Variant Market Research forecasted that the global fish oil 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. There are the several driving factors of the market such as increased aquaculture activities, rising consumption of omega-3 supplements and high direct consumption of fish oil. However, high cost and growing demand-supply gap may restrain the growth of the market. Furthermore, the Food and Drug Administration (FDA) and European Food Safety Authority (EFSA) can provide the major opportunities of the market.
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Key segments of the global fish oil market are species, application, and geography. Carps, marine fish, tilapias, salmon & trout and others are the key sub segments of the species segment. In 2016, salmon & trout sub segment has highest market share, driven by high consumption to improve metabolism and strengthen muscle & heart. Moreover, application segment has been segmented into direct human consumption, aquaculture and others.
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North America, Europe, Asia-Pacific and rest of the world are the major geographical sub segment of the global fish oil market. In 2016, Europe region accounted for the highest market share of 41.5%, owning to, increasing aquaculture activities in Norway and UK. Additionally, Asia-Pacific is predicted to grow at the highest CAGR of 6.8% during 2016-2024, driven by rapid growth in aquaculture sector, especially in countries such as Thailand, India, China, Indonesia and Bangladesh.
The market players have been adopting several strategies to increase their product portfolio and geographical presence. The key market players in the fish oil market are COPEINCA ASA, TASA, Croda Inc., EPAX AS, Colpex, Copeinca AS, Omega Protein Corporation, Corpesca SA, FMC Corporation, and Pesquera Diamante S.A, among others.
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