Fish-Oil Omega-3 Market Size, Share Global Analysis Report, 2023 – 2030

Industry Insights

[214+ Pages Report] According to Facts and Factors, the global fish oil omega-3 market size was valued at USD 2611.80 million in 2022 and is likely to surpass USD 5907.10 million by the end of 2030. The fish oil omega-3 industry is expected to grow with a CAGR of 10.74% during the forecast period.

Market Overview

The omega-3 fish oil is the essential fatty acid nutrient found in the oil of fish. DHA (docosahexaenoic acid) and EPA (eicosapentaenoic acid) are major products found in fish oil that are important for various bodily functions of human beings.

Human beings are incapable of producing them in their body on their own, and can only be absorbed through supplementation or proper diet. These oils are known across the world for their numerous health benefits. Omega-3 fish oil supports brain function & heart health, reduces inflammation, and maintains the overall wellness of the human body.

Key Insights

• As per the analysis shared by our research analyst, the global fish oil omega-3 market size is estimated to grow annually at a CAGR of around 10.74% over the forecast period (2023-2030).
• In terms of revenue, the global fish oil omega-3 market size was valued at around USD 2611.80 million in 2022 and is projected to reach USD 5907.10 million by 2030.
• Increasing health awareness is driving the growth of the global fish oil omega-3 market.
• Based on the application, the aquaculture segment is growing at a high rate and is projected to dominate the global market.
• Based on the types, the anchovy segment is projected to swipe the largest market share.
• Based on region, North America is expected to dominate the global market during the forecast period.           

Growth Drivers

• Increasing health awareness is likely to drive the growth of the global market.

The growing awareness among people regarding the health benefits of omega-3 fatty acid fish oil is promoting consumption and demand in the global fish oil omega-3 market. Additionally, there is a significant rise in chronic health conditions like joint problems, cognitive issues, and cardiovascular diseases, which is further raising the interest of people in preventive health measures. Nowadays, people are looking forward to various supplements like omega-3 fish oil to address acute and chronic concerns.

Additionally, there is a rise in the rate of the aging population, which is another factor largely impacting the growth of the industry in the forthcoming years. Growth in the number of older individuals is making the health supplements industry grow fast, which is likely to foster more growth opportunities in the market.

For instance, Norwegian Biotech came up with a natural Omega-3 product in November 2022. The product is said to be rich in cetoleic acid, which is sourced from pelagic Atlantic herring fish.

Restraints

• Conflicting studies and price fluctuations are likely to hamper the growth of the global market.

Certain studies are questioning the actual health benefits of omega-3 supplements, which is creating uncertainty in the minds of consumers, thereby preventing people from buying these products. Also, the instability in the prices of fish oil due to the changes in fish population and other environmental factors is also negatively impacting the growth trajectory of the fish oil omega-3 industry.

Opportunities

• Globalization of markets is likely to host growth opportunities in the global market.

The omega-3 supplement industry is expanding heavily in all the leading regions across the world, which is expected to boost the growth opportunities in the market. The increase in trade of omega-3 supplements and growing interest of the emerging markets in the product is further expected to support the growth trajectory of the market. For instance, Solid Gold launched its new fish oil mix named “Let’s sea fish oil” in November 2022. It is manufactured for cats and dogs of all sizes, breeds, ages, etc.

Challenges

• Environmental concern is a big challenge in the global market.

There is growing concern regarding the sustainability of fishing practices. Overfishing is a major concern in the industry. Also, the extraction of certain fish species to extract the higher fish oil further affects the environment. Therefore, such a landscape is expected to slow down the growth trajectory of the global fish oil omega-3 market.

Segmentation Analysis

The global fish oil omega-3 market can be segmented into applications, types, and regions.

By application, the market can be segmented into supplements & functional food, pharmaceuticals, animal nutrition & pet food, aquaculture, and others. The aquaculture segment is likely to swipe the largest share of the fish oil omega-3 industry in the forthcoming years. The aquaculture industry is expanding at a high rate, which is expected to boost the demand for fish oil in the market as it is an essential element in the aqua feed.

Moreover, this high demand for fish oil in aquaculture is primarily for feed formulations, particularly for species like trout, salmon, and other carnivorous fish. It helps improve the nutritional content of the aquatic feed and the overall growth of aquatic animals.

Also, the technological advancements in the sector, because of the high investments in research and innovation practices, are further expected to foster growth opportunities in the segment. The goal is to explore different high-quality sources of omega-3 fish oil in the industry.

By type, the market can be segmented into sardines, mackerel, menhaden s, herring, cod, anchovy, and others. The anchovy segment is expected to witness notable growth in the global fish oil omega-3 market during the forecast period.

Anchovies are considered to be rich in omega-3 fatty acids, protein, and other essential nutrients, thereby making them an attractive option for health-conscious consumers. Also, the growing awareness among people regarding the health benefits of consuming anchovy fish is further soaring the demand in the market.

Moreover, anchovies are a common fish ingredient in different cuisines worldwide, which is likely to further increase the sales revenue of this segment. The globalization of the culinary trend, particularly of the local dishes onto the international stage, is further fueling its consumption. Additionally, companies are also innovating the species in different ways to appeal to a broader consumer base with their unique dishes.

Report Scope

Regional Analysis

• North America to dominate the global market.

North America accounts for the largest share of the global fish oil omega-3 market. The market in the region is expected to encompass the high consumption, sale, and production of fish largely for human consumption. Certain essential nutrients like DHA and EPA are found in the fish, which makes it a more healthy food option.

Also, it is highly useful in various disorders like cognitive functions, heart health, and several others. The significant increase in awareness and education among consumers regarding the health benefits of omega-3 fatty acids is soaring the demand in the region. The region is witnessing several disorders associated with heart health, brain function, and other well-being, and therefore, people are more inclined towards the fish oils in the region.

Additionally, the fast expansion of the supplement industry in the region is another major reason propelling the growth of the regional market. Manufacturers are innovative with liquid formulations, capsules, and soft gels to cater to the various forms of omega-3 supplements in the region as per the different consumer preferences.

The retail distribution chain in the region is very strong, which is expected to pose a positive impact on the growth trajectory of the regional market in the forthcoming years. The increase in the number of online portals, supermarkets, health stores, pharmacies, and other retail outlets is offering consumers a convenient and on-the-go way to shop for omega-3 fish oil supplements.

Asia Pacific is expected to reflect significant developments in the global fish oil omega-3 industry in the coming years because of the increasing focus of people on the health and wellness aspects in the region. There is rising awareness among people regarding the health benefits of omega-3 fatty acids in the region, which is likely to propel the demand during the anticipated period.

Also, consumers are looking forward to the omega-3 supplements to support their overall wellness. The region witnesses a cultural dietary habit of consuming fish as a part of their daily lives, which is a major reason behind the exceptional growth of the regional market in recent years. The emergence of several international companies, start-ups, and local manufacturers in the industry is further expected to foster huge developments in the region. The high growth rate of the market for omega-3 supplements with different formulations and dosages is expected to contribute heavily towards the growth of the regional market.

Also, the regulatory framework of the country is expected to support the growth of dietary supplements. Furthermore, the rising incidences of lifestyle-associated diseases, along with the increasing rate of the aging population, are further encouraging people to invest in preventive healthcare measures, which also include the consumption of different essential nutrient supplements. For instance, the AvailOm platform was revealed in India in September 2021. It is for the high load of omega-3 powder. Evonik registered AvailOm in Brazil.

Competitive Analysis

The key players in the global fish oil omega-3 market include:

• DSM Nutritional Products 
• BASF SE 
• Croda International PLC 
• Epax AS 
• Omega Protein Corporation 
• GC Rieber Oils 
• Orkla Health 
• Cargill 
• Incorporated 
• Nordic Naturals 
• Lysi hf 

The global fish oil omega-3 market is segmented as follows:

By Applications Segment Analysis

• Supplements & Functional Food
• Pharmaceuticals
• Animal Nutrition & Pet Food
• Aquaculture
• Others

By Types Segment Analysis

• Sardines
• Mackerel
• Menhaden S
• Herring
• Cod
• Anchovy
• Others

By Regional Segment Analysis

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • Southeast Asia
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • Kuwait
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America