquera Diamante S.A., Pioneer Fishing, TripleNine Fish Protein A/S (TripleNine Group), etc.
  
  (Please note that this is only a partial list of the key players, and the complete list is provided in the report.)
   
• Key players in the fish oil market are actively engaging in strategic initiatives to strengthen their market positions and drive growth. They are investing in research and development (R&D) to innovate and improve product formulations, ensuring higher purity and concentration of omega-3 fatty acids. Companies are also expanding their product lines to include a variety of applications, such as dietary supplements, functional foods, and cosmetics. Additionally, there is a strong focus on sustainable sourcing practices to address environmental concerns and ensure a steady supply of raw materials. Strategic partnerships and collaborations are being formed to enhance distribution networks and reach new markets. Moreover, advancements in extraction and refining technologies are being leveraged to improve product quality and cost-efficiency. These efforts collectively help key players maintain competitive advantage and cater to the growing demand for fish oil products. 

Fish Oil Market News:

• In 2023: China Fishery Group Limited has made significant strides in its restructuring efforts. The company secured approval from a UK court for its restructuring plan after dealing with prolonged bankruptcy proceedings in Peru. This approval marks a critical step in stabilizing the company's financial standing and continuing its operations within the global fish oil market.

Fish Oil Market Report Scope:

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the fish oil market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the global fish oil market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the fish oil industry and its attractiveness.
• The competitive landscape allows stakeholders to understand their competitive environment and provides insight into the current positions of key players in the market.