Refined Fish Oil Market Trend Analysis: Increasing Demand from Nutraceuticals and Aquaculture Industry
Posted By: Yan | Published Date: Apr 20,2024
Fish oil is rich in long-chain omega-3 fatty acids EPA (eicosapentaenoic acid) and DHA (docosahexaenoic acid), which have a variety of health benefits. According to various clinical studies, regular consumption of fish oil can help reduce the risk of heart disease, promote brain health and improve eye health. With increasing health awareness among people, the global demand for refined fish oil supplements and omega-3 enriched functional food and beverage products is on the rise.
In addition, the aquaculture industry is growing rapidly worldwide. Fish oil is widely used as a feed additive in aquaculture to enhance the nutritional value and quality of farmed fish. The growing demand for aquaculture products has boosted the sale of refined fish oils in the market. In addition, advancements in refining technologies have improved the quality and shelf life of refined fish oil products, making them more suitable for use in supplements and food applications. This is positively impacting the market growth.
On the other hand, overfishing of certain fish species to meet the growing demand for fish oil is a major concern. Some of the major fish species used for fish oil extraction, such as herring, anchovies, and sardines, are at risk of resource depletion due to overfishing. This may hamper the supply of fish oil in the coming years and limit the growth of the refined fish oil industry. In addition, the high price of refined fish oils as compared to vegetable oil alternatives restricts its adoption in certain food applications.
The global refined fish oil market has been segmented on the basis of type, application, and region. Based on type, the market is segmented into pelagic fish and polar fish. In 2020, pelagic fish held a larger market share due to the abundance of pelagic fish species such as herring, anchovies, and sardines used for fish oil production.
On the basis of application, the market is segmented into aquaculture, pharmaceuticals, functional foods and beverages, and others. Among these, the aquaculture segment accounts for more than 40% of the dominant share of the global market. Fish oil is widely used as a feed additive in aquaculture to improve the health and quality of farmed fish. The pharmaceuticals segment is expected to witness significant growth during the forecast period due to growing demand for fish oil supplements and nutraceuticals rich in omega-3 fatty acids.
Regionally, the refined fish oil market has been studied in North America, Europe, Asia Pacific, South America, Middle East and Africa. Asia Pacific emerged as the largest market, accounting for more than 35% of the global revenue by 2020. This can be attributed to the growing fish consumption, growing aquaculture industry, and increasing health awareness among consumers in the region. China, Japan, India, and Southeast Asian countries are the major consumers of refined fish oil in the Asia Pacific region.
Some of the leading players in the global refined fish oil market include Omega Protein Corporation, FMC Corporation, Copeinca ASA, Corpesca SA, TripleNine Group A/S, FF Skagen A/S, Pesquera Diamante SA, Colpex International, Marvesa Holding NV, and Pesquera Exalmar, among others. These companies are focusing on capacity expansion, new product launches, and mergers and acquisitions to strengthen their market position. For instance, in January 2022, Omega Protein Corporation announced plans to expand its herring oil refining capacity in the U.S. to meet the growing demand from nutraceutical and aquaculture customers.
The refined fish oil market is expected to grow steadily over the forecast period, driven by increasing demand from nutraceuticals and aquaculture. However, the risk of overfishing and high prices as compared to vegetable oil alternatives may hamper the market growth. Continuous focus on refining technology R&D and new product development in terms of ESG may open up new avenues for players in the refined fish oil industry in the coming years.