Allied Market Research published a report, titled, “Fish Oil Market By Species (Anchovy, Mackerel, Sardines, Cod, Herring, Menhaden, and Others), and Application (Aquaculture, Animal Nutrition and Pet food, Pharmaceuticals, Supplements and Functional Food, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2035″. According to the report, the fish oil market was valued at $2.7 billion in 2023 and is estimated to reach $5.7 billion by 2035, growing at a CAGR of 6.5% from 2023 to 2035.
However, adverse climate conditions, demand supply gap, and stringent government regulations restrict the market growth. Moreover, rapidly ageing population and connectivity offer new opportunities in the coming years.
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Based on species, the anchovy segment held the major share of the market in 2023. Peruvian anchovy is the most caught fish in the world that contributes more than 38% of the global fish oil production. Anchovy fish oil is primarily consumed in the aquaculture feed market of Europe and Chile. Moreover, due to the high concentration of EPA and DHA, anchovy fish oil has high demand in the human consumption market, particularly as supplements and functional food.
Based on application, the aquaculture segment held the major share of the market in 2023. In the aquaculture industry, fish oil is primarily fed to species like salmon and trout, crustaceans, Eels, cyprinids, marine fish, carps, and tilapias. Among them, the highest percentage of fish oil is used for salmon and trout. In terms of aqua-grade fish oil consumption, Asia-Pacific, particularly China, is the major fish oil consumer in the world.
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Based on region, Asia-Pacific held the major share of the market in 2023. Fish oil is largely consumed as an aqua feed ingredient in China, Japan, and India. In Japan, Omega-3 fish oil is largely consumed in pharmaceuticals and nutraceuticals. The eicosapentaenoic acids (EPA) and docosahexaenoic acids (DHA) market has grown significantly over the past five years due to growing health concerns among consumers.
Leading Market Players In the Fish Oil Market
Omega Protein Corporation
FMC Corporation
Copeinca AS
Corpesca SA
Colpex International S.A.C
TripleNine Group A/S
FF Skagen A/S
Pesquera Diamante S.A.
Marvesa Holding N.V.
Pesquera Exalmar
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The report provides a detailed analysis of these key players in the fish oil market. These players have adopted different strategies such as acquisition, partnerships, and new product launches to increase their market share and maintain dominant shares in the market. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
