Global Fish Oil Omega-3 market is forecasted to reach USD 3057.03 million by 2024 growing at a CAGR of 9.1% during the forecast period (2019 - 2024).
- Fish oil omega-3 market is driven by the research and development efforts that are channelized toward improving the procurement practices, enhancing the extraction process of omega-3 fatty acids, and sustainably streamlining the entire value chain of the industry.
- Health experts across the world have substantially increased the recommended daily dietary intake of omega-3 fatty acids, as a result of which, the fish oil consumption has increase consequentially. The rise in perceived health benefits of omega-3 fatty acids, for which fish oil is the primary extraction source, is also driving the market.
Scope of the Report
Global Fish Oil Omega-3 market broadly covers fish oil from species such as nchovy, Cod Liver, Menhaden, Tuna, Sardine, Salmon, Other Species & respective scope in the regions of North America, Europe, Asia-Pacific, South America and Middle East & Africa.
Key Market Trends
Rising Demand from Supplement and Functional Food Application Segments
The rise in demand of dietary supplements and functional foods is one of the key factor driving the fish oil omega-3 market. North America and Europe are two major lucrative markets for the consumption of fish oils in pharmaceutical, supplements, and functional food application sectors. The developed markets of the United States, Western Europe, and Japan have a significant share of geriatric population, the rising health concerns and increasing occurrence of lifestyle-related diseases in these markets have given impetus to the incorporation of fish oil omega-3 ingredients in nutritional and pharmaceutical applications. The nutraceuticals market, which comprises of functional foods and beverages and dietary supplements is projected to register a CAGR of 7.5% in the next five years. Fish oils/omega fatty acids are one of the fastest-growing segments in the nutraceuticals industry.
Asia-Pacific Dominates the Market
The increasing ageing population coupled with rising health trend and awareness among the general consumers have increased the consumption of dietary supplements with in the region majorly pulling up the fish oil omega-3 market. China is one of the world’s largest producers of fishmeal and oil. However, it is primarily focusing on the production of high-quality pharma grade fish oil to increase its application in the pharmaceutical industry. Also, in Japan, the consumption of nutritional and pharmaceutical grade fish oil has significantly increased due to rising health concerns among the country's geriatric population. Moreover, according to the United Nations Statistical Office, fish oil exports in Japan increased by 21.58% in 2017. South Korea and Southeast Asian countries hold significant market share in Rest of Asia-Pacific fish oil market.
The Global Fish Oil Omega-3 market is highly fragmented. Croda International Plc, Omega Protein Corporation, BASF SE, and Pelagia AS constitute as few of the key players in the market. Companies operating in the fish oil omega-3 market engage in diversified business models, the most common one is where a company has its own fishery vessel for the procurement of fish, followed by integration into fish and fish products. For instance: Olevea Group is a family owned company that experiences vertical integration from sustainable sources and fully refined fish oils. Thus, providing unique solutions for its clients and final consumers.
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