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Factors Driving Global Fish Oil Market through 2024 and Beyond
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According to the report by TMR, the market for fish oil in Global offered an opportunity worth in US$1.1 bn in 2011. Expanding at a CAGR of 5.50% between 2012 and 2028, the market is projected to reach US$1.7 bn by the end of the forecast period. The demand for fish oil is significantly high in aquaculture. In 2011, this segment acquired more than 75% of the overall market and is anticipated to remain on the top over the forthcoming years. The direct human consumption segment occupied the second position in the global market and is projected to remain seated here in the near future, states the research report.
U.S. to Lead Global Fish Oil Market
In this research report, the geographical presence of the global market for fish oil has also been studied thoroughly. North America, Asia Pacific, Europe, and Rest of the World have been considered as the key geographical segments of the worldwide fish oil market in this study. Among these, Europe occupied the leading position in 2011 and is expected to continue on the top over the next few years, thanks to the fish farming being the traditional occupation in this region, reports the market study.
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Rise in Automotive Industry to Support Growth of Global Fish Oil Market
The extensive usage of fish oil in aquaculture and direct human consumption is the key factor that has been supporting the growth of the market for fish oil across the world,” states a research analyst at TMR. However, the significant rise in fish oil prices may hamper the growth of this market in the near future. The static production in sharp contrast to the rising demand for fish oil may also restrict the market from rising steadily in the years to come. Nonetheless, the advancements in aquaculture in Asia Pacific is anticipated to neutralize the impacts of these restraints over the forthcoming years, notes the research study.
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