Fish Oil Market Expected To Reach Near $4 Billion By 2020 | Hexa Research
Growing concern about health and increasing demand in variety of food products containing unsaturated fatty acid are also prominent key drivers expected to work favourably for the growth of the fish oil market.
Fish oil is derived from the tissues of fishes which can reduce inflammation. It is a major source of omega-3 acids, docosahexaenoic acid, and eicosapentaenoic acid. Omega-3 acids aid in reducing triglyceride levels, depression levels, and reducing the risk of coronary heart disease.
The global fish oil market will be valued close to USD 4 billion by 2020. The demand for fish oil in 2013 was 1,090 kilotons (KT). It has an objective of reaching 1,200 KT by 2020. The US FDA (Food and Drugs Administration) has limited the fishing of sharks, a rich source of omega-3 acids. This is due to the high level of mercury, dioxin, and other PCBs present in their body. This can be a major hurdle for fish oil market players. But development of aquaculture in Asia Pacific can help overcome this obstacle.
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Applications for fish oil are DCH (direct human consumption), aquaculture, hydrogenation and other industrial uses. Direct human consumption (DHC) will be the major driver responsible for the fish oil market’s growth. Anchovies, mackerel, capelin, and herring are the fishes used for DCH. It has an estimated CAGR of 1.6% during the forecast phase (2014-2020).
Aquaculture is expected to dominate over the forecast phase. It is expected to reach a volume of 843.6 tons by 2020, growing at a 1% CAGR over the next six years. Species bred in aquaculture are tilapias, salmon, eels, trout, catfish, fresh crustaceans, marine shrimps, and marine fishes. Salmon and trout are the most popular fish used in aquaculture. It generated revenue of USD 854.7 million in 2013. It is projected to attain revenue of USD 1.49 billion by 2020.
North America, Europe, Asia Pacific, and Latin America are the major markets for fish oil. Europe had the largest market in 2013, accounting for 491.5 KT. It has an 8% CAGR over the forecast phase due to high protein levels found in dietary supplements. Asia Pacific will be the fastest growing region owing to the huge demand of fish oil from China.
The key players in the fish oil market are Colplex, GC Rieber Oils, COPEINCA ASA, and Omega Protein Corporation. Players will mostly form partnerships or delve in aquaculture due to shortage of raw materials.
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Nutraceuticals & Functional Foods Market Research Report
Jan 11, 2017