Global Fish Oil Market Report, published by Variant Market Research, forecast that the global market is forecasted to reach $2,364 million by 2024 from $1,524 million in 2016; growing at a CAGR of 5.6% from 2016 to 2024. The fish oil market is majorly driven by the following driving factors such as growing direct consumption, rising knowledge about the benefits of omega-3 and expanding aquaculture activities. However, high demand-supply gap and high cost of oil might hinder the growth of the market. Furthermore, initiatives taken by government organizations such as European Food Safety Authority (EFSA) and The Food and Drug Administration (FDA) would provide growth opportunities for the market.
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Species, application and geography are the key segments of the global fish oil market. Species segment has been segmented into tilapias, salmon & trout, carps, marine fish and others. Salmon & trout was the leading sub segment with highest market share in 2016, due to, its aid in strengthening the muscle & heart and to improve metabolism. Additionally, Application segment includes aquaculture, direct human consumption and others.
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The global fish oil market by geography is bifurcated into North America, Europe, Asia-Pacific and RoW. Europe held the highest market share of 41.5% in 2016, driven by rising aquaculture activities in UK and Norway. In terms of growth rate, Asia-Pacific region is anticipated to grow at the fastest CAGR of 6.8% over the forecast period, owning to growing aquaculture industries in China, India, Thailand and others.
Various strategies have been adopted by the market players to boost their geographical presence and product portfolio. The major players in the fish oil market include Croda Inc., Pesquera Diamante S.A, Omega Protein Corporation, Copeinca AS, Colpex, TASA, EPAX AS, Corpesca SA, FMC Corporation, and COPEINCA ASA, among others.
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