The global fish oil market has been driven primarily by the rising consumption of fish oil in fisheries to boost fish farming. Aquaculture in fish farming accounts for more than 75% of the total demand from the global fish oil market and is likely to retain a dominant share in the coming years. The several health benefits of fish oil have also made it popular for human consumption, which is likely to have a lasting impact on the global fish oil market in the coming years. The global fish oil market’s sustained growth in the last few years have resulted in strong estimations for the market’s future, with the market expected to be valued at US$1.7 bn in 2018.
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Rising Demand for Fish Oil in Human Consumption Vital for Global Fish Oil Market
The prime driver for the global fish oil market is its rising demand for direct consumption in humans. Fish oil is a prime food source of omega-3 fatty acids, whose varied health benefits have been discovered relatively recently. As a result, the demand from the fish oil market has obtained a new sales channel in the form of direct human consumption. The increasing demographic of health-conscious citizens across the world is thus likely to drive the global fish oil market in the coming years. The availability of fish oils is also steadily rising, particularly in developed regions, due to the establishment of commendable storage and preservation technologies. This is also likely to remain a key driver for the global fish oil market in the coming years.
The increasing demand for human consumption of fish has also been a vital driver for the global fish oil market, as fisheries are still likely to retain a dominant share in global fish oil consumption in the coming years. The consumption of fish still dominates consumption of extracted fish oil, mainly due to the better palatability of fish. Due to this, the aquaculture scenario in leading fish producers is likely to have a key impact on the global fish oil market.
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Europe, Led by Denmark, to Retain Dominance in Global Fish Oil Market
Geographically, the global fish oil market is segmented into North America, Latin America, Europe, Asia Pacific, and Rest of the World. Europe is likely to lead the global fish oil market in the coming years due to the firm establishment of aquaculture and fisheries as an economic activity in countries such as Denmark. Several other countries in Northern Europe also have rich traditions of fish farming and aquaculture, making the region the prime regional market for fish oil.
The Asia Pacific fish oil market is likely to take on an important role in the global scenario in the coming years, driven by the rising support to aquaculture in China. China is likely to become a dominant producer of fish in the coming years due to the growing aquaculture industry in the region, and could be joined by India and several other countries in Southeast Asia.