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Global Market Analysis of Fish Oil - Guires Food Research Lab

24 Feb

Global Market Analysis of Fish Oil

by Food Research Lab

in market consumer research, New product development, Nutraceutical Product

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Introduction

Fish oil is derived from fatty fish like sardine, herring and salmon and is rich in Polyunsaturated Fatty Acids (PUFAs). There are three categories of PUFAs: oleic acid, linoleic acid and alpha-linolenic acid (ALA) [1]. ALA is one of the three components of omega-3 fatty acids, the remaining being Eicosapentaenoic Acid (EPA) and Docosahexenoic Acid (DHA). Only a fraction of ALA can be converted into EPA and DHA; hence, dietary supplements are the only way to increase the levels of omega-3 fatty acids, and fish oil is an excellent source of omega-3 fatty acids [2].

Figure 1: Fish oil capsules

Omega-3 has been proven to help in numerous physiological processes, such as improving cognitive health, development of eyes, regulation of skeletal muscle mass and neurogenesis. It also has anticancer and cardioprotective properties, and the American Heart Association (AHA) recommends the consumption of fish oil for their health benefits [1][3].

Global Fish Oil Market

The worldwide fish oil was valued at 12.3 billion US dollars in 2022 and is expected to reach 23.8 billion in 2032 with a Compound Annual Growth Rate(CAGR) of 6.8%[4].

The Factors causing the growth are as follows: –

Increased consumer awareness: – Thanks to the availability of numerous information sources in the form of electronic and print media, consumers are well–informed about the benefits of consuming omega-3 supplements and want to consume speciality formulations that offer maximum health benefits. Hence, many consume fish oil capsules, fuelling their demand [5].
Role of COVID-19: – The pandemic has diverted the commoners to focus more on the prevention of diseases. Consumers seek to give more importance to immunity, cardiovascular health and general health. In addition, the AHA stated that people with a stroke and those with heart conditions such as hypertension and congenital heart defects might be more susceptible to consequences if they contract COVID-19. This has caused a spike in demand for omega-3 supplements that benefit heart health [5]. Omega-3 is also known to benefit mental health. There was an increasing burden of anxiety and depression during the pandemic, and omega-3 can aid in reducing their symptoms, leading to a boost in demand for fish oil capsules [6].
Demand from Pharmaceutical companies: – Due to rising demand from the consumers’ side, the need for fish oil from pharma companies is also increasing to meet the consumers’ requirements to supply fish oil in the form of capsules known as nutraceuticals.
Demand from other sectors: – Fish oil is also used as a raw ingredient in aquaculture and pet feeds, bolstering its demand from the manufacturers of pet food products [7].
Availability: – Many varieties of fish that contain different vitamins are available that act as a driver from the manufacturers’ side of the fish market.

The factors that may cause restrictions on the fish oil market are:

Regulations by the conservation bodies: – Rules to protect fish species that provide the raw material for fish oil may decelerate the growth of fish markets from the supply perspective.
Growing vegan population: – An increase in the number of consumers who eat vegan diet implies the search for alternatives to fish oil supplements, such as algae oil, thereby affecting the growth of fish oil markets.
Pollution: – The presence of heavy metals and environmental and hazardous contaminants in fish render them toxic for consumption [5].

Types of fish oil and their benefits

Based on the categories, there is growth in various fish oils, including menhaden oil, mackerel oil, cod oil and anchovy oil. Cod oil is gaining popularity nowadays since it is rich in nutrient value, almost fulfilling the requirements of vitamins A and D. Anchovy oil is also in high demand since it is high in antioxidants and omega-3 fatty acids. In addition, an increase in the sales of menhaden and mackerel oil has been observed since they are high in vitamin A, which helps prevent macular degeneration [7].

Figure 2: Types of fish used for making fish oil

Conclusion

Fish oil is highly nutritious, and many factors affect its market size. A thorough market and consumer research is vital to make informed decisions before embarking on preparing nutraceuticals based on fish oil.

How the Food Research Lab can help

The Food Research Lab has a team of experts that have an expertise in the development of food, beverages, nutraceuticals and cosmeceuticals. It also assists in conducting industry and market research that assist startups to decide better regarding the use of ingredients, pricing and packaging, setting them apart from their competitors.