Growing Demand for Omega-3 Oil to Bolster Growth of Global Fish Oil Market
The main organizations in the fish oil market are to a great extent concentrating on securing and item enhancement to keep up their intensity in the worldwide market. For example, Omega Protein Corporation, as of late gained Bioriginal Food and Science Corp., a main provider of plant and marine based strength oils and fundamental unsaturated fats in the nourishment and nutraceutical businesses. This securing empowers Omega Protein Corporation to enhance its fish oil contributions in the human sustenance item sections and upgrade its client reach. The leading companies operating in the global fish oil market are PT FKS Multi Agro Tbk, China Fishery Group Ltd., The Chemical Company, TASA (Tecnologica De Alimentos S.A.), Alpha Atlantique, Empresas Copec S.A., and Fahad Fishmeal & Oil Compan, among others.
According to the report published by Future Market Insights (FMI), the global fish oil was worth US$ 1,082.8 Mn in 2017 and is projected to touch a valuation of US$ 2,166.3 Mn by the end of 2028. The market is expected to exhibit a CAGR of 6.7% over the course of the forecast period of 2018-2028.
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Aquaculture Industry to Support Global Market Growth
Global aquaculture production is projected to witness a CAGR of 8.1% during the period 2008-2030. Some regions, in particular Latin America and the Caribbean (LAC) and Middle-East and North-African (MNA) region, would benefit proportionately more from this scenario. In contrast, North America and Japan would lose from this scenario. Stellar growth of aquaculture production would entail more fish oil use by some fish species groups, which is expected to drive fish oil price upward. Development in aquaculture, together with advancements of aquaculture farming, there has been a major resource input needed in the form of feeds (including fish oil) to sustain these aquaculture practices.
The growing demand for Omega-3 fatty acid supplements that helps in the prevention of cancer, stroke, and heart attack and is found in fish oil is also one of the reasons behind the growing demand for fish oil across the globe.
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Decrease of Fish Oil Inclusion in Aquafeed to Hamper Market Growth
There has been rise in the total global consumption of fish oil consumption globally. However, the average inclusion of fish oil in aquafeed have been on constant fall in the recent years. The major factor for the global fall in fish oil inclusion levels in aquafeed has been due to the spike in global fish oil prices in the last decade. Rise in fish oil price has been due various reasons, importantly being stagnant global supplies of fish oil, and robust industrial demand for fish oil in the major consumption countries.
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