DUBLIN--(BUSINESS WIRE)--The "Fish Oil Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Species Type and Application" report has been added to ResearchAndMarkets.com's offering.
The global fish oil market was valued at US$ 2,087.39 million in 2021 and is projected to reach US$ 3,178.28 million by 2028. It is expected to grow at a CAGR of 6.2% from 2021 to 2028.
The fish oil is gluten-free and includes hemicellulose, which is a glue-like component found in corn. Thus, being gluten-free, it is mostly consumed by health-conscious consumers and those with celiac disease.
Based on the species type, the global fish oil market is bifurcated into blue whiting, anchoveta, sardine, capelin, and others. In 2020, sardine led the global market. According to the United States Food and Drug Administration (USFDA), sardine has a low mercury concentration (i.e., below minimum level) compared to salmon, mackerel, anchovies, and tuna. These are low in mercury because of their small size and occupy the bottom-most position in the aquatic food chain.
Fish oil market analysis based on geography is segmented into North America, Europe, Asia Pacific (APAC), South and Central America (SCAM), and the Middle East and Africa (MEA). In 2020, Asia-Pacific was the dominating region for the market. The changing lifestyle of the consumers and becoming more and more health-conscious is driving the demand for fish oil across the region. The increased presence of chronic diseases and the rising geriatric population will drive the growth of the fish oil market across the region.
Many industries, such as the food and beverage industry, faced unprecedented challenges due to the COVID-19 pandemic. The shortage of raw material and labor, the shutdown of factories, and other operational difficulties under COVID-19 safety protocols negatively impacted the fish oil market. The lockdown heavily impacted end-use industries, restraining the growth of the fish oil market.
However, the introduction of the COVID-19 vaccine has further eased the situation leading to a rise in business activities worldwide. The economies are reviving their operations, and the demand for fish oil is expected to rise globally. Key manufacturers have started resuming their operations, increasing the production capacity of fish oil.
The leading players in this market are Pesquera Exalmar S.A.A.; Omega Protein Corporation; Pelagia AS; Copeinca; Coplex International S.A.C; Triplenine; FF Skagen A/S; DSM; Croda International PLC; and BASF SE.
These companies are taking up strategies to expand their geographic presence and consumer base, such as mergers & acquisitions and product launches.
Key Market Dynamics
Market Drivers
- Various Health Benefits Associated with Fish Oil
- Wide Range of Applications of Fish Oil in Different Industries
Market Restraints
- Adverse Climatic Conditions along with Ecological Risk
Market Opportunities
- Opportunities of Fish Oil in Dietary Supplements
Future Trends
- Growing Awareness of Omega-3
For more information about this report visit https://www.researchandmarkets.com/r/lb96is
