Fish Oil Market to Reach $4.51 Billion by 2031| Size, Share, Forecast, & Trends Analysis
Meticulous Research®, a leading global market research firm, has released its latest report titled Fish Oil Market—Global Opportunity Analysis and Industry Forecast (2024-2031). The study forecasts that the global fish oil market will reach $4.51 billion by 2031, growing at a compound annual growth rate (CAGR) of 4.7% from 2024 to 2031.
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Key drivers of the fish oil market include the rising global incidence of cardiovascular diseases (CVDs), growing awareness around pet and livestock nutrition, increased demand for healthier diets, evolving consumer preferences, and the expansion of the aquaculture industry. However, unsustainable fishing practices by some fish oil producers, as well as the growing availability of alternative omega-3 sources, may pose challenges to market growth.
Furthermore, the increasing recognition of the health benefits of omega-3 fatty acids, along with their growing use in aquaculture and animal feed, presents significant opportunities for market expansion. Environmental concerns and the issue of overfishing remain critical challenges impacting the sector.
The market is also witnessing trends such as a growing focus on health and wellness, along with advancements in fish oil extraction and processing technologies.
Key Players:
The fish oil market is characterized by a moderately competitive scenario due to the presence of many large and small-sized global, regional, and local players. The key players operating in the fish oil market are Omega Protein Corporation (U.S.), TripleNine Group A/S (Denmark), FF Skagen A/S (Denmark), Pelagia AS (Norway), BASF SE (Germany), KD Pharma Group SA (Switzerland), Croda International Plc (U.K.), Colpex International S.A.C (Peru), OLVEA Group (France), SARMA FISH S.A.R.L (Morocco), Pesquera Diamante S.A. (Peru), Blueline Foods (India) Pvt. Ltd. (India), and GC Rieber VivoMega AS (Norway).
The fish oil market is segmented based on grade, process, product, and application. The report also evaluates industry competitors and analyzes the fish oil market at the regional and country levels.
The market is segmented by grade, process, product, and application. The report also provides a detailed analysis of regional and country-level market dynamics.
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Market Segmentation:
• By Grade: The feed-grade fish oil segment is expected to capture the largest market share in 2024. This segment is driven by the growing demand for omega-3 rich fish oil in aquaculture, particularly for species like salmon, trout, and carp. Feed-grade fish oil also benefits livestock, particularly in poultry and swine farming, and is increasingly used in pet food for its positive effects on coat health, joint function, and cognitive development.
• By Process: The crude fish oil segment is projected to hold the largest market share in 2024. Crude fish oil, rich in omega-3 fatty acids such as EPA and DHA, is essential for heart health, brain function, and overall wellness. Its versatile applications in dietary supplements, functional foods, and animal feed contribute to its dominance in the market.
• By Product: In 2024, the anchovy oil segment is expected to lead the market. Anchovy-based fish oil is recognized for its high DHA content, making it ideal for use in aquafeed and dietary supplements. Additionally, the anchovy fishery’s sustainability ensures a reliable, high-quality supply of fish oil.
• By Application: The aqua feed segment is anticipated to account for the largest market share in 2024. Fish oil is a crucial component in the nutrition of farmed fish, supporting healthy growth, immune function, and optimal feed conversion. As global seafood demand increases, particularly for omega-3-rich fish like salmon, the use of fish oil in aqua feed continues to rise.
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Geographic Insights:
This report analyzes the fish oil market across major regions, including North America (U.S., Canada), Europe (Germany, France, U.K., Italy, Spain, Poland, Netherlands, Belgium, Norway, and others), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, Malaysia, Thailand, Singapore, and others), Latin America (Brazil, Mexico, Argentina, and others), and the Middle East & Africa (Saudi Arabia, South Africa, UAE, and others).
In 2024, Europe is expected to lead the fish oil market, followed by North America, Asia-Pacific, Latin America, and the Middle East & Africa. Europe’s strong market position is driven by growing consumer awareness of health benefits, an increasing focus on cardiovascular health, advanced fish oil processing technologies, and a commitment to sustainable fishing practices. Additionally, the robust aquaculture industry in Europe, along with the rising use of fish oil in the cosmetic sector for its anti-inflammatory and anti-aging properties, further fuels market growth.
The increasing demand for high-quality, omega-3-rich fish products, along with advancements in sustainable sourcing and processing, positions Europe as a key market leader in the global fish oil industry.
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