Future Market Insights (FMI) recently published a market intelligence study, which finds that the consumption of fish oil has been on the upward spiral worldwide and the global market is expected to grow at ~7% CAGR during 2018-2028. The study finds that the sales of fish oil recorded more than US$ 1 billion in 2017, and the market is set to grow 2X during the assessment period.
The study attributes increasing fish oil consumption in Latin America among many other factors, such as increasing health awareness and increasing demand for Omega-3 oil, for the positive growth of the market. The study finds that the fish oil market in Latin America accounted for nearly one-third revenue share of the global landscape and increasing sales in the region will contribute to the positive growth prospects of the global market. Increasing consumer awareness about healthy dietary habits along with various campaigns such as the Prevention program in Argentina, are triggering the consumption of fish oil in many Latin American countries.
Furthermore, the FMI study also projects that the demand is on the rise in Europe, which is the second largest market for fish oil in the world. The study opines that manufacturers are capitalizing on growing knowledge among consumers about health benefits of Omega-3 oils, which fish oils are a rich source of. In the coming years, the global market for fish oil will witness healthy growth as the demand for health-benefitting food ingredients is increasing in food products as well as aquaculture industry, opines the FMI study.
Growth Prospects of the Aquaculture Industry will Forster Developments
The FMI study opines that aquaculture is one of the most significant end uses of fish oil, making the aquaculture industry a major producer as well as consumer in the fish oil market. A significantly high share of the fish oil consumed across various industries is accounted by aquaculture, which is even higher than its human consumption, and the changes in its growth prospects are likely to influence potential for fish oil in the coming years, projects the FMI study.
Consumption of fish oil is also expected to grow significantly in salmon and trout farming segment of the aquaculture industry, giving rise to an emerging trend in the fish oil market. Salmonids consume a major part of fish oil in aquaculture, and this will continue to dictate upcoming strategies of leading players in the market, opines the FMI study. However, being the primary source of health-beneficial omega-3 long-chain polyunsaturated fatty acids, the supply as well as cost of fish oil fluctuates drastically, and eventually, it is extracted unsustainably from world oceans, disrupting the ecosystem. This, in combination with increasing concerns among consumers about environmental impacts of human activities, may hamper the growth of the fish oil market
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