The Cod Liver Oil Market is projected to be valued at USD 550.8 million by the end of 2024 with registering a CAGR of 5.10% during the forecast period of 2019 - 2024 The market operations have been driven by the efforts related to the research and development that play an important role in channelizing towards better growth and procurement practices. These practices are likely to enhance the extraction process of the fatty acids that help in the sustainable streamlining process of the entire quantum of technology and value chain presented by the global industry trends during the forecast period.
The healthcare service providers and experts are increasing the recommendations related to the intake of cod liver oil market and the result of this is that there has been a substantial rise in the consumption of fish oil across various verticals.
Covid 19 Analysis of Cod Liver Oil Market
The uncertainties brought in by the pandemic have introduced a tough time for the businesses, markets, and their manufacturing and production units. The outbreak of the virus was declared a pandemic owing to the immense amount of healthcare emergencies prevailing in both the developed and developing regions across the globe. During the ongoing forecast period, the market expected a rise in the cod liver oil market trends as the Cod Liver oil is witnessing a major acceptance across the global target audience as it has many kinds of health benefits to offer. Owing to the obnoxious rate of the pandemic and the transmission rate of the positive rate, the global governments have been imposing strict regulations and lockdown that has negatively affected the market demand and reduced the ability of the market to attain profits during the period. Also, the lockdown has forced people to leave their workplaces and go to their hometowns. This has resulted in the non-availability of skilled workforce, resources, and raw materials that had resulted in a negative impact on the market operations.
To help the businesses and global market cover the losses incurred during the pandemic, the government has rolled regulations that go parallel with the market operations. The changing lifestyle and health trends will push the target audience to demand the market products on a large scale and hence, give rise to the favorable market scenario.
Peruvian anchovy is recognized as having a great concentration of DHA and EPA fatty acids that are present in many fish varieties. Sometimes, fish is eaten as a whole, but the majority of the Peruvian anchovy can be turned in the form of fish oil for capsules and feeding, alongside fishmeal and in aqua-feeds, as well. Consumptions and recommendations have increased which is one of the major reasons that is providing opportunities for the cod liver oil market to thrive upon during the forecast period.
Owing to the huge rate of the pandemic spread, the rising public health awareness is one of the major trends that will help cod liver oil market to flourish during the ongoing forecast period. The market players are increasing their investment and investing the same to develop and offer alternative and attractive products to help the target audience meet their needs on daily basis. Also, the growing demand for cod liver oil omega-3 in both the developing and developed nations is pushing for the presence of a strong presence between the rising stake of companies on an international scale.
The rising demand for nutritional supplements inclusive of the clinical nutrition food items and infant formulas will help the market audience to realize the need of including cod liver oil in diets in various forms. The cod liver oil market demand is giving rise to various significant opportunities owing to the presence of fatty acids in the diet and the degree of diversification in nutritional needs for body parts like eyes and heart have many benefits on the way. Omega-3 has gained recognition to prevent premature work and delivery for pregnant women.
During the forecast period, the cod liver oil market analysis predicts that a rising acceptance of the products and their willingness to replace standard oils with using cod liver oil in their daily life. The market segmentation should be understood to have an idea about the revenue potential possessed by them. The market has been segmented based on the following:
Based on the product type available
To meet the vibrant needs of the cod liver oil market audience, the market players are producing and dealing in products like powders, gels, liquids, and others like capsules, tablets, and soft chewable.
Based on the distribution channel opted
To reach the ultimate audience, cod liver oil market players use both the store-based and the non-store-based channels that help in making a reliable degree of product availability for people during the forecast period.
Based on the global geographical regions:
Geographically, cod liver oil market trends are more prevalent in 4 major mushrooming regions across the globe. These are North American market players, the European countries, the APAC region, across the rest of the world (RoW).
The cod liver oil market forecast predicts a rising degree of competition amongst the various participating regions across the globe. Drawing a comparison within the competitive regions, the report research predicts that the APAC will grow to become the region that will have the highest market share during the forecast period that ends in 2028. The rising population in this region is increasing the recognition of the market products and rising dependence of the audience on these products. There are many additional factors like the doctors’ prescribing the use of such oil and the application of the oil in pharmaceutical and medical industries are adding to the availability of abundant opportunities in the APAC region during the forecast period.
The cod liver oil market outlook shows that the market growth will be a result of the efforts of the prominent players during the forecast period. The market players are as follows:
The cod liver oil market report discusses and highlights the market dynamics that will help the market through potential opportunities to grow during the period. The report helps in having a deep analysis of the performance of the market segments that are catering to the needs of a larger global audience. The market report covers the recent developments undertaken by the market players.
Frequently Asked Questions (FAQ) :
The APAC region is expecting to grow and attain the highest market share.
The market trends are expected to soar high owing to the rising demand for these products because of the variety of health benefits offered.