Fish Oil Market

Growing health advantages boosting the industry’s market growth

Fish oil is extracted from the fat cells of oily fish and is rich in the omega-3 fatty acids eicosapentaenoic acid (EPA) and docosahexaenoic acid  (DHA). Many industries, including aquaculture, animal nutrition, pet food, supplements, functional foods, and pharmaceuticals, extensively use omega-3 fatty acids.

Furthermore, omega-3 fatty acid improves cardiovascular and nervous system function and plays a crucial role in the functioning of the neurological system. The rising demand for EPA and DHA in human meals has significantly affected the world’s fish oil business. Hence, the most critical factor in the growth of the fish oil market, in terms of revenue, is the development of new techniques in aquaculture.

Additionally, Older consumers are eager to take preventative measures   for heart, cognitive, eye, and joint degeneration, and the omega-3 fatty acid in fish oil is crucial and very essential for lowering the risk of chronic diseases among the elderly. As the world's population ages, many people will enter the 65-and-over demographic, driving up demand for fish oil. Since more than 25.9% of the Japanese population is now 65 or older, omega-3 fish oil is widely eaten there to reduce the possibility of cardiovascular disease.

Therefore, such oil condition related to fish oil products has enhanced the fish oil market CAGR globally in recent years.

However, there have been significant advances in the medical innovations to cater to the demand. For instance, some  introductions of fish oil aids  in improving  cardiovascular system implants is another factor driving the growth of the Fish Oil market revenue.

The Global Fish Oil Market Industry is experiencing a surge in demand driven by increasing health consciousness among consumers. Fish oil is recognized for its omega-3 fatty acids, which are linked to numerous health benefits, including cardiovascular health and cognitive function. As more individuals prioritize preventive healthcare, the consumption of fish oil supplements is likely to rise. This trend is reflected in the projected market value of 15.7 USD Billion in 2024, indicating a robust growth trajectory. Furthermore, educational campaigns by health organizations are enhancing public awareness, further propelling the market forward.

The Global Fish Oil Market Industry is significantly influenced by the expanding aquaculture sector. Fish oil serves as a vital ingredient in fish feed, promoting growth and health in farmed fish. As global seafood consumption increases, aquaculture is becoming a primary source of fish production, leading to heightened demand for fish oil. The industry's growth is underscored by the projected market value of 25.7 USD Billion by 2035, with a compound annual growth rate of 4.56% anticipated from 2025 to 2035. This trend suggests that aquaculture will continue to be a critical driver of fish oil consumption.

The Global Fish Oil Market Industry is characterized by its diverse applications across various sectors, including dietary supplements, pharmaceuticals, and cosmetics. Fish oil's versatility allows it to be utilized in products aimed at improving health, enhancing skin care, and even in pet food formulations. This broad applicability is contributing to the market's expansion, as manufacturers explore new avenues for fish oil utilization. As consumer preferences shift towards natural and health-oriented products, the demand for fish oil across these industries is expected to rise, further solidifying its market position.

Innovations in extraction and processing technologies are transforming the Global Fish Oil Market Industry. Advanced methods, such as supercritical fluid extraction and molecular distillation, enhance the purity and yield of fish oil. These technological improvements not only increase efficiency but also reduce production costs, making fish oil more accessible to consumers. As a result, the market is likely to benefit from enhanced product offerings and competitive pricing. The integration of these technologies may also lead to the development of specialized fish oil products, catering to diverse consumer needs and preferences.

The Global Fish Oil Market Industry is positively impacted by regulatory frameworks promoting sustainable fishing practices. Governments and international organizations are increasingly emphasizing the importance of sustainability in fisheries management. This focus encourages the responsible sourcing of fish oil, which is crucial for maintaining marine biodiversity. Compliance with sustainability standards can enhance brand reputation and consumer trust, thereby driving market growth. As sustainability becomes a key purchasing criterion, companies that prioritize eco-friendly practices are likely to gain a competitive edge in the evolving market landscape.

By Region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American fish oil market accounted for USD 6.8 billion in 2022 and is expected to exhibit a significant CAGR growth during the study period. This is attributed to the growing incidence of fish products such as omega-3 fatty acid, and Nordic naturals arctic cod liver oil and an ageing population across the region.

Further, the significant countries studied in the market report are The U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: FISH OIL MARKET SHARE BY REGION 2022 (%)

Source: Secondary Research, Primary Research, Market Research Future Database, and Analyst Review

Europe’s fish oil market accounts for the second-largest market share due to the availability of fish oil has many health advantages, including lowering triglycerides, preventing harmful irregular heart rhythms, and reducing the chance of fatal heart attacks. Further, the Germany Fish oil market held the largest market share, and the UK Fish oil market was the fastest-growing market in the European region.

The Asia-Pacific fish oil Market is expected to grow at the fastest CAGR from 2022 to 2030. This is due to increased rates of fish oil products. The vast growth in the region is attributable to an older population that is growing along with rising health concerns and public awareness that have increased dietary supplement use in the Asia Pacific region throughout the forecast period. Moreover, China fish oil market held the largest market share, and the Indian fish oil market was the fastest-growing market in the Asia-Pacific region.

For instance, the Indian fish oil market is the favored destination for fish oil production  the clan Olivia Group offers distinctive solutions for its customers and ends users because of its vertical integration with sustainable sources and completely refined fish oils. As per the data cited in the fish companies 2022-21 published by the fish oil producer Association in July 2022, Singapore is ranked in 2nd position, Japan at 3rd, India at 10th, South Korea at 14th, and China at 33rd out of the top 46 international fish oil production destinations.

Hence, Asia-Pacific is anticipated to register the highest growth rate over the forecast period from 2022–2030.

Major market players are spending a lot of money on R&D to increase their product lines, which will help the fish oil market grow even more. Market participants are also taking various strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the fish oil industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.

One of the primary business strategies manufacturers adopt in the global  fish oil industryito benefit clients and expand the market sector is to manufacturing locally to reduce operating costs. In recent years, the fish oil  industry has provided medicine with some of the most significant benefits. The fish oil market major players such as Oceana Group Limited (South Africa),  TripleNine Group (Denmark), Pesquera Diamante (Peru), Hayduk Corporacion (Peru), and others are working on expanding the market demand by investing in research and development activities.

The Oceana Group is Africa’s largest fishing company and one of the most empowered food companies on the JSE. We operate in South Africa, Namibia, and the United States of America and market fish-based products in 46 countries, while managing a fleet of 54 vessels and eight cold storage facilities. In October 2022, The Oceana Group Limited will receive R760 million for the sale of its Commercial Cold Storage (CCS) business, allowing it to reinvest and grow its primary fishing operation.

A Group buying CCS includes African Infrastructure Investment Managers (AIIM), an Old Mutual Alternative Investments affiliate focused on investing in African infrastructure;

Also, TripleNine comprises many production, trading, and sales companies in Denmark, Norway, and Chile. Core competencies – 4 main segments: Aquaculture, Agriculture, and Pet food. Some 250 employees from a wide range of nationalities are employed in TripleNine.  In June 2022, Koppernaes Protein AS, based in Aalesund Norway, acquired all the shares that H.F. Industrifiskehandel ApS has now held in TripleNine Group A/S. This means that Koppernaes Protein AS now holds 98,03% of the shares in TripleNine Group A/S.