GLOBAL - A new report reveals that the global fish oil market will reach US$1.7 billion by 2018 due to the flourishing aquaculture industry in China.
The global fish oil market including the manufacture and sale of fish oil obtained from fishing as well as aquaculture, holds modest growth prospects in the future years, states the Global Fish Oil Market - Industry Analysis, Size, Share, Growth, Trends and Forecast, 2012 - 2018 report from Transparency Market Research.
The global market for fish oil will grow from $1.1 billion in 2011 to $1.7 billion by 2018, registering a CAGR of 5.05 per cent between 2012 and 2018.
According to the report, the global fish oil market sold approximately 1,035 kilo ton of fish oil in 2011, a value that is expected to rise to 1,130 kilo ton by 2018, increasing at a CAGR of nearly 1.22 per cent over the forecast period.
The report states that globally rising awareness about the importance of omega-3 fatty acids - of which fish oil is a primary source - for several purposes in the human body, is an important driver of the global market for fish oil.
As the daily dietary intake of omega-3 increases across the globe, the demand for fish oil will also increase. However, the market is limited to a certain extent due to the static or reduced global production of fish oil in the past years.
The report segments the global fish oil market into chief application areas for fish oil, varieties of fish oil according to different species of fishes, and key regional markets.
The segment of application areas includes aquaculture, direct human consumption, and hydrogenated and industrial purposes. The market segment of fish species is comprised of marine fish, salmon and trout, tilapias, carps, herrings, mackerels, and eels.
The report states that the application segment of aquaculture, where fish oil is used in fish feed, accounted for over 75 per cent share of the global demand for fish oil in 2011. Most of the global consumption of fish oil is from trout and salmon fish farms in Peru and Chile.
The segment of direct human consumption of fish oil appears is a distant second in the overall fish oil market. However, direct human consumption of fish oil has increased at a robust pace in the past few years due to the rising awareness about the importance of omega-3 fatty acids for a healthy body.
Countries such as Denmark, Chile, and Peru are the leading producers of fish oil, collectively accounting for a more than 50 per cent share of the market.
In terms of consumption, the European region ranks at the topmost position primarily due to the presence of trout and salmon farming in large numbers in the region. Rising demand for omega-3 fatty acids to be included as a part of a regular diet has further augmented demands for fish oil in the European market.
The market for fish oil has also increased at a rapid rate in the Asia-Pacific region over the past few years, especially from China due to the flourishing aquaculture industry in the country.
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You can view the full report by clicking here.
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