PORTLAND, Ore., August 18, 2020 / PRNewswire / – Allied Market Research recently released a report entitled “Fish Oil Market by Species (Anchovy, Mackerel, Sardines, Cod, Herring, Menhaden, and Others) and (Aquaculture, Animal Nutrition and Food, Pharmaceuticals, Dietary Supplements) & Functional Food and Others ): Global Opportunity Analysis and Industry Forecast, 2021–2027 “. According to the report, the global fish oil industry was tied to something $ 1.91 billion in 2019 and is expected to reach $ 2.84 billion by 2027 with a CAGR of 5.8% from 2021 to 2027.
Driver, Restrictions and Opportunities
The significant growth of the aquaculture industry and increasing health awareness have fueled the growth of the global fish oil market. However, unfavorable climatic conditions, the gap between supply and demand, and strict government regulation are hampering market growth. On the contrary, the rapidly aging connectivity of the population and production from by-products are expected to create lucrative opportunities for market participants in the years to come.
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- Fish oil supplements are prescribed for patients with Covid-19 because there is solid evidence that this can be beneficial for the course of sepsis.
- However, the labor shortage and disrupted supply chain have resulted in a shortage of fish oil supplements.
The anchovy segment dominated the market
By species, the anchovy segment had the largest share in 2019, accounting for more than two-fifths of the global fish oil market. This is due to the high concentration of EPA and DHA in anchovy fish oils and the increasing use of anchovy fish oil in the pharmaceutical industry. However, the mackerel segment is expected to have the highest CAGR of 10.3% over the forecast period as its use in pharmaceutical application increases due to the high concentration of omega-3 fatty acids.
The aquaculture segment is expected to represent the highest CAGR by 2027
When applied, the aquaculture segment is expected to have the highest CAGR of 8.9% over the forecast period as fish oil is primarily fed to species such as salmon and trout. However, the food segment held the largest share and contributed more than two-fifths of the global fish oil market due to the increased consumption of fish oil additives to reduce the risk of heart and blood problems. in addition,
North America register the highest growth rate
By region, the global fish oil market is over North America held the largest CAGR of 8.6% from 2021 to 2027 due to U.S. government awareness initiatives on omega-3 fatty acid consumption to avoid health risks. However, the market is over Asia Pacific is expected to have the highest CAGR of 5.1% over the forecast period due to the surge in the aquaculture industry and increased consumption of fish oil as an aquafeed ingredient in Japan, China, and India.
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Important market participants
- Omega Protein Corporation
- Copeinca AS
- FMC Corporation
- Colpex International
- Corpesca SA
- FF Skagen A / S.
- TripleNine Group A / S.
- Marvesa Holding NV
- Pesquera Diamante SA
- Fishing Exalmar
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SOURCE Allied Market Research