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Fish Oil Market

Fish Oil Market

Rising Demand for Fish Oil in Supplements Worldwide to Drive the Fish Oil Market Growth during 2021-2031

Fish Oil Market
FACT6908MR
  • Sep-2021
  • List of Tables : 118
  • List of Figures : 152
  • 170 Pages
  • Food & Beverage

Market Snapshot

Latest released report by Fact.MR estimates that 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

Know More Details About the Report

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.

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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.

fish oil market by FactMR

An Adaptive Approach to Modern-day Research Needs

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.

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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

Fish Oil Market: Scope of Report

A recent market study published by Fact.MR on the fish oil offers a global industry analysis for 2016-2020 and opportunity assessment for 2021-2031. The study offers a comprehensive assessment of the most important market dynamics. After conducting thorough research on the historical and current growth parameters, the growth prospects of the market are obtained with maximum precision.

Report Chapters

Executive Summary

The executive summary of the fish oil includes the market country analysis, technology roadmap analysis, demand-side and supply-side trends, opportunity assessment, and recommendations on the global fish oil.

Chapter 01 – Market Introduction

Readers can find the detailed segmentation and definition of the fish oil in this chapter, which will help them understand basic information about the fish oil. This section also highlights the inclusions and exclusions, which help the reader understand the scope of the fish oil report.

Chapter 02 – Product Innovation and Developement Trends

This chapter readers can find the details analysis of recent trends which elevate the fish oil. Also, this chapter includes the effectiveness of the trend in the forecast period.

Chapter 03 – Market Background and Associated Industry Analysis

The associated industry assessment of the fish oil is carried out in this section. The macro-economic factors affecting growth of the fish oil are provided in this section and the impact of these macroeconomic indicators on the fish oil is analyzed. This section also included policy developments and regulatory scenario, global forecast factor-relevance and impact and value chain analysis. In this section reader also find the market dynamics like drivers, restrains and the opportunities of the fish oil in globe.

Chapter 04 – Policy and Regulatory Landscape

The key regulations of the fish oil market are also explained in this chapter. The reader can find details for regulation and policies of different governments in different region for fish oil.

Chapter 05 – Global Fish Oil Market Analysis and Forecasts 2016-2031

This chapter includes detailed analysis of the historical fish oil (2016-2020), along with an opportunity analysis for the forecast period (2021-2031). Readers can also find the absolute $ opportunity for the current year (2019– 2020) and incremental opportunity for the forecast period (2021-2031).

Chapter 06 –Pricing Analysis

This chapter includes global as well as regional pricing analysis by grade.  The pricing influencing factors are also explained in this chapter. The readers can understand the manufacturer level, distributor level pricing analysis for 2021 and 2031.

Chapter 07 – Global Market Analysis 2016-2020 and Forecast 2021-2031, by Grade

Based on nature, the fish oil is segmented into feed grade, food grade and pharma grade. This section also offers market attractiveness analysis based on grade.

Chapter 08 – Global Market Analysis 2016-2020 and Forecast 2021-2031, by Process

Based on forms, the fish oil is segmented into crude, refined and modified. This section also offers market attractiveness analysis based on process. In this chapter, readers can find information about key trends and developments in the fish oil market and market attractiveness analysis based on process.

Chapter 09 – Global Market Analysis 2016-2020 and Forecast 2021-2031, by End User

Based on end use, the fish oil is segmented into food processing industry, food service industry, and retail/household. This section also offers market attractiveness analysis based on End Use. In this chapter, readers can find information about key trends and developments in the fish oil market and market attractiveness analysis based on end-user.

Chapter 10 – Global Market Analysis 2016-2020 and Forecast 2021-2031, by Product

This chapter provides details about the fish oil on the basis of product type, and has been classified into salmon oil, tuna oil, cod liver oil, sardine oil, squalene oil, krill oil, anchovy oil, menhaden oil and others in this chapter, readers can understand market attractive analysis based on product type.

Chapter 11 – Global Market Analysis 2016-2020 and Forecast 2021-2031, by Distribution Channel

This chapter provides details about the fish oil on the basis of distribution channel, and has been classified into business to business and business to consumer (modern trade, convenience stores, traditional grocery stores, wholesales stores, and discount stores) in this chapter, readers can understand market attractive analysis based on distribution channel.

Chapter 12 – Global Market Analysis 2016-2020 and Forecast 2021-2031 by Region

This chapter explains how the fish oil is anticipated to grow across North America, Latin America, Europe, East Asia, South Asia, Oceania and Middle East and Africa (MEA).

Chapter 13 – North America Market Analysis 2016-2020 and Forecast 2021-2031

This chapter includes a detailed analysis of the growth of the fish oil in the North America region, along with a country-wise assessment that includes the U.S. and Canada. Readers can also find regional trends, regulations, and market growth based on different segment and countries in the North America region.

Chapter 14 – Latin America Market Analysis 2016-2020 and Forecast 2021-2031

This chapter includes a detailed analysis of the growth of the fish oil in the Latin America region, along with a country-wise assessment that includes the Brazil, Mexico, and the Rest of Latin America. Readers can find detailed information about several factors, such as the pricing analysis and regional trends, which are impacting growth of the fish oil in the Latin America region.

Chapter 15 – Europe Analysis 2016-2020 and Forecast 2021-2031

Important growth prospects of the fish oil based on different segments in several countries such as Germany, Italy, France, U.K., Spain, BENELUX, Russia, Poland and the Rest of Europe are included in this chapter. Readers can find detailed information about several factors, such as the pricing analysis and regional trends, which are impacting growth of the fish oil in the Europe region.

Chapter 16 – East Asia Market Analysis 2016-2020 and Forecast 2021-2031

Important growth prospects of the fish oil based on different segments in several countries such as in Japan, China, South Korea and the Rest of East Asia. Readers can find detailed information about several factors, such as the pricing analysis and regional trends, which are impacting growth of the fish oil in the East Asian region.

Chapter 17 – South Asia Market Analysis 2016-2020 and Forecast 2021-2031

Important growth prospects of the fish oil based on different segments in several countries such as India, Thailand, Indonesia, Malaysia, and Rest of South Asia. Readers can find detailed information about several factors, such as the pricing analysis and regional trends, which are impacting growth of the fish oil in the South Asian region.

Chapter 18 – Oceania Market Analysis 2016-2020 and Forecast 2021-2031

Important growth prospects of the fish oil based on different segments in several countries such Australia, and New Zealand are included in this chapter. Readers can find detailed information about several factors, such as the pricing analysis and regional trends, which are impacting growth of the fish oil in the Oceania region.

Chapter 19 – Middle East and Africa Market Analysis 2016-2020 and Forecast 2021-2031

This chapter includes a detailed analysis of the growth of the fish oil in the MEA region, along with a country-wise assessment that includes the GCC Countries, South Africa, and Rest of MEA. Readers can find detailed information about several factors, such as the pricing analysis and regional trends, which are impacting growth of the fish oil in the MEA region.

Chapter 20 – Market Structure Analysis

In this chapter, readers can find detailed information about tier analysis and market concentration of the key players in the fish oil along with their market presence analysis by region and product portfolio.

Chapter 21 – Competition Analysis

In this chapter, readers can find a comprehensive list of leading manufacturers in the fish oil, along with detailed information about each company, which includes company overview, revenue shares, strategic overview, and recent company developments. S

Chapter 22 - Assumptions and Acronyms

This chapter includes a list of acronyms and assumptions that provide a base to the information and statistics included in the fish oil report.

Chapter 23 – Research Methodology

This chapter helps readers understand the research methodology followed to obtain various conclusions, as well as important qualitative and quantitative information, on the fish oil.

- FAQs -

Currently, the global fish oil market is worth more than US$ 2.1 Bn.

Fish oil consumption is expected to rise at a CAGR of around 5.5% during the period of 2021-2031.

In terms of revenue, fish oil sales increased at a CAGR of around 4.1% during 2016-2020.

Product innovations, growing demand for clean label ingredients in seafood manufacturing, and increasing demand for marine by-products from health food manufacturers are key trends being observed in the market.

Top 5 fish oil manufacturers hold around 15%-25% of the market share.

The U.S., Germany, China, U.K., and Japan are major countries driving demand for fish oil.

East Asia holds around 13.1% of total fish oil revenue share.

The U.S. fish oil industry is projected to expand at a CAGR of around 3.3% over the next ten years.

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Is the market research conducted by Fact.MR?

Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.

What research methodology is followed by Fact.MR?

Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.

What are the sources of secondary research?

Fact.MR conducts extensive secondary research through proprietary databases, paid databases, and information available in the public domain. We refer to industry associations, company press releases, annual reports, investor presentations, and research papers. More information about desk research is available upon request.

Who are the respondents for primary research?

Fact.MR speaks to stakeholders across the spectrum, including C-level executives, distributors, product manufacturers, and industry experts. For a full list of primary respondents, please reach out to us.

Is a sample of this report available for evaluation?

Yes, you can request a sample, and it will be sent to you through an email.