Fish Based Oil Market is estimated to reach USD 23.8 Bn by 2032 -FMI
Fish based oil market is a dietary supplement extracted from oily fish like salmon, sardines, and anchovies. It is a rich source of omega-3 fatty acids, which have been shown to provide various health benefits such as reducing inflammation, improving heart health, and supporting brain function. Fish oil supplements are available in capsule or liquid form.
According to a recent report by Future Market Insights, a market research and competitive intelligence provider, sales of Fish Oil are estimated to reach a value of USD 12 billion by 2032, surging at 6.0 % CAGR through the decade.
Because of the increased demand for fish oil from the pharmaceutical industry, prominent fish oil producers are focusing on developing new products for the global market.
Omega-3 fatty acids are required in large proportions in aquaculture, animal nutrition and pet feed, supplements and functional food, medications, and other industries. Furthermore, fish oil helps the neurological system work properly and enhances the cardiovascular system.
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As doctors and the general public become more aware of the importance of omega-3 fatty acids, fish oil consumption has increased substantially. As a result, companies are developing nutraceutical products with enriched EPA and DHA. The increased need for EPA and DHA in human nutrition has had an impact on the global fish oil market.
Key Takeaways from Market Study
• With a market share of 1 percent in 2021, North America will continue to dominate the worldwide market.
• China’s market is projected to be strengthened by the ingredient’s potential for sports nutrition, as well as expanding chances for highly personalised nutrition.
• Australia currently controls 73.4 percent of the Oceania market and is expected to increase at an annual rate of 8.7% in the next years.
• India is one of the fastest-growing economies in South Asia, and fish oil is in high demand.
• In 2021, India’s fish oil demand is expected to be worth USD 37.7 million.
• In 2021, sales of pharmaceutical-grade fish oil are estimated to account for more than 48% of total sales.
• Fish liver oil sales are increasing as a result of the increased demand for sardine oil in animal feed.
• Germany held a 2 percent market share in Europe in 2021
Competitive Landscape
The fish oil industry is slightly fragmented, varied, and competitive, with a number of small and mid-sized businesses actively engaged in product development and research. Every region has seen the growth of subsidiaries, commercial divisions, and research institutes supported by major participants in the fishmeal and fish oil sector.
Some of the leading companies offering Fish Oil are Omega Protein Corporation, FF Skagen A/S, Pesquera Diamante S.A., Copeinca AS, Marvesa Holding N.V., Pesquera Exalmar, Corpesca S.A., Colpex International, FMC Corporation, TripleNine Group A/S.
Get More Valuable Insights
Future Market Insights, in its new offering, provides an unbiased analysis of the Fish based Oil presenting historical demand data (2017-2021) and forecast statistics for the period from 2022-2032.
View Complete Report: https://www.futuremarketinsights.com/reports/fish-oil-market