Fish Oil Market Will Reach Nearly USD 5.42 Billion By 2028 with 6.1% CAGR: Reports and Data
The global fish oil market is
expected to reach USD 5.42 Billion by 2028, according to a new report by
Reports and Data. Fish oil is essentially used as a feed item in several
animals and human nutritional uses, which comprise aquaculture feed, animal
& pet feed, pharmaceuticals, dietary supplements, and functional food. Fish
oil is the key ingredient in the growth of the aquaculture industry across the
globe and it is a crucial factor for the growth of the fish oil market.
Government regulations that limit the fishing quota create a gap between demand
and supply, which mostly affects the market demand for fish oil. An increase in
the production of fish oil from by-products and fostering prospects with third
party suppliers could otherwise aid in mitigating this threat and in reducing
the demand-supply gap.
An increase in consumer awareness about the health benefits of
omega-3 fatty acids is anticipated to fuel the growth of the global fish oil
market in the forecast period. Moreover, an increase in product consumption in
protective coatings and lubricants would further drive the fish oil market
growth in the forecast period. Additionally, high consumption of EPA/DHA
omega-3 fatty acids aids in lowering blood pressure and bad cholesterol and
mitigating the risk of coronary heart disease (CHD), such as strokes. These
health benefits are likely to drive the growth of the fish oil market globally.
The increasing need for hydrogenated vegetable oils and margarine
together with changing food patterns among people of the young generation are
likely to drive market demand in the upcoming years.
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Further key findings from the report suggest
- Aquaculture
contributed to the largest market share in 2018 with a revenue of USD 1.84
Billion and is projected to have a growth rate of 6.3% in the forecast
period. This market dominance can be attributed to the rising significance
of breeding and regular stocking for improving fish production output.
Further, an increase in aquaculture production of salmon along with
positive industry outlook on aquaculture in China due to cheap labor and
application growth is anticipated to fuel market growth.
- Store-based
distributional channel occupied the largest market share in 2018 and is
expected to continue its dominance in the forecast period with a growth
rate of 6.3%.
- Asia
Pacific is projected to experience a significant growth at a CAGR of 6.3%,
in terms of revenue, from 2019-2028 owing to the growth of aquaculture sector
from countries such as China, India, Thailand, Indonesia, and Bangladesh.
Besides, growing awareness for nutritional diet in emerging countries of
China and India is expected to fuel demand for dietary supplements.
- Key
participants include TripleNine Group, Oceana Group Limited, Pesquera
Diamante, The Scoular Company, FMC Corporation, GC Rieber Oils, Croda
Inc., Omega Protein Corporation, Marvesa holding N.V., and Corpesca S.A.
among others.
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For the purpose of this report, Reports and Data have segmented
global fish oil market on the basis of species, application, distribution channel,
and region:
Source Insights (Volume, Kilo Tons, Revenue, USD Million;
2018-2028)
- Salmon
- Cod
- Anchovy
- Tuna
- Mackerel
- Sardines
- Herring
- Others
Application (Volume, Kilo Tons, Revenue, USD Million; 2018-2028)
- Aquaculture
- Animal
Feed
- Functional
Food & Beverages
- Dietary
Supplements
- Pharmaceuticals
- Others
Distribution Channel Outlook (Volume, Kilo Tons, Revenue, USD
Million; 2018-2028)
- Store
Based
- Supermarkets
- Hypermarkets
- Specialty
Stores
- Others
- Non-store
Based
Regional Outlook (Volume, Kilo Tons, Revenue, USD Million;
2018-2028)
- North
America
- U.S.
- Europe
- Germany
- UK
- Asia
Pacific
- China
- India
- Southeast
Asia
- Latin
America
- Brazil
- Middle
East & Africa
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