Global Food Industry Current Scenario and Outlook
The unprecedented COVID-19 pandemic has affected the global economy to a great extent. Considering the food industry, one of the most important sectors of the economy, a tremendous impact has been witnessed on the entire process from the field to the consumer. The restrictions in the movement of workers, closure of food production facilities, and changes in consumer demand have put excessive pressure on the food industry.
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Marine oil is in high demand from end-use industries such as aqua feed and pharmaceuticals. However, the COVID-19 pandemic has impacted the global marine oil market, with significant obstruction in raw material procurement and the supply of raw material from one country to another.
This reduction in supply consequently hampers production in end-use industries, thereby diminishing the growth of the global marine oil market. Nevertheless, the global marine oil market is expected to gradually recover with the resumption of activities across the globe, and reach a valuation of US$ 2.6 Bn by 2030.
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Key Takeaways from Marine Oil Market Study
- The EMEA region has a significant market share, catering to more than one third of the global marine oil market, primarily due to backward and forward integration.
- Owing to huge demand for marine oil from other end-use industries, the pharmaceuticals and others segments are expected to have a sizeable market share, globally.
- Refined marine oil is expected to progress at a CAGR of more than 4%, owing to its high usability in end-use industries.
- Increasing utility of plant-based marine oil in aqua feed is a factor fuelling the growth of the marine oil market.
- The COVID-19 pandemic will have a short-term effect on the global marine oil market.
Inclination in Demand for Cosmetic Products Based on Marine Oil to Create Opportunities
Fish oil is greatly used as a potential supplement in cosmetics to enhance skin disorders like allergy, skin cancer, photo aging etc. The marine oil market is expected to include variants of fish oil in cosmetic formulations attributed to rising consumer’s interest in the relationship of fish nutrient and skin protection. Manufacturers too, are utilizing new formulations of oils by introducing unique products such as hair oils, moisturizers, lip balms, beauty creams, etc.
Key manufacturers in the market are investigating generic products based on fish oils to diversify the perception of end-users for cosmetic products. This, is likely to create opportunity for potential cosmetic manufacturers across the globe for more cosmetic and skincare products with improved nutritional values in the market. Thus, these factors are likely to support marine oil market demand by 2.3X over the assessment period of 2022-2032.
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“EPA DHA-based blended cooking oil is currently gaining traction. It can be one of the potential options to rejuvenate the maturing product life cycle,” says a Fact.MR analyst.
Product Launches to Enhance Market Resiliency
Key players in the marine oil market are China Fishery Group, Austral Group, Clover Corp, Arbee, Mukka Sea Foods Industries Limited., GC Rieber, Cellana Inc., Pesquera Diamante, Pesquera Hayduk, TASA, Solutex, Pharma Marine, Triple Nine, Evonik Industries, Olvea Group, Nissui Group, and others. Some of the key developments in the market include:
- In 2018, Evonik Industries collaborated with DSM to establish a new joint venture called Vermaris, to manufacture algal oil.
- Arbee Fish Oil formulated its skin care moisturizers with minute compositions of fish oil-inherit skin hydrating properties.
- In 2019, Nissui Group, in collaboration with NEC Corporation, developed an AI-based technology for monitoring yellowtail growth. This technology is important to manage feed used and proportional growth.
- In 2020, GC Riebrer entered into collaboration with Haukeland University Hospital to carry out investigation on supplements based on omega 3 to reduce inflammatory arthritis.
Find More Valuable Insights on Marine Oil Market
Fact.MR, in its new offering, presents an unbiased analysis of the global marine oil market, presenting historical demand data (2016-2019) and forecast statistics for the period of 2020 to 2030. The study divulges essential insights on the global marine oil market on the basis of type (fish oil, algae oil, and blended fish oil), processing (refined and crude), and end use (aqua feed, pharmaceuticals, and others), across five major regions.
Key findings of the report:
- Prominent manufacturers, raw material suppliers, equipment providers, traders, and distributors in the market.
- In-depth analysis of important market segments, market potential, impacting trends, and challenges.
- Critical examination of the strengths, weaknesses, opportunities and threats of each player.
- Extensive investigation of the effects of the growth of relevant industries.
- Accurate data regarding the future prospects of the during the forecast period.
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