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The Global Fish Oil Market is likely to Progress with 5.62% CAGR by 2028

08-24-2022 08:57 AM CET | Advertising, Media Consulting, Marketing Research

Press release from: Triton Market Research

Global Fish Oil Market

Global Fish Oil Market

Triton Market Research presents the Global Fish Oil Market report segmented by Species (Anchovy, Mackerel, Sardines, Cod, Herring, Menhaden, Other Species), by Application (Aquaculture [Salmon & Trout, Marine Fish, Crustaceans, Tilapias, Eels, Cyprinids, Other Aquaculture], Animal Nutrition, Pharmaceuticals, Supplements & Functional Food, Other Applications), by Geographical Region (North America, Europe, Asia-Pacific, Latin America, the Middle East and Africa), discussing Market Summary, Industry Outlook, Market Definition, Key Insights, Porter's Five Forces Analysis, Market Attractiveness Index, Vendor Scorecard, Key Market Strategies, Drivers, Restraints, Opportunities, Competitive Landscape, Methodology & Scope, Global Market Size, Forecasts & Analysis (2021-2028).

Triton Market Research, in its report on the Global Fish Oil Market, states that, the industry is expected to evolve at a CAGR of 5.62% (by revenue) and 3.41% (by volume) during the forecasted period (2021-2028).

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The growing demand for fish oil by the elderly populace is one of the key factors driving the growth of the market. The omega-3 fatty acid present in the oil is beneficial for their health, as it reduces the risk of chronic dieseases. And older consumers are keen on taking preventive measures, so that they can remain healthy. Thus, with the rising awareness regarding the health benefits offered by fish oil, its consumption among these consumers is expected to increase. On the flip side though, adverse climatic conditions significantly hinder fishing and agricultural activities along coastal areas in developing nations. This is largely hampering the growth of the market studied.

The market in North America is expected to grow at the fastest rate in the overall market worldwide, in the years to come. Fish oil is used as a primary feeding ingredient in this region for animal nutrition and pet food. In addition, the growing demand for omega-3 fatty acid has enhanced the consumption of fish oil in the United States. Further, Health Canada recommends Canadian citizens to intake omeg-3 supplements, owing to their docosahexaenoic acid (DHA) and eicosapentaenoic acid (EPA) content, which is proving beneficial for the growth of the regional market.

Omega Protein Corporation, Colpex International, Lysi Hf, Royal DSM NV, FF Skagen A/S, Pesquera Exalmar, Corpesca SA, Triplenine Group A/S, Pesquera Diamante SA, FMC Corporation, GC Reiber Vivomega Oils, Marvesa Holdings NV,Croda International Plc, Copeinca AS, and BASF SE are the eminent players present in this market.

Given the adverse climatic conditions and stringent regulations by the government, fish oil production has been significantly affected in the last couple of years. The demand-supply gap results in slow industry growth. There are more than 300 manufacturers in the global fish oil industry, offering various crude and refined-grade fish oil for different end-users. However, the quality of their products and the prcing are the differentiating factors, which are expected to intensify the competition among the players.

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