Fish Oil Omega-3 Market to Reach $1.8 billion, Globally, by 2032 at 5.1% CAGR: Allied Market Research

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Jan 09, 2024, 10:01 ET

The fish oil omega-3 market is driven by an increase in consumer awareness about the health benefits associated with omega-3 fatty acids, such as improved cardiovascular health and cognitive function, has spurred demand for fish oil supplements. The trend toward health-conscious living and preventive healthcare has further driven this demand, especially among aging population. Moreover, the increased focus on research and development of omega-3 fish oil products, along with the introduction of various formulations such as powders, gummies, and chewable, provides significant opportunities for the growth of the fish oil omega-3 market.

PORTLAND, Ore., Jan. 9, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Fish Oil Omega-3 Market by Type (Anchovy, Cod, Herring, Menhadens, Mackerel, Sardines, Salmon, and Others), Application (Aquaculture, Dietary Supplements, Animal Nutrition & Pet Food, Pharmaceutical, Infant Formula, and Others), Distribution Channel (Supermarkets-Hypermarkets, Departmental Stores, Pharmacies, B2B, and Online Sales Channel)." According to the report, the global fish oil omega-3 market was valued at $1.1 billion in 2022, and is projected to reach $1.8 billion by 2032, growing at a CAGR of 5.1% from 2023 to 2032.

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Prime determinants of growth

The growth of the fish oil omega-3 market is majorly driven due to rise in awareness regarding omega-3 present in fish oil and its benefits, along with surge in demand for omega-3 health supplements. There has been a growing availability of fish oil omega-3 products, which has further made it easier for consumers to avail it with convenience. Moreover, the upsurge in demand from the aquaculture industry owing to the presence of essential nutrients that promote the health and growth of farmed fish has created demand for fish oil omega-3 in recent years.

Report coverage & details:

Report Coverage	Details
Forecast Period	2023–2032
Base Year	2022
Market Size in 2022	$1.1 billion
Market Size in 2032	$1.8 billion
CAGR	5.1 %
No. of Pages in Report	275
Segments covered	Type, Application, Distribution Channel, and Region
Drivers	• Increase in aging population • Surge in demand for dietary supplement • Rise in demand from aquaculture industry
Opportunities	• Increased research and development of omega-3 fish oil products and formulations • Increase in demand from developing economies
Restraints	• Stringent government policies on fish oil products • Rise in concern regarding overfishing • Increase in demand for plant-based omega-3 products

The anchovy segment to maintain its leadership status throughout the forecast period

Depending on type, the anchovy segment held the highest market share in 2022, accounting for more than one-fifth of the global fish oil omega-3 market revenue and is expected to maintain its leadership status throughout the forecast period. This is attributed to the fact that anchovy fish oil omega-3 is widely used as an ingredient in dietary supplements, including fish oil capsules, soft gels, and liquid supplements, which drives the demand for anchovy fish oil. Moreover, it is often used as a dietary supplement for brain development in infants and children and to support cognitive function in adults, thus increasing the application of anchovy oil in infant formula and other health supplementary products for adults. These supplements are consumed by individuals to support overall health and gain the health benefits associated with omega-3 fatty acids found in fish oil omega-3. The docosahexaenoic acid (DHA) component of anchovy fish oil, which is found in high concentrations in the retina of the eye, is crucial for brain health and cognitive function. Thus, the anchovy segmented is expected to maintain its dominance in coming years.

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The aquaculture segment to maintain its leadership status throughout the forecast period

By application, the aquaculture segment held the highest market share in 2022, accounting for nearly one-third of the global fish oil omega-3 market and is estimated to maintain its leadership status throughout the forecast period. Fish oil is a key ingredient in many fish feed formulations, as it is a rich source of omega-3 fatty acids, which are essential for the health and growth of fish. Advances in aquaculture practices, such as the use of more efficient feed formulations and improved disease control, are leading to higher fish yields. As a result, it has created a greater demand for fish oil omega-3. Thus, this segment is expected to increase the demand for fish oil omega-3 with expansion of aquaculture farming in coming years.

The B2B segment to maintain its leadership status throughout the forecast period

Based on distribution channel, the B2B segment held the highest market share in 2022, accounting for more than one-third of the global fish oil omega-3 market and is anticipated to maintain this trend throughout the forecast period. This is attributed to the fact that the B2B fish oil omega-3 ecosystem comprises multiple players, including manufacturers/suppliers, wholesalers/distributors, retailers, food service providers, food manufacturers, importers, and exporters. It consists of marketplaces where the vendor and the buyer of fish oil omega-3 make deals and transactions. The suppliers provide fish oil omega-3 directly from other businesses and go through a process where one business makes a transaction with another. Moreover, the B2B distribution channel does not involve any intermediaries and has smooth monetary transactions.

Asia-Pacific to maintain its dominance by 2032

Region wise, Asia-Pacific held the highest market share in terms of revenue in 2022 and is likely to dominate the market during the forecast period, as the region is characterized by the presence of large global population, rise in disposable income, improvement in consumer lifestyle, rise in health consciousness, and increase in application of fish oil omega-3 in the foods & beverages industry. Moreover, the nations such as China, India, and Indonesia are among the largest fish oil omega-3 producers across the globe. Huge production of source of fish oil omega-3 positively boosts the growth of the market in the region. In addition, high population of Asia-Pacific makes it the fastest growing market, owing to high demand for omega-3-rich food products. Moreover, increase in applications of fish oil omega-3 in aquaculture, dietary supplements, animal nutrition & pet food, and pharmaceutical industries is driving the demand for fish oil omega-3.

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Leading Market Players: -

Barlean's Organic Oils, L.L.C.
Omega Protein Corporation
Carlson Laboratories, Inc.
Olvea Fish Oils
Colpex International S.A.C
Nordic Naturals, Inc.
Stepan Company
Pelagia AS
Koninklijke DSM N.V.
GC Rieber VivoMega AS

The report analyzes government regulations, policies, and patents to provide information on the current market trends and suggests future growth opportunities globally. Furthermore, the study highlights Porter's five forces analysis to determine the factors affecting market growth.

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