New York, Jan. 24, 2024 (GLOBE NEWSWIRE) -- The fish oil market was valued at USD 17.6 billion in 2023 with significant growth and is projected to reach USD 34.4 billion by 2033 with an outstanding CAGR of 7.10%.
The Fish Oil market is experiencing a surge in demand driven by a growing preference for healthier dietary habits. Extracted from fatty fish like mackerel, salmon, and tuna, the oil is processed by applying pressure to cooked fish and separating the oil from the derived liquid. Researchers link fish oil intake to a reduction in cardiovascular issues, as fish and seafood are rich sources of long-chain omega-3s. A report from Cardiac Interventions highlights ischemic heart disease as the leading cause of global cardiovascular mortality.
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In the US alone, heart attacks occur every 40 seconds, affecting over 805,000 individuals annually. Fish oil's omega-3 content plays a pivotal role in heart health, contributing to a lower risk of heart attacks and strokes. Additionally, omega-3s in fish oil regulate blood pressure, improve cognitive functions, reduce rheumatoid arthritis, and enhance eyesight. The skincare industry also benefits from fish oil's anti-aging properties, skin-brightening effects, and hormonal acne prevention.
With these multifaceted health benefits, the fish oil market is poised for significant expansion as consumers increasingly recognize its positive impact on healthcare and skincare. The forecasted period anticipates a rapid increase in demand for fish oil, emphasizing its pivotal role in promoting overall well-being.
Key Takeaways
- Feed grade fish oil rules the grade market segment as it is used in aquaculture and feed for livestock where it can be used to enhance the growth, development, and overall health of animal feed.
- Refined fish oil dominates the process market segment due to its superior quality and purity. Refined fish oil undergoes extensive purification, removing impurities and contaminants.
- Anchovy oil dominates the product market segment due to its usage of aquafeed and dietary supplements.
- Aqua feed leads the end-user market segment due to its utilization of fish oil in the diets of various aquatic organisms.
- Offline sales channel dominates the sales channel market segment due to its enduring presence and popularity of physical stores.
- Asia-Pacific leads the Fish Oil market with a 34.30% share, driven by China's significant contribution to global aquaculture output.
Driving Factors
Industry’s Expansion in Nutritional Supplement
The growth of the fish oils market is intricately connected to the expansion of the nutritional supplements market. Projected to grow at a CAGR of 8% through 2026, this upsurge provides a significant tailwind for fish oil products. Fish oil, as a vital component of the supplement sector, benefits from the overall industry's growth trajectory. This trend is not isolated but intertwined with rising health awareness and evolving consumer preferences toward natural and preventive healthcare solutions.
Rise in Aquaculture
The increase in demand has not just impacted the use of fish oil in aquaculture directly but also impacted the supply chain and pricing changes within the market for fish oil. Dominated by Asia, particularly China, this sector's rapid growth necessitates substantial inputs of fishmeal and oil. The sustained growth in aquaculture is poised to have lasting implications on the fish oil industry, potentially ensuring a steady demand for years to come.
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Restraining Factors
Strict Regulations Hinder Fish Oil Market Growth
The fish oil industry is tightly regulated, with stringent quality control measures imposed by organizations such as the Global Organization for EPA and DHA Omega-3s (GOED) and NSF International. Compliance with these regulations adds layers of complexity and cost to the production process. For instance, obtaining pharmaceutical-grade certification for fish oil products entails substantial expenses, contributing to higher production costs.
Growth Opportunities
Leveraging E-commerce Channels
Direct-to-consumer (DTC) healthcare, which includes a broad range of products like nutraceuticals, is a rapidly growing industry, currently valued at around $700 billion. By adopting DTC models and leveraging e-commerce channels, fish oil brands can reduce overhead and distribution costs, enhance customer engagement, and build loyalty. Companies like PureLabel Nutrition are leading the way with subscription-based DTC models, demonstrating the potential of online sales in expanding market reach.
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| Report Attribute | Details |
| Market Value (2023) | US$ 17.6 Billion |
| Market Size (2033) | US$ 34.4 Billion |
| CAGR (from 2024 to 2033) | 7.10% from 2024 to 2033 |
| Asia-Pacific Region Revenue Share | 34.30% |
| Historic Period | 2016 to 2023 |
| Base Year | 2023 |
| Forecast Year | 2024 to 2033 |
Regional Analysis
Asia-Pacific leads the Fish Oil Market with a 34.30% share, driven by China's significant contribution to global aquaculture output. The region benefits from extensive coastlines, favorable aquaculture climates, and high fish consumption rates. Asia-Pacific utilizes a blend of traditional and modern fishing practices, leveraging diverse aquatic ecosystems for fish oil production. In Europe, advanced processing and a focus on sustainability, especially in countries like Norway and Iceland, propel the fish oil market. North America, spurred by increasing consumer awareness, sees growth with the United States contributing through aquaculture and diverse uses in pharmaceuticals, supplements, and livestock feed.
Segment Analysis
By grade analysis, feed-grade fish oil rules the market segment as it is used in aquaculture and feed for livestock where it can be used to enhance the growth, development, and overall health of animal feed. It is rich in omega-3 fatty acids, which are essential for the health of aquatic animals, particularly species like salmon, trout, and carp. The apex demand in the aquaculture sector illustrates the growing impact on Feed feed-grade fish Oil.
By process analysis, refined fish oil dominates the market segment due to its superior quality and purity. Refined fish oil undergoes extensive purification, removing impurities and contaminants. This process is crucial as it ensures a high-grade product suitable for various applications, including pharmaceuticals, dietary supplements, and food industries, meeting stringent quality standards.
By product analysis, anchovy oil dominates the market segment due to its usage of aquafeed and dietary supplements. The anchovy fishery stands as one of the world's largest and most sustainable, ensuring a reliable source of premium fish oil. Salmon Oil is experiencing faster growth due to its popularity in dietary supplements and health foods. It has unique properties and applications, but the widespread availability and high omega-3 content of Anchovy Oil make it the market leader.
By end-user analysis, aqua feed leads the market segment due to its utilization of fish oil in the diets of various aquatic organisms, including crustaceans, Cyprinids, eels, marine fish such as salmon and trout, and Tilapia. Essential fatty acids offered in fish oils are vital to the growth and health of these species in the water which makes it a crucial ingredient in aqua-feed. The widespread application of fish oil to aquaculture demonstrates its dominance in this segment.
By sales channel analysis, the offline sales channel dominates the market segment due to its enduring presence and popularity in physical stores when it comes to purchasing food and health items ensuring that the offline Sales Channel is at the top of the sales for fish oil. The Online Sales Channel, comprising company websites and e-commerce platforms, is also growing. Online channels offer convenience, a wide selection, and often competitive pricing.
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Segment covered in this report
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
- Anchovy Oil
- Salmon Oil
- Tuna Oil
- Cod Liver Oil
- Sardine Oil
- Squalene Oil
- Krill Oil
- Menhaden Oil
- Others
By End User
- Aqua-feed [Crustaceans, Eels, Cyprinids, Marine Fish, Salmon & Trout, Tilapias]
- Food & Beverages
- Dietary Supplements
- Cosmetic & Beauty Products
By Sales Channel
- Offline Sales Channel [Supermarkets/Hypermarkets, Departmental Stores, Convenience Store, Other Sales Channel]
- Online Sales Channel [Company Website, E-commerce Platform]
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa
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Competitive Landscape Analysis
In the Fish Oil Market, key players like TripleNine Group A/S and FMC Corporation are pivotal in large-scale fish oil production, addressing the global demand for essential Omega-3 fatty acids crucial for human health. Pesquera Diamante S.A., Croda International PLC, and Omega Protein Corporation play key roles in providing fish oil for dietary supplements and pharmaceutical applications, emphasizing product purity and sustainability. Their strategic focus significantly shapes consumer preferences and drives market trends.
Key Players
- Marvesa Holding N.V.
- Pesquera Diamante S.A.
- Foodcorp Chile S.A (Austevoll Seafood ASA)
- DSF
- FMC Corporation
- Pelagia AS
- TripleNine Group A/S
- Croda International PLC
- Omega Protein Corporation
- OLVEA Fish Oils (OLVEA)
- Camanchaca
- China Fishery Group Limited
- Corpesca S.A.
- Oceana Group Limited
- Colpex International
- FF Skagen A/S
- Pesquera Exalmar
- Copeinca AS
- BASF SE
- DSM
- Koninklijke DSM N.V.
Recent Developments
- In 2023, Peru, which produces 20 percent of the global fish oil supply, canceled its first-season anchovy harvest, due to a lack of mature fish. Producing omega-3 fatty acids in Camelina may represent a way to enable a predictable supply of high-quality omega-3 oils to meet the global demand for EPA and DHA.
- In 2023, The IFFO released its latest analysis of market trends in marine ingredients, for the period January-July 2023. The numbers reflect a drop in catches around the world, the IFFO says, with both fishmeal and fish oil production lagging behind last year's levels. During the first seven months of 2023, total fishmeal production had fallen by around 31% compared with July 2022, while global fish oil production had dropped 30%.
- In June 2022, Halozyme Therapeutics, Inc. announced the commercial launch of TLANDO (testosterone undecanoate), an oral treatment indicated for testosterone replacement therapy in adult males for conditions associated with a deficiency or absence of endogenous testosterone.
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