Omega-3 Rich Fish Oil Market Analysis: Size, Trends, and Forecast 2030
Fish oil, a nutrient rich in omega-3 fatty acids, derived from various fish species, is gaining widespread attention for its potential health benefits. This natural source of eicosapentaenoic acid (EPA) and docosahexaenoic acid (DHA) plays a crucial role in fetal development, healthy aging, and maintaining heart health by lowering triglyceride levels. The global diet, characterized by high saturated fat (SFA) intake and low omega-3 fatty acids, has led to inflammatory conditions, increased cardiovascular risks, and a higher likelihood of Alzheimer’s disease. As concerns about heart health and blood pressure rise, consumers are turning to fish oil for its numerous advantages.
The escalation in demand for omega-3 is further driven by medical professionals prescribing it to address heart conditions and hypertension. According to the World Health Organization (WHO), cardiovascular diseases account for 31% of global deaths, with 17.9 million fatalities each year. Consequently, there is a growing demand for omega-3-fortified foods, beverages, and dietary supplements, which is expected to surge in the coming years.
In response to this growing demand, fish oil manufacturers are diversifying their product portfolios by introducing new variants to cater to a broader consumer base. Food and beverage processing companies are incorporating omega-3 into their products to create enriched offerings, while fish oil manufacturers are focusing on meeting the increased demand.
For example, in March 2020, Wiley Companies, known for AlaskOmega omega-3 fish oil concentrates and natural fish oils, introduced omega-3 concentrate powder. This product is not only Halal-certified but also Marine Stewardship Council (MSC) certified, making it suitable for use in dietary supplements, food, and beverages.
The inclusion of fish oil in the production of various foods and beverages to make them rich sources of omega-3 is also contributing to the surge in demand. In 2020, FELISCITY NUTRITION INC. launched an omega-3 sports drink named ENHANCED RECOVERY, targeting athletes seeking rapid muscle recovery during intense workouts. In the same year, Coca-Cola announced the launch of omega-3 fortified beverages under the brand Gomega, featuring three flavors: berry acai, strawberry guava, and mango passionfruit.
Anchovies are having a significant impact on the fish oil market. Although various fish species are used for fish oil production, anchovies are highly valuable to major fish oil-producing countries such as Peru and the USA. In 2015, manufacturers like The BioMar Group, Skretting, and EWOS Group (Cargill Inc.) used 33,625 MT of anchoveta species for fish oil and fishmeal production.
The market is segmented based on applications, including aquaculture, animal nutrition and pet food, dietary supplements, functional food and beverages, pharmaceuticals, and more. The functional food and beverages segment is expected to show a high compound annual growth rate (CAGR) over the forecast period, with the aquaculture segment accounting for the largest volume share. Fish oil is commonly used as a feed supplement in aquaculture production, further contributing to the growth of this segment.
European countries play a significant role in the global fish oil market, with Denmark being the largest producer, accounting for over 50% of the volume share in 2019. Spain is the second-largest producer in the region, contributing 20% of the regional production. The report also highlights Norway as the largest destination market for fish oil, while Denmark was the main European fish oil-exporting country, responsible for 85% of fish oil exports by volume in 2018.
While the fish oil market has witnessed growth, it has faced challenges due to the COVID-19 pandemic and unpredictable weather conditions, particularly in China. China’s output from whole fish has decreased, while supply from by-products has remained stable.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 – By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/fish-oil-market
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