PORTLAND, Oregon, May 27, 2015 /PRNewswire/ --
According to a new report by Allied Market Research, titled, "Global Fish Oil Market (Application, Species and Geography) - Country Analysis, Size, Share, Trends, Company Profiles, Demand, Growth, Opportunities, and Forecast, 2014 - 2020", the global fish oil market would reach $2.63 billion by 2020, registering a CAGR of 6.1% during 2015 - 2020. 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.
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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.
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
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Nutraceutical Ingredients Market - Nutraceutical ingredient market is rising with increased health awareness in people and growing health concerns, increasing demand for healthy food, personal care products and safe animal nutrition products. Health benefits of nutraceuticals and their application in food, beverages, dietary supplements, pediatric and adult nutrition preparation supports the use of nutraceutical ingredients. Consumers have shifted their focus from mere hunger satisfaction to meeting nutritional needs. Increasing aging population and rising incidence of chronic diseases and changing lifestyle are the major factors that drive the global nutraceutical ingredients market. However, high price of these products remains a major restraint. Get more information and order a copy of the "Nutraceutical Ingredients Market" report at https://www.alliedmarketresearch.com/nutraceutical-ingredients-market
Key companies, such as Omega Protein Corporation and FF Skagen are primarily focusing on product launch and acquisition for expansion of their fish oil product offerings and assert strong foothold in various human and animal nutrition applications. The report covers a detailed study of key players such as TASA, Omega Protein Corporation, FMC Corporation, Copeinca AS, Corpesca SA, Colpex international, TripleNine, FF Skagen A/S, Pesquera Diamante S.A, Marvesa Holding N.V. and Pesquera Exalmar.
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SOURCE Allied Market Research