Fish Oil Market

Global Fish Oil Market Overview

Fish Oil Market Size was valued at USD 14.9 billion in 2023. The Fish Oil industry is projected to grow from USD 15.73 Billion in 2024 to USD 21.82 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.60% during the forecast period (2024 - 2032).The rising frequency of use as a medicine has made it more popular, and it improves heart health are the key market drivers enhancing the market growth.

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Fish Oil Market Trends

• Growing health advantages boosting the industry’s market growth

Fish oil is extracted from the fat cells of oily fish and is rich in the omega-3 fatty acids eicosapentaenoic acid (EPA) and docosahexaenoic acid  (DHA). Many industries, including aquaculture, animal nutrition, pet food, supplements, functional foods, and pharmaceuticals, extensively use omega-3 fatty acids.

Furthermore, omega-3 fatty acid improves cardiovascular and nervous system function and plays a crucial role in the functioning of the neurological system. The rising demand for EPA and DHA in human meals has significantly affected the world’s fish oil business. Hence, the most critical factor in the growth of the fish oil market, in terms of revenue, is the development of new techniques in aquaculture.

Additionally, Older consumers are eager to take preventative measures   for heart, cognitive, eye, and joint degeneration, and the omega-3 fatty acid in fish oil is crucial and very essential for lowering the risk of chronic diseases among the elderly. As the world's population ages, many people will enter the 65-and-over demographic, driving up demand for fish oil. Since more than 25.9% of the Japanese population is now 65 or older, omega-3 fish oil is widely eaten there to reduce the possibility of cardiovascular disease. Therefore, such oil condition related to fish oil products has enhanced the fish oil market CAGR globally in recent years.

However, there have been significant advances in the medical innovations to cater to the demand. For instance, some  introductions of fish oil aids  in improving  cardiovascular system implants is another factor driving the growth of the Fish Oil market revenue.

Fish Oil Market Segment Insights

Fish Oil Product Type Insights

The Fish Oil Market segmentation, based on product type, includes salmon, cod liver, and others. The salmon category held a significant share over the forecast period. The significant good of salmon oil is that it is a remarkably potent source of omega-3 fatty acids. Eicosapentaenoic acid (EPA) and docosahexaenoic acid (DHA) are the two main omega-3 fatty acids included in salmon oil (1Trusted Source). Studies has connected EPA and DHA consumption to a number of health advantages, including a decreased risk of heart disease, enhanced brain function, decreased inflammation and increase  Fish Oil Market revenue. The liver of cod fish is used to make cod liver oil, a dietary supplement. It has vitamin A and D as well as the omega-3 fatty acids eicosapentaenoic acid (EPA) and docosahexaenoic acid (DHA), which are present in most fish oils.

Jan 2022: Labdoor, a company that evaluates vitamins and supplements for purity, label accuracy, and nutritional value, checked the fish oils for total omega-3s, EPA and DHA content, vitamin D content, and CLA (conjugated linoleic acid) content.

December 2019: Fast&Up, an Aeronutrix Sports Products Private Limited division, introduced Promega, a new omega-3-rich fish oil, in December 2018. The product claims that it will help with immune system and brain development.

Figure 1: Global Fish Oil By, Pharmaceuticals, 2022 & 2030 (USD billion)

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Fish Oil End Use Insights

The Fish Oil Market data shows been Fish oil is mainly utilized in Animal Feed, Functional Food, Functional Beverages, Dietary Supplements, and Others. The dietary supplements category held the market during the forecast period. Fish oil medications are typically goods made of a combination of the omega-3 fatty acids eicosapentaenoic acid (EPA) and docosahexaenoic acid, and they have FDA approval (DHA) as well as being utilised for nutrition, nutraceuticals also have medical applications. An item that benefits physiological function or offers defence against chronic disease may be referred to as a nutraceutical product.

Fish Oil Distribution Channel Insights

Based on distribution channel, the global fish oil industry has been segmented into stores and non-store. Due to enhanced consumer experiences, the ability to purchase products with just one click, and advancements in smartphone and Internet access technology, the non- store segment had the most significant revenue share in 2022. It is also ascribed to elements like no added expenses because goods can be transported directly from suppliers.

The second fastest- growing segment in the fish oil industry is non-store. The comfort, personal service, and accessibility of a wide range of products  boost the segment's revenue growth.

Fish Oil Regional Insights

By Region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American fish oil market accounted for USD 6.8 billion in 2022 and is expected to exhibit a significant CAGR growth during the study period. This is attributed to the growing incidence of fish products such as omega-3 fatty acid, and Nordic naturals arctic cod liver oil and an ageing population across the region.

Further, the significant countries studied in the market report are The U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: FISH OIL MARKET SHARE BY REGION 2022 (%)

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Europe’s fish oil market accounts for the second-largest market share due to the availability of fish oil has many health advantages, including lowering triglycerides, preventing harmful irregular heart rhythms, and reducing the chance of fatal heart attacks. Further, the Germany Fish oil market held the largest market share, and the UK Fish oil market was the fastest-growing market in the European region.

The Asia-Pacific fish oil Market is expected to grow at the fastest CAGR from 2022 to 2030. This is due to increased rates of fish oil products. The vast growth in the region is attributable to an older population that is growing along with rising health concerns and public awareness that have increased dietary supplement use in the Asia Pacific region throughout the forecast period. Moreover, China fish oil market held the largest market share, and the Indian fish oil market was the fastest-growing market in the Asia-Pacific region.

For instance, the Indian fish oil market is the favored destination for fish oil production  the clan Olivia Group offers distinctive solutions for its customers and ends users because of its vertical integration with sustainable sources and completely refined fish oils. As per the data cited in the fish companies 2022-21 published by the fish oil producer Association in July 2022, Singapore is ranked in 2nd position, Japan at 3rd, India at 10th, South Korea at 14th, and China at 33rd out of the top 46 international fish oil production destinations. Hence, Asia-Pacific is anticipated to register the highest growth rate over the forecast period from 2022–2030.

Fish Oil Key Market Players & Competitive Insights

Major market players are spending a lot of money on R&D to increase their product lines, which will help the fish oil market grow even more. Market participants are also taking various strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the fish oil industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.

One of the primary business strategies manufacturers adopt in the global  fish oil industryito benefit clients and expand the market sector is to manufacturing locally to reduce operating costs. In recent years, the fish oil  industry has provided medicine with some of the most significant benefits. The fish oil market major players such as Oceana Group Limited (South Africa),  TripleNine Group (Denmark), Pesquera Diamante (Peru), Hayduk Corporacion (Peru), and others are working on expanding the market demand by investing in research and development activities.

The Oceana Group is Africa’s largest fishing company and one of the most empowered food companies on the JSE. We operate in South Africa, Namibia, and the United States of America and market fish-based products in 46 countries, while managing a fleet of 54 vessels and eight cold storage facilities. In October 2022, The Oceana Group Limited will receive R760 million for the sale of its Commercial Cold Storage (CCS) business, allowing it to reinvest and grow its primary fishing operation. A Group buying CCS includes African Infrastructure Investment Managers (AIIM), an Old Mutual Alternative Investments affiliate focused on investing in African infrastructure;

Also, TripleNine comprises many production, trading, and sales companies in Denmark, Norway, and Chile. Core competencies – 4 main segments: Aquaculture, Agriculture, and Pet food. Some 250 employees from a wide range of nationalities are employed in TripleNine.  In June 2022, Koppernaes Protein AS, based in Aalesund Norway, acquired all the shares that H.F. Industrifiskehandel ApS has now held in TripleNine Group A/S. This means that Koppernaes Protein AS now holds 98,03% of the shares in TripleNine Group A/S.

Key Companies in the Fish Oil market include

• Oceana Group Limited (South Africa)
• TripleNine Group (Denmark)
• Pesquera Diamante (Peru)
• Hayduk Corporacion (Peru)
• FF Skagen A/S (Denmark)
• Sarma Fish SARL (Morocco)
• FMC Corporation (US)
• Blueline Foods (India) Pvt. Ltd (India)
• Olvea Fish Oils (France)

Fish Oil Industry Developments

March 2020:  concentration Fish Oil Market, which contains at least 200 mg of docosahexaenoic acids (DHA) and eicosatetraenoic acids, was introduced by Wiley Companies (EPA). The product is intended for dietary supplements, food, and drinks.

Feb 2022: To grow its business in the African continent, FMC Corporation formed a partnership with the NSPCA of South Africa.

Fish Oil Market Segmentation

Fish Oil Product Type Outlook

• Salmon
• Cod Liver
• Others

Fish Oil End Use Outlook

• Animal Feed
• Functional Food
• Functional Beverages
• Dietary Supplements
• Others

Fish Oil Distribution Channel Outlook

• Store
• Non-Store

Fish Oil Regional Outlook

• North America

  • US
  • Canada

• Europe

  • Germany
  • France
  • UK
  • Italy
  • Spain
  • Rest of Europe

• Asia-Pacific

  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Australia
  • Rest of Asia-Pacific
• Rest of the World
  • Middle East
  • Africa
  • Latin America

Market Segmentation

Fish Oil Product Type Outlook (USD Billion, 2019-2030)

• Salmon

• Cod Liver

• Others

Fish Oil End Use Outlook (USD Billion, 2019-2030)

• Animal Feed

• Functional Food

• Functional Beverages

• Dietary Supplements

• Others

Fish Oil Distribution Channel Outlook (USD Billion, 2019-2030)

• Store

• Non-Store

Fish Oil Regional Outlook (USD Billion, 2019-2030)

• North America Outlook (USD Billion, 2019-2030)

  • North America Fish Oil by Product Type

    • Salmon

    • Cod Liver

    • Others

  • North America Fish Oil by End Use

    • Animal Feed

    • Functional Food

    • Functional Beverages

    • Dietary Supplements

    • Others

  • North America Fish Oil by Distribution Channel

    • Store

    • Non-Store

  • US Outlook (USD Billion, 2019-2030)

  • US Fish Oil by Product Type

    • Salmon

    • Cod Liver

    • Others

  • US Fish Oil by End Use

    • Animal Feed

    • Functional Food

    • Functional Beverages

    • Dietary Supplements

    • Others

  • US Fish Oil by Distribution Channel

    • Store

    • Non-Store

  • CANADA Outlook (USD Billion, 2019-2030)

  • CANADA Fish Oil by Product Type

    • Salmon

    • Cod Liver

    • Others

  • CANADA Fish Oil by End Use

    • Animal Feed

    • Functional Food

    • Functional Beverages

    • Dietary Supplements

    • Others

  • CANADA Fish Oil by Distribution Channel

    • Store

    • Non-Store

• Europe Outlook (USD Billion, 2019-2030)

  • Europe Fish Oil by Product Type

    • Salmon

    • Cod Liver

    • Others

  • Europe Fish Oil by End Use

    • Animal Feed

    • Functional Food

    • Functional Beverages

    • Dietary Supplements

    • Others

  • Europe Fish Surgery Distribution Channel

    • Store

    • Non-Store

  • Germany Outlook (USD Billion, 2019-2030)

  • Germany Fish Oil by Product Type

    • Salmon

    • Cod Liver

    • Others

  • Germany Fish Oil by End Use

    • Animal Feed

    • Functional Food

    • Functional Beverages

    • Dietary Supplements

    • Others

  • Germany Fish Oil by Distribution Channel

    • Store

    • Non-Store

  • France Outlook (USD Billion, 2019-2030)

  • France Fish Oil by Product Type

    • Salmon

    • Cod Liver

    • Others

  • France Fish Oil by End Use

    • Animal Feed

    • Functional Food

    • Functional Beverages

    • Dietary Supplements

    • Others

  • France Fish Oil by Distribution Channel

    • Store

    • Non-Store

  • UK Outlook (USD Billion, 2019-2030)

  • UK Fish Oil by Product Type

    • Salmon

    • Cod Liver

    • Others

  • UK Fish Oil by End Use

    • Animal Feed

    • Functional Food

    • Functional Beverages

    • Dietary Supplements

    • Others

  • UK Fish Oil by Distribution Channel

    • Store

    • Non-Store

  • ITALY Outlook (USD Billion, 2019-2030)

  • ITALY Fish Oil by Product Type

    • Salmon

    • Cod Liver

    • Others

  • ITALY Fish Oil by End Use

    • Animal Feed

    • Functional Food

    • Functional Beverages

    • Dietary Supplements

    • Others

  • ITALY Fish Oil by Distribution Channel

    • Store

    • Non-Store

• SPAIN Outlook (USD Billion, 2019-2030)

• Spain Fish Oil by Product Type

  • Salmon

  • Cod Liver

  • Others

• Spain Fish Oil by End Use

  • Animal Feed

  • Functional Food

  • Functional Beverages

  • Dietary Supplements

  • Others

• Spain Fish Oil by Distribution Channel

  • Store

  • Non-Store

• Rest Of Europe Outlook (USD Billion, 2019-2030)

• Rest Of Europe Fish Oil by Product Type

  • Salmon

  • Cod Liver

  • Others

• REST OF EUROPE Fish Oil by End Use

  • Animal Feed

  • Functional Food

  • Functional Beverages

  • Dietary Supplements

  • Others

• REST OF EUROPE Fish Oil by Distribution Channel

  • Store

  • Non-Store

• Asia-Pacific Outlook (USD Billion, 2019-2030)

  • Asia-Pacific Fish Oil by Product Type

    • Salmon

    • Cod Liver

    • Others

  • Asia-Pacific Fish Oil by End Use

    • Animal Feed

    • Functional Food

    • Functional Beverages

    • Dietary Supplements

    • Others

  • Asia-Pacific Fish Oil by Distribution Channel

    • Store

    • Non-Store

  • China Outlook (USD Billion, 2019-2030)

  • China Fish Oil by Product Type

    • Salmon

    • Cod Liver

    • Others

  • China Fish Oil by End Use

    • Animal Feed

    • Functional Food

    • Functional Beverages

    • Dietary Supplements

    • Others

  • China Fish Oil by Distribution Channel

    • Store

    • Non-Store

  • Japan Outlook (USD Billion, 2019-2030)

  • Japan Fish Oil by Product Type

    • Salmon

    • Cod Liver

    • Others

  • Japan Fish Oil by End Use

    • Animal Feed

    • Functional Food

    • Functional Beverages

    • Dietary Supplements

    • Others

  • Japan Fish Oil by Distribution Channel

    • Store

    • Non-Store

  • India Outlook (USD Billion, 2019-2030)

  • India Fish Oil by Product Type

    • Salmon

    • Cod Liver

    • Others

  • India Fish Oil by End Use

    • Animal Feed

    • Functional Food

    • Functional Beverages

    • Dietary Supplements

    • Others

  • India Fish Oil by Distribution Channel

    • Store

    • Non-Store

  • Australia Outlook (USD Billion, 2019-2030)

  • Australia Fish Oil by Product Type

    • Salmon

    • Cod Liver

    • Others

  • Australia Fish Oil by End Use

    • Animal Feed

    • Functional Food

    • Functional Beverages

    • Dietary Supplements

    • Others

  • Australia Fish Oil by Distribution Channel

    • Store

    • Non-Store

  • Rest of Asia-Pacific Outlook (USD Billion, 2019-2030)

  • Rest of Asia-Pacific Fish Oil by Product Type

    • Salmon

    • Cod Liver

    • Others

  • Rest of Asia-Pacific Fish Oil by End Use

    • Animal Feed

    • Functional Food

    • Functional Beverages

    • Dietary Supplements

    • Others

  • Rest of Asia-Pacific Fish Oil by Distribution Channel

    • Store

    • Non-Store

• Rest of the World Outlook (USD Billion, 2019-2030)

  • Rest of the World Fish Oil by Product Type

    • Salmon

    • Cod Liver

    • Others

  • Rest of the World Fish Oil by End Use

    • Animal Feed

    • Functional Food

    • Functional Beverages

    • Dietary Supplements

    • Others

  • Rest of the World Fish Oil by Distribution Channel

    • Store

    • Non-Store

  • Middle East Outlook (USD Billion, 2019-2030)

  • Middle East Fish Oil by product Type

    • Salmon

    • Cod Liver

    • Others

  • Middle East Fish Oil by End Use

    • Animal Feed

    • Functional Food

    • Functional Beverages

    • Dietary Supplements

    • Others

  • Middle East Fish Oil by Distribution Channel

    • Store

    • Non-Store

  • Africa Outlook (USD Billion, 2019-2030)

  • Africa Fish Oil by product Type

    • Salmon

    • Cod Liver

    • Others

  • Africa Fish Oil by End Use

    • Animal Feed

    • Functional Food

    • Functional Beverages

    • Dietary Supplements

    • Others

  • Africa Fish Oil by Distribution Channel

    • Store

    • Non-Store

  • Latin America Outlook (USD Billion, 2019-2030)

  • Latin America Fish Oil by Product Type

    • Salmon

    • Cod Liver

    • Others

  • Latin America Fish Oil by End Use

    • Animal Feed

    • Functional Food

    • Functional Beverages

    • Dietary Supplements

    • Others

  • Latin America Fish by Distribution Channel

    • Store

    • Non-Store