Fish oil is extracted mainly from oily fish species that are found either in seawater or freshwater. Fish oil is rich in long-chain omega-3 fatty acids, which consist DHA, omega-6, and EPA that are important for human and animals, both. Usually, fish oil can be bought in the form of liquid, capsules, and pills which are used in food ingredients and feeds in several animal and human dietary applications including aquaculture feed, animal feed, pharmaceuticals, functional food, and sports supplements.
DHA and EPA omega-3 fatty acids help in the prevention of coronary heart ailments, curbing blood pressure, and also controls bad cholesterol and has other health benefits as well fueling the growth of the global fish oil market. Increased cases of cardiovascular ailments among people owing to change in lifestyle and unhealthy food habits are also contributing significantly to the market growth. The surging demand for fish oil in cosmetics and personal care is also propelling the global market growth.
Besides, the surge in research and development activities along with increased investments by the key players in the domain, along with innovation of better extraction techniques are also estimated to play a vital role in the market demand. Moreover, the healthcare industry is likely to emerge as the major contributor to market development. Nevertheless, the increased price related to fish oil is foreseen to hinder the demand in the global fish oil market.
The global fish oil market is broadly classified into species, application, and region. On the basis of species, the market is segregated into mackerel, anchovy, cod, sardines, menhaden, herring, and others. In terms of application, the market is fragmented into aquaculture (sub-sectioned into cyprinids, salmon & trout, crustaceans, marine fish, eels, tilapias, and others), functional food & supplements, pet food & animal nutrition, pharmaceuticals, and others.
Geographically, Asia Pacific is likely to lead the global fish oil market with a significant CAGR within the forecast period. Some of the key nations contributing to the market growth are Bangladesh, Thailand, Indonesia, China, and India. Moreover, the rising awareness about nutritional diet in developing countries like China and India is estimated to drive the demand regarding dietary supplements. The region is further trailed by Europe which is expected to develop due to the increasing aquaculture market, contributed by the nations such as Norway, the UK, and others.
The leading players operating in the global fish oil market are Oceana Group Limited, TripleNine Group, Pesquera Diamante, FMC Corporation, The Scoular Company, GC Rieber Oils, Omega Protein Corporation, Croda Inc., Corpesca S.A., Marvesa Holding NV, and others.
Last year, GC Reiber Oils collaborated with Barrington Nutritionals regarding the distribution of VivoMega omega-3 oil , a product of GC Reiber Oil in the Mexico and the US.