Significant growth of the aquaculture industry and increasing health awareness have boosted the growth of the global fish oil market
PORTLAND, Ore., Aug. 18, 2020 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Fish Oil Market by Species (Anchovy, Mackerel, Sardines, Cod, Herring, Menhaden and Others), and (Aquaculture, Animal Nutrition & Pet Food, Pharmaceuticals, Supplements & Functional Food and Others): Global Opportunity Analysis and Industry Forecast, 2021–2027". According to the report, the global fish oil industry was pegged at $1.91 billion in 2019, and is expected to reach $2.84 billion by 2027, growing at a CAGR of 5.8% from 2021 to 2027.
Drivers, restraints, and opportunities
Significant growth of the aquaculture industry and increasing health awareness have boosted the growth of the global fish oil market. However, adverse climatic conditions, demand-supply gap, and stringent government regulation hamper the market growth. On the contrary, rapid ageing population connectivity and production from by-products are expected to create lucrative opportunities for market players in the coming years.
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The anchovy segment dominated the market
By species, the anchovy segment held the largest share in 2019, accounting for more than two-fifths of the global fish oil market, owing to high concentration of EPA and DHA present in anchovy fish oils and rising use of anchovy fish oil in the pharmaceutical industry. However, the mackerel segment is expected to register the highest CAGR of 10.3% during the forecast period, due toincreased use in pharmaceutical application because of high concentration of omega 3 fatty acid.
The aquaculture segment to portray the highest CAGR through 2027
By application, the aquaculture segment is expected to manifest the highest CAGR of 8.9% during the forecast period, as fish oil is primarily fed to species such as salmon and trout. However, the food segment held the largest share, contributing to more than two-fifths of the global fish oil market, due to its increased consumption of fish oil supplements for lowering risk of heart and blood-related problems. Moreover,
North America to register the highest growth rate
By region, the global fish oil market across North America held the largest CAGR of 8.6% from 2021 to 2027, owing toawareness initiatives of the U.S. government for the consumption of omega-3 fatty acids to prevent health risks. However, the market across Asia-Pacific is expected to manifest the highest CAGR of 5.1% during the forecast period, due to rise of the aquaculture industry and increased consumption of fish oil as an aquafeed ingredient in Japan, China, and India.
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