Presence of key nutrition including omega 3 acids, eicosapentaenoic acid (EPA) and docosahexaenoic acid (DHA) in fish oil is one of the key factors driving the fish oil market. Growing concern about health and increasing demand in variety of food products containing unsaturated fatty acid are also prominent key drivers expected to work favourably for the growth of the fish oil market.
Advantages such as reducing joint pains, triglyceride levels, improving lung functioning, depression levels, improving neurological and visual development in infants and reducing the probability of coronary diseases from fish oil are going to drive the market growth over the forecast period. Rise in direct human consumption (DHC) owing to increasing health awareness of advantages of omega 3 fatty acids is expected to be major driver for the fish oil market in coming years. However, static production with increasing demand and increasing prices are expected to be the confronting issues for the growth of the fish oil market. Fast development of aquaculture globally is expected to drive the market.
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Aquaculture application is expected to witness the highest growth and dominate the fish oil market. Key aquaculture species include trout, salmon, tilapias, marine fishes, freshwater crustaceans, carps, marine shrimps, milkfish, eels, catfishes and miscellaneous freshwater fishes. Trout and salmon dominate the fish oil market. Marine fishes are expected to grow fastest in the fish oil market. Direct human consumption include Anchovy, capelin, herring and mackerel which are fishes used for making DHA /EPA products.
Key fish oil market includes Europe, North America, Latin America and Asia Pacific. Europe has accounted for the highest growth and it is expected to continue with the growth due to increasing awareness about dietary products as well as per capita consumption. U.S FDA has imposed the limit on using species such as shark due to heavy concentration of toxic substances such as dioxin, mercury, chlordane and PCBs in shark. This is expected to hamper the market growth in coming years. Asia Pacific is expected to witness the fastest growth owing to increasing domestic demand in countries like China. Trout and Salmon are mainly farmed in Peru and Chile. Furthermore, Peru, Chile and Denmark are the major producer and exporter of fish oil worldwide.
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Key players in fish oil market includes EPAX AS, Croda Inc., COPEINCA ASA, Colpex, Omega Protein Corporation, GC Rieber Oils, FF Skagen A/S, American Marine Ingredients, Nutrifynn Caps, Inc.,Pesquera Diamante S.A., Marvesa Holding N.V. and Corpesca S.A. The fish oil market is moderately concentrated with the players. Due to shortage of raw material and increasing concentration on maintaining fish farming, the global fish oil market is expected to lead towards consolidation and is also expected to witness numerous acquisitions, merger strategic steps over the forecast period.
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