Fish Oil Products Market size is estimated to reach $4.02 billion by 2026, growing at a CAGR of 5.6% during the forecast period 2021-2026. Fish Oil Products are products containing fish oil which is a fatty oil obtained from the bodies of different fishes like sardines that include huge amounts of unsaturated fatty acids. The increasing application of fish oil as a dietary additive and in manufacturing various products like cosmetics and paints are driving the growth of the Fish Oil Products market. Fish Oil includes two very strong Omega-3 fatty acids namely eicosapentaenoic acid (EPA) and docosahexaenoic acid (DHA). Eicosapentaenoic acid (EPA) and docosahexaenoic acid (DHA) back the heart, joint, mood, brain, and healthy anti-inflammatory response. The Eicosapentaenoic acid (EPA) and docosahexaenoic acid (DHA) function as important nutriments and need to be consumed for the effective operation of the brain and retina. These health benefits are set to propel the growth of the Fish Oil Products Market during the forecast period 2021-2026. This represents the Fish Oil Products Industry Outlook.
Fish Oil Products Market Segment Analysis – By Source Species:
The Fish Oil Products Market based on source species can be further segmented into Anchovy, Mackerel, Sardines, Cod, and Others. The Anchovy Segment held the largest market share in 2020. This growth is owing to the increased count of recognized dietary supplements made from Anchovy as a source species. The increasing enhancement in the health of the heart and brain owing to the usage of Anchovy based dietary supplements is further driving the growth of this segment. Furthermore, the Sardines segment is estimated to grow with the fastest CAGR of 6.5% during the forecast period 2021-2026 owing to its advantages like an abundant source of bio-available calcium, rich in omega-3 fatty acids, a great source of vitamin D, and large protein content. Sardines are one of the most nourishing fishes on earth belonging to the Herring family. The high content of selenium playing an antioxidant role in weakening oxidative stress is further propelling the growth of the Sardines segment during the forecast period 2021-2026.
Fish Oil Products Market Segment Analysis – By Application:
The Fish Oil Products Market based on the application can be further segmented into Aquaculture, Animal Nutrition and Pet Food, Direct Human Consumption, Pharmaceuticals, Supplements, and Functional Food and Others. The Pharmaceuticals segment held the largest market share in 2020. This growth is owing to the extensive health advantages offered by fish oil including two powerful omega-3 fatty acids namely eicosapentaenoic acid (EPA) and docosahexaenoic acid (DHA). As part of the Food and Drug Administration (FDA) Approval, fish oil pharmaceuticals are usually products including a combination of the omega-3-fatty acids: eicosapentaenoic acid (EPA) and docosahexaenoic acid (DHA) and are described chiefly as an addition to diet to decrease triglyceride levels in adult patients with serious (>=500 mg/dL) hypertriglyceridemia Label, 11. The utilization of fish oil in the pharmaceutical industry assists in enhancing memory and primarily safeguards from mental ailments like bipolar disorder. Furthermore, the Aquaculture segment is estimated to grow with the fastest CAGR of 6.7% during the forecast period 2021-2026 owing to the increased technological innovations in nurturing fishes to increase the output of fish production.
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Fish Oil Products Market Segment Analysis – By Geography:
The Fish Oil Products Market based on geography can be further segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. North America (Fish Oil Products Market) held the largest share of the overall market in 2020. The growth of this region is owing to the heightening awareness of the nutrient advantages of foods including fish oil with omega-3 fatty acids. The presence of key players like Barlean’s is fuelling the growth of the Fish Oil Products Market in the North American region. Furthermore, the Asia-Pacific region is estimated to be the region with the fastest CAGR of 6.3% over the forecast period 2021-2026. This growth is owing to factors like the developing aquaculture sector primarily in countries like India, Indonesia, Thailand, Bangladesh, and China of the Asia-Pacific region. The increasing consciousness of healthy diet options like fish oil products including omega-3 fatty acids in developing economies of India and China is further propelling the progress of the Fish Oil Products Market in the Asia-Pacific region.
Fish Oil Products Market Drivers
Health Advantages Of Docosahexaenoic acid (DHA) and Eicosapentaenoic acid (EPA) Are Projected To Drive The Growth Of Fish Oil Products Market:
Fish oil additives are an abundant source of docosahexaenoic acid (DHA) and eicosapentaenoic acid (EPA), two kinds of Omega-3 Fatty Acids. These fatty acids have been connected with multiple health advantages, inclusive of enhanced brain health. Docosahexaenoic acid (DHA) performs an important part in keeping up the structure and operation of the brain. Docosahexaenoic acid (DHA) is responsible for nearly 25% of the complete fat, and 90% of the omega-3 fat, discovered in the brain cells. The additional omega-3 fatty acid in fish oil, eicosapentaenoic acid (EPA), possesses anti-inflammatory consequences that may safeguard the brain against injury and slumping. These health advantages of docosahexaenoic acid (DHA) and eicosapentaenoic acid (EPA) are propelling the growth of the Fish Oil Products Market during the forecast period 2021-2026.
Technological Innovations In Aquaculture Are Expected To Boost The Demand Of Fish Oil Products:
Technological innovations in aquaculture are driving the growth of the Fish Oil Products market. Fish oil contains eicosapentaenoic acid (EPA) and docosahexaenoic acid (DHA). Farms for nurturing fish are becoming bigger, safer, and are being located farther offshore. Norwegian salmon farming operator SalMar is establishing a deep-ocean cage system that is targeted to make room for 1.5 million salmon in every one of the six nets that it has obtained from China Shipbuilding Industry Corp. for $300 million. The enormous cage, titled Ocean Farm 1, is in the middle of its year-long trial period and is recording good growth rates and low mortality. Furthermore, as salmon farms travel deeper into the high seas, the degree of sophistication is heightening to encourage autonomy utilizing high-definition cameras and submerged automatic feeders to decrease the requirement for human movement to and from the cages. These technological innovations are driving the growth of Fish Oil Products during the forecast period 2021-2026.
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Fish Oil Products Market Challenges
Hazards To Ocean Health Are Hampering The Growth Of The Fish Oil Products Market:
Oceans account for 70% of the surface of the earth. Fishes reside in oceans and are affected by the threats to the health of oceans. Climate change is turning oceans hotter, advancing acidification, and making respiration for the fishes more difficult in the oceans by decreasing dissolved oxygen levels. Over five trillion pieces of plastic are floating in the oceans resulting in plastic pollution. The “Great Pacific Garbage Patch” is expanding. Courageous interferences are vigorously required to decrease plastic pollution. Some devastating ocean plastic statistics indicate that over 1 million seabirds and 100,000 marine animals lose their lives from plastic pollution annually and 1 in 3 fish caught for human consumption includes plastic. Ocean health needs to be protected by quick and bold actions and this is challenging the growth of the Fish Oil Products Market.
Fish Oil Products Market Landscape:
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Fish Oil Products Market. Key companies of this market include:
GC Rieber Oils
Pesquera Pacific Star S.A.
In March 2021, Good Hemp, Inc. declared an executed production agreement with Barlean’s, a maker of healthy oils and added dietary additives for nearly three decades. Barlean’s will supervise the manufacture of the rarely blended Good Hemp Wellness CBD Softgel that will attend to consumers in the health and wellness market that is proclaimed to be valued at $24B.
In September 2020, OLVEA Fish Oils has revived its Friend Of The Sea Certification. This certification affirms that OLVEA’s fish oils are derived from responsibly and sustainably managed fisheries, thus ensuring the quality and trackability of the products. Certified Friend of the Sea from 2011, OLVEA Fish Oils commits on an everyday basis to the conservation of the oceans by way of its tenable commitments and actions.
Geographically, North America Fish Oil Products Market accounted for the highest revenue share in 2020 and it is poised to dominate the market over the period 2021-2026 owing to the presence of the U.S., one of the largest producers of fish oil and the enormous consumption of fish oil containing omega-3 fatty acids in U.S. and Canada in the North American region.
Fish Oil Products Market growth is being driven by the high government backing in countries like the U.S. and Canada which are endorsing the consumption of necessary Omega-3 fatty acids like eicosapentaenoic acid (EPA) and docosahexaenoic acid (DHA) whose intake may decrease the hazard of a coronary heart ailment. However, the quality of fish determines the quality of fish oil products and unfortunately many species of fish are required to fight over-fishing, heavy metal pollution, and fluctuating omega-3 levels which is hampering the growth of the Fish Oil Products Market.
Fish Oil Products Market Detailed Analysis on the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Fish Oil Products Market report.
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