Fish Oil Market

Fish Oil Market Outlook (2024 to 2034)

Revenue from the global fish oil market is estimated at US$ 2.26 billion in 2024 and is expected to increase to US$ 3.99 billion by the end of 2034. Worldwide demand for fish oil has been projected to rise at a value CAGR of 5.9% from 2024 to 2034.

Fish oil is an excellent source of omega-3 fatty acids. Omega-3 fatty acids lower the risk of heart disease, arthritis, and asthma, as well as aid in brain development and function. Several companies in the functional food industry are including fish oil in their products due to its omega-3 fatty acid content, which is attracting a larger consumer base. Consumers are purchasing functional food products that have fish oil included as they are finding this an excellent way of increasing omega-3 intake. Fish oil or omega-3 fatty acids are becoming increasingly common in many functional food products such as pasta, yogurt, bread, and others.

The health benefits of anchovy oil, cod oil, menhaden oil, and mackerel oil are pretty well known. Sales of cod oil are gaining traction owing to its extremely nutritious properties, meeting nearly all of the nutritional needs for vitamins D and A.

Key Market Growth Drivers

• The fish oil market size is expanding steadily due to its growing use in supplements because of its health benefits linked to omega-3 acids. It helps in enhancing cardiovascular health, cognitive function, anti-inflammatory qualities, and others.
• Fish oil sales are increasing due to its increasing popularity as supplement forms such as liquids, soft gels, capsules, and others.
• Growing demand for functional food products and dietary supplements is further boosting market expansion.
• A key fish oil market trend that is increasing emphasis on healthcare and wellness because of growing health-related problems is encouraging more consumers to include fish oil in their regular diets to manage chronic illnesses and preserve health.
• Fish oil is being used more in food formulations to boost their nutritional value due to the growing demand for omega-3-enriched foods and drinks.
• Quality, purity, and stability of fish oil products are increasing due to technological advancements in fish oil extraction and processing, which appeal to both manufacturers and customers.
• Fish oil demand is increasing among aged people who are looking for supplements to help cognitive function, cardiovascular health, and joint health.

Report Attributes	Details
Fish Oil Market Size (2024E)	US$ 2.26 Billion
Forecasted Market Value (2034F)	US$ 3.99 Billion
Global Market Growth Rate (2024 to 2034)	5.9% CAGR
East Asia Market Share (2024E)	23.8%
North America Market Value (2024E)	US$ 534 Million
Food Grade Fish Oil Segment Value (2034F)	US$ 1.8 Billion
Modified Fish Oil Segment Value (2034F)	US$ 1.48 Billion
Key Companies Profiled	Croda International Plc; Pelagia AS; Sursan A.S.; Ocean Group Limited; GC Rieber Oils; Tecnológica de Alimentos SA; Golden Omega; Stepan Company; BASF SE; TripleNine Group; Pesquera Exalmar S.A.A

What’s Driving Up Sales of Fish Oil Across the Globe?

“Growing Demand for Fish Oil-Based Supplements”

Global fish oil market growth is being driven primarily by the increasing demand for dietary supplements, due to its well-known advantages, especially its high omega-3 fatty acid content. Fish oil is gaining popularity due to the increasing demand for functional foods and supplements from people who are aiming to improve their health or are focusing on living active lifestyles. Fish oil is easily accessible and comes in various formats such as liquids, soft gels, and capsules. Fish oil demand is continuously increasing as it is an important component of numerous health and wellness products.

Which Factors are Restraining Growth Opportunities for Companies?

“Fluctuation in Raw Material Prices and Contamination of Dangerous Materials”

The market for fish oil is being hit by fluctuations in the cost of raw materials, particularly fish, which vary depending on seasonal availability and fishing laws. Because of this, the fluctuation in the price of raw materials leads to uncertainty for consumers and manufacturers, which ends up impacting overall market stability and expansion.

Another reason is worries about contamination with dangerous materials such as polychlorinated biphenyls (PCBs) and mercury. It is imperative to ensure the quality and purity of fish oil. Rising trend toward veganism is also hampering market growth to some extent as more companies are launching alternative plant-based products to fish oil for omega-3 intake such as algal oil.

• In January 2024, PhytoLove introduced a whole plant-based omega supplement using regenerative-grown seeds in Australia.

Country-wise Insights

The East Asia region is projected to lead with 23.8% of the global market share in 2024, which is projected to increase to 25% by the end of 2034. The nutraceuticals business is highly competitive and growing in popularity across East Asia. Increasing research and study on marine-based health supplements and their benefits for human health is contributing to the increasing application of marine by-products in nutraceuticals. The North American region is poised to account for 23.7% of the worldwide fish oil market share in 2024.

What is the Demand Outlook for Fish Oil in the United States?

“High Demand for Fish Oil-based Dietary Supplements”

Attribute	United States
Market Value (2024E)	US$ 413.5 Million
Growth Rate (2024 to 2034)	4.5% CAGR
Projected Value (2034F)	US$ 644.6 Million

The United States is set to hold 77.4% of the North American market share in 2024. With the growing demand for dietary supplements in the country for illness prevention and management, fish oil has gained popularity as a key ingredient. Fish oil is known as a source of vital omega-3 fatty acids, which is contributing to its increasing demand as more people look to improve their overall wellness and manage chronic health concerns. Fish oil products are widely available in the United States and also have broad availability in different supplement forms.

Why are Fish Oil Products Gaining Popularity in South Korea?

“Increasing Availability of Fish Oil Products through Different Distribution Channels”

Attribute	South Korea
Market Value (2024E)	US$ 28.5 Million
Growth Rate (2024 to 2034)	8.2% CAGR
Projected Value (2034F)	US$ 63 Million

Demand for fish oil is increasing in South Korea because of growing product availability through different sales channels. Today’s market offers a wide range of premium and regular fish oil products to meet various consumers' demands and tastes, such as liquid supplements, fortified foods, and pills. More people in South Korea are looking to include fish oil in their daily routines, whether for specific wellness goals or health maintenance, complemented by its increasing availability. Improved channels of distribution such as drugstores, health stores, and internet sites, make these products even easier to obtain, which helps explain why South Korean customers are becoming more interested in them.

Category-wise Insights

Based on product type, the market is segmented into salmon, tuna, cod liver, sardine, squalene, krill, anchovy, and menhaden. Anchovies are rich in omega-3 fatty acids, proteins, vitamins, and minerals that promote a healthy environment, as per USDA Food Data Central. Use of fish oil in aquaculture is also driving demand for anchovy fish oil in the global market.

Sardine oil, mackerel oil, and salmon oil are used for the manufacturing of fish body oil. Demand for fish body oil is gaining traction owing to its various health benefits.

Why is Demand for Food Grade Fish Oil High Worldwide?

“Food Grade Improving Nutritional Profile of Several Eatables”

Attribute	Food Grade Fish Oil
Segment Value (2024E)	US$ 999 Million
Growth Rate (2024 to 2034)	6.1% CAGR
Projected Value (2034F)	US$ 1.8 Billion

Food-grade fish oil is in high demand because of its ability to improve the nutritional profile of various food products. Food-grade fish oil is used to supplement dairy products, baked goods, and beverages with omega-3 fatty acids, which are necessary for heart health, brain function, and overall well-being. More consumers are looking for healthier foods with additional nutritional benefits, and due to this, food-grade fish oil is becoming a popular choice. Also, strict quality standards and safety rules in several countries for food-grade fish oil ensure that it fulfils the high purity and quality criteria for human consumption, driving up demand in the food industry.

Why is Consumption of Modified Fish Oil Increasing Fast?

“Usefulness in Fortified Food Products and Speciality Supplements”

Attribute	Modified Fish Oil
Segment Value (2024E)	US$ 860 Million
Growth Rate (2024 to 2034)	5.6% CAGR
Projected Value (2034F)	US$ 1.48 Billion

Modified fish oil is in higher demand than crude and refined variants because of its improved qualities and specific application. Modified fish oil goes through processing to concentrate essential omega-3 fatty acids and remove contaminants, making it ideal for health and nutrition. This method increases its stability, purity, and bioavailability, ensuring that it provides more health advantages.

Modified fish oil is widely utilized in specialty supplements and fortified foods that require precise nutritional profiles and increased levels of omega-3s. As consumers and producers seek more personalized solutions with more efficacy, demand for modified fish oil will rise faster in comparison to crude and refined alternatives.

Competitive Landscape

As health supplements are becoming more popular, key players in the fish oil market are focusing on offering omega fish oil/omega-3 supplements in the global market. Due to the high level of competition, manufacturers are offering products with additional nutrients. Several fish oil manufacturers are also focusing on introducing new products in the global market owing to increased demand for fish oil from the pharmaceutical industry.

• In March 2024, with a 'full spectrum' impact, Epax unveiled a skin health supplement that combines well-known omega-3s with 'up-and-coming omegas-9 and 11'.
• In March 2023, Life Extension introduced new gummy fish oil omega-3 bits.

Fact.MR provides detailed information about the price points of key manufacturers of fish oil positioned across the world, sales growth, production capacity, and speculative technological expansion, in this updated market report.

Segmentation of Fish Oil Market Research

• By Product:

  • Salmon
  • Tuna
  • Cod Liver
  • Sardine
  • Squalene
  • Krill
  • Anchovy
  • Menhaden

• By Grade:

  • Feed
  • Food
  • Pharma

• By Process:

  • Crude
  • Refined
  • Modified

• By End Use:

  • Aqua-Feed
    • Crustaceans
    • Marine Fish
    • Salmon & Trout
    • Eels
    • Cyprinids
    • Tilapias
  • Food & Beverages
  • Dietary Supplements
  • Cosmetic & Beauty Products

• By Distribution Channel:

  • Business to Business (Manufacturers & Distributors)
  • Business to Consumer
    • Modern Trade (Hypermarkets & Supermarkets)
    • Convenience Stores
    • Grocery Stores
    • Medical Stores
    • Discount Stores
  • E-commerce/Online Stores

• By Region:

  • North America
  • Western Europe
  • Eastern Europe
  • Latin America
  • East Asia
  • South Asia & Pacific
  • Middle East & Africa