Fish Oil Omega-3 Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 9.10 % |
| Fastest Growing Market | South America |
| Largest Market | Asia-Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Fish Oil Omega-3 Market Analysis
The global fish oil omega-3 market is projected to record a CAGR of 9.1% over the next five years.
- The growing consumer demand drives the fish oil omega-3 market due to the increased awareness of the health benefits of fish products and dietary supplements. For instance, it can increase HDL (good) cholesterol levels and may also lower LDL (bad) cholesterol levels. Even in small doses, it helps reduce blood pressure in people with elevated levels. Health experts worldwide have substantially increased the recommended daily dietary intake of omega-3 fatty acids, increasing fish oil consumption.
- With this increased demand, manufacturers focus on adding fish oil to different products. Additionally, the fish oil omega-3 market's growth is being supported by the research and development efforts channeled toward improving procurement practices, enhancing the extraction process of omega-3 fatty acids, and sustainably streamlining the entire value chain of the industry.
- Moreover, by moving to fish oil alternatives, baby milk manufacturers are seizing the chance to advocate sustainability at the front of the pack. Brands are also eager to take advantage of its safety, naturalness, and purity qualities as value-added ingredients. Animals, like humans, require their recommended daily amount of long-chain polyunsaturated fatty acids to guarantee proper development. Nearly all the fatty acids supplied to aquaculture feed now come from marine sources, like fish oil and fishmeal.
- Simultaneously, manufacturers are merging and partnering with biotechnological companies to research and innovate their products, thus capturing the growing demand for such animal feed products. For instance, in July 2021, a United Kingdom-based animal nutrition company (Devenish) joined forces with a Canadian biotechnology company (Mara Renewables Corporation) to naturally enrich animal feed with a sustainable omega-3 DHA solution.
- Such innovations happening in the industry are expected to boost the market's growth during the forecast period. However, the high price of products can potentially hamper the market's growth. Here manufacturers have a great opportunity to launch affordable products, thus catering to a large group of consumers.
Fish Oil Omega-3 Market Trends
This section covers the major market trends shaping the Fish Oil Omega-3 Market according to our research experts:
Growth in the Aquaculture Sector
- The growth in the aquaculture sector is strongly related to the development of the fish oil omega-3 market. Through aquaculture, fish are cultivated for various commercial purposes. Now aquaculture is evolving into a carbon-efficient and resource-efficient sector using fish meals made from algae and food waste.
- The growing need to increase the fish oil production is also a major factor in the growth of aquaculture worldwide. For instance, according to OECD, the volume of fish oil produced in the European Union in 2022 amounted to 128.41 tons which increased from 120.74 tons in 2021.
- Moreover, the growing demand for fish oil and, most importantly, fish oil omega-3 has encouraged the overall technical and financial support extended to the aquaculture industry. Thus, the increase in aquaculture production has resulted in an increase in the use of both fish oil and the meal derived as a by-product from seafood production and processing.
- For instance, according to the latest data from International Fishmeal and Fish Oil Organisation (IFFO), the marine ingredients organization, cumulative fish meal production for 2021 has increased by 5%, while cumulative fish oil production is up by 8% compared to 2020.
- Furthermore, in terms of fishmeal, Peru, Chile, and India continue to be the only countries to report a higher cumulative production in 2021 concerning the same period in 2020. Hence, the continuous developments in the aquaculture sector are driving the growth of the fish oil omega-3 market, as the high production capacity of the former supports the high demand for the latter.
Asia-Pacific Dominates the Global Market
- Asia-Pacific dominates the global market for fish oil omega-3 due to its high fishery rate through aquaculture and manual fishing. The increasing aging population, coupled with rising health trends and awareness among general consumers, has increased the consumption of dietary supplements in the region, significantly boosting the fish oil omega-3 market.
- Fish oil is claimed to be one of the most extensively researched supplements and is being used for its efficacy in reducing the risk of heart disease and musculoskeletal degeneration and treating inflammatory and neuropathic pain. With the growing aged population across the region, people are increasingly keen on consuming omega-3 supplements that prevent heart diseases to an extent.
- For instance, according to the Population Reference Bureau, in 2022, Monaco was the country with the highest percentage of the total population over 65. Monaco has the world's oldest population, with 36% of Japanese over 65.
- China is one of the world's largest producers of fishmeal and oil owing to its increased fish production. For instance, according to the National Bureau of Statistics of China, in 2021, the fishery production value in Shandong province amounted to about USD 23.80 billion. Guangdong and Shandong accounted for the 2nd and 3rd positions in fishery production value amounting to about USD 25.16 and 23.79 billion, respectively. However, the country primarily focuses on producing high-quality pharma-grade fish oil to increase its applications in the pharmaceutical sector.
- Also, in Japan, the consumption of nutritional and pharmaceutical-grade fish oil has significantly increased due to rising health concerns among the country's senior population. Alongside, South Korea and Southeast Asian countries hold significant shares in the Rest of the Asia-Pacific fish oil market.
Fish Oil Omega-3 Industry Overview
The global fish oil omega-3 market is fragmented and highly competitive. Croda International PLC, Omega Protein Corporation, BASF SE, and Pelagia AS constitute a few of the key players in the market. Companies operating in the fish oil omega-3 market engage in diversified business models, with the most common being a company with its own fishery vessel for the procurement of fish, followed by integration into fish and fish products.
For instance, Olevea Group is a family-owned company that experiences vertical integration with sustainable sources and fully refined fish oils, thus, providing unique solutions for its clients and final consumers. Moreover, the companies have integrated themselves into research and development activities to create new products suiting customer demand.
Fish Oil Omega-3 Market Leaders
-
Koninklijke DSM N.V.
-
Omega Protein Corporation
-
BASF SE
-
Pelagia AS
-
Croda International PLC
*Disclaimer: Major Players sorted in no particular order
Fish Oil Omega-3 Market News
- November 2022: Norwegian Biotech, Grontvedt, developed and launched a natural omega-3 product which it claims is rich in cetoleic acid, derived from a sustainable source of pelagic Atlantic herring fish.
- November 2022: Solid Gold, the pioneer in craveable nourishment, introduced its new fish oil blend, "Let's Sea Fish Oil," formulated for dogs and cats of all ages, breeds, and sizes. The manufacturer claimed that in addition to providing dogs and cats with healthy skin and coats, this craveable and multipurpose fish oil is stocked with vital omega fatty acids for nutritional assistance.
- September 2021: The AvailOm platform for high-load omega-3 powder was introduced in India. The Food Safety and Standards Authority of India (FSSAI), which oversees food safety and has given Evonik permission to import and sell AvailOm in India. Early this year, Evonik registered AvailOm in Brazil, hastening the release of their omega-3 supplement worldwide.
Fish Oil Omega-3 Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Species
5.1.1 Anchovy
5.1.2 Cod Liver
5.1.3 Menhaden
5.1.4 Tuna
5.1.5 Sardine
5.1.6 Salmon
5.1.7 Other Species
5.2 By Application
5.2.1 Dietary Supplements
5.2.2 Infant Nutrition
5.2.3 Animal Nutrition
5.2.4 Other Applications
5.3 Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.1.3 Mexico
5.3.1.4 Rest of North America
5.3.2 Europe
5.3.2.1 Spain
5.3.2.2 United Kingdom
5.3.2.3 France
5.3.2.4 Germany
5.3.2.5 Russia
5.3.2.6 Italy
5.3.2.7 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 China
5.3.3.2 Japan
5.3.3.3 India
5.3.3.4 Australia
5.3.3.5 Rest of Asia-Pacific
5.3.4 South America
5.3.4.1 Brazil
5.3.4.2 Argentina
5.3.4.3 Rest of South America
5.3.5 Middle-East and Africa
5.3.5.1 South Africa
5.3.5.2 United Arab Emirates
5.3.5.3 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Market Share Analysis
6.2 Strategies Adopted By Major Players
6.3 Company Profiles
6.3.1 Koninklijke DSM NV
6.3.2 Croda International PLC
6.3.3 Omega Protein Corporation
6.3.4 BASF SE
6.3.5 GC Rieber Oils
6.3.6 TripleNine Group AS
6.3.7 Pelagia AS
6.3.8 Olvea Group
6.3.9 Lysi HF
6.3.10 Kobyalar Group
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Fish Oil Omega-3 Industry Segmentation
Fish oil omega-3 improves good cholesterol levels and reduces blood triglyceride levels. It positively helps people who have or are prone to cardiovascular diseases.
The global fish oil omega-3 market is segmented by species, application, and geography. By species, the market is segmented into fish oil derived from species such as anchovy, cod liver, menhaden, tuna, sardine, salmon, and other species. Further, based on application, the market is segmented into dietary supplements, infant nutrition, animal nutrition, and other applications. Based on geography, the market is segmented into North America, Europe, Asia-Pacific, South America, Middle East, and Africa.
For each segment, the market sizing and forecasts have been done based on value (in USD million).
| Species | |
| Anchovy | |
| Cod Liver | |
| Menhaden | |
| Tuna | |
| Sardine | |
| Salmon | |
| Other Species |
| By Application | |
| Dietary Supplements | |
| Infant Nutrition | |
| Animal Nutrition | |
| Other Applications |
| Geography | |||||||||
| |||||||||
| |||||||||
| |||||||||
| |||||||||
|
Fish Oil Omega-3 Market Research FAQs
What is the current Fish Oil Omega-3 Market size?
The Fish Oil Omega-3 Market is projected to register a CAGR of 9.10% during the forecast period (2024-2029)
Who are the key players in Fish Oil Omega-3 Market?
Koninklijke DSM N.V., Omega Protein Corporation, BASF SE, Pelagia AS and Croda International PLC are the major companies operating in the Fish Oil Omega-3 Market.
Which is the fastest growing region in Fish Oil Omega-3 Market?
South America is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Fish Oil Omega-3 Market?
In 2024, the Asia-Pacific accounts for the largest market share in Fish Oil Omega-3 Market.
What years does this Fish Oil Omega-3 Market cover?
The report covers the Fish Oil Omega-3 Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Fish Oil Omega-3 Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Fish Oil Omega-3 Industry Report
Statistics for the 2024 Fish Oil Omega-3 market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Fish Oil Omega-3 analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
