The global market for fish oil was valued at US$1.1bn (€850m) in 2011 and is expected to reach US$1.7bn (€1.3bn) in 2018, according to a report published by Transparency Market Research.
In terms of volume, the demand for fish oil was 1,035 kilo tons in 2011 and is expected to reach 1,130 kilo tons in 2018. The report attributes this rise in demand to people becoming more aware of the health benefits of omega 3 – with fish oil being the primary source.
However, the report, Fish Oil Market for Aquaculture, Direct Human Consumption, Hydrogenation and Industrial Applications - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2012 – 2018, states that the reduced or static production levels of fish oil acts as a major inhibitor for the growth of the market, which is expected to escalate due to the uneven frequency of El Nino, which further reduces the overall fishing volumes.
Aquaculture was the largest application segment in 2011, accounting for over 70% of the consumption of oil, but direct human consumption of fish oil has been increasing over the past five years.
Europe was the largest consumer of fish oil in 2011, with over 450 kilo tons of oil consumed. Asia Pacific and Latin America are expected to be the fastest growing regions in terms of fish oil consumption, due to growing aquaculture in China and Chile.
The leading fish oil producers include EPAX AS, Croda Inc, COPEINCA ASA, Corpesca S.A and Omega Protein Corporation, among others.
