According to a recent report by Fact.MR, a market research and competitive intelligence provider, demand for Feed Grade fish oil is slated to surpass a valuation of US$ 3.6 Bn by 2031, rising at a CAGR of around 5.5% through the same time period.
Growing consumer desire for processed food is a crucial reason that is likely to encourage Pharma Grade fish oil manufacturers to examine current marketing methods and implement new technologies to improve their share of market revenue. The market for convenience and processed food is rising, due to increased urbanization and changing lifestyles & eating patterns among the worldwide population.
Manufacturers now focus on selling Food Grade fish oil supplements that are accessible in various formats such as pills, capsules, and tablets. Fish oil consumption in especially increasing in Western Europe due to its nutritional properties that prevent heart attacks and other diseases.
The U.S. is estimated to account for approximately 85% of the North American market in 2021, supported by high number of health-conscious consumers.
China is estimated to account for nearly 43.4% of the East Asian market share in 2021, supported by an increase in production of fish oil.
Germany is dominating the European fish oil space with a market share of 24.2%, supported by rising demand from dietary supplements industry.
Anchovy oil holds 34.7% of market share on the back of nutritional benefits and various applications.
Business to business (manufacturers and distributors) reflect around 46.1% market share owing to high demand from the processed food and foodservice industry.
“Manufacturers are focusing on product launches to cater to emerging demand for omega-3 fish oil. They are investing substantially in promotional and marketing activities to increase awareness about the product’s benefits to gain a competitive edge in the worldwide market,” said a lead analyst at Fact.MR.
Premiumization in Marine By-product Industry Fuelling Market Growth
Consumption of premium foods witnessed an increase during the COVID-19 pandemic owing to consumers willing to experiment. There was an increase of approximately 7% in the premium food category in 2020 as compared to previous year. Additionally, a significant part of the millennial population purchases premium products, which may be due to increasing preference for self-indulgence.
Premiumization has enabled brands to innovate and diversify their products. Manufacturers have turned their focus towards providing premium fish oil to customers, which is driving sales. As premium fish oil becomes more popular around the world, it is expected to become a major driver for the marine by-products market.
Who is Winning?
Top manufacturers of fish oil are focusing on new product developments to keep up with increased competition in the fish oil sector. Key global market players are also focusing on incorporating technological advancements that will enable them to maintain high-quality standards and differentiation.
Some of the leading companies offering fish oil are Croda International Plc, Pelagia AS, Sursan A.S., Oceana Group Limited, GC Reiber Oils, Technological de Alimentors SA, Golden Omega, Stepan Company, BASF SE, TripleNine Group, and Pasquera Exalmar S.A.A.
Fact.MR, in its new offering, provides an unbiased analysis of the demand for fish oil presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031.
The study divulges compelling insights on the demand for fish oil based on grade (feed grade, food grade and pharma grade) process (crude, refined and modified) end-user (aqua feed, food and beverages, dietary supplements and cosmetics & beauty) product type (salmon oil, tuna oil, cod liver oil, sardine oil, squalene oil, krill oil, anchovy oil, menhaden oil and others) by distribution channel (business to business, business to consumer and e-commerce/online stores) across seven major regions.
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Explore Fact.MR’s Comprehensive Coverage on Food & Beverages:
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