“Fish oil is derived from the tissue of oily fish species and contains a high percentage of long chain omega 3 fatty acids, such as EPA and DHA, which are essential nutrients for both humans and animals. Fish oil is largely used as a feed ingredient in numerous animal and human nutritional applications, which include aquaculture feed, animal nutrition & pet feed, pharmaceuticals, supplements & functional food. Fish oil is the prime ingredient in aqua feed and growth of the global aquaculture industry, subsequently results in the growth of the fish oil market. Moreover, the rising concern of chronic diseases among consumers results in the increasing awareness for omega 3 fish oil intake in various health supplements and functional food. Government impositions that limit the fishing quota cause a demand supply gap, which largely affects the growth of the fish oil industry. An increase in fish oil production from by products and fostering prospects with third party suppliers, could alternatively help in mitigating this threat and in minimizing the demand supply gap.
Geographically, the market is segmented across North America, Europe, Asia-Pacific and LAMEA. China is the biggest fish oil producer in the world and this is mainly due to the highest concentration of aquaculture industry in this region. On the other hand, rising concern for chronic disease leads to the adoption of omega 3 fish oil in countries like Japan, U.S., Denmark and Belgium.
To provide a thorough understanding of the market scenario, the global fish oil market is segmented based on species, application and geography. This report highlights the major fish oil species, which include Anchovy, Mackerel, Sardines, Cod, Herring, and Menhaden amongst others. Most of the fish oil produced in the global market is derived from anchovies. Based on application, the global fish oil market is segmented into aquaculture, animal nutrition & pet feed, pharmaceutical, supplements & functional food and...