Fish Oil Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Application (Human Consumption, Aquaculture, Pet Food, Others), By Species (Tuna, Salmon, Pangasius, Tilapia, Others), By Region, By Competition, 2019-2029F

Market Overview

The global Fish Oil Market was valued at USD 3.28 Billion in 2023 and is expected to reach USD 4.29 Billion by 2029 with a CAGR of 4.58% during the forecast period. A significant factor driving this growth is the rising awareness of the numerous health benefits associated with omega-3 fatty acids, especially their positive effects on brain and heart health. Known for its anti-inflammatory properties, fish oil is frequently utilized to manage chronic inflammatory diseases and is also effective in addressing various skin conditions like psoriasis and dermatitis. Continuous advancements in research and expanding understanding of fish oil’s applications beyond traditional healthcare suggest a promising increase in demand in the foreseeable future.

Approximately 930 billion fish are extracted from the oceans annually to provide fish oil and meal for the pet food industry. Veramaris Pets seeks to address this issue by offering a consistent and scalable source of omega-3 that does not depend on fish stocks. By incorporating Veramaris Pets into DSM-Firmenich's expanding pet food portfolio, producers will gain access to the company's global team of experts, extensive supply chain, and a premier selection of nutritional and flavor products.

The growing prevalence of cardiovascular diseases worldwide has substantially raised the need for fish oil, influenced by busy work environments and increasingly sedentary lifestyles. Conditions such as high blood pressure, arterial plaque buildup, and elevated levels of cholesterol and triglycerides are common. Omega-3 fatty acids found in fish oil are crucial in mitigating these conditions, thereby reducing the risk of heart attacks. Moreover, fish oil benefits individuals with irregular heartbeats and depression. The increasing elderly population coupled with the rising occurrence of chronic diseases is anticipated to elevate the need for fish oil by 2030.

Furthermore, fish oil plays a vital role in improving mental health conditions. Appropriate levels of omega-3 fatty acids are essential in fighting brain-related issues. Pregnant women are often advised to take fish oil supplements to boost cognitive development and lessen allergy risks in newborns. Fitness enthusiasts, athletes, and bodybuilders include fish oil in their diet to enhance muscle strength and flexibility. Such diverse applications are expected to drive market growth in the near future.

Key Market Drivers

Increasing Awareness and Health Benefits

The rise in awareness about the health advantages of omega-3 fatty acids has emerged as a significant driver in the fish oil market. Fish oil, a rich source of omega-3s, is acknowledged for its considerable impact on brain and heart health. These fatty acids aid in reducing inflammation, minimizing chronic disease risks, and promoting overall well-being. As consumers become more informed about these benefits through healthcare campaigns and scientific studies, the demand for fish oil products is continuously rising. This trend is also supported by recommendations from healthcare professionals and nutritionists who advocate for omega-3 supplements, further propelling market growth. In April 2023, a prominent nutraceutical company launched an enhanced omega-3 supplement line featuring higher concentrations and better absorption rates. This development meets the growing consumer demand for effective and convenient health supplements, further driving market growth.

Growing Prevalence of Cardiovascular Diseases

The escalation in cardiovascular diseases globally is a major growth driver for the fish oil market. Due to hectic lifestyles and unhealthy eating habits, there has been an increase in heart-related conditions, necessitating preventive and therapeutic measures. Omega-3 fatty acids in fish oil are known to decrease triglyceride levels, reduce blood pressure, and prevent arterial plaque formation, hence lowering heart disease risks. As the global population ages and chronic illness incidents increase, the preventive measures provided by omega-3 fatty acids become increasingly important, thereby driving the demand for fish oil-based products.

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Key Market Challenges

Supply Chain and Sustainability Issues

One of the significant hurdles in the global fish oil market is the sustainability and dependability of the supply chain. Overfishing and the depletion of fish stocks pose significant risks to the continuous supply of raw materials necessary for fish oil production. Furthermore, environmental regulations and the requirement for sustainable fishing practices add additional complexity to the industry. Ensuring a reliable fish supply while maintaining biodiversity is crucial for long-term market stability. Companies involved in the fish oil market must address these ecological and regulatory challenges to sustain and grow their operations sustainably.

High Production Costs and Quality Issues

Producing high-quality fish oil entails considerable costs, affecting overall market growth. The extraction and purification processes necessitate advanced technology and strict quality controls to eliminate contaminants and provide superior products. Moreover, fluctuations in raw material prices due to varying fish yields and environmental factors can raise production costs. Issues related to quality, like pollutants in fish oil, can also influence consumer trust and demand. Addressing these production and quality challenges is vital for market players to maintain their competitiveness and market share.

Key Market Trends

Rising Popularity of Fish Oil Supplements

The demand for fish oil supplements is increasing, driven by health-conscious consumers seeking to enhance their well-being. Supplements provide a convenient means to integrate the benefits of omega-3 fatty acids into daily diets without needing regular fish intake. Scientific studies highlighting the role of omega-3s in reducing inflammation, supporting cardiovascular health, and improving cognitive function bolster this trend. As awareness of these benefits grows, the market for fish oil supplements is anticipated to expand significantly.

Innovation in Fish Oil Product Development

Innovation in developing fish oil products is a noteworthy trend in the market. Manufacturers are experimenting with new formulations and delivery methods to improve the appeal and effectiveness of fish oil products. These include concentrated omega-3 supplements, flavored fish oils to enhance taste, and incorporating fish oil into functional foods and beverages. These innovations cater to diverse consumer preferences and make fish oil’s health benefits more accessible. Additionally, advancements in extraction and purification technologies are enhancing product quality, further driving market growth. In 2024, Centercode introduced a complimentary Beta edition to aid product professionals globally. This new offering aims to streamline beta testing and improve product quality by providing accessible tools for gathering real-world user feedback and identifying issues.

Segmental Insights

Application Insights

The aquaculture segment led the fish oil market with a revenue share in 2023. With the global population rising, the demand for protein sources such as fishmeal has surged. Aquaculture offers a sustainable and controlled approach to meet this demand, with fish oil and fishmeal providing excellent nutritional value. These products have over 40 vital nutrients and high levels of polyunsaturated fats, making them highly sought after by aquaculture farmers. As aquaculture production grows, the requirement for fish oil to nourish farmed fish populations is set to increase accordingly. The dominance is attributed to the rising demand for fish oil as a key ingredient in aquaculture feeds, essential for promoting growth, health, and optimal feed conversion in farmed fish. The expansion of global aquaculture operations, driven by the need to meet increasing seafood consumption and ensure sustainable practices, has significantly boosted the demand for fish oil. Additionally, advancements in aquaculture technology and the growing emphasis on enhancing the nutritional quality of fish products have further solidified the aquaculture segment's leading position in the market.

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Regional Insights

Europe held the highest revenue share in the global fish oil market in 2023. Fish oil production in this region mainly involves harvesting small pelagic species like sprat, herring, and sand-eels. Europeans are well-versed in the health benefits of omega-3 fatty acids, which are abundant in fish oil. The European Food Safety Authority (EFSA) recommends daily EPA and DHA intake, translating to higher demand for fish oil supplements and functional foods. Norway, in particular, emerged as a significant importer of fish oil, mainly due to its robust aquaculture industry and favorable government policies. The region's strong emphasis on the benefits of omega-3 fatty acids, prevalent in both dietary supplements and functional foods, significantly contributed to its market dominance. Increased awareness of the health advantages associated with fish oil, coupled with stringent regulatory standards and high disposable incomes, further bolstered Europe's position. Additionally, the presence of leading fish oil producers and an established supply chain in Europe has reinforced its market leadership, ensuring a steady supply of high-quality fish oil products to meet growing consumer needs.

Recent Developments

• In 2024, GC Rieber VivoMega inaugurated a new omega-3 manufacturing facility in Norway. Powered entirely by renewable energy, the plant aims to double the production of triglyceride marine omega-3s and vegan algal oils, meeting the growing demand for omega-3 supplements.
• In 2024, Pelagia acquired the UK-based seafood trading company Ideal Foods Limited. This acquisition is set to foster collaboration and synergy with Ideal Foods, enhancing Pelagia's global supply chain and market presence while continuing to innovate with seafood co-products.
• In 2024, DSM-Firmenich has announced the sale of its MEG-3 fish oil business to KD Pharma Group SA, a contract development and manufacturing organization specializing in pharmaceutical and nutritional lipids. In this deal, DSM-Firmenich will obtain a 29% minority share in O³ Holding GmbH, the parent company of KD Pharma.
• In 2024, Epax has launched a skin health supplement that blends traditional omega-3s with emerging omega-9 and omega-11 fatty acids for a comprehensive full spectrum effect. This supplement is the first concentrated oil to combine both long-chain monounsaturated fatty acids and long-chain polyunsaturated fatty acids, providing synergistic benefits for skin health. 

Key Market Players

• Hyphens Pharma International Limited (Ocean Group)
• Croda International plc
• GC Rieber AS
• Pelagia AS
• BASF SE
• Koninklijke DSM N.V.
• Sürsan S.A.
• Omega Protein Corporation
• TripleNine
• OLVEA Group

Report Scope:

In this report, the global Fish Oil Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

• Fish Oil Market, By Application:

o   Human Consumption

o   Aquaculture

o   Pet Food

o   Others         

• Fish Oil Market, By Species:

o   Tuna

o   Salmon

o   Pangasius

o   Tilapia

o   Others

• Fish Oil Market, By Region:

o   North America

§  United States

§  Canada

§  Mexico

o   Europe

§  France

§  Germany

§  Spain

§  Italy

§  United Kingdom

o   Asia-Pacific

§  China

§  Japan

§  India

§  Vietnam

§  South Korea

o   Middle East & Africa

§  South Africa

§  Saudi Arabia

§  UAE

§  Turkey

§  Kuwait

§  Egypt

o   South America

§  Brazil

§  Argentina

§  Colombia

Competitive Landscape

Company Profiles: Detailed analysis of the major companies presents in the global Fish Oil Market.

Available Customizations:

Global Fish Oil Market report with the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

• Detailed analysis and profiling of additional market players (up to five).

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