Fish Oil Market Research Report and Outlook by 2028

In 2021, the fish oil market was valued at approximately US$ 2,087.39 million and is anticipated to grow to around US$ 3,178.28 million by 2028. This growth represents a compound annual growth rate (CAGR) of 6.2% from 2021 through 2028.

MARKET OVERVIEW

Fish oil is recognized as a beneficial dietary supplement, renowned for its numerous health advantages. It is an excellent source of omega-3 fatty acids, which are known to enhance overall health, support cognitive abilities, and lower the risk of cardiovascular diseases. This supplement is popular among a wide array of consumers, including health enthusiasts, athletes, and pet owners, and is available in various convenient formats.

MARKET SEGMENTATION

The global fish oil market is segmented based on different species, which include blue whiting, anchoveta, sardine, capelin, among others. In 2020, sardines emerged as the leading species in the market. The United States Food and Drug Administration (USFDA) has classified sardines as having low mercury levels, which are significantly lower than those found in other fish such as salmon, mackerel, anchovies, and tuna. Due to their smaller size and lower position in the food chain, sardines and similar species are less likely to accumulate mercury in their bodies.

Geographically, the fish oil market is divided into regions including North America, Europe, Asia Pacific (APAC), South and Central America (SCAM), and the Middle East and Africa (MEA). The Asia-Pacific region was the leading market in 2020, driven by a shift in consumer lifestyles towards health consciousness, which has increased the demand for fish oil. Additionally, the rising incidence of chronic diseases and an expanding elderly population are expected to further stimulate the growth of the fish oil market in this area.

COVID-19 IMPACT

The COVID-19 pandemic posed significant challenges across various sectors, including the food and beverage industry. The market for fish oil faced disruptions due to shortages of raw materials and labor, factory shutdowns, and operational difficulties arising from safety protocols. Lockdowns also severely affected end-use industries, hindering the growth of the fish oil market. However, with the rollout of COVID-19 vaccines, conditions have improved, leading to a resurgence in business activities globally. As economies begin to recover, the demand for fish oil is expected to increase. Major manufacturers have resumed operations, thereby enhancing the production capacity of fish oil.

KEY MARKET PLAYERS

Prominent companies in the fish oil market include Pesquera Exalmar S.A.A., Omega Protein Corporation, Pelagia AS, Copeinca, Coplex International S.A.C, Triplenine, FF Skagen A/S, DSM, Croda International PLC, and BASF SE. These firms are actively pursuing strategies such as mergers and acquisitions, along with new product launches, to broaden their consumer base and extend their market presence.

The size of the global fish oil market has been assessed through a blend of primary and secondary research methodologies. The research process commenced with comprehensive secondary research, leveraging both internal and external resources to collect qualitative and quantitative data regarding the market. Additionally, numerous primary interviews were conducted with industry professionals to validate the information and gain deeper analytical insights. These interviews involved industry experts, including VPs, business development managers, market intelligence managers, and national sales managers, as well as external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the global fish oil market.