Fish Oil Market

Fish Oil Market Outlook

The global fish oil market is valued at US$ 2.1 Bn, and is expected to witness a significant growth rate at a CAGR of 5.5% to top a value of US$ 3.6 Bn by 2031.

As health supplements are becoming popular, top fish oil brands are focusing on offering omega fish oil/omega-3 supplements in the global market. Due to the high level of competition, manufacturers are offering products with additional nutrients.

• For example, Schiff's omega-03+ multivitamin capsules combine the benefits of fish oil with adjacent health claims to entice customers.

Top fish oil manufacturers are also focusing on introducing new products in the global market owing to increased demand for fish oil from the pharmaceutical industry.

Fish oil business research performed by Fact.MR includes key findings such as latest and speculative production capacity, capacity utilisation rates of each manufacturer, recent and speculative pricing, and price optimization strategy across the value chain, as well as an economic evaluation of fish oil production.

Key Insights Covered in Fish Oil Industry Survey:

• Market Estimates and Forecasts (2016-2031)
• Production Capacity Analysis of Prominent Manufacturers
• Fish Oil Pricing Analysis
• Product Pricing Optimization Strategy
• Associated Industry Analysis (Food and Beverage Market Overview)
• Key Drivers and Restraints Shaping Market Growth
• Segment-wise, Country-wise, and Region-wise Analysis
• Competition Mapping and Benchmarking
• Market Share Analysis
• COVID-19 Impact on Fish Oil Sales and How to Navigate
• Exclusive sales assessment of Fish Oil
• Recommendation on Key Winning Strategies

Consumption Analysis of Fish Oil from 2016 to 2020 Vs. Market Outlook for 2021 to 2031      

As per Fact.MR, a market research and competitive intelligence provider, over the past half-decade, global market value for fish oil increased at a CAGR of 4.1% owing to high demand for end-use products in regions such as North America and Europe.

Meanwhile, demand for fish oil is projected to further rise at a moderate CAGR of around 5.5% during the forecast period of 2021 to 2031. The global fish oil industry is being driven by rising demand for fish oil in supplements across the world.

Fish oil supplements are natural products most usually consumed by both, children and adults, according to the National Health Interview Survey, which included a detailed study on the use of holistic treatment approaches in the United States. According to survey results, approximately 8% of adults and 1.1% of children aged 4 to 17 had taken a fish oil supplement recently. The adoption of fish oil supplements by health-conscious consumers is fuelling market growth.

Personalization was an important theme in 2019, and it is anticipated that this trend will reach new heights going ahead. Personalization is driven mostly by technical breakthroughs that are fast-moving, which allows customers to test themselves and obtain more information to understand the needs of their bodies. Personalization is here to stay for a predictable time, from fitness trackers to suggestions based on DNA.

Will Increased Demand for Functional Food Drive Sales of Fish Oil?

Fish oil is an excellent source of omega-3 fatty acids. Omega-3 fatty acids lower the risk of heart disease, arthritis, and asthma, as well as aid in brain development and function. Fish oil, such as tuna oil or shrimp oil, contain omega-3 fatty acids.

Including fish oil or omega-3 fatty acids in functional food, which consumers consume every day, is an excellent way to increase omega-3 intake, and many companies manufacturing functional food are focusing on including fish oil in their products, owing to increased demand for fish oil in functional food.  

Fish oil and omega-3 fatty acids are becoming increasingly common in a variety of functional food products such as pasta, yogurt, bread, and others.

How are Health Benefits of Various Fish Oils Propelling Growth of the Global Market?

The health benefits of various fish oils such as anchovy oil, cod oil, menhaden oil, and mackerel oil are propelling the growth of the global fish oil omega-3 market. Sales of cod oil are gaining traction owing to its extremely nutritious properties, meeting nearly all of the nutritional needs for vitamin D and A.

Anchovy oil's omega-3 fatty acids can assist the suppression of proteins that cause inflammation. Demand for anchovy oil is also increased owing to its antioxidant properties.

Menhaden oil and mackerel oil are also high in vitamin A, which can protect against vision loss caused by inflammatory eye diseases such as glaucoma and age-related macular degeneration (AMD).

As a result of the nutritious properties and health benefits of fish oil, sales of mackerel oil and menhaden oil are gaining traction in pharmaceutical and dietary supplement industries.

Which Region Offers Huge Opportunity for Sales of Fish Oil?

In 2021, total sales of fish oil in North America is expected to be US$ 680 Mn, accounting for roughly 32.1% of global sales.

A large part of the population in the Unites States is facing heart-related problems due to = rising obesity levels. The United States has the world's 12th highest obesity rate (36.2%) and is the most obese OECD country.

Thus, consumers are shifting towards healthy products such as dietary supplements. Manufacturers are focusing on offering dietary supplements with fish oil as it is associated with lower rates of stroke, heart attack, and death in people who already have heart disease.

Increased use of fish oil in dietary supplements is thereby driving market growth.

Country-wise Analysis

How is Increase in Peruvian Exports of Fish Oil Fueling Market Progress?

In 2021, Peru exported 122% higher volumes of fish meal and fish oil in the first six months alone as compared to the whole of 2020. Peru's seafood sector holds a considerable portion of the marine by-products market.

The country's increased exports are likely to provide lucrative opportunity for global marine by-products trade. With several countries' stocks of marine food diminishing, Peruvian exports are estimated to support increasing fish oil consumption.

Which Factors Driving the Sales of Fish Oil in the U.S.?

North America is dominating the global market with a share of 32.1% in 2021. The U.S. is estimated to account for more than 85% of the North American market in 2021, according to the most recent analysis.

The animal feed industry in the Unites States is looking to omega-3 fatty acids to generate enhanced products for humans, such as meat and eggs, or to use the characteristics of these fatty acids to improve livestock productivity, health, and welfare.

As a result, there is increase in the usage of fish oil as a feed additive, but supplies are limited for the time being.

Why is China Dominating the East Asia Market for Fish Oil? 

The China fish oil market size in 2021 is estimated to reach a value of US$ 121 Mn, but demand for omega-3 fish oil in Japan is expected to witness a lucrative growth rate of 5.7% over the forecast period.

China's market appears to be nearing a turning point, boosted by both, the ingredient's ability for sports nutrition and growing opportunities for highly personalized nutrition.

The country has also witnessed growing fish oil consumption amongst children and adolescents. The industry has witnessed growing number of functional food and health food being introduced in the paediatric nutrition category.

In China, sales of fish oil via hypermarkets and supermarkets are estimated to account for approximately 35% of the business to consumer distribution channel, but sales of fish oil via specialty stores are expected to witness a lucrative growth rate over the coming years.

How are Sales of Fish Oil Faring in Germany?  

In 2021, Germany had a market share of 24.2% in Europe, while demand for omega-3 fish oil in the U.K. is expected to witness a lucrative growth rate over the forecast period.

Top manufacturers of fish oil in Germany are focusing on promotional and marketing activities to generate more sales. Increasing evidence supporting the nutritional benefits of omega-3 fatty acids has unavoidably increased consumer awareness of the product.

According to Fact.MR, more than half of the consumers in Germany and the United Kingdom are aware of omega-3 fatty acids, and an overwhelming amount of these consumers are also aware that fish oil, and thus fish oil supplements, are good sources of nutrition.

Trends of organic fish oil in are is attracting manufacturers to offer organic fish oil to customers. Top fish oil supplement brands are focusing on product launches with organic claims to reach a large consumer base.

What is Driving Demand for Fish Oil in India?

According to Fact.MR, demand for fish oil in India in 2021 is expected to be worth US$ 37.7 Mn. India is one of the top emerging countries in South Asia, with considerable demand for fish oil.

The nutraceuticals business is highly competitive and growing in popularity across India. The market is expected to rise over the decade due to increased product knowledge, rising disposable income, and desire for preventive medicine and self-treatment.

Increasing research and study on marine-based health supplements and their benefits for human health is expected to contribute to increased application of marine by-products in nutraceuticals.

Various health associations recommend consuming two types of omega-3 fatty acids regularly: DHA and EPA, which are found in particularly high concentrations in fatty fish such as herring, cod, and trout. For people in India who are allergic to fish oil, manufacturers are focusing on offering allergen-free fish oil.

Why is There Increased Demand for Non-GMO Fish Oil in Australia?

Australia accounts for 73.4% of the Oceania market, and is expected to expand at a CAGR of 8.7% to reach a value of US$ 189.7 Mn by 2031.

With increasing awareness of non-GMO labelled products in Australia, consumers are shifting to non-GMO products in functional foods, nutraceuticals products, infant formula, skincare products, and personal care products. Therefore, manufacturers are focusing on producing non-GMO fish oil and chemical-free fish oil from natural sources.

Category-wise Insights

Will Increased Use of Fish Oil in Animal Nutrition and Pet Food Drive Market Growth?

Supplementing animal feed with marine-derived products, especially sardine oil and herring oil, is the most effective way in increasing long-chain fatty acids in dairy products. Thus, various health benefits of fish oil in animal feed increase demand for fish oil in animal nutrition. Increased sardine oil demand in animal nutrition is propelling the sales of fish liver oil.

Due to their anti-inflammatory properties, omega-3 fatty acids have been shown to benefit skin/coat conditions. Dogs with allergic symptoms such as scratching, itching, chewing, and hair loss may benefit from omega-3 supplementation. Due to its health beneficial properties, the use of fish oil in pet food is increasing.

Why is Pharma Grade Fish Oil Highly Sought-after?

According to Fact.MR, pharma grade fish oil sales are expected to account for more than 48% in 2021, but food-grade is expected to witness a lucrative growth rate at a CAGR of 10.1%.

Pharma grade fish oil is dominating the global market owing to rising demand for organic fish oil from the pharmaceutical industry.

Which is the Most Attractive Product Type of Fish Oil?

In 2021, anchovy oil accounted for 34.9% share of the global market, but demand for tuna oil is expected to rise at a CAGR of 10.6% from 2021 to 2031.

Anchovies are rich in omega-3 fatty acids, proteins, vitamins and minerals that promote a healthy environment, as per USDA FoodData Central. Use of fish oil in aquaculture is also driving demand for anchovy oil in the global market.

Sardine oil, mackerel oil, and salmon oil are used for the manufacturing of fish body oil. Demand for fish body oil is gaining traction owing to its various health benefits.

Which Manufacturing Process of Fish Oil holds a Significant Market Share?

Based on process, refined fish oil accounted for 42.2% market share in 2021, but the crude process is expected to witness a lucrative growth rate of 9.7% CAGR. The refined process is mostly used in the production of fish oil.

Will Growth of Online Distribution Channels Drive Fish Oil Sales?

Sales of fish oil via online stores are expected to account for 20.9% in 2021, which is expected to witness a lucrative CAGR of 10.3% through 2031. Adoption of online sales channels by key players and customers is driving online retail sales of fish oil.

Competition Landscape

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.

Fish Oil Industry Report Scope

Attribute	Details
Market size value in 2021	USD 2.1 Billion
Market forecast value in 2031	USD 3.6 Billion
Growth Rate	CAGR of 5.5% from 2021 to 2031
Forecast Period	2021-2031
Historical Data Available for	2016-2020
Market Analysis	MT for Volume and US$ Million for Value
Key Regions Covered	North America Latin America Europe East Asia South Asia Oceania MEA
Key Countries Covered	United States Canada Brazil Mexico Rest of LATAM Germany U.K. France Spain Italy BENELUX Russia Rest of Europe China Japan South Korea India Indonesia Malaysia Singapore Rest of South Asia Australia New Zealand South Africa GCC Countries  Rest of South Africa
Key Market Segments Covered	Grade Process End Use Product Distribution Channel Region
Key Companies Profiled	Croda International Plc Pelagia AS Sursan A.S. Ocean Group Limited GC Rieber Oils Tecnológica de Alimentos SA Golden Omega Stepan Company BASF SE TripleNine Group Pesquera Exalmar S.A.A Others
Pricing	Available upon Request

Main Segments Covered in Fish Oil Industry Research

• By Grade

  • Feed Grade Fish Oil
  • Food Grade Fish Oil
  • Pharma Grade Fish Oil

• By Process

  • Crude Fish Oil
  • Refined Fish Oil
  • Modified Fish Oil

• By Product

  • Salmon Oil
  • Tuna Oil
  • Cod Liver Oil
  • Sardine Oil
  • Squalene Oil
  • Krill Oil
  • Anchovy Oil
  • Menhaden Oil
  • Others

• By End User

  • Aqua-feed
    • Crustaceans
    • Marine Fish
    • Salmon & Trout
    • Eels
    • Cyprinids
    • Tilapias
  • Food & Beverages
  • Dietary Supplements
  • Cosmetic & Beauty Products

• Distribution Channel

  • Business to Business (Manufacturers and Distributors)
  • Business to Consumer
    • Modern Trade (Hypermarkets & Supermarkets)
    • Convenience Stores
    • Grocery Stores
    • Medical Stores
    • Discount Stores
  • E-commerce/Online Stores