Albany, NY -- (SBWIRE) -- 05/14/2019 -- The global fish oil market has been driven primarily by the rising consumption of fish oil in fisheries to boost fish farming. Aquaculture in fish farming accounts for more than 75% of the total demand from the global fish oil market and is likely to retain a dominant share in the coming years. The several health benefits of fish oil have also made it popular for human consumption, which is likely to have a lasting impact on the global fish oil market in the coming years. The global fish oil market's sustained growth in the last few years have resulted in strong estimations for the market's future, with the market expected to be valued at US$1.7 bn in 2018.

According to the report by TMR, the market for fish oil in Global offered an opportunity worth in US$1.1 bn in 2011. Expanding at a CAGR of 5.50% between 2012 and 2028, the market is projected to reach US$1.7 bn by the end of the forecast period. The demand for fish oil is significantly high in aquaculture.

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In 2011, this segment acquired more than 75% of the overall market and is anticipated to remain on the top over the forthcoming years. The direct human consumption segment occupied the second position in the global market and is projected to remain seated here in the near future, states the research report.

U.S. to Lead Global Fish Oil Market

In this research report, the geographical presence of the global market for fish oil has also been studied thoroughly. North America, Asia Pacific, Europe, and Rest of the World have been considered as the key geographical segments of the worldwide fish oil market in this study. Among these, Europe occupied the leading position in 2011 and is expected to continue on the top over the next few years, thanks to the fish farming being the traditional occupation in this region, reports the market study.

Rise in Automotive Industry to Support Growth of Global Fish Oil Market

The extensive usage of fish oil in aquaculture and direct human consumption is the key factor that has been supporting the growth of the market for fish oil across the world," states a research analyst at TMR. However, the significant rise in fish oil prices may hamper the growth of this market in the near future. The static production in sharp contrast to the rising demand for fish oil may also restrict the market from rising steadily in the years to come. Nonetheless, the advancements in aquaculture in Asia Pacific is anticipated to neutralize the impacts of these restraints over the forthcoming years, notes the research study.

Rising Demand for Fish Oil in Human Consumption Vital for Global Fish Oil Market

The prime driver for the global fish oil market is its rising demand for direct consumption in humans. Fish oil is a prime food source of omega-3 fatty acids, whose varied health benefits have been discovered relatively recently. As a result, the demand from the fish oil market has obtained a new sales channel in the form of direct human consumption. The increasing demographic of health-conscious citizens across the world is thus likely to drive the global fish oil market in the coming years. The availability of fish oils is also steadily rising, particularly in developed regions, due to the establishment of commendable storage and preservation technologies. This is also likely to remain a key driver for the global fish oil market in the coming years.

The increasing demand for human consumption of fish has also been a vital driver for the global fish oil market, as fisheries are still likely to retain a dominant share in global fish oil consumption in the coming years. The consumption of fish still dominates consumption of extracted fish oil, mainly due to the better palatability of fish. Due to this, the aquaculture scenario in leading fish producers is likely to have a key impact on the global fish oil market.

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Europe, Led by Denmark, to Retain Dominance in Global Fish Oil Market

Geographically, the global fish oil market is segmented into North America, Latin America, Europe, Asia Pacific, and Rest of the World. Europe is likely to lead the global fish oil market in the coming years due to the firm establishment of aquaculture and fisheries as an economic activity in countries such as Denmark. Several other countries in Northern Europe also have rich traditions of fish farming and aquaculture, making the region the prime regional market for fish oil.