Promise of Fish Oil to Reduce Cardiovascular Conditions and Lowering Blood Pressure Creates Demand
Fish oil, an effective nutrient derived from different species of fish, is the prime source of omega 3 fatty acids. This oil is rich in eicosapentaenoic acid (EPA) and docosahexaenoic acid (DHA), which are essential for foetal development and healthy ageing. Both these acids are vital in lowering triglyceride levels, which translates to better heart health. The current global diet is characterized by high in SFA and low in omega-3 fatty acids.
Prolonged consumption of high amounts of saturated fat and low amounts of omega-3 PUFA has resulted in inflammatory ailments, acute risk for cardiovascular health, and higher chances of Alzheimer’s disease. Additionally, a growing prevalence of high blood pressure too has put a spotlight on eating healthy. A dramatic rise in cardiovascular conditions has also triggered conversations about dietary changes and better alternatives to conventional staple diets. As consciousness to age gracefully strengthens, several consumers are likely to consume fish oil for its multitude of benefits.
Escalation of omega-3 demand is also attributable to doctor prescriptions to remedy heart ailments and blood pressure problems. According to the World Health Organization (WHO), 17.9 million people die each year due to cardiovascular diseases, contributing to 31% of all death worldwide. Thus, demand for omega 3 fortified food and beverages and dietary supplements is expected to soar over the forecast period.
Introduction of New Product Variants Gives Consumers a Wide Choice, Boosting Market
Fish oil product manufacturers are shaping their portfolio to appeal to a wider consumer base by introducing of new product variants. The demand for fish oil will witness a two-pronged effect with food & beverages processing companies using omega-3 for delivering enriched products and fish oil manufacturing companies focusing on catering to the growing demand.
For instance, in March 2020, Wiley Companies, manufacture of AlaskOmega omega-3 fish oil concentrates and natural fish oils, launched omega-3 concentrate powder. The newly launched product is Halal and Marine Stewardship Council (MSC) certified, making it suitable for usage in dietary supplements, food, and beverages.
Inclusive of fish oil in production of varied food and beverages to make them a rich source of omega-3 are also fueling demand. For instance, in 2020, FELISCITY NUTRITION INC. launched an omega-3 sports drink under the brand name of ENHANCED RECOVERY. The product aims to target athletes seeking rapid muscle recovery while performing intense workout for playing at competitive levels.
In 2019, Coco-Cola announced launch of omega 3 fortified beverages under the brand name of Gomega. The product would be available in three flavours including berry acai, strawberry guava, and mango passionfruit.
Anchovies Make Big Impact
The fish oil market is segmented on the basis of source, application, and region. Based on source, the anchovy segment is expected to account for significant value share during the forecast period. Although many species are used for fish oil production, anchovies are highly valuable to major fish oil producing countries such as Peru and the USA. Furthermore, the types of species used for fish oil production vary, depending on the manufacturer. In 2015 manufacturers such as The BioMar Group, Skretting, and EWOS Group (Cargill Inc.) used 33,625 MT of anchoveta species for the manufacturing of fish oil and fishmeal.
The market is also segmented based on application, which includes aquaculture, animal nutrition and pet food, dietary supplements, functional food and beverages, pharmaceuticals, and others. Among these, the functional food and beverages segment is estimated to register a relatively high CAGR over the forecast period while the aquaculture segment is to account for the largest volume share. Fish oil is largely used as feed supplement in aquaculture production, which is expected to contribute to the growth of the aquaculture segment.
European Countries to Represent Mammoth Volume Share in Global Fish Oil Market
The estimated global fish production in 2019 was nearly 178 million tons. In 2019, the global production of fish oil was more than 900,000 MT. Each year Europe produces approximately 150,000 tons of fish oil. Denmark is the largest producer of fish oil, accounting for more than 50% volume share in 2019. Spain comes second as the largest producer of fish oil in the region contributing to 20% of the regional production. The report indicates that Norway was the largest destination market for fish oil while Denmark was the main European fish oil-exporting country, responsible for 85% of the fish oil export by volume in 2018.
Restrictions due to COVID-19 and unpredictable weather conditions have cast a negative effect on the fish oil market, especially in China. Recently China’s output from whole fish has decreased whereas supply from by-products remained stable.
Global Fish Oil Market: Competitive Landscape
Some of the major players considered in the report include China Fishery Group, Pesquera Pacific, Pesquera Exalmar, Omega Protein Corporation, Kobyalar Group, United Marine Products, Animal feeds International, FF Skagen A/S, Pesquera Diamante S.A., and Nissui Group.
Key Elements Included In The Study: Global Fish Oil Market
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