Substantial growth of the aquaculture industry and growing health awareness have propelled the growth of the global fish oil market. Furthermore, based on species, the anchovy segment held the largest share in 2019 and would lead the trail by 2027. Moreover, by region, the global market across Asia-Pacific held the highest market share in 2019 and is anticipated to dominate the market throughout the forecast period.
portland, OR, Oct. 15, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global fish oil industry was pegged at $1.91 billion in 2019, and is expected to reach $2.84 billion by 2027, growing at a CAGR of 5.8% from 2021 to 2027. The report offers an extensive analysis of changing market dynamics, key winning strategies, business performance, major segments, and competitive scenarios.
Substantial growth of the aquaculture industry and growing health awareness have propelled the growth of the global fish oil market. On contrary, adverse climatic conditions, demand-supply gap, and stringent government regulation impede the market growth. However, rapid ageing population connectivity and production from by-products are anticipated to usher a number of opportunities for market players in the near future.
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The global fish oil market is segmented into species, application and region. Based on species, the anchovy segment held the largest share in 2019, accounting for more than two-fifths of the market. However, the mackerel segment is expected to register the highest CAGR of 10.3% during the forecast period. The report also includes segments such as sardines, cod, herring, menhaden and others
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Based on application, the market is aquaculture, animal nutrition & pet food, pharmaceuticals, supplements & functional food and others. The aquaculture segment is expected to manifest the highest CAGR of 8.9% during the forecast period. At the same time, the food segment held the largest share.
Based on region, the global market across Asia-Pacific held the highest market share in 2019, accounting for more than three-fifths of the total revenue share. On the other hand, North America region is anticipated to manifest the fastest CAGR of 8.6% from 2021 to 2027. The report also examines the market across Europe and LAMEA regions.
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Major market players in the report include Omega Protein Corporation, Copeinca AS, FMC Corporation, Colpex International, Corpesca SA, FF Skagen A/S, TripleNine Group A/S, Marvesa Holding N.V., Pesquera Diamante S.A., and PesqueraExalmar
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