New York, NY, Oct. 23, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Fish Oil Market by Type (Tilapias, Crustaceans, Marine Fish, Salmon & Trout, and Others) and by Application (Aquaculture, Animal Nutrition & Pet Food, Direct Human Consumption, Pharmaceuticals, and Supplements): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 -2024”. According to the report, the global fish oil market was valued at around USD 2.95 billion in 2017 and is expected to reach approximately USD 4.65 billion in revenue by 2024, growing at a CAGR of around 7.0% between 2018 and 2024.
Increasing consumer awareness regarding the health benefits of omega-3 is expected to drive the global fish oil market during the forecast period. In addition, increasing product consumption in defensive coatings and lubricants is likely to boost the global fish oil market growth in the coming years. Furthermore, a high consumption of DHA/EPA helps in lowering blood pressure and bad cholesterol and reducing the risk of coronary heart disease (CHD), such as strokes. These health benefits are anticipated to support the global fish oil market growth.
Browse through 37 Tables & 20 Figures spread over 110 Pages and in-depth TOC on “Global Fish Oil Market Size & Share 2017 Report: Industry Type, Trends, Growth, Segments Analysis and Forecast to 2024”.
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The rising prevalence of cardiovascular diseases worldwide is a key factor propelling the global market growth. For instance, as per the World Health Organization, cardiovascular disease (CVD) is a leading death cause globally. Approximately 17.7 million people have suffered and died due to CVD in 2015. Of these deaths, around 7.4 million people had coronary heart disease and about 6.7 million people had a stroke in the same year. This data represents a high prevalence rate of CVD across the globe. Therefore, this will also lead to an increase in the research and development activities of drug development and supplements production. This is projected to fuel the global fish oil market growth during the forecast period. Furthermore, fish oil is also used as a vital ingredient in cosmetic products and all-purpose ointments, which is expected to contribute a significant market share in the coming years.
The global fish oil market can be segmented based on type and application. Based on the type, the global fish oil market can be classified into tilapias, crustaceans, marine fish, salmon and trout, and others. The salmon and trout segment is expected to attain a major market share from 2018 to 2024. This is due to the growing importance of salmon for direct consumption for strengthening the muscles and heart and improving metabolism.
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Based on application, this market can be divided into aquaculture, animal nutrition, and pet food, direct human consumption, pharmaceuticals, and supplements. The aquaculture segment is expected to gain more share in terms of value during the forecast period. This can be attributed to the development of the fishing industry, due to the high demand for fishes for direct human consumption and the positive industry outlook on aquaculture activities.
The global fish oil market finds its scope in North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Europe is projected to attain the largest market share in the global fish oil market due to large-scale salmon and trout farming. The overall consumption of fish oil in western parts of Europe is anticipated to rise in the upcoming years. In addition, European countries, such as Chile, Denmark, and Peru, have the largest fish oil production and account for more than 50% share of the market. Besides, the European Commission approved the Strategic Guidelines and Common Fisheries Policy Reform in 2014, which is constantly supporting the aquaculture segment in this region.
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North America is expected to hold a significant share of the fish oil market during the forecast period. High consumption of red meat in the U.S. and Mexico and rising research and development activities in pharmaceutical companies are expected to increase the market revenue of the region during the forecast period.
The Asia Pacific region is expected to show a substantial growth over the forecast period due to plentiful fishing and farming and growing food and beverage industry in the region. The aquaculture sector of countries, such as China, India, Bangladesh, Indonesia, and Thailand, is developing, which will support the overall market growth in this region during the forecast period. In addition, growing awareness about the health benefits of fish oil and maximum focus on aquaculture industry in emerging economies, like India and China, are likely to propel this market’s growth during the forecast period.
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The Middle East and African and Latin American regions are expected to show good growth in the global fish oil market during the forecast period. Most of the Latin American food and beverage manufacturers take social responsibilities extremely seriously. Growing awareness regarding the advantages of fish oil has led to a change in people’s eating habits. Thus, this has forced companies to offer healthy, safe, and affordable products.
The report also includes detailed profiles of key players, such as Colpex, American Marine Ingredients, Croda Inc., Omega Protein, Copeinca ASA, Epax AS, GC Rieber Oils, and Corpesca S.A. The detailed description of players includes various parameters, such as company overview, financial overview, business strategies, and recent developments of the company.
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This report segments the global fish oil market as follows:
Global Fish Oil Market: Type Segment Analysis
Global Fish Oil Market: Application Segment Analysis
Global Fish Oil Market: Regional Segment Analysis
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