Global Fish Oil Market: Overview
The fat or the oil that is extracted from the tissue of fish is called fish oil. Generally, fish oil is mostly extracted from oily fish such as mackerel, anchovies, tuna, and herring. Sometimes, it is also extracted from the livers of various other fish as well, A case in point is cod liver oil, which is extracted from the livers of Atlantic cod. The global fish oil market is expected to gather momentum from the growing popularity of fish oil as usually consumed dietary supplements.
Omega-3 fatty acids are very significant for the health and fish oil comes with substantial amount of omega-3 fatty acids. According to the recommendations of World Health Organization (WHO), eating 1 to 2 portions of fish every week is good for health. This is due to the fact that omega-3 fatty acids in fish offers several health benefits thereby safeguarding against many diseases. This is estimated to bolster the growth of the global fish oil market over the years of projections
However, fish oil supplements are needed if 1 or 2 servings of fish every week is not available. In this case, these supplements help in meeting the weekly requirements of fish oil. These supplements can help in getting enough omega-3s despite not consuming fish directly. The global fish oil market is driven by the increased research and development activities to come up with improved process of extraction of fish oil. Besides, health experts across the globe have raised the recommended daily dietary intake of fish oil. As such, this has increased the consumption of fish oil, thereby bolstering growth of the market.
Application, species, and region are the three key parameters based on which the global fish oil market has been divided. The objective of such segmentation is to provide a clearer, all-inclusive view of the global fish oil market.
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Global Fish Oil Market: Notable Developments
One of the developments that offer a glimpse of the market dynamics about the global fish oil market is mentioned below:
- In July 2019, following a joint venture between Koninklijke DSM N.V. and Evonik Industries AG, a new plant has been commissioned in the US. This new plant makes a new, special algal oil that would contain omega-3 fatty acids, which is required for the farming of healthy salmon. This algal oil is produced utilizing the process of fermentative manufacture of natural marine algae. This venture is expected to increase the sales of fish oil.
Some well-known organizations in the global fish oil market include the below-mentioned:
- Koninklijke DSM N.V.
- Omega Protein Corporation
- GC Rieber
- Croda International Plc
- American Marine Ingredients
- Epax Norway AS
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Global Fish Oil Market: Key Trends
The global fish oil market is characterized by the presence of the following restraints, drivers, and opportunities.
Rising Geriatric Population to Drive the Demand for Fish Oil
Direct human consumption accounts for most of the consumption of fish oil and this trend is likely to continue to over the years of projection. High demand for food supplements and functional food in certain parts of the world such as Japan, China, and India is further expected to drive the demand for fish oil. Increased consumption of long-chain (LC) –omega is estimated reduce the risk of various health issues such as Crohn’s disease, eczema, psoriasis, asthma, and cardiovascular diseases. In addition to that, growing consumption of fish oil is also known to assist in maintaining health of the brain and betters neurological development in children. This factor is estimated to create huge potential for the global fish oil market in the years to come.
Expansion in the pool of ageing population together with the rising trend toward healthy lifestyle
is likely to drive the demand for the product. Furthermore, increased awareness amongst the consumers about the benefits of dietary supplements such as fish oil is estimated to add to the growth of the market over the years of assessment.
Peruvian anchovy fish comes with an extremely high concentrations of docosahexaenoic acid (DHA) and eicosapentaenoic acid (EPA) polyunsaturated fatty acids of any kind of fish species. Although anchovy eaten as a whole fish but this species of fish is mostly utilized for the purpose of extracting fish oil, which is used in the making of capsules and feed. Anchovies are a rich source of many important minerals, vitamins, protein, and omega-3 fatty acids. In addition to that, anchovies come with extremely low concentration of mercury amongst all types of fish. This makes them a very nutritious and safe option of fish oil.
Global Fish Oil Market: Geographical Analysis
China is considered one of the leading producers of fish oil, which is why the country account for a large share of the global fish oil market. However, most production of fish oil in China is meant for the making of high-quality pharma grade fish oil in a bid to increase its use in the pharmaceutical sector. In Japan, intake of pharmaceutical and nutritional grade fish oil has substantially increased owing to rising concern for health mostly amongst the ageing population of the world.
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