Fish products are a major source of proteins, iodine and zinc. Major types of fish products include fish oil and fishmeal. Other fish products include fermented fish, fish sauce, and fish emulsions. Fish oil is used as a flavoring agent in the food industry and as a main ingredient for manufacturing Omega-3 fatty acid supplements. Fish meal is mainly used in aquaculture and animal feed (pigs, chicken, etc.).
The use of fish oil in the pharmaceutical industry is expected to facilitate growth of the fish products market globally. Fish oil is very helpful in regulating cardiovascular functioning and reduce the risk of heart disease. Moreover, regulatory agencies such as the FDA also promote the use of fish oil in manufacturing drugs. For instance, in November 2019, USFDA (United States Food and Drug Administration) backed the advisory panel of USFDA that recommended the use of 'Vescepa' – a fish oil based drug manufactured by Amarin PLC.
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Among applications, the food segment is expected to witness the fastest growth over the forecast period, owing to increasing demand for fermented fish, fish oil, and fish sauce. According to a research published in the Journal of Ethnic Foods (2015), there is wide demand for fermented fish among the adult population in North European countries such as Sweden, Norway, and Iceland.
Among the product type, fish oil segment accounted for the largest market share followed by fish meal. Increasing use of fish oil for drug manufacturing is driving growth of the global fish product market. Fish oil helps in reducing inflammation, increasing cardiovascular activity and reducing risk of heart disease. According to an article published on Harvard Health blog on July 2019, due to numerous health benefits of using fish oil as a daily supplement, over US$ 1 billion are spent in the U.S. on fish oil supplements.
Global Fish products Market, By Product Type:
Others (Fish Sauce, Fermented Fish, etc.)
Global Fish products Market, By Application:
Others (Fertilizer, etc.)
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Key companies covered as a part of this study include Omega Protein Corporation, FMC Corporation, Corpesca S.A., TripleNine Group A/S, Colpex International, FF Skagen A/S, Pesquera Diamante S.A., Marvesa Holding N.V, TASA, American Marine Ingredients, Croda Inc., GC Rieber Oils, and Pelagia
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