Market Trends of Fish Oil Omega-3 Industry
This section covers the major market trends shaping the Fish Oil Omega-3 Market according to our research experts:
Growth in the Aquaculture Sector
- The growth in the aquaculture sector is strongly related to the development of the fish oil omega-3 market. Through aquaculture, fish are cultivated for various commercial purposes. Now aquaculture is evolving into a carbon-efficient and resource-efficient sector using fish meals made from algae and food waste.
- The growing need to increase the fish oil production is also a major factor in the growth of aquaculture worldwide. For instance, according to OECD, the volume of fish oil produced in the European Union in 2022 amounted to 128.41 tons which increased from 120.74 tons in 2021.
- Moreover, the growing demand for fish oil and, most importantly, fish oil omega-3 has encouraged the overall technical and financial support extended to the aquaculture industry. Thus, the increase in aquaculture production has resulted in an increase in the use of both fish oil and the meal derived as a by-product from seafood production and processing.
- For instance, according to the latest data from International Fishmeal and Fish Oil Organisation (IFFO), the marine ingredients organization, cumulative fish meal production for 2021 has increased by 5%, while cumulative fish oil production is up by 8% compared to 2020.
- Furthermore, in terms of fishmeal, Peru, Chile, and India continue to be the only countries to report a higher cumulative production in 2021 concerning the same period in 2020. Hence, the continuous developments in the aquaculture sector are driving the growth of the fish oil omega-3 market, as the high production capacity of the former supports the high demand for the latter.
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Asia-Pacific Dominates the Global Market
- Asia-Pacific dominates the global market for fish oil omega-3 due to its high fishery rate through aquaculture and manual fishing. The increasing aging population, coupled with rising health trends and awareness among general consumers, has increased the consumption of dietary supplements in the region, significantly boosting the fish oil omega-3 market.
- Fish oil is claimed to be one of the most extensively researched supplements and is being used for its efficacy in reducing the risk of heart disease and musculoskeletal degeneration and treating inflammatory and neuropathic pain. With the growing aged population across the region, people are increasingly keen on consuming omega-3 supplements that prevent heart diseases to an extent.
- For instance, according to the Population Reference Bureau, in 2022, Monaco was the country with the highest percentage of the total population over 65. Monaco has the world's oldest population, with 36% of Japanese over 65.
- China is one of the world's largest producers of fishmeal and oil owing to its increased fish production. For instance, according to the National Bureau of Statistics of China, in 2021, the fishery production value in Shandong province amounted to about USD 23.80 billion. Guangdong and Shandong accounted for the 2nd and 3rd positions in fishery production value amounting to about USD 25.16 and 23.79 billion, respectively. However, the country primarily focuses on producing high-quality pharma-grade fish oil to increase its applications in the pharmaceutical sector.
- Also, in Japan, the consumption of nutritional and pharmaceutical-grade fish oil has significantly increased due to rising health concerns among the country's senior population. Alongside, South Korea and Southeast Asian countries hold significant shares in the Rest of the Asia-Pacific fish oil market.
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