Abundant availability of land for fish farming is anticipated to drive the global fish oil market. According to a report by Fortune Business Insights, titled, “Fish Oil Market “Size, Share and Global Trend by Species (Tuna, Cod Liver, Salmon, Anchovy, Menhaden, Others), by Application (Aquaculture Feed, Animal Feed, Functional Food, Dietary Supplements, Pharmaceuticals, Others) and Geography Forecast till 2026,” fish oil can aid in the reduction of blood pressure, coronary heart diseases, and bad cholesterol. All these factors are in turn, expected to favor growth of the global fish oil market.
Some of the key companies that are present in the global fish oil market are
- Copeinca ASA
- Croda International PLC.
- Blueline Foods Pvt. Ltd.
- FMC Corporation
- TripleNine Group
- Omega Protein Corporation
- Sarma Fish SARL
- American Marine Ingredients
- GC Rieber Oils
- BASF SE and Pelagia AS among the other fish oil producers
The report classifies the global fish oil market on the bases of three segments, namely, by application, by species, and by geography. In terms of application, the market is further grouped into functional food, pharmaceuticals, animal feed, dietary supplements, aquaculture feed, and others. The aquaculture segment, at present, holds the major portion of the global fish oil market.
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Fortune Business Insights predicts that the segment is expected to remain in a dominant position during the forthcoming years. Moreover, farming of popular species of fish such as trout and salmon as well as improvements in fish production across the globe are the main factors that are anticipated to increase the usage of fish oil in aquaculture activities.
Key Industry Developments
In December 2018, FastandUp, a part of Aeronutrix Sports Products Private Limited, launched a new Omega 3 rich fish oil, called Promega. The product claims to beneficial in improving immune system, and development of brain.
In May 2017, Catalent Pharma Solutions, an American company that provides development solutions for biologics and consumer health products, launched a new fish oil product called Fish Oil Thin Shell EasyBurst chewables.
In April 2018, Sona Nutrition Ltd., an Ireland-based nutritional supplements supplier launched ZOMEGA 3 and ZOMEGA 3 for kids, two innovative smoothie fish oil products. The product has EPA, DHA, Vitamin D12, Folic Acid, and Vitamin K within it.
Rapid Development of Aquaculture Industry to Accelerate Growth in Asia Pacific
The global fish oil is segmented into North America, Europe, the Middle East and Africa, North America, and Asia Pacific. The report states that Europe is projected to lead the global fish oil market during the forecast period. This will occur because the region has been witnessing a rise in the aquaculture activities in countries such as Norway and the U.K. Also, Denmark in Europe is one of the leading producers of fish oil.
This in turn, will result in the growth of fish oil market in the coming years. Asia Pacific, on the other hand, is projected to exhibit a notable growth in the fish oil market. This is likely to occur because of the persistent development and rise in aquaculture industry and favorable climatic conditions in countries such as India, China, Indonesia, and Thailand.
There has also been a rise in the awareness programs amongst the consumers of these countries regarding the health benefits of fish oil products. This is a significant factor for the growth of the fish oil industry in Asia Pacific.
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Catalent Pharma, FastandUp, and Other Prominent Market Players Aim to Boost Sales by Launching Innovative Products
FastandUp, a vitamin and supplement provider, based in Switzerland, announced the launch of its new product called Promega, an Omega-3 rich fatty acid fish oil in December 2018. Promega promises to improve a person’s immune system, cognitive function, and brain developments. The company is a prominent one amongst several nutritionists and sports enthusiasts.
The product is important for optimal health. Catalent Pharma Solutions, a developer of biologics, drugs, and consumer health products, headquartered in the U.S., launched its product named Fish Oil Thin Shell EasyBurst Chewables in May 2017. The product is innovative as it has overcome few of the major challenges associated with fish oil, namely, odor, unpleasant taste, and large size of the capsules. These chewables are small and don’t require water.
Sona Nutrition Ltd., a producer of herbal remedies and nutritional supplements based in Ireland, announced the launch of ZOMEGA 3 for kids and ZOMEGA for adults. These are two of their most innovative smoothies that include fish oil. The products also contain Vitamin D12, Vitamin K, EPA, Folic Acid, and DHA.
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