Fish oil is used in different dietary supplements to provide a healthy life not only to human but also to animals. Since in human it is consumed directly the presence of Omega 3 fatty acid helps in prevention of different disease such as ulcer, cancer, anemia etc. The increasing number of health conscious people in the world is driving the demand of fish oil market in the global economy.
On the basis of different sources of species the market is divided into Salmon and trout, marine fish, Crustaceans, Tilapias and Carps where salmon and trout tend to dominate the market holding the volume share of approximately 60% till the period 2016. The increase in demand of salmon and trout is because they can be used for direct consumption for strengthening muscles etc.
The market for fish oil globally reached USD 2.50 billion in 2016 and is predicted to reach USD 4.50 billion in 2024 at a CAGR of approximately 6% over the forecast period 2016-2024.
On the basis of region the market is dominated by Europe i.e. approximately 48% of volume share. This is due to strict establishment of aquaculture fisheries and also Europe market provides the standard quality of fish oil products etc.
Increase in unhealthy lifestyles: Major boost
Since the number of heart diseases is increasing rapidly due to unhealthy lifestyles of people, the market of fish oil will provide an aid to that disease as the presence of omega 3 fatty acid help the person to fight with such type of diseases thus the market is driven mainly by increasing number of unhealthy lifestyles of people.
Collaboration of different companies to produce better fish oil products: Innovation
Two companies i.e. DSM Nutritional Products and Evonik Industries have made a joint venture for the production of Omega 3 fatty acid which will not only help in human nutrition but will also provides an aid to animal nutrition which is known as “breakthrough innovation”
Notwithstanding the facts that high cost of products and also the reduced production in fish oil will hamper the growth of different fish oil market in the world.
“Global fish oil market Outlook 2024”
It contains detailed overview of the global fish oil market in terms of market segmentation by sources Type, by livestock application type, by industrial application type.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis.
This market report also includes provides competitive outlook of some of the major players of the global fish oil market which includes profiling of companies of The TASA, Omega Protein Corporation, Copeinca A, Corpesca SA, FMC Corporation, TripleNine, Pesquera Diamante S.A, Marvesa Holding N.V, Pesquera Exalmar, FF Skagen A/S, Colpex internation, Marvesa, Nordic naturals, Nutrifynn Caps etc. The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services and industries catered, financial analysis of the company and recent developments. Overall, the report represents comprehensive synopsis on the global fish oil market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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