Fish oil capsules. (Photo: StockFile)
Fish oil market booming to USD 1.7 billion by 2018
Friday, June 07, 2013, 23:10 (GMT + 9)
According to a new market report published by Transparency Market Research Fish Oil Market for Aquaculture, Direct Human Consumption, Hydrogenation and Industrial Applications - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2012 - 2018, the global market for fish oil was valued at USD 1.1 billion in 2011 and is expected to reach USD 1.7 billion in 2018, growing at a CAGR of 5.05 per cent from 2012 to 2018.
In terms of volume, the demand for fish oil was 1,035 kilo tonnes in 2011 and is expected to reach 1,130 kilo tonnes in 2018, growing at a CAGR of 1.22 per cent from 2012 to 2018.
The demand for fish oil is expected to increase owing to the increased demand for omega-3 ingredients. Fish oil is the primary source of omega-3 and with the growing awareness of omega-3 and its benefits; consumers are increasing their intake of omega-3 as part of regular diet. However, the reduced or static production levels of fish oil acts as a major inhibitor for the growth of the market. This situation is expected to escalate due to the uneven frequency of El Nino, which further reduces the overall fishing volumes.
Aquaculture was the largest application segment in 2011, accounting for over 70 per cent of the consumption of oil. Majority of fish oil is consumed in the farming of salmon and trout, which are primarily grown in Chile and Peru.
However, direct human consumption (DHC) of fish oil has been increasing over the past five years due to increased awareness among customers regarding the benefits of omega-3.
Europe was the largest consumer of fish oil in 2011, with over 450 kilo tonnes of oil consumed. Asia Pacific and Latin America are expected to be the fastest growing regions in terms of fish oil consumption due to growing aquaculture for carps in China and salmon farms in Chile.
The leading fish oil producers include EPAX AS, Croda Inc, COPEINCA ASA, Corpesca SA and Omega Protein Corporation among others. The report contains company profiles of the above mentioned producers along with other major players in the fish oil market.