Fish Oil Products Market to Accrue Remarkable Proceeds over Forecast Timeline – 2024
European region is a major participant in terms of consumption of fish oil products. Growing health concerns will rise the consumption of pharmaceutical and nutritional grade fish oil
Sellbyville, DE -- (SBWire) -- 04/01/2019 --Fish Oil Products Market is mainly driven by aqua-cultural feed and human consumption. Recent years have observed a steady growth in the product market due to increase in aqua cultural activities. Increased use of the product in medical owning to the benefits associated with them has further enhanced fish oil products market. Rising product consumption in protective coatings and lubricants in the consumers will support the industry growth.
The product is used for direct human consumption and in livestock & industrial applications. Livestock segment is divided into aquatic animals, swine, poultry, cattle and pets. Industrial application is further categorised into fertilizer, aquaculture and pharmaceuticals. Aquaculture is anticipated to be the fastest growing segment due to growing importance of regular stocking and breeding to enhance fish production. Direct human consumption of the product is exponentially increasing due to increasing usage of omeng-3 fatty acids in pharmaceutical industry. Besides, growing consumer awareness related to high protein content in fish oil is expected to fuel this segment growth. Animal nutrition & pet food, supplement and functional food are various other applications which will drive fish oil products market.
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Increasing demand for hydrogenated vegetable oils and changing eating habits in people around the world will encourage development of fish oil products market. Growing use of these products in various industries including, pet & animal feed, aquaculture feed, pharmaceuticals and supplements will propel fish oil products market size. The product helps in reducing bad cholesterol, coronary heart diseases and blood pressure. In addition, increasing usage of product in cosmetics, as emollients and ointments is projected to promote industry growth. However, high product price coupled with large supply demand gap are expected to hamper product demand.
Fish oil products are obtained from salmon & trout, carps, marine fish, crustaceans and tilapias. Salmon and trout dominate this segment owning to its increased human consumption. It contains Docosahexaenoic Acid (DHA) that helps in improving metabolism and strengthening heart and muscle tissues.
It is derived from tissues of oily fish and constitutes of omega-3 fatty acids named, EPA and DHA. Consumption of EPA and DHA are responsible for treating cardiac issue, immune disorders, cancer, heart strokes and diabetes. It is also used in weight loss and pregnancy problems.
European region ranks first in terms of consumption of fish oil products due to prevalence of salmon and trout farming in the region. The European commission passed the CFP in April 2014 which has promoted the aquaculture sector in this region. Also, Europe in one of the biggest consumer of pharmaceuticals, supplements and functional food, thus helping in fish oil products market growth.
Asia-Pacific dominated by China is the biggest fish oil products market owning to growing aquaculture sector in the region. Growing health concerns in Japan will rise the consumption of pharmaceutical and nutritional grade fish oil. The industry will further be driven by rising concerns towards nutritional diet in developing economies including, India and China.
North America led by the U.S. will experience significant growth for fish oil products market due to increasing awareness of health benefits from the product among consumers. Increasing chronic diseases in Americans will help escalate the product demand in the region.
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Global fish oil products market is moderately concentrated. Some of the prominent key companies present in this market are COLPEX, FMC, Croda, Triplenine Group, OLVEA, Orizon, COPEINCA, Rieber Oils and American Marine Ingredients. Other major players are FF Skagen, Omega Protien, Pesquera Pacific Star, Pioneer, Oceana Group, Austevoll Seafood and Barlean's.
The leading companies are mainly focusing on product diversification and acquisition to maintain the competitiveness in the global industry. For instance, in 2015, Oceana Group acquired Daybrook, an American based marine company for USD 383.3 million. This acquisition will help the company to increase their product offerings. Similar strategy was adopted by Omega Protein by acquiring Bioriginal Food & Science, a prominent supplier of fatty acids in food industry to widen its product range.
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