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Fish Oil Alternatives Global Market Report 2024 Market Size, Share Analysis, Growth And Overview Report 2024-2033
Fish Oil Alternatives Global Market Report
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According to The Business Research Company's, The fish oil alternatives market size has grown strongly in recent years. It will grow from $2.49 billion in 2023 to $2.68 billion in 2024 at a compound annual growth rate (CAGR) of 7.7%. The growth in the historic period can be attributed to growing awareness of fish oil contaminants, rising prevalence of fish allergies, increased vegetarian and vegan populations, health benefits of omega-3 fatty acids, and rising demand..
The fish oil alternatives market size is expected to see strong growth in the next few years. It will grow to $3.62 billion in 2028 at a compound annual growth rate (CAGR) of 7.8%. The growth in the forecast period can be attributed to growing health and wellness trends, rising demand for clean-label products, regulatory push for sustainable products, growing market for vegan supplements, and increasing awareness of omega-3 health benefits. Major trends in the forecast period include increasing investment in algae farming, technological advancements in oil extraction, expansion of vegan product lines, increasing regulatory support for sustainable alternatives, and technological improvements in oil extraction.
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Market Drivers and Trends:
The growing popularity of vegan food is expected to propel the growth of the fish oil alternatives market going forward. The popularity of vegan food is increasing due to growing health consciousness, environmental concerns, and ethical considerations regarding animal welfare. Fish oil alternatives in vegan food, such as algae oil and flaxseed oil, provide essential omega-3 fatty acids without relying on animal sources. These alternatives support cardiovascular health and are environmentally sustainable options for vegans. For instance, in May 2023, according to the International Food Information Council, a US-based nonprofit organization supported by the food, beverage, and agricultural industries, the number of populations following the diet eating pattern jumped to 52% in 2022 compared to 39% in 2021. The vegan population also jumped to 2% compared to 2021. Therefore, the growing popularity of vegan food is driving the growth of the fish oil alternatives market.
Major companies operating in the fish oil alternatives market are increasing their focus on launching innovative products such as plant-based supplements to provide omega-3 fatty acids without the environmental impact associated with fish oil. A plant-based supplement is a dietary product derived from plants that provides essential nutrients, including plant-based fatty acids omega-3s, which are crucial for maintaining overall health and well-being. For instance, in June 2024, MegaFood, a US-based ditary supplement company, launched the Omega 3-6-9 Supplement. This supplement offers sustainable sourcing with farm-traceable ahiflower and fish-free algae oil, improved taste, and reduced burps through careful processing and delayed-release capsules. It also provides a comprehensive nutrient profile focusing on omega-3, omega-6, and omega-9 fatty acids. This launch advances fish oil alternatives by providing a more environmentally friendly, palatable, and holistic omega supplement option, aligning with the growing consumer demand for sustainable, plant-based nutrition.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
Cargill Inc., Archer Daniels Midland Company (ADM), BASF SE, Wilmar International, CHS Inc., Dupont De Nemours, Koninklijke DSM N.V., Croda International, Corbion, Pelagia AS, Omega Protein Corporation, Olvea Group, Connoils LLC, Sonic Biochem, TerraVia Holdings, Bioway Organic Group Limited, Veramaris, AlgiSys BioSciences Inc., GC Rieber Oils, Medix Laboratoires
Fish Oil Alternatives Market 2024 Key Insights:
• The fish oil alternatives market size is expected to see strong growth in the next few years. It will grow to $3.62 billion in 2028 at a compound annual growth rate (CAGR) of 7.8%.
• Growing Popularity Of Vegan Food Propelling The Growth Of Fish Oil Alternatives Market
• Innovative Plant-Based Omega Supplements Drive Growth In The Fish Oil Alternatives Market
• Asia-Pacific was the largest region in the fish oil alternatives market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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