This study intends to unfurl the multiple facets of global cod liver oil market. The insights offered in the report aid in market growth examination during the forecast period.
Inclusion in Sports Nutrition to Give a Boost to the Cod Liver Oil Market Growth
Cod liver oil is a type of fish oil that possesses anti-inflammatory properties. This factor has fuelled the consumption of fish oil supplements among bodybuilders, and other athletes. In addition, omega 3 fatty acids are crucial nutritional supplements that support in boosting muscle strength and muscle health, reducing soreness and improving bone strength by increasing calcium content in bones. In this backdrop, cod liver oil is increasingly being used in sports nutrition and associated nutraceuticals to boost overall health, and performance of athletes. This is expected to drive the growth of cod liver oil market. Furthermore, consumer demand for products that are enriched by cod liver oil is increasing, largely influenced by consumption and endorsements by renowned athletes. Regular individuals are thus following diet regimes of athletes and are more inclined towards consuming products with added supplementation. This has resulted into the production of products enriched with cod liver oil. For instance, in April 2022, an upcoming health and sports nutrition product manufacturer EO3 launched a new smoothie that includes omega 3 with Norwegian cod liver oil and berry flavours. The company has distributed this product across the United Kingdom, and the United States through retail stores. This factor remains instrumental in driving the growth of the cod liver oil market worldwide.
Rising Health Consciousness Amidst COVID-19 Paved Momentous Growth Pathways for Cod Liver Oil Market
The COVID-19 pandemic introduced disruption across businesses due to lockdown restrictions. This impacted several industries; however, few of them witnessed stable growth instead of downfalls. Albeit some pressure on global supply chain and logistics, the nutraceuticals and health supplement sector witness an upswing on the back of growing consumer preference for health revitalization. Cod liver oil market being no exception, the high demand for nutraceuticals and food supplements resulted in increasing sales of products enriched with omega 3. This is mainly owing to growing consumer inclination towards improving their immunity and reducing health related issues. For instance, according to the National Centre for Biotechnology Information, the demand for multivitamins in the United States spiked significantly reflecting a rise in sales by 51% in March 2020. Likewise, in France, sales of vitamin supplements grew by 40-60% and in the UK, they increased by around 63% in the same month. That said, the demand for supplements enriched with cod liver oil and other essential nutrients increased considerably and is expected to maintain status quo in the forthcoming years. In this backdrop, negative impact of COVID-19 triggered a sense of self consciousness apropos to health and immunity, thus paving potential pathways for the cod liver oil market.
New Product Launches to Bolster Growth of Cod Liver Oil Market
On the back of its functional and health benefits, the demand for cod liver oil has been increasing significantly across its end use applications. Owing to the nutritional boost facilitated by consumption of cod liver oil, the consumers have been expecting new products in the market. To meet growing consumer demands, manufacturers are increasingly focusing on new product developments and launches. For instance, in 2022, Icelandic company True Westfjords launched Viking Tonic cod liver oil under its Dropi brand. Likewise, same year in May, Wiley’s Finest introduced Cod Liver Oil Plus which is a MSC certified omega 3. This includes Lutein, Zeaxanthin, Vitamin E, and Vitamin D3. This product mainly facilitates brain health and functioning. Thus, new launches are likely to expand the sales funnel for cod liver oil in different end use applications, consequently bolstering the growth of the cod liver oil market.
Europe Likely to Emerge as an Attractive Revenue Pocket for Cod Liver Oil Market Participants
Europe is anticipated to continue its dominance in the cod liver oil market backed by increasing production of fish oil since past several years. According to European Fishmeal and Fish Oil Producers (EFFOP), Europe region is the leading producer of fish oil and fishmeal and produces around 21% of the global fish oil. This factor remains instrumental in driving the supply of cod liver oil for various end uses in the region, thus proving an impetus to its sales and market growth. In addition, rising awareness of consumers regarding balanced diet and immunity has fuelled demand for nutraceuticals in European countries. This has given an impetus to the consumption of the product among millennials and adult population thus contributing towards the growth of the cod liver oil market in Europe.
On the other hand, the demand for cod liver oil in emerging economies in Asia Pacific is expected to increase at a significant pace. This is mainly owing to increasing penetration of dietary supplements and rising consumer inclination towards fish oil owing to its health benefits. That said, benefits of cod liver oil such as anti-inflammatory properties, improved bone health, reduction in joint pain, eye health support and improved heart health have uplifted its consumption among Asian countries. In addition, factors such as increasing consumer pool and rising prevalence of diseases related to lifestyle changes in the region have further driven the growth of the cod liver oil market in the region.
Cod Liver Oil Market: Competitive Scenario
A few of the major players in the cod liver oil market include LYSI Iceland, Olvea Fish Oils, Power Health Products Ltd., WN Pharmaceuticals Ltd., Nordic Naturals Inc., Nestle Health Science, and Omega Protein Corporation.
The Global Cod Liver Oil Market is Segmented as Below:
By Distribution Channel
By End Use
Key Elements Included In The Study: Global Cod Liver Oil Market
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