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Cod Fish Oil Market Share, Trend Analysis, Key Drivers, Size And Forecast To 2033
Cod Fish Oil Market Share
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According to The Business Research Company's, The cod fish oil market size has grown rapidly in recent years. It will grow from $0.55 billion in 2023 to $0.62 billion in 2024 at a compound annual growth rate (CAGR) of 12.7%. The growth in the historic period can be attributed to increasing awareness of mental health benefits, rising demand for nutritional supplements, increasing fatty acids in the diet, rising health awareness among the masses, increasing consumption of cod liver oil, and growing demand for omega-3 supplements.
The cod fish oil market size is expected to see rapid growth in the next few years. It will grow to $1.00 billion in 2028 at a compound annual growth rate (CAGR) of 12.9%. The growth in the forecast period can be attributed to increasing chronic diseases, increasing supplement consumption, increasing demand for cod fish oil, increasing prevalence of chronic diseases, growing demand for cod liver oil omega-3, and growing demand for dietary supplements. Major trends in the forecast period include technological advancements in extraction and processing, product innovations, the development of pharmaceutical applications, and sustainability and ethical sourcing.
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Market Drivers and Trends:
The increasing prevalence of chronic diseases is expected to propel the growth of the cod fish oil market going forward. The burden of chronic diseases is rising due to aging populations, lifestyle changes, and the increased prevalence of risk factors such as poor diet, physical inactivity, and environmental influences. Cod fish oil, rich in omega-3 fatty acids, helps manage chronic diseases by reducing inflammation and supporting heart health. Its vitamins A and D further aid in bone health and immune function. For instance, in January 2023, according to the National Library of Medicine, the US-based largest biomedical library, the number of people 50 years of age and older who have at least one chronic illness is predicted to rise from 71.522 million in 2020 to 142.66 million in 2050, a 99.5% increase. Simultaneously, it is anticipated that the number of people with multimorbidity is going to grow from 7.8304 million in 2020 to 14.968 million in 2050, a 91.16% increase. Therefore, the increasing prevalence of chronic diseases drives the codfish oil market.
Major companies operating in the cod fish oil market are focusing on developing new products, such as omega-3-enriched cod liver oil, to cater to increasing consumer demand for high-quality, health-enhancing supplements and to differentiate their offerings in a competitive market. Omega-3-enriched cod liver oil is designed to provide a higher concentration of omega-3 fatty acids, which are essential for heart health and brain function. For instance, in July 2022, True Westfjords, an Iceland-based cod liver oil manufacturer, launched Dropi Cod Liver Oil Tonic, which features a unique blend of omega-3 fatty acids, a high concentration of EPA and DHA, and a gentle, easy-to-swallow capsule. This product is sourced from the local daily wild catch of fresh fish that swim in the deep blue waters of the North Atlantic Ocean, one of the cleanest fishing grounds in the world.
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Major Key Players of the Market:
Nestle S.A., BASF SE, The Procter & Gamble Company, Sanofi S.A., Orkla ASA, NOW Foods Group Inc., Omega Protein Corporation, WN Pharmaceuticals Ltd., Nordic Naturals Inc., Seven Seas Ltd., Country Life, Groupe OLVEA, Carlson Labs, Mason Vitamins, Barlean's Organic Oils LLC, Mara Renewables Corporation, Marenco Limited, Blueline Foods India Pvt Ltd., LYSI HF, Shinepro Life Sciences Private Limited
Cod Fish Oil Market 2024 Key Insights:
• The cod fish oil market size is expected to see rapid growth in the next few years. It will grow to $1.00 billion in 2028 at a compound annual growth rate (CAGR) of 12.9%.
• Rising Chronic Disease Prevalence Boosts Cod Fish Oil Market Growth
• Innovative Omega-3-Enriched Products Drive Cod Fish Oil Market Expansion
• Asia-Pacific was the largest region in the cod fish oil market in 2023
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