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Squid Oil Market Report 2024 - Squid Oil Market Demand, Growth, And Trends
Squid Oil Market
According to The Business Research Company's, The squid oil market size has grown strongly in recent years. It will grow from $4.56 billion in 2023 to $4.94 billion in 2024 at a compound annual growth rate (CAGR) of 8.5%. The growth in the historic period can be attributed to global market growth, alternative to fish oil, cosmetics and skincare industry, sustainability practices, regulatory influence.
The squid oil market size is expected to see strong growth in the next few years. It will grow to $6.61 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%. The growth in the forecast period can be attributed to market expansion strategies, sustainability measures, pharmaceutical and nutraceutical demands, consumer preferences, regulatory environment. Major trends in the forecast period include pharmaceutical and nutraceutical demand, sustainability practices, health and wellness trends, research and development, alternative to fish oil.
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Market Drivers and Trends:
The increasing consumption of seafood is expected to propel the growth of the squid oil market going forward. Seafood refers to aquatic creatures such as fish, shrimp, octopuses, and other sea creatures that are regarded as food by humans. Squid oil is a good source of omega-3 fatty acids and a sustainable source of seafood that helps soothe the symptoms of rheumatoid arthritis. For instance, in September 2021, according to a report from the Blue Food Assessment (BFA) published by Nature Communications, the UK-based peer-reviewed journal, fish consumption is projected to double by 2050. Global consumption is expected to rise from 80 million metric tons in live weight to nearly 155 million metric tons across all categories of fish and shellfish over the next thirty years, contingent upon sustained production levels and stable real prices. Therefore, the increasing consumption of seafood is driving the growth of squid oil.
Product innovations are a key trend gaining popularity in the squid oil market. Major players operating in the squid oil market are concentrating their efforts on creating innovative products and solutions to sustain their position in the market. For instance, in January 2022, Jinka, a US-based seafood producer, launched the world's first fully prepared plant-based calamari, a type of squid. A perishable frozen product called Jinka's tempura-battered ring imitates the flavor and texture of regular calamari or squid while also offering protein and omega-3 fatty acids.
Key Benefits for Stakeholders:
• 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.
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Major Key Players of the Market:
King Fish Products Pvt. Ltd.; Bawa Fishmeal & Oil Co.; Aksha Fish Meal & Oil Company; Impextraco NV; Landbridge Ltd.; Coastal Group; Star Fish Exports; Qingdao Haixingyuan Biotechnology Co. Ltd.; Tianjin YR Chemspec Technology Co. Ltd.; Shen Zhen Simeiyue Tech Co. Ltd.; OLVEA Fish Oils; Aker BioMarine; Croda International Plc; Omega Protein Corporation; GC Rieber Oils; SeaDragon Marine Oils Limited; LYSI hf; Solutex GC; Maruha Nichiro Corporation; Nippon Suisan Kaisha Ltd.; Pacific Andes International Holdings Limited; Pesquera Exalmar S.A.A.; Rimfrost AS; Sireal; TASA; Triplenine Group; China National Fisheries Corporation; COPEINCA ASA; Pescanova; Omega S.A.
Squid Oil Market 2024 Key Insights:
• The squid oil market will grow to $6.61 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%.
• The Growing Consumption Of Seafood Expected To Drive The Squid Oil Market
• Product Innovations Enhance Squid Oil Market Growth
• Asia-Pacific was the largest region in the squid oil 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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