Marine Oil Market Is Expected To Witness An Absolute Dollar Opportunity Of US$ 811 Million by 2032

Marine oil is in high demand from end-use industries such as aqua feed and pharmaceuticals. However, the COVID-19 pandemic has impacted the global marine oil market, with significant obstruction in raw material procurement and the supply of raw material from one country to another.

This reduction in supply consequently hampers production in end-use industries, thereby diminishing the growth of the global marine oil market. Nevertheless, the global marine oil market is expected to gradually recover with the resumption of activities across the globe, and reach a valuation of US$ 2.6 Bn by 2030.

Additionally, the marine oil is being used to cure rheumatoid arthritis and also lowers the chance of cardiovascular diseases, chances of second heart attack etc. The marine oil is greatly demanded in pet food industry capable of providing nutrients to kittens and puppies. Thus, these factors are likely to support marine oil market growth by 1/5th of current levels during forecast years of 2022-2032.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐒𝐚𝐦𝐩𝐥𝐞 𝐂𝐨𝐩𝐲 𝐨𝐟 𝐓𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭 -https://www.factmr.com/connectus/sample?flag=S&rep_id=5377?pj

𝐊𝐞𝐲 𝐓𝐚𝐤𝐞𝐚𝐰𝐚𝐲𝐬 𝐟𝐫𝐨𝐦 𝐌𝐚𝐫𝐢𝐧𝐞 𝐎𝐢𝐥 𝐌𝐚𝐫𝐤𝐞𝐭 𝐒𝐭𝐮𝐝𝐲

• The EMEA region has a significant market share, catering to more than one third of the global marine oil market, primarily due to backward and forward integration.
• Owing to huge demand for marine oil from other end-use industries, the pharmaceuticals and others segments are expected to have a sizeable market share, globally.
• Refined marine oil is expected to progress at a CAGR of more than 4%, owing to its high usability in end-use industries.
• Increasing utility of plant-based marine oil in aqua feed is a factor fuelling the growth of the marine oil market.
• The COVID-19 pandemic will have a short-term effect on the global marine oil market.

"EPA DHA-based blended cooking oil is currently gaining traction. It can be one of the potential options to rejuvenate the maturing product life cycle,"says a Fact.MR analyst.

Product Launches to Enhance Market Resiliency
Key players in the marine oil market are China Fishery Group, Austral Group, Clover Corp, Arbee, Mukka Sea Foods Industries Limited., GC Rieber, Cellana Inc., Pesquera Diamante, Pesquera Hayduk, TASA, Solutex, Pharma Marine, Triple Nine, Evonik Industries, Olvea Group, Nissui Group, and others.

𝐖𝐢𝐥𝐝𝐥𝐢𝐟𝐞 𝐂𝐨𝐧𝐬𝐞𝐫𝐯𝐚𝐭𝐢𝐨𝐧 𝐏𝐨𝐥𝐢𝐜𝐢𝐞𝐬 𝐈𝐦𝐩𝐚𝐜𝐭𝐢𝐧𝐠 𝐑𝐚𝐰 𝐌𝐚𝐭𝐞𝐫𝐢𝐚𝐥 𝐒𝐮𝐩𝐩𝐥𝐲 𝐭𝐨 𝐑𝐞𝐬𝐭𝐫𝐢𝐜𝐭 𝐌𝐚𝐫𝐤𝐞𝐭 𝐆𝐫𝐨𝐰𝐭𝐡

The selective variety of marine life forms have raised concerns of multiple wildlife protection institutions like World Wildlife Fund, claiming to maintain aqua life sustainability. Many countries have even limited extraction of these species and the laws are getting stricter in future. Although, new alternatives like genetically modified plants and algae are appearing in the market, its preferences and impact are unknown amongst consumers.

The regulations have created a gap in the market and consumers have to adapt by either reducing wastage or choosing other alternatives causing contraction in the marine oils market. Thus, restrictions in wildlife conservation is expected to create roadblocks in the market. Thus, this is estimated to restrict market growth by 0.6X over the assessment period of 2022-2032.
Some of the key developments in the market include:

• In 2018, Evonik Industries collaborated with DSM to establish a new joint venture called Vermaris, to manufacture algal oil.

• Arbee Fish Oil formulated its skin care moisturizers with minute compositions of fish oil-inherit skin hydrating properties.

𝐆𝐥𝐨𝐛𝐚𝐥 𝐌𝐚𝐫𝐢𝐧𝐞 𝐎𝐢𝐥 𝐌𝐚𝐫𝐤𝐞𝐭 𝐛𝐲 𝐂𝐚𝐭𝐞𝐠𝐨𝐫𝐲

• By Product Type, :

• Fish Oil
• Algae Oil
• Blended Fish Oil

• By Processing, :

• Refined Marine Oil
• Crude Marine Oil

• By End-User, :

• Pharmaceuticals
• Aqua Feed
• Others

• By Region, :

• North America
• Latin America
• EMEA
• East Asia
• South Asia & Pacific

𝐆𝐞𝐭 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐚𝐭𝐢𝐨𝐧 𝐨𝐧 𝐭𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭 𝐟𝐨𝐫 𝐒𝐩𝐞𝐜𝐢𝐟𝐢𝐜 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐒𝐨𝐥𝐮𝐭𝐢𝐨𝐧𝐬:https://www.factmr.com/connectus/sample?flag=RC&rep_id=5377?pj

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This release was published on openPR.