According to Renub Research report titled, “Fish Oil Market, Size, Share, Global Forecast 2022-2027, Industry Trends, Growth, Outlook, Impact of COVID-19, Opportunity Company Analysis” the Global Fish Oil Market Size was US$ 2.3 Billion by 2021. Fish oil is extracted from eicosapentaenoic acids (EPA) and docosahexaenoic acids (DHA), which are omega 3 fatty acids found in fish tissue. Globally, aquaculture, animal nutrition & pet feed, supplements & functional food, medicines, and other industries extensively use omega 3 fatty acids. Moreover, fish oil plays a significant role in the proper functioning of the nervous system and helps to improve the cardiovascular system. The increased knowledge of the value of Omega 3 fatty acids among medical experts and the general population has resulted in a significant increase in fish oil consumption. As a result, firms are increasingly adding concentrated EPA and DHA to their nutraceutical product lineup. Therefore, the global fish oil market has been impacted significantly by the increased need for EPA and DHA in human nutrition.
Global Fish Oil Market is expanding with a moderate CAGR of 3.66% during 2021-2027:
Fish oil is widely acknowledged as an essential nutrient for both humans and livestock. Fish oil is commonly utilized in aquaculture, which will drive the fish oil market due to its high amount of n-3 long-chain polyunsaturated fatty acids, particularly EPA and DHA acids, and its balanced fatty acid composition and capacity to trigger a robust feeding response in aquatic animals.
Consumer health concerns for the high prevalence of cardiovascular diseases, premature skin aging, excessive hair loss, obesity, and other conditions are driving up demand for fish oil. Furthermore, the growing acceptance of healthy eating practices boosts fish oil consumption in the form of nutritional supplements, functional foods, and beverages. Aside from that, the ever-increasing pharmaceutical industry is increasing demand for bioactive substances like fish oil, which includes high levels of fatty acids.
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Blue Whiting is the Leading Species used to Produce Fish Oil:
The EPA and DHA polyunsaturated fatty acids found in blue whiting are among the highest of any fish species. The bulk of blue whiting is processed into fish oil for feed and capsules and fishmeal for aqua-feeds. Moreover, blue whiting is also rich in Vitamin B, magnesium, and protein. Each serving of blue whiting contains omega-3 fatty acids, protein, and essential vitamins and minerals. Furthermore, blue whiting has one of the lowest mercury levels of any fish, making them a safe and nutritious choice when ingested in moderation. They are the most used species of fish to produce fish oil globally.
Vietnam is the Largest Producer of the Fish Oil Market:
Our report covers Peru, the USA, Chile, China, Japan, Norway, Vietnam, Denmark, Iceland, India, Morocco, and Ecuador as fish oil producers. Significantly, Vietnam is the largest producer of fish oil among all the countries. Vietnam focuses particularly on producing high-quality pharma-grade fish oil to expand its use in the pharmaceutical business. Moreover, fish oil contains omega 3 fatty acids, which are beneficial for reducing the risk of chronic diseases, heart disease, cognitive impairment, and joint deterioration in older people, due to which pharmaceutical industries are using more fish oil.
Exporting & Importing Countries of Fish Oil Globally
We have studied the fish oil market for Peru, Denmark, Norway, Chile, the USA, and China as exporting countries. The growth in the adoption of fish oil in developed nations and rising awareness about Omega 3 is owing to the rise in the fish oil market. China, Norway, Denmark, Chile, Canada, and the US are studied as importing countries in our report. Due to the rise in the number of old age people in China, the demand for fish oil will continue to increase since it is very beneficial for health.
Aquaculture Holds the Majority Share by End-Users:
Our report covers aquaculture and directs human consumption as end-users of fish oil. The global fish oil market is fueled by rising aquaculture production in emerging nations like India and China. In addition, rising health consciousness and an increase in chronic, heart, and brain disease are major market drivers. Growing aquaculture activities are likely to drive global market expansion. The balanced fatty acid composition in fish oil induces a strong feeding response in aquatic animals. Furthermore, omega 3 in fish oil helps enhance and maintain a healthy immune system for the animals.
Covid-19 Impact on Worldwide Fish Oil Industry:
The covid-19 outbreak has affected many countries and economies, disrupting the supply chain. Fish oil supply was constrained, resulting in a marked decline in 2019 and 2020 worldwide. Pandemic continued to wreak havoc on the fish and fish products market. On the supply side, fishing boats were inactive, and aquaculture firms had dramatically reduced stocking targets due to the poor outlook. Hence, the fish oil market was regularly declining because of the supply chain disruption. However, due to the awareness of fish oil’s health and other benefits, people adapt to using fish oil in their diets to have a robust immune system.
Furthermore, economies are reviving due to the global launch of vaccination campaigns, and businesses are seeing increased demand for their products. Various governments are also taking initiatives to mitigate the pandemic’s influence on the fishing industry, which will aid the recovery of the fishmeal market in the coming years.
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