Fish oil market is expected to reach $2.63 billionStaff writer ▼ | May 28, 2015
The global fish oil market would reach $2.63 billion by 2020, registering a CAGR of 6.1% during 2015 - 2020.
Study Allied Market Research
Presently, the aquaculture application holds the largest market share; however, the supplement & functional food will evolve as one of the promising application markets. Asia Pacific would 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% 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 larger consumption of pharmaceutical and supplements & functional food fish oils; collectively accounting for about two-third of global revenues for these applications. 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. ■