Fish Oil Products Market

Fish Oil Products Market Outlook (2023-2033)

The valuation of the global fish oil products market is set at US$ 2.6 billion for 2023 and is estimated to reach US$ 4.3 billion by 2033-end. This is backed by the demand for fish oil food products being estimated to increase at a CAGR of 5.2% through 2033.

Fish oil is derived from the tissue of fish that contain omega-3 fatty acids such as docosahexaenoic acid (DHA) and eicosapentaenoic acid (EPA). Omega-3 fatty acids are being used at an increased rate in medicine, functional foods, supplements, pet food, animal nutrition, and aquaculture. This acid is useful for the effective functioning of the nervous system and the human heart.

Doctors and people around the world are researching the importance of omega-3 fatty acids, which has further resulted in the increased adoption of fish oil in recent years. Manufacturers are incorporating more products with concentrated DHA and EPA into their production chain. The rising requirement for DHA and EPA-rich food is likely to have a direct impact on the demand for fish oil products.

Aquaculture has become less harmful and more sustainable to the environment. Information technology, offshore systems, aquaponic systems, and on-land recirculating aquaculture systems are some pivotal factors that are contributing to the growth of aquaculture in recent years. So, these technological advancements are likely to impact the demand for fish oil products.

In recent years, people are becoming more conscious related to the occurrences of cardiovascular diseases. In addition, there is a noticeable increase in the adoption of protein-rich diets that can also impact the sales of fish oil supplements.

In the post-pandemic era, people are taking more efforts to improve their immunity which has further strengthened the demand for fish oil food products. People, nowadays are including omega-3 ingredients in their diet to support the health of the brain and heart. In addition, rising expenditure on well-being and healthcare is anticipated to propel sales of fish oil products in the years to come.

Lack of physical activity, work-from-home trend, and sedentary lifestyle, especially in people aged 30 to 40 years, are projected to result in increasing demand for fish oil nutritional supplements.

Report Attributes	Details
Fish Oil Products Market Size (2023)	US$ 2.6 Billion
Estimated Market Value (2033)	US$ 4.3 Billion
Anticipated Growth Rate of Global Market (2023-2033)	5.2% CAGR
Projected Growth Rate of Canada Market (2023-2033)	4.7% CAGR
Expected CAGR for Germany Market (2023-2033)	3.2%
Key Companies Profiled	Abundant Health Ltd. Barlean’s Organic Oils, LLC Captek Softgel International Inc. Omega Protein Corporation Nordic Naturals, Inc. Marine Ingredients

What is the Key Driving Factors for the Fish Oil Products Industry?

“Growing Aquaculture Industry and Increased Awareness about Health Benefits of Fish Oil Products”

In recent years, the count of various marine spices has dropped at a noticeable speed. So, governments around the world are putting limitations on how much fish can be caught. These limitations are applied to keep the creatures of the sea safe.

Thus, the abovementioned factors can bring growth opportunities in the aquaculture market which is an appropriate solution. It is related to raising fish in such environments that can be controlled by human beings. In addition, raising fish on farms is more stable and much safer than raising them in wild.

These activities ensure a steady supply of fish which is further important for buyers including hotels, restaurants, and big stores. Fish oil serves as a crucial part of aquafeed due to its rising use in food products. Furthermore, it also contains lots of protein.

Moreover, omega-3 fatty acids such as DHA and EPA are good for human health. They are consumed at an increased rate as supplements. Further, EPA works effectively for the blood vessels and the human heart and DHA plays a pivotal role in the functioning of the nervous system. At present, doctors and people are learning more about the importance of omega-3 fatty acids for human beings.

There is a noticeable increase in the count of people who consume fish oil. Thus, these factors further stimulate companies to add concentrated DHA and EPA in their nutraceutical products line. Further, the rising requirement for DHA and EPA in human food is anticipated to bolster sales of fish oil products around the world.

“Production of by-Products and Increased Consumption of Fish Oil Products by Aging Population”

In recent years, there is a noteworthy drop in the amount of fish oil that is prepared. This reduced production can lead to the inability of different industries to match the demand for fish oil. This leads to a shift in the investment that is made in the fish oil products industry to find some alternative solutions.

Backbones, guts, and heads of fish are used to make fish oil in recent years. These leftovers are used commonly to make fish oil and fish meals. Around 31% of fish meal and fish oil are made from the waste of fish and its by-products which is further predicted to contribute to lucrative opportunities in the global market.

Fish oil is a rich source of omega-3 fatty acids. It plays an important role to reduce the risk of getting different chronic diseases among older people. Most importantly, these elderly people are keen to take steps to reduce or avoid different issues with their joints, brain, and eyes.

With increasing awareness among people related to the importance of omega-3 for human health, the sales of these are increasing at a noticeable rate. Furthermore, the rising population of these older people can result in the rising use of fish oil pills to lower the risk of different healthcare issues including stroke and heart disease.

What Might Restrict Fish Oil Product Sales to Some Extent?

“High Price of Fish Oil and Gap in Demand-Supply Chain”

The price of fish oil is comparatively high which is estimated to limit its adoption across the globe. In addition, the gap between the demand and supply of fish oil products can restrict growth opportunities in the global market.

Further, the excessive use of fish oil products by aquaculture can create a shortage for some other applications that include pharmaceuticals, cosmetics, dietary supplements, and others. These factors can put an adverse impact on business opportunities in the global market.

What Tactics are Evolving Businesses Incorporating to Thrive in This Space?

“Startups to Increase Fish Production Using Advanced Technologies”

Several fish product start-ups are based on aquaculture and are experiencing noticeable growth opportunities in the global market.

For instance,

• IntensAquatica is concentrating on fish farming and uses advanced technology across the fishing industry. The company was founded by Ganesh Yala who is an entrepreneur from Bengaluru. Further, with the use of advanced technology the yield of fish farms is increased while controlling the environment required for the breeding of fish.

Which Region Will Provide the Most Attractive Business Opportunities?

“Market in Europe Due to Rising Aquaculture Activities”

The market in Europe is estimated to hold a dominating position in the global market due to the rising count of aquaculture activities in regional countries including Norway and the UK. Further, Norway is a prominent producer of fish oil that is also expected to contribute to market growth. Rising awareness about the health benefits of fish oil is also projected to put a significant impact on market growth.

The market of the Asia Pacific region is also predicted to grow at a noticeable speed owing to the flourishing aquaculture industry. Furthermore, Indonesia, India, Thailand, and China are the key contributors to the regional market as they contribute to the sales of fish oil products.

Country-wise Insights

Why is Japan Leading the Asia Pacific Fish Oil Products Industry?

“High Consumption of Fish Oil Products in Japan”

Owing to the increasing use of fish oil products by the Japanese is estimated to contribute to growth opportunities in the market. In addition, fish oil is used to produce various meals in residential and commercial areas, which is also likely to contribute to its demand. The market of Japan is anticipated to progress at a sluggish CAGR of 2.8% through 2033.

Why are the Canada and U.S. Lucrative Markets?

“Growing Production and Consumption of Fish Oil in Canada and U.S.”

A majority of the fish oil in the North American industry is produced in Canada and the US. The growth opportunities in these markets are attributed to government recommendations for the intake of omega-3 fatty acids, such as DHA and EPA. This fatty acid is used in functional foods, supplements, and pharmaceuticals.

The market of Canada is likely to progress at a CAGR of 4.7% through 2033. Furthermore, the value of fish oil products in the US market was more than US$ 585 million in 2021.

What is the Future of Fish Oil Products in the Germany Market?

“Rising Popularity of Organic Fish Oil Products in Germany”

The market in Germany is estimated to progress at a CAGR of 3.2% through 2033. The growth in the market is attributed to the rising demand for omega-3 fish oil owing to growing awareness about its health benefits.

The key players in the market are concentrating on promotional and marketing operations. In addition, the awareness of the nutritional advantages of omega-3 fatty acids can stimulate sales of fish oil oxidation products.

In recent years, organic fish is gaining popularity in the Germany market. The top fish oil supplement companies in the market are focusing on organic product innovations. The sales of fish oil products through specialty stores in Germany are likely to create lucrative opportunities there.

Category-wise Insights

Why is the Global Market Experiencing Steady Increase in Demand for Salmon?

“Health Benefits of Salmon to Stimulate Sales in Global Market”

Based on species type, the industry of fish oil products is classified into white whiting, anchoveta, sardine, capelin, salmon, and other specie types. Among these salmon species are likely to hold a leading position in the global market owing to their numerous health benefits. In addition, salmon fish is a rich source of omega-3 fatty acids so can provide various health benefits in improving hair and skin health, reducing symptoms of arthritis, and curing depression and cardiovascular diseases.

How Does Aquaculture Account for a Large Contribution to the Global Market?

“Rising Initiatives by Manufactures to Increase Fish Production”

Based on application, supplements & functional foods, pharmaceuticals, animal nutrition & pet foods, aquaculture, and other applications are the key divisions in the global market. Among these, aquaculture holds a noticeable share of the global market. This dominance is attributed to the increasing concentration of industry players to increase the production of fish and foster the farming of key species, such as salmon to stimulate the use of fish oil across aquaculture applications.

Competitive Landscape

Some of the prominent initiatives that are taken by industry players include:

• FMC Corporation in April 2022 announced its new ‘Greater than Green’ platform that can be used for global sustainability. The company renewed its long-term environmental metrics through this platform.
• Triplenine Group in January 2022 announced its planning for the upcoming production of mussel meals to expand its business. This plan is decided for the coming financial year.

Key manufacturers of fish oil products include Abundant Health Ltd., Barlean’s Organic Oils, LLC, Captek Softgel International Inc., Omega Protein Corporation, Nordic Naturals, Inc., and Marine Ingredients.

Segmentation of Fish Oil Products Industry Research

• By Species Type:

  • White Whiting
  • Anchoveta
  • Sardine
  • Capelin
  • Salmon
  • Other Species Types

• By Application:

  • Supplements & Functional Foods
  • Pharmaceuticals
  • Animal Nutrition & Pet Foods
  • Aquaculture
  • Other Applications

• By Region:

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa