According to a new report from Allied Market Research titled “Fish oil market in the US and South South America by type, application and country: Opportunity analysis and industry forecast, 2021–2027“. The fish oil market in the US and South America was valued at $ 677.6 million in 2019 and is projected to reach $ 1,119.4 million by 2027, recording a CAGR of 9.8% from 2021 to 2027, and will be during the forecast period expected to grow at a CAGR of 10.4%. The USA made the highest contribution to sales in 2019 with more than half of the market share and is expected to grow at a CAGR of 8.8% in the forecast period.
The major players in the market have relied on product launch as their key strategic move to stay relevant in the fish oil industry and improve their position in the US and South America fish oil market share. The key players in the US and South American fish oil industries featured in the report are Omega Protein Corporation, FMC Corporation, Nordic Naturals, Wileys’s Finest, Barlean’s, Optimum Nutrition, Nuzena LLC, Nutrigold, the Nature’s Bounty, and Colpex International.
Consumers today are very careful about what they consume every day. Increasing cases of diseases caused by low-nutrient diets have encouraged consumers to invest in a range of different nutritional supplements to help meet their health goals
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The fish oil market in the United States and South America is divided into type, application, and country. By type, the market is divided into salmon, cod, anchovy, tuna, trout, and others, including mackerel, sardines, herring, and menhaden. Based on the application, it is divided into dietary supplements and functional food. It is analyzed country-by-country in the USA, Mexico, Brazil, Argentina and the rest of Latin America.
The growth of the fish oil market in the US and South America can be attributed to increasing concerns about inflammatory disease among people, leading to a surge in omega-3 supplement purchases. Additionally, increasing awareness of the effects of a low-nutrient diet on long-term health has encouraged consumers to invest more in nutritional supplements and functional foods, which has boosted sales of nutritional supplements such as whey protein, multivitamins, and omega-3 capsules. In addition, the increasing popularity of fish oil supplements in the fitness community is expected to create rewarding opportunities for the fish oil market to expand. However, the increasing acceptance of veganism, the shortage of raw fish due to unfavorable weather conditions and restrictions on catch quotas are the greatest inhibitions for the fish oil market. On the contrary, the increasing popularity of fish oil among the aging population and the increasing use of fish oil in functional foods are expected to pave the way for the growth of the fish oil market in the US and South America.
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Based on the market analysis of the US and South America fish oil market by type, salmon was the most prominent segment with the highest share in the US and South America fish oil market and is estimated at a CAGR of 9.5% over the forecast period. This is attributed to the easy availability and high popularity of salmon among the population. The anchovy segment is also subject to high growth of 9.1% over the entire forecast period.
By country, the US was the dominant market and contributed the largest share of the US and South American fish oil markets. The growth is attributed to a greater awareness among the population of the benefits of a balanced diet. In addition, higher disposable income coupled with an increase in the prevalence of various diseases such as rheumatoid arthritis and inflammation have encouraged people to invest in omega-3 fish oils that help alleviate such symptoms. However, it is expected that Brazil will have the highest growth rate of 13.5% as the popularity of dietary supplements increases with the local population.
Based on the fish oil market forecast post-application forecast in the US and South America, the dietary supplements segment achieved the highest share in 2019 and is expected to see a remarkable 9.6% growth rate due to increased consumer awareness of nutrition. Regular food, and fast food in particular, cannot provide the micro- and macronutrients they need, so consumers are investing in nutritional supplements to meet their daily nutritional needs. However, the functional foods segment is expected to have the highest CAGR of 12.5% from 2021 to 2027.
Main results of the study
- Based on the species, the highest CAGR of 10.4% is forecast for the salmon segment in the forecast period.
- Based on the application, the dietary supplements segment occupied the largest market with the maximum value share in 2019 and is expected to grow with the significant CAGR in the forecast period.
- The US is the largest country in terms of demand for fish oil in 2019.
- Based on the application, the functional food is expected to have the highest growth rate, with a CAGR of 13.1% from 2021 to 2027.
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About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and management consulting arm of Allied Analytics LLP based in Portland, Oregon. Allied Market Research offers global companies as well as medium and small companies unsurpassed quality of “market research reports” and “business intelligence solutions”. AMR has a specific intent to provide business insights and advisory services to help its clients make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services in 11 industries including Life Sciences, Consumer Goods, Materials and Chemicals, Construction and Manufacturing, Food and Beverage, Energy and Energy, Semiconductors and Electronics, Automotive and Transportation, ICT and Media, Aerospace and Defense, and BFSI .
We have professional business relationships with various companies and this helps us unearth market data which will help us create accurate research data tables and confirm the highest accuracy of our market forecasts. All of the data presented in the reports we publish are extracted through primary interviews with top officials from leading companies in the domain in question. Our methodology for obtaining secondary data includes in-depth online and offline research and discussions with knowledgeable professionals and industry analysts.
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