Fish Oil Market to Reach US$1.7 Bn by 2018 due to Rising Awareness of Health Benefits

2024-11-07 05:20:30 Lifestyle

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Efficient animal production systems must boast of a good nutritional support, which is extremely crucial for economically producing high-quality and healthy products. In fish farming, ensuring the adequate level of nutrition is essential, since feed represents almost 40% to 50% of the total cost incurred during production. Fish oil, which is mostly used in aquaculture as fish feed, has advanced dramatically in recent times with the advent of newer and balanced commercial diets that help ensure optimal growth and health of fish. The development of diet formulations specific to particular fish species has contributed significantly to the expansion of the global aquaculture industry. It has also helped the industry satisfy the escalating demand for safe, high-quality and affordable fish and seafood products.

Fish oils are widely used in aquaculture as fish nutrition or fish feed. Aquaculture also accounts for more than 75% of the global fish oil demand.

According to a recently published report, the global fish oil market, which was valued at US$1.1 billion in 2011, is projected to be worth US$1.7 billion by the end of 2018, registering growth at a moderate CAGR of 5.05% from 2012 to 2018. The report also states that the market sold approximately 1,035 kilo ton of fish oil in 2011. If the growth trend continues, by 2018 the market will be able to produce 1,130 kilo tons, registering growth in volume at a CAGR of 1.22% between 2012 and 2018.

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Increase in Demand for Dietary Omega 3 among Humans to Drive Global Fish Oil Market

A considerable increase has been observed in the direct fish oil consumption by humans in the past couple of years due to growing demand for EPA and DHA omega 3. This has also contributed to the expansion of the fish oil market globally. Fish oil is a prime source of omega 3 fatty acids, which are beneficial for brain function. The demand for fish oil is set to increase as the dietary intake of Omega 3 on a daily basis increases among the global population. However, rising fish oil prices coupled with static production in the global industry might hamper the growth of the global fish oil market to a certain level. Nevertheless, the booming aquaculture market in Asia Pacific will create significant opportunities for leading vendors to capitalize on.

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Aquaculture Emerges as Largest Application Segment in Global Fish Oil Market

In terms of application, the global market for fish oil can be segmented into aquaculture, hydrogenated and industrial purpose, and human consumption. On the basis of fish species, the market can be categorized into salmon and trout, marine fish, mackerels, carps, eels, tilapias, and herrings.

As mentioned earlier, aquaculture emerged as the leading application segment for fish oil, accounting for 75% of the overall market in 2011. Peru and Chile accounted for most of the global consumption of fish oil derived from trout and salmon.

The human consumption segment is poised to grow at a robust pace in the forthcoming years owing to the increasing awareness regarding the importance of consuming omega 3 fatty acids on a regular basis.

Europe Leads Global Fish Oil Market by Volume

Countries such as Chile, Peru, and Denmark are the leading producers of fish oil in the global market. Collectively, these countries account for over 50% of the total market. With regard to consumption, however, Europe registered maximum demand due to the widespread presence of salmon and trout farming in the region. The growing demand for omega 3 fatty acids for human consumption in Europe has contributed to the escalating demand for fish oil in the region. The flourishing aquaculture industry in China will enhance the demand for fish oil in Asia Pacific region significantly during the forecast period.

Some of the leading players in the market are EPAX AS, COPEINCA ASA, Colpex, Omega Protein Corporation, and Croda Inc.