Fish Oil Market in Emerging Economies will witness a CAGR of 6.1 % during forecast period
Fish oil is widely adopted in numerous human and animal nutrition applications as a food and feed supplement due to its high content of essential long chain omega 3 fatty acid. As a prime ingredient in aqua feed, the growth of fish oil market is largely proportional to the growth of aquaculture industry.
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Additionally, the popularity of omega 3 fish oil in various applications, such as supplements & functional food (nutraceutical) and pharmaceutical, is also providing boost to the market. However, the global fish oil industry is largely affected by the demand-supply gap, caused by stringent fishing quotas and adverse climatic conditions.
More than 50% of the global fish oil is produced in Latin American countries namely Peru and Chile; however, most of it is consumed in the Asia Pacific and Europe. The rising aquaculture production in Asian countries such as China, India, Vietnam and Indonesia, leads to increased usage of aquaculture grade fish oil in the region. North America and Europe have larger consumption of pharmaceutical and supplements & functional food fish oils; collectively accounting for about two-third of global revenues for these applications. In Japan, the consumption of nutritional and pharmaceutical grade fish oil has significantly increased due to rising health concerns among the country's geriatric population.
Key companies, such as Omega Protein Corporation and FF Skagen are primarily focusing on product launch and acquisition for expansion of their fish oil product offerings and assert strong foothold in various human and animal nutrition applications.
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Major Players: TASA, Omega Protein Corporation, FMC Corporation, Copeinca AS, Corpesca SA, Colpex international, TripleNine, FF Skagen A/S, Pesquera Diamante S.A, Marvesa Holding N.V. and Pesquera Exalmar.
Key findings of Fish Oil Market:
o Supplement & functional food segment constitutes the lucrative fish oil application with high Y-o-Y revenue growth
o Presently, Asia Pacific holds the largest market share, followed by Europe in the overall fish oil market, in terms of consumption
o Among all fish species studied, largest volume of oil is produced from anchovy fishes
o China and Japan collectively accounts for about 39% market share of global fish oil market
o Denmark and Norway are major producers and consumers of fish oil in the Europe market
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