Fish Oil Market Projected to Reach US$22.3 Billion by 2030, Says Fairfield Market Research
Fairfield Market Research, a leading market intelligence firm, has released a comprehensive report forecasting remarkable growth in the global fish oil market. According to the report, the market, currently valued at approximately US$12.8 billion, is expected to reach a staggering valuation of US$22.3 billion by the year 2030. This growth is attributed to a robust compound annual growth rate (CAGR) of 7.2% projected between 2023 and 2030.
Key Drivers of Fish Oil Market Growth
- Growing Consumer Awareness: Consumer awareness about the health benefits of omega-3 fatty acids found in fish oil has significantly boosted demand. Omega-3 fatty acids are associated with heart health, brain function, and reducing inflammation, driving a growing consumer base seeking these health benefits.
- Preventive Healthcare Focus: Rising concerns about lifestyle diseases such as cardiovascular disorders, diabetes, and obesity have led to an increased focus on preventive healthcare. Fish oil is viewed as a natural and effective supplement to mitigate these health issues, thereby driving market growth.
- Feed-Grade Dominance: In 2022, the feed-grade fish oil category dominated the industry, with aquaculture and animal feed sectors majorly contributing. Feed-grade fish oil is a key ingredient in aquafeed, supporting the growth and health of farmed aquatic animals.
- Refined Fish Oil Demand: Refined fish oil, known for its high quality resulting from extensive purification processes, is anticipated to dominate the market share for fish oil globally. It is widely sought after across various industries, including nutraceuticals, pharmaceuticals, food and beverages, and cosmetics.
- Salmon Oil Leadership: The salmon oil category controlled the market in 2022 due to its rich content of omega-3 fatty acids, specifically EPA and DHA, offering numerous health benefits.
- Asia Pacific Growth: The Asia Pacific region is expected to account for the largest share of the global fish oil market, driven by its economic conditions and hub for aquaculture.
- North America Expansion: North America is experiencing growth due to rapid economic development, technological advancements, and increased consumer affordability for health supplements.
Future Trends and Opportunities
The fish oil market is poised for substantial growth with a strong focus on sustainability, performance, and versatility. Key trends and opportunities include:
- Rising Demand for Omega-3 Fatty Acids: Increasing consumer health-consciousness is driving demand for omega-3 fatty acids, particularly for heart health and cognitive well-being.
- Growth in Aquaculture and Animal Feed Applications: The growing global demand for seafood is boosting the aquaculture industry, and fish oil is a crucial ingredient in aquafeed.
- Diversification of Omega-3 Sources: Alternative sources of omega-3s, such as algal oil, are gaining popularity, addressing sustainability concerns and catering to various consumer preferences.
Regulatory Impact
The regulatory environment significantly shapes the fish oil industry, dictating product quality, sustainability, and consumer safety. Regulations include stringent standards for purity, contaminants, and labeling accuracy, ensuring that fish oil products meet established safety thresholds. Compliance with sustainability measures is vital for market players to gain consumer trust.
Competitive Landscape
The global fish oil market is consolidated, with key players such as DSM Nutritional Products, Croda International Plc, Omega Protein Corporation, GC Rieber Oils, and others leading the industry. Fairfield Market Research expects the market to witness more consolidation in the coming years.
Global Fish Oil Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2030 (By Grade Coverage, By Process Coverage, By Product Coverage, By End User Coverage, By Sales Channel, By Geographic Coverage and By Company) https://www.fairfieldmarketresearch.com/report/fish-oil-market
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About Us
Fairfield Market Research is a UK-based market research provider. Fairfield offers a wide spectrum of services, ranging from customized reports to consulting solutions. With a strong European footprint, Fairfield operates globally and helps businesses navigate through business cycles, with quick responses and multi-pronged approaches. The company values an eye for insightful take on global matters, ably backed by a team of exceptionally experienced researchers. With a strong repository of syndicated market research reports that are continuously published & updated to ensure the ever-changing needs of customers are met with absolute promptness.
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Fairfield Market Research
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Web: https://www.fairfieldmarketresearch.com/
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COMTEX_443756362/2840/2023-11-20T07:06:45
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No News Postbox journalist was involved in the writing and production of this article.
