The global fish oil market is expected to reach $2.63 billion by 2020, registering a CAGR of 6.1 per cent during 2015-2020, according to a new report from Allied Market Research.
The report, Global Fish Oil Market (Application, Species and Geography) - Country Analysis, Size, Share, Trends, Company Profiles, Demand, Growth, Opportunities, and Forecast, 2014 - 2020, states that at present, the aquaculture application holds the largest market share.
However, the supplement and functional food will evolve as one of the promising application markets and Asia Pacific will continue to be the major regional market due to high concentration of aquaculture industry.
Fish oil is widely adopted in numerous human and animal nutrition applications as a food and feed supplement due to its high content of essential long chain omega 3 fatty acid.
As a prime ingredient in aqua feed, the growth of fish oil market is largely proportional to the growth of aquaculture industry.
Additionally, the popularity of omega 3 fish oil in various applications, such as supplements & functional food (nutraceutical) and pharmaceutical, is also providing boost to the market. However, the global fish oil industry is largely affected by the demand-supply gap, caused by stringent fishing quotas and adverse climatic conditions.
More than 50 per cent of the global fish oil is produced in Latin American countries namely Peru and Chile. However, most of it is consumed in the Asia Pacific and Europe.
The rising aquaculture production in Asian countries such as China, India, Vietnam and Indonesia, leads to increased usage of aquaculture grade fish oil in the region.
North America and Europe have a larger consumption of pharmaceutical and supplements and functional food fish oils, collectively accounting for about two-third of global revenues.
In Japan, the consumption of nutritional and pharmaceutical grade fish oil has significantly increased due to rising health concerns among the country\\\'s geriatric population.
Key findings of the study:
• Supplement & functional food segment constitutes the lucrative fish oil application with high Y-o-Y revenue growth
• Presently, Asia Pacific holds the largest market share, followed by Europe in the overall fish oil market, in terms of consumption
• Among all fish species studied, largest volume of oil is produced from anchovy fishes
• China and Japan collectively accounts for about 39% market share of global fish oil market
• Denmark and Norway are major producers and consumers of fish oil in the Europe market
Source: The Fish Site
