Fish Oil Consumption Highest in Latin America, Europe to Closely Follow the Region through 2028: FMI Study

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

Request a Sample Report with Table of Contents and Figures:

FMI Blog

Leave a Reply

Your email address will not be published. Required fields are marked *