Press release
Rising Adoption of Fish Oil Market To Fuel Revenue Growth Through 2022 - 2031 : Fact.MR
According to a recent report by Fact.MR, a market research and competitive intelligence provider, demand for fish oil is slated to surpass a valuation of US$ 3.6 Bn by 2031, rising at a CAGR of around 5.5% through the same time period.Growing consumer desire for processed food is a crucial reason that is likely to encourage fish oil manufacturers to examine current marketing methods and implement new technologies to improve their share of market revenue. The market for convenience and processed food is rising, due to increased urbanization and changing lifestyles & eating patterns among the worldwide population.
Manufacturers now focus on selling fish oil supplements that are accessible in various formats such as pills, capsules, and tablets. Fish oil consumption in especially increasing in Western Europe due to its nutritional properties that prevent heart attacks and other diseases.
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Main Segments Covered in Fish Oil Industry Research
By Grade
Feed Grade Fish Oil
Food Grade Fish Oil
Pharma Grade Fish Oil
By Process
Crude Fish Oil
Refined Fish Oil
Modified Fish Oil
By Product
Salmon Oil
Tuna Oil
Cod Liver Oil
Sardine Oil
Squalene Oil
Krill Oil
Anchovy Oil
Menhaden Oil
Others
By End User
Aqua-feed
Crustaceans
Marine Fish
Salmon & Trout
Eels
Cyprinids
Tilapias
Food & Beverages
Dietary Supplements
Cosmetic & Beauty Products
Distribution Channel
Business to Business (Manufacturers and Distributors)
Business to Consumer
Modern Trade (Hypermarkets & Supermarkets)
Convenience Stores
Grocery Stores
Medical Stores
Discount Stores
E-commerce/Online Stores
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Key Takeaways from Market Study
The U.S. is estimated to account for approximately 85% of the North American market in 2021, supported by high number of health-conscious consumers.
China is estimated to account for nearly 43.4% of the East Asian market share in 2021, supported by an increase in production of fish oil.
Germany is dominating the European fish oil space with a market share of 24.2%, supported by rising demand from dietary supplements industry.
Anchovy oil holds 34.7% of market share on the back of nutritional benefits and various applications.
Business to business (manufacturers and distributors) reflect around 46.1% market share owing to high demand from the processed food and foodservice industry.
Premiumization in Marine By-product Industry Fuelling Market Growth
Consumption of premium foods witnessed an increase during the COVID-19 pandemic owing to consumers willing to experiment. There was an increase of approximately 7% in the premium food category in 2020 as compared to previous year. Additionally, a significant part of the millennial population purchases premium products, which may be due to increasing preference for self-indulgence.
Premiumization has enabled brands to innovate and diversify their products. Manufacturers have turned their focus towards providing premium fish oil to customers, which is driving sales. As premium fish oil becomes more popular around the world, it is expected to become a major driver for the marine by-products market.
Who is Winning?
Top manufacturers of fish oil are focusing on new product developments to keep up with increased competition in the fish oil sector. Key global market players are also focusing on incorporating technological advancements that will enable them to maintain high-quality standards and differentiation.
Some of the leading companies offering fish oil are Croda International Plc, Pelagia AS, Sursan A.S., Oceana Group Limited, GC Reiber Oils, Technological de Alimentors SA, Golden Omega, Stepan Company, BASF SE, TripleNine Group, and Pasquera Exalmar S.A.A.
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