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Fish Oil Omega-3 Market to Reach $1.8 billion, Globally, by 2032 at 5.1% CAGR: Allied Market Research
The growth of the fish oil omega-3 market is majorly driven due to rise in awareness regarding omega-3 present in fish oil and its benefits, along with surge in demand for omega-3 health supplements. There has been a growing availability of fish oil omega-3 products, which has further made it easier for consumers to avail it with convenience. Moreover, the upsurge in demand from the aquaculture industry owing to the presence of essential nutrients that promote the health and growth of farmed fish has created demand for fish oil omega-3 in recent years.
• Rise in demand from aquaculture industry
• Increase in demand for plant-based omega-3 products
Depending on type, the anchovy segment held the highest market share in 2022, accounting for more than one-fifth of the global fish oil omega-3 market revenue and is expected to maintain its leadership status throughout the forecast period. This is attributed to the fact that anchovy fish oil omega-3 is widely used as an ingredient in dietary supplements, including fish oil capsules, soft gels, and liquid supplements, which drives the demand for anchovy fish oil. Moreover, it is often used as a dietary supplement for brain development in infants and children and to support cognitive function in adults, thus increasing the application of anchovy oil in infant formula and other health supplementary products for adults. These supplements are consumed by individuals to support overall health and gain the health benefits associated with omega-3 fatty acids found in fish oil omega-3. The docosahexaenoic acid (DHA) component of anchovy fish oil, which is found in high concentrations in the retina of the eye, is crucial for brain health and cognitive function. Thus, the anchovy segmented is expected to maintain its dominance in coming years.
By application, the aquaculture segment held the highest market share in 2022, accounting for nearly one-third of the global fish oil omega-3 market and is estimated to maintain its leadership status throughout the forecast period. Fish oil is a key ingredient in many fish feed formulations, as it is a rich source of omega-3 fatty acids, which are essential for the health and growth of fish. Advances in aquaculture practices, such as the use of more efficient feed formulations and improved disease control, are leading to higher fish yields. As a result, it has created a greater demand for fish oil omega-3. Thus, this segment is expected to increase the demand for fish oil omega-3 with expansion of aquaculture farming in coming years.
Based on distribution channel, the B2B segment held the highest market share in 2022, accounting for more than one-third of the global fish oil omega-3 market and is anticipated to maintain this trend throughout the forecast period. This is attributed to the fact that the B2B fish oil omega-3 ecosystem comprises multiple players, including manufacturers/suppliers, wholesalers/distributors, retailers, food service providers, food manufacturers, importers, and exporters. It consists of marketplaces where the vendor and the buyer of fish oil omega-3 make deals and transactions. The suppliers provide fish oil omega-3 directly from other businesses and go through a process where one business makes a transaction with another. Moreover, the B2B distribution channel does not involve any intermediaries and has smooth monetary transactions.
Region wise, Asia-Pacific held the highest market share in terms of revenue in 2022 and is likely to dominate the market during the forecast period, as the region is characterized by the presence of large global population, rise in disposable income, improvement in consumer lifestyle, rise in health consciousness, and increase in application of fish oil omega-3 in the foods & beverages industry. Moreover, the nations such as
China , India , and
Indonesia are among the largest fish oil omega-3 producers across the globe. Huge production of source of fish oil omega-3 positively boosts the growth of the market in the region. In addition, high population of
Asia-Pacific makes it the fastest growing market, owing to high demand for omega-3-rich food products. Moreover, increase in applications of fish oil omega-3 in aquaculture, dietary supplements, animal nutrition & pet food, and pharmaceutical industries is driving the demand for fish oil omega-3.
The report analyzes government regulations, policies, and patents to provide information on the current market trends and suggests future growth opportunities globally. Furthermore, the study highlights Porter's five forces analysis to determine the factors affecting market growth.
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