Global Fish Oil Market Report, published by Variant Market Research, forecast that the global market is expected to reach $2,364 million by 2024 from $1,524 million in 2016; growing at a CAGR of 5.6% from 2016 to 2024. By geography, Asia-pacific and Rest of the World are expected to grow at a CAGR of 6.8% and 6.1%, respectively, during the forecast period.
The global fish oil market is majorly driven by rise in consumer awareness regarding health benefits of omega-3, augmented aquaculture activities, and increased direct consumption of fish oil. Moreover, increased use of fish oil as an ingredient in cosmetic products has also propelled the growth of the market. However, high cost of fish oil coupled with large demand-supply gap would restrain the market growth in the coming years. Regulatory support from various agencies such as, The Food and Drug Administration (FDA) and EFSA (European Food Safety Authority) would provide several growth opportunities for the market in the coming years.
The global fish oil market has been categorized on the basis of species and application. The market by species is segmented into marine fish, tilapias, carps, salmon and trout, and others. Salmon and trout accounted for the largest market share in 2016, owing to its increased direct human consumption to improve metabolism and strengthen muscle & heart. By application, the market is further divided into aquaculture, direct human consumption, and others. The aquaculture segment accounted for more than half of the total market share in 2016; owing to rise in importance of breeding and regular stocking for enhancing fish production output.
Geographically, the market is categorised into North America, Europe, Asia-Pacific and Rest of the World (RoW). Europe accounted for the largest market share of 41.5% in 2016, owing to rise in aquaculture activities in Norway and UK. The Common Fisheries Policy Reform passed by European Commission has also led to growth of fish oil market in the region. Asia-Pacific accounted for the second largest market share of 26.5%, driven by increased awareness towards nutritional diet in emerging economies such as China and India. In terms of growth, Asia-Pacific is to attain the fastest CAGR of 6.8% during the forecast period 2016-2024. The growth would be primarily driven by growing aquaculture sector mainly in countries such as China, Indonesia, Bangladesh, Thailand, and India.
The major players in the global fish oil market include Croda Inc., EPAX AS, Omega Protein Corporation, Colpex, COPEINCA ASA, TASA, Copeinca AS, Corpesca SA, FMC Corporation, and Pesquera Diamante S.A, among others.