Marine Oil Market Forecast, Trend Analysis & Competition Tracking By Product Type (Fish Oil, Algae Oil, Blended Fish Oil), By Processing (Refined Marine Oil, Crude Marine Oil), By End-User (Pharmaceuticals, Aqua Feed) And Regions - Global Market Insights 2022 to 2032

Global Marine Oil Market Outlook

The global marine oil market is estimated at USD 1,933.9 Million in 2022 and is forecast to surpass USD 2,802.3 Million by 2032, growing at a CAGR of 3.8% from 2022 to 2032.

2017-2021 Global Marine Oil Market Outlook in Comparison to 2022-2032 Growth Forecast

Marine oil is the widely accepted source of long chain fatty acids like DHA and EPA and are being greatly used in end-use industries of dietary supplements, pharmaceuticals, aquaculture etc. for numerous uses. Marine oil which is extracted from marine sources like fish and algae are a rich source of Omega 3 fatty acids. Their wide application areas are likely to provide a gain of 156 BPS to the marine oil market in coming years.

The rising demand from aquaculture activities and escalating competition in the end-use industries are making the market volatile. Owing to the advancement in technologies, the companies are directing their attention towards sustainable choices of marine oil like algae oil to be used as an aqua feed source in aquaculture activities. These factors are likely to propel marine oil market growth in the positive direction.

Fact.MR projects the marine oil market is expected to witness exhibiting growth at 3.8% CAGR during 2022 and 2032 in comparison to a CAGR of 2.4% with which it grew from 2017 and 2021.

Mounting Demand in End-Use Sectors

Fish oil based pharmaceuticals are giving rise to pharmaceutical grade fish oil as there are no environmental toxins, less fishy odor, and the concentration of fish oil is more as compared to Omega 3 fish oil. This pharmaceutical grade fish oil is being used in several drugs providing enough benefits. This is estimated to support market demand by 1.3X in coming years.

Additionally, the marine oil is being used to cure rheumatoid arthritis and also lowers the chance of cardiovascular diseases, chances of second heart attack etc. The marine oil is greatly demanded in pet food industry capable of providing nutrients to kittens and puppies. Thus, these factors are likely to support marine oil market growth by 1/5th of current levels during forecast years of 2022-2032.

Inclination in Demand for Cosmetic Products Based on Marine Oil to Create Opportunities

Fish oil is greatly used as a potential supplement in cosmetics to enhance skin disorders like allergy, skin cancer, photo aging etc. The marine oil market is expected to include variants of fish oil in cosmetic formulations attributed to rising consumer’s interest in the relationship of fish nutrient and skin protection. Manufacturers too, are utilizing new formulations of oils by introducing unique products such as hair oils, moisturizers, lip balms, beauty creams, etc.

Key manufacturers in the market are investigating generic products based on fish oils to diversify the perception of end-users for cosmetic products. This, is likely to create opportunity for potential cosmetic manufacturers across the globe for more cosmetic and skincare products with improved nutritional values in the market. Thus, these factors are likely to support marine oil market demand by 2.3X over the assessment period of 2022-2032.

Wildlife Conservation Policies Impacting Raw Material Supply to Restrict Market Growth

The selective variety of marine life forms have raised concerns of multiple wildlife protection institutions like World Wildlife Fund, claiming to maintain aqua life sustainability. Many countries have even limited extraction of these species and the laws are getting stricter in future. Although, new alternatives like genetically modified plants and algae are appearing in the market, its preferences and impact are unknown amongst consumers.

The regulations have created a gap in the market and consumers have to adapt by either reducing wastage or choosing other alternatives causing contraction in the marine oils market. Thus, restrictions in wildlife conservation is expected to create roadblocks in the market. Thus, this is estimated to restrict market growth by 0.6X over the assessment period of 2022-2032.

Region-wise Insights

Which region accounts for more enhanced demand for Marine Oil Market?

EMEA marine oil market accounts for the largest market share of 38.1%. The region is projected to register a CAGR of 4.4% during the forecast years. The growth is mainly attributed to the consumers inclination from plant based genetically modified oils to algal oil. Consumers are turning vegan and are increasing compassion towards animals, moreover, companies are too focusing on producing algal oil which is a plant-based alternative to fish oil.

Moreover, industry associations like Nordic Centre of Excellence Network in Fishmeal and Fish Oil along with Global Organization for EPA and DHA (GOED) are assisting in the growth of the market through the analysis of conventional and non-conventional methods, thereby strengthening the marine oil market.

What is the market scenario in East Asia and South Asia & Pacific Marine Oil Market?

The East Asia marine oil market holds 15.6% of the overall market share and is projected to grow at a CAGR of 4.5% during the forecast years. The South Asia & Pacific marine oil market holds 21.6% of the overall market share and is projected to register a CAGR of 4.1% over the assessment years.

The rapid growth in aquaculture activities in these regions is supporting market growth. Asia-Pacific consisting of East Asia and South Asia & Pacific is the largest regions in terms of aquaculture producing countries. Companies are shifting to aquaculture by making improvements in marine oil fish breeding technology, animal feeds and nutrition, disease control in aquaculture, and a low impact production system is likely to support market growth in these regions in coming years.

Category-wise Insights

Which product type holds dominant market share and is likely to show higher growth in Marine Oil Market over the assessment period?

The marine oil under product type is segmented into fish oil, algae oil, and blended fish oil. Amongst them, the blended fish oil dominates the market by holding 68.4% of the market share. The segment is projected to grow at a CAGR of 3.9% during the forecast years.

The growth is basically attributed to the benefits offered by blended fish oil, being rich in omega-3 fatty acids. Its benefits of improving cholesterol levels, decreased triglycerides, reduced blood pressure and helpful in preventing plaque are some of the chief factors supporting market growth of the marine oil market in coming years.

However, the other segments of fish oil and algae oil holds 29.1% and 2.5% of the overall marine oil market share and they are projected to register CAGR of 3.4% and 4.2% over the assessment period of 2022-2032.

Which end-user segment is estimated to support market growth in the Marine Oil Market during the forecast period?

Under the end-user segment, the marine oil market is segmented into pharmaceuticals, aqua feed and other segments. The aqua feed leads the market by holding 77.4% of the overall market share and is projected to register 3.8% CAGR during the forecast years of 2022-2032.

The growth is attributed to the rise in aquaculture activities globally leading to enhanced demand for marine oil at industrial level. Furthermore, the use of marine oil on different fronts of cosmetics, pet food, and pharmaceuticals is leading to enhanced demand. The demand for healthy food products, using marine oil as a cooking oil or a topping oil is gaining popularity, thereby supporting market growth.

Whilst, the other segments of pharmaceuticals and others segment holds 12.9% and 9.7% of the overall market share. Both these segments are likely to register CAGR of 4.2% and 3.4% over the assessment period.

Competitive Landscape: Top Companies in Marine Oil Market

The global marine oil market is highly fragmented and competitive owing to the existence of many domestic and regional players. Various marketing strategies are adopted by key players such as mergers and acquisitions, expansions, collaborations and partnerships.

Also, new product development as a strategic approach is adopted by the leading companies to upscale their market presence among consumers. These strategies have resulted in the manufacturing of marine oil.

Fact.MR has provided detailed information about price points of key manufacturers in marine oil market positioned across regions, sales growth, production capacity, and speculative technological expansion in the recently published report.

For instance:

1. Solutex Inc. acquired Virginia Distributor in 2021. This acquisition will aid in maintenance supplies and will enable the company becoming one of the premier companies for facility maintenance supplies
2. Evonik Industries in 2020 completed the acquisition of Porocel Group. This acquisition will help Evonik to expand its catalysts portfolio in the absorbents and desulfurization catalysts area, and will accelerate its growth

Global Marine Oil Market by Category

• By Product Type, Global Marine Oil Market is segmented as :

  • Fish Oil
  • Algae Oil
  • Blended Fish Oil

• By Processing, Global Marine Oil Market is segmented as :

  • Refined Marine Oil
  • Crude Marine Oil

• By End-User, Global Marine Oil Market is segmented as :

  • Pharmaceuticals
  • Aqua Feed
  • Others

• By Region, Global Marine Oil Market is segmented as :

  • North America
  • Latin America
  • EMEA
  • East Asia
  • South Asia & Pacific