DUBLIN, Aug. 23, 2023 /PRNewswire/ — The “Global Fish Oil Market, Size, Forecast 2023-2030, Industry Trends, Growth, Share, Outlook, Impact of Inflation, Opportunity Company Analysis” report has been added to ResearchAndMarkets.com’s offering.
The Global Fish Oil Market is expected to value around US$ 3.62 Billion by 2030 from $2.29 billion in 2022, growing at a CAGR of 5.89%.
Global fish oil consumption reached 3.6 million metric tons in 2022, experiencing a 5.6% growth from the previous year. This growth is fueled by factors such as increasing awareness of fish oil’s health benefits, including its rich omega-3 fatty acids that reduce the risk of heart disease, stroke, depression, and alzheimer’s disease.
The popularity of fish oil supplements has also risen, providing a convenient source of omega-3 fatty acids. Furthermore, the expansion of the aquaculture industry has increased the demand for fish oil as a feed ingredient. With the growing awareness of its health benefits and the popularity of supplements, global fish oil consumption is projected to continue its upward trend.
The fish oil market is anticipated to experience substantial growth due to the growing proportion of the global population reaching the age of 65 and above. Japan, where over 25.9% of the population falls into this age group, already sees significant consumption of omega-3 fish oil to mitigate cardiovascular risks in older individuals.
The Japanese government is actively promoting the inclusion of omega-3 fatty acids in diets to reduce the incidence of chronic diseases. This trend is likely to extend to other parts of the world in the coming years, driven by higher awareness of health and well-being among senior consumers.
Denmark will continue to be the leading exporter of fish oil
Peru, Denmark, the United States, China, Norway, Chile, Iceland, Morocco, France, and Japan are the major exporting countries present in the global fish oil market. According to the Danish Trade Council, Denmark exported 126,270 metric tons of fish oil in 2022. Danish fish oil companies, with a rich history dating back to 1849, have a competitive advantage.
They prioritize innovation, invest in R&D to improve production, and follow sustainable fishing practices, gaining trust from consumers and regulators. Their global network of partners enables market expansion and cost management, solidifying their leadership position in the industry.
Norway leads the global fish oil import market
Based on imports, the global fish oil market is divided into Norway, China, Denmark, Canada, the United States, Chile, Turkey, Netherlands, France, and Greece.
Norway thriving aquaculture industry, particularly in farmed salmon production, relies on fish oil for salmon feed. The country significant consumption of fish oil supplements, driven by the demand for improved heart health, cognition, and joint health, adds to its import dominance.
Norway commitment to sustainable fishing practices has earned its fish oil global recognition as one of the most sustainable options. Its proximity to major fish oil producers like Peru and Chile strengthens its position, enabling cost-effective imports. According to the Norwegian Customs Authority, the volume of fish oil imports in Norway in 2022 was 220,140 metric tons.
China strong demand for dietary supplements, especially fish oil supplements, is fueled by the increasing awareness of the health benefits of omega-3 fatty acids. As a major producer of farmed fish, China growing aquaculture industry drives the demand for fish oil as a vital component in fish feed.
However, domestic fish oil production has declined due to overfishing and environmental pollution, leading to a greater reliance on imported fish oil.
Peru is the dominant producer of fish oil
Peru, Vietnam, Chile, USA, Japan, China, Norway, Denmark, Iceland, and Others are the major producers in the global fish oil market. Peru, the world’s leading fish oil producer, excels in the industry with its abundant anchovy population, sustainably managed by the government. Advanced production facilities ensure the extraction of high-quality fish oil.
Peru competitively priced product, aided by low production costs, attracts buyers. Government subsidies and tax breaks further enhance efficiency and cost-effectiveness. With these advantages, Peru has established itself as a prominent player in the fish oil industry, producing 227,860 metric tons in 2022 according to the Peruvian Ministry of Production.
Pharmaceutical application of fish oil is expected to keep growing in the future
The global demand for farmed fish is increasing due to population growth, urbanization, and rising incomes, leading to higher production that relies on fish oil as a feed supplement. Fish oil benefits farmed fish by enhancing growth, health, and reproduction, resulting in increased production and profitability for farmers.
It is readily available in large quantities and at an affordable cost, making it a cost-effective choice. Government support, including subsidies and research investments, further stimulates the aquaculture industry’s growth and drives the demand for fish oil.
Mackerels are the most popular species in the global fish oil market
Anchovy, Mackerel, Sardines, Cod, Herring, Menhaden, and Others are the most popular species in the global fish oil market. Mackerels are an abundant and sustainable source of fish oil, as they are found in various regions worldwide and can be harvested in large quantities without endangering their population.
Specialty stores will dominate the global fish oil market due to rising demand for convenient and effective omega-3 supplements
Consumers value personalized advice from pharmacists and healthcare professionals, which specialty stores provide. These stores are expanding their inventory to offer a wide range of fish oil supplements, ensuring availability and catering to consumers’ specific needs. With competitive pricing and convenient locations near residential and commercial areas, specialty stores offer a compelling shopping experience for fish oil supplements.
Hypermarkets and supermarkets are poised for growth in the global fish oil market due to rising awareness of omega-3 benefits, convenience, broad customer reach, diverse product selection, competitive pricing, and convenient locations.
Company has been covered from 3 Viewpoints:
Company Analysis: Overview, Recent Developments, Revenue
- FMC Corporation
- Croda International Plc
- Mukka Proteins Limited
- FKS Multi Agro
- GC Rieber Oil
Report Scope
Export – Global Fish Oil Market break up in 10 viewpoints
- Peru
- Denmark
- the United States
- China
- Norway
- Chile
- Iceland
- Morocco
- France
- Japan
Import – Global Fish Oil Market break up in 10 viewpoints
- Norway
- China
- Denmark
- Canada
- the United States
- Chile
- Turkey
- Netherlands
- France
- Greece
Production – Global Fish Oil Market break up in 10 viewpoints
- Peru
- Vietnam
- Chile
- USA
- Japan
- China
- Norway
- Denmark
- Iceland
- Others
Application – Global Fish Oil Market break up in 6 viewpoints
- Animal Nutrition & Pet Food
- Aquaculture
- Cosmetic & Therapeutic
- Pharmaceuticals
- Supplements & Functional Food
- Others
Species – Global Fishmeal Market break up in 7 viewpoints
- Anchovy
- Mackerel
- Sardines
- Cod
- Herring
- Menhaden
- Others
Distribution Channel – Global Fishmeal Market break up in 4 viewpoints
- Hypermarkets & Supermarkets
- Online Stores
- Specialty Stores
- Others
For more information about this report visit https://www.researchandmarkets.com/r/772s28
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