PUBLISHER: Allied Market Research | PRODUCT CODE: 1414958
PUBLISHER: Allied Market Research | PRODUCT CODE: 1414958
According to a new report published by Allied Market Research, titled, "Fish Oil Omega-3 Market," The fish oil omega-3 market was valued at $1.1 billion in 2022, and is estimated to reach $1.8 billion by 2032, growing at a CAGR of 5.1% from 2023 to 2032.
Fish oil omega-3 is a dietary product made from fatty fish like salmon, mackerel, and tuna, which are naturally rich in a type of healthy fat known as omega-3 fatty acids, often containing vitamins A and D. Many people use these supplements because they believe they may have positive effects on health. Health organizations, such as the American College of Cardiology and the American Heart Association, recommend including fish or fish oil supplements in a heart-healthy diet. This is because omega-3 fatty acids are believed to have the potential to help in preventing heart disease, promoting the well-being of the brain and eyes, and supporting the development of unborn babies.
The fish oil omega-3 market is analyzed on the basis of type, application, distribution channel, and region. By type, it is divided into anchovy, cod, herring, menhadens, mackerel, sardines, salmon, and others. As per application, it is categorized into aquaculture, dietary supplements, animal nutrition and pet food, pharmaceutical, infant formula, and others. Depending on distribution channel, it is fragmented into supermarkets-hypermarkets, departmental stores, pharmacies, B2B, and online sales channel. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The outbreak of the pandemic disrupted global supply chains, which resulted in shortages of fish species used for omega-3 fish oil production. This caused delays in production and distribution activities across the globe. Furthermore, the pandemic prompted changes in consumer behavior, with a growing inclination toward preventive healthcare among consumers. This shift has rapidly driven up the demand for omega-3-rich dietary supplements, including soft gels, powders, syrups, and other fish oil omega-3 related products. Thus, this surge in demand has significantly boosted the market for fish oil omega-3 products. These changes in consumer behavior post the COVID-19 pandemic outbreak have had a positive on the fish oil omega-3 market
The popularity of fish oil omega-3 has grown as consumers have become more aware of its health advantages. With a heightened focus on health and wellness, individuals are incorporating omega-3 fish oil supplements into their daily regimens. As a result, various fish oil omega-3 products, such as capsules and powders, have gained favor among consumers. The growing demand for fish oil supplements is boosting the fish oil omega-3 market
As a result, manufacturers are continually working on innovative fish oil omega-3 products with better formulations, different delivery methods, and specific health benefits. These advancements are intended to draw in customers and maintain the market's expansion in the years ahead. Moreover, the widespread accessibility of fish oil items and omega-3 supplements in physical shops and web-based vendors offers convenience to consumers, which in turn contributes to the expansion of the fish oil omega-3 market
However, adherence to strict government regulations often necessitates significant investments in testing, quality control, and documentation, potentially leading to increased production costs for fish oil omega-3 products. An increase in the prices of basic products such as fish oil omega-3 may ultimately lead to higher prices for final products made using these oils. This price hike might have significant implications for industries dependent on fish oil, such as dietary supplements and aquaculture, as they would face increased production costs and potentially pass these expenses onto consumers. Additionally, other businesses procuring fish oil for various applications may also experience financial challenges owing to rising costs, potentially affecting their profit margins and competitiveness in the market. High regulatory barriers may also make it difficult for new entrants to penetrate the market, which may slow down innovation and competition in fish oil omega-3, ultimately limiting the market growth. Furthermore, stringent regulations may also impact international trade in fish oil omega-3 products. Export restrictions or import barriers may limit market expansion to a global scale, thus hampering the growth of fish oil omega-3 market
Furthermore, fish oil omega-3 have witnessed rapid growth in the market of North America and Europe. Rise in demand for health supplements, coupled with increase in consumer awareness about fish oil omega-3 products lead to market expansion in North America. Manufacturers are continuously investing on R&D programs to launch a variety of products in line of health and nutritional supplements. New product launches have increased demand for fish oil omega-3 in developing regions such as Asia-Pacific and the Middle East. Nowadays, consumers prefer healthy lifestyle. This has resulted in increase in demand for fish oil omega-3 oils for salad dressing and cooking purposes in households to infuse their meals with these beneficial fats. As a result, surge in demand from developing regions provides lucrative opportunities for growth of the fish oil omega-3 market.
The major players analyzed for the fish oil omega-3 industry include: Barlean's Organic Oils, L.L.C., Omega Protein Corporation, Carlson Laboratories, Inc., Olvea Fish Oils, Colpex International S.A.C, Nordic Naturals, Inc., Stepan Company, PELAGIA AS, Koninklijke DSM N.V., and GC Rieber VivoMega AS.