Fish Oil Market to Reach $4.51 Billion by 2031 - Exclusive Report by Meticulous Research®

REDDING, Calif., Nov. 28, 2024 /PRNewswire/ -- According to a new market research report titled, ' Fish Oil Market Size, Share, Forecast, & Trends Analysis by Grade (Feed, Food, Pharma), Process (Crude Fish Oil, Refined Fish Oil), Product (Salmon Oil, Tuna Oil, Cod Liver Oil), Application (Animal Feed, Dietary Supplements)—Global Forecast to 2031,'

The fish oil market is expected to reach $4.51 billion by 2031, at a CAGR of 4.7% from 2024 to 2031.

The fish oil market is witnessing growth primarily due to the rising incidence of cardiovascular diseases (CVDs) across the globe, increasing awareness about livestock and pet nutrition, the surging need for healthier eating habits, changes in consumer preferences, and the expansion of the aquaculture industry. However, this market's growth is restrained by unsustainable fishing practices of fish oil manufacturers and the availability of alternative sources of omega-3 fatty acids.

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Additionally, the growing awareness regarding the health benefits of omega-3 fatty acids and the increasing adoption of omega-3 fatty acids in aquaculture and animal feed applications are anticipated to create substantial growth opportunities for the stakeholders in this market. On the other hand, overfishing and environmental concerns pose a significant challenge to market growth. Moreover, the increasing emphasis on health and wellness and technological advancements in fish oil extraction & processing methods are prominent trends in the fish oil market.

Key Players:

The major market players studied in this report are Omega Protein Corporation (U.S.), TripleNine Group A/S (Denmark), FF Skagen A/S (Denmark), Pelagia AS (Norway), BASF SE (Germany), KD Pharma Group SA (Switzerland), Croda International Plc (U.K.), Colpex International S.A.C (Peru), OLVEA Group (France), SARMA FISH S.A.R.L (Morocco), Pesquera Diamante S.A. (Peru), Blueline Foods (India) Pvt. Ltd. (India), and GC Rieber VivoMega AS (Norway).

The fish oil market is segmented by grade (feed-grade, food-grade, and pharma-grade), process (crude fish oil, refined fish oil, and modified fish oil), product (anchovy oil, salmon oil, tuna oil, cod liver oil, sardine oil, squalene oil, krill oil, menhaden oil, and other products), application (aqua feed, dietary supplements, functional food and beverages, pharmaceuticals, personal care, and other applications) and geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa). This study also evaluates industry competitors and analyzes the fish oil market at the regional & country levels.

Fish Oil Industry Overview: Latest Developments from Key Industry Players

• In October 2024, KD Pharma Group SA completed the acquisition of DSM-Firmenich's marine lipids business. This acquisition encompasses DSM-Firmenich's Marine Lipids omega-3 fish oil operations serving the food and beverage, dietary supplement, and pharmaceutical sectors, along with the MEG-3 brand and production facilities located in Piura, Peru, and Mulgrave, Canada.
• In March 2023, Epax (Norway), a subsidiary of Pelagia, launched a full-spectrum oil that combines Omegas 3, 9, and 11, specifically targeting applications in skin health supplements.

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Key Findings in the Fish Oil Market Study:

By grade, the pharma-grade segment is poised to record the highest CAGR during the forecast period 2024–2031 due to the high purity and concentration of beneficial omega-3 fatty acids in pharma-grade fish oil. Pharma-grade fish oil, which is highly refined and concentrated to meet strict pharmaceutical standards, is commonly used in prescription omega-3 supplements and medications that help manage elevated triglyceride levels, reduce inflammation, and support heart health.

By process, the refined fish oil segment is slated to record the highest CAGR during the forecast period 2024–2031. Refined fish oil is highly preferred owing to its high purity and quality, which is crucial for maintaining the health and growth of farmed fish. Additionally, the use of refined fish oil in the production of pet food and animal feed supports the high growth of this segment. Furthermore, growing awareness regarding the benefits of omega-3 supplementation in managing chronic conditions such as cardiovascular disease, arthritis, and mental health disorders further supports the high growth of this segment.

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By product, the cod liver oil segment is poised to record the highest CAGR during the forecast period 2024–2031. Cod liver oil is a natural source of essential nutrients, including omega-3 fatty acids, vitamin A, and vitamin D. The increasing demand for cod liver oil is attributed to its health benefits, including supporting heart health, boosting immune function, and promoting healthy skin. Its high content of vitamins and omega-3 fatty acids makes it a staple in many dietary supplements, significantly contributing to the segment's growth.

By application, the dietary supplements segment is anticipated to record the highest CAGR during the forecast period 2024–2031. Growing consumer awareness about the health benefits of omega-3 fatty acids and the rising popularity of natural products support the high growth of this segment. Furthermore, the rising trend of self-care and natural wellness solutions has made dietary supplements increasingly popular among individuals, supporting the segment's high growth.

By geography, Asia-Pacific is poised to record the highest CAGR during the forecast period 2024–2031. The favorable climate for aquaculture, strong growth in aquaculture production, rising awareness about the health benefits of fish oils, and the increasing demand for nutraceuticals support the high growth of this regional market. Furthermore, the increasing acknowledgment of the health advantages associated with omega-3 fatty acids found in fish oil is propelling consumer demand throughout the region.

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Scope of the Report:

Fish Oil Market Assessment—by Grade 

• Feed-grade
• Food-grade
• Pharma-grade

Fish Oil Market Assessment—by Process 

• Crude Fish Oil
• Refined Fish Oil
• Modified Fish Oil

Fish Oil Market Assessment—by Product 

• Anchovy Oil
• Salmon Oil
• Tuna Oil
• Cod Liver Oil
• Sardine Oil
• Squalene Oil
• Krill Oil
• Menhaden Oil
• Other Products

Fish Oil Market Assessment—by Application 

• Aqua Feed
• Dietary Supplements
• Functional Food and Beverages
• Pharmaceuticals
• Personal Care
• Other Applications

Fish Oil Market Assessment—by Geography

• North America
• U.S.
• Canada
• Europe
• Germany
• France
• U.K.
• Italy
• Spain
• Poland
• Netherlands
• Belgium
• Norway
• Rest of Europe (RoE)
• Asia-Pacific
• China
• Japan
• India
• South Korea
• Australia
• Indonesia
• Malaysia
• Thailand
• Singapore
• Rest of Asia-Pacific (RoAPAC)
• Latin America
• Brazil
• Mexico
• Argentina
• Rest of Latin America (RoLATAM)
• Middle East & Africa
• Saudi Arabia
• South Africa
• United Arab Emirates (UAE)
• Rest of Middle East & Africa (RoMEA)

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Fish Oil Market Research Summary

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