Global Fish Oil Market to register $2.93 Bn growth by 2020
Deerfield Beach, FL -- (SBWIRE) -- 09/19/2017 -- Zion Market Research has published a new report titled "Fish Oil (Anchovy, Mackerel, Sardines, Cod, Herring, Menhaden, Others) Market for Aquaculture, Animal Nutrition & Pet, Food, Pharmaceuticals Supplement & Functional Food and Other Applications: Global Industry Perspective, Comprehensive Analysis and Forecast, 2014 – 2020." According to the report, the global fish oil market accounted for USD 2.22 Billion in 2014 and is expected to reach USD 2.93 Billion by 2020, growing at a CAGR of around 4.8% between 2015 and 2020.
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Fish oil is an effective nutrient obtained from cold water fish such as mackerel, tuna, salmon, cod and many other fish that contains the highest concentrations of omega-3 fatty acids such as eicosapentaenoic acid (EPA) and docosahexaenoic acid (DHA). Fish oil is largely used as a feed ingredient in numerous animal and human nutritional applications, which include aquaculture feed, animal nutrition & pet feed, pharmaceuticals, supplements & functional food. Fish oil is the prime ingredient in aqua feed and growth of the global aquaculture industry, subsequently resulting in the growth of the fish oil market.
As fish oil is a major natural source of the healthy EPA and DHA, it plays an important role in prepared diets for carnivorous and omnivorous aquaculture species. Fish oils are widely used in aquaculture as fish nutrition or fish feed. The growing aquaculture industry and the consequent demand for fish oil is expected to drive the demand for fish oil in the aquaculture industry within the forecast period. Moreover, fish oils are known to reduce inflammation in the body and have other health benefits. It is used to lower blood pressure, triglycerides and cholesterol levels. It is also used for preventing heart disease or stroke, as well as for clogged arteries, chest pain, irregular heartbeat, bypass surgery, heart failure, rapid heartbeat, preventing blood clots, and high blood pressure after a heart transplant. In addition to these, there are many other health issues which can be treated by using fish oil. Thus, the increasing awareness on the usage of omega-3 fatty acids owing to its growing health benefits is expected to augment the demand for fish oil over the years. There is a huge gap between world demand for fish and the actual harvest from the world's natural stocks. This may be a major restraining factor for the market. Stringent regulations on the usage of fish oil may also have a negative impact on the market. Nonetheless, rapidly aging population coupled with production from fish by-products is expected to open growth avenues for the market.
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Anchovy segment dominated the fish oil market in terms of volume consumption in 2014. These fish contain oil that is highly concentrated with healthy fats, primarily polyunsaturated fatty acids called omega-3 fatty acids. Sardine segment is another leading segment accounted for over 12% share of total market share in 2014. Cod and herring segments are expected to experience significant growth within the forecast period.
In terms of geography, Europe was the largest market for fish oil in the world due to the increasing demand from aquaculture industry. Europe accounted for over 40% share of the total fish oil market in 2014. Moreover, the fish oil market has a huge opportunity in the emerging markets of Asia Pacific due to increasing population in this region.
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Some of the key players included in fish oil markets such as TASA, Omega Protein Corporation, Copeinca AS, Corpesca SA, FMC Corporation, TripleNine, Pesquera Diamante S.A, Marvesa Holding N.V., Pesquera Exalmar, FF Skagen A/S and Colpex international.
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