Fish oil market set to soar

As a prime ingredient in aqua feed, the growth of the fish oil market is largely proportional to the growth of the aquaculture industry, says the report.

Global Fish Oil Market (Application, Species and Geography) – Country Analysis, Size, Share, Trends, Company Profiles, Demand, Growth, Opportunities and Forecast, 2014-2020 reveals that the aquaculture application currently holds the largest market share, but supplement and functional food will evolve as one of the “most promising” application markets.

Despite this, Allied Market Research says the global fish oil industry is largely affected by the demand supply gap, caused by strict fishing quotas and adverse climate conditions.

The report also reveals that Asia Pacific will continue to be the major regional market due to high concentration of aquaculture industry.

More than 50% of the global fish oil is produced in Latin American countries like Peru and Chile, but is mostly consumed in Asia Pacific and Europe. But, aquaculture production is rising in countries like China, India, Vietnam and Indonesia, which the report says leads to an increased use of aquaculture grade fish oil in the region.

In North America and Europe however, there is a larger consumption of pharmaceutical and supplements and functional food fish oils, collecting accounting for around two-thirds of global revenues for these applications.

In Japan, the consumption of nutritional and pharmaceutical grade fish oil has significantly increased due to rising health concerns in the country.

According to the report, the largest volume of oil is produced from anchovy.

With the global fish oil market growing, companies like Omega Protein Corporation and FF Skagen are focusing on product launch and acquisition to expand their fish oil offerings.

Allied Market Research is a global market research company involved in preparing high quality research reports based on industry analysis and trends around the world.