GLOBAL - The global market for fish oil is expected to reach $3,300.0 million by 2020, according to a new study by Grand View Research, Inc.
Fish oil demand is expected to show significant growth, following increasing human consumption, owing to rising health awareness and benefits provided by omega 3 fatty acids and other nutraceuticals.
In addition, accelerating demand for aquaculture is further expected to fuel market growth for fish oil.
Volatile fish oil prices, owing to static fish oil production, in contrast to the accelerating demand is expected to be a key challenge for market participants. Asia Pacific and Latin America are expected to be the fastest growing markets in term of demand due to increasing salmon farms in Chile and aquaculture of carps in China.
Aquaculture was the largest application segment, accounting for 772.4 kilo tons of fish oil demand in 2013 that is expected to reach 843.6 kilo tons in 2020, growing at a CAGR of 1 per cent over next six years.
It is expected to dominate the market share over the forecast period owing to increase in demand for species such as salmon, trout, carp, tilapias and marine fishes. Rapid expansion of aquaculture in Asia Pacific can be seen as a large market opportunity for growth of fish oil market.
In addition, direct human consumption sector is further expected to show considerable growth at a CAGR of 1.6 per cent from 2014 to 2020.
Further key findings from the study suggest:
- Global fish oil demand was 1,090.0 kilo tons in 2013 and is expected to reach 1,200.0 kilo tons by 2020, growing at a CAGR of 1.12 per cent from 2014 to 2020.
- Salmon and trout was the largest application segment for aquaculture in fish oil, which accounted for about 66.91 per cent of market share in 2013. The revenue was $854.7 million in 2013 and is expected to reach $1,498.7 million in 2020.
- Europe was the largest regional market for fish oil accounting for 491.5 kilo tons of demand in 2013. High level of consumer awareness regarding the benefits of fish oil in terms of omega 3 proteins is the key factor responsible for high share.
- Key participants in global fish oil market include EPAX AS, Croda Inc., Omega Protein Corporation and COPEINCA ASA.
You can view the full report by clicking here.
TheFishSite News Desk