Deep Sea Fish Oil Market Size, Share, Growth, and Industry Analysis, By Type (Feed grade, Food grade and Industrial grade), By Application (Feed, Dietary Supplement and Food), Regional Insights, and Forecast To 2032

Updated On: 08 April 2024

deep sea fish oil market REPORT OVERVIEW

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The global deep sea fish oil market size was USD 1670.3 million in 2022 and is projected to touch USD 1971.2 million by 2028, exhibiting a CAGR of 2.8% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

Fish oil is an oil rich in EPA (eicosapentaenoic acid) and DHA (docosahexaenoic acid). The amount of EPA and DHA in common fish is very small, while the amount of EPA and DHA in Marine fish, such as anchovies, anchovies and sardines, is high. Because there is no essential difference between common Marine fish oil and deep-sea fish oil EPA and DHA, major deep-sea fish species have achieved large-scale artificial cultivation. Also subject to cost and price constraints, deep-sea fish are no longer caught for fish oil extraction.

COVID-19 Impact: Imposed Restrictions in the Economy Resulted in Decline in the Market

The COVID-19 problem has had an impact on the global economy, causing a strict lockdown and a halt to day-to-day activities in every industry. With the limits imposed by the government, the panic scenario has had a negative influence on the industries. This has resulted in a market drop as well; there was a direct and indirect impact from numerous sectors producing Deep Sea Fish Oil. With the revival of the market following COVID-19, we are seeing a recovery of the market where the blanks are restructured with product innovation and investments into R&D activities to develop advanced technologies to meet advanced requirements, which will project a proposed increase in the Deep sea fish oil market share in the forecasted period.

LATEST TRENDS

"Increasing Awareness of Omega-3 Health Benefits Drives Market Growth "

One major trend in the Deep sea fish oil market is the increasing awareness of the health benefits associated with omega-3 fatty acids, and this is driving market growth significantly. Omega-3 fatty acids, found abundantly in deep-sea fish oil, have been linked to various health advantages, including cardiovascular health, cognitive function, and reducing inflammation. As consumers become more health-conscious and seek natural dietary supplements, the demand for deep-sea fish oil, a rich source of omega-3s, has surged. Additionally, healthcare professionals are recommending omega-3 supplements to their patients, further fueling demand, propelling the deep-sea fish oil market forward, with manufacturers expanding their product offerings to cater to the growing demand for omega-3 supplements.

deep sea fish oil market SEGMENTATION

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• By Type

Based on Type market is classified as Feed grade, Food grade and Industrial grade.

• By application

Based on application market is classified as Feed, Dietary Supplement and Food.

DRIVING FACTOR

"Expanding Applications in Various Industries to Drive the Market Forward "

A significant driving factor in the Deep sea fish oil market is the expanding range of applications across various industries, and this expansion is exerting a transformative effect on market dynamics. Deep sea fish oil, rich in omega-3 fatty acids and other beneficial compounds, is not limited to dietary supplements alone. It is increasingly being utilized in diverse sectors, including pharmaceuticals, functional foods, cosmetics, and pet nutrition. In pharmaceuticals, it is incorporated into medications for cardiovascular and cognitive health. In the food industry, it is used in fortified products like fortified dairy, cereals, and infant formula. The cosmetic industry is harnessing its anti-aging and skin health properties. Even the pet nutrition sector is recognizing its benefits for animal health. This broadening scope of applications is driving market growth as companies explore innovative ways to integrate deep sea fish oil into their products, appealing to a wider customer base and spurring the market's expansion.

"Increasing Consumer Demand for Omega-3 Supplements to Propel Market Growth"

One of the primary driving factors in the Deep sea fish oil market is the increasing consumer demand for omega-3 supplements, and this is having a profound effect on market growth. As awareness about the health benefits of omega-3 fatty acids continues to grow, consumers are seeking natural and reliable sources of these essential nutrients. Deep sea fish oil is exceptionally rich in omega-3 fatty acids, including eicosapentaenoic acid (EPA) and docosahexaenoic acid (DHA), which are known for their positive impact on heart health, brain function, and overall well-being. The cause of this rising demand can be attributed to consumers' desire for preventative healthcare, dietary supplementation, and the incorporation of omega-3s into their daily routines. Consequently, this increased consumer demand is driving the growth of the market as companies work to meet the growing appetite for omega-3 supplements through a variety of products, from capsules to functional foods and beverages.

RESTRAINNG FACTOR

"Environmental Concerns and Sustainability Issues to Impact Market Growth"

One significant restraining factor in the Deep sea fish oil market is the growing concern over environmental sustainability and its impact on fisheries, leading to stricter regulations and consumer preferences for sustainable sourcing practices. Overfishing and unsustainable harvesting practices have raised alarms about the long-term health of deep-sea fish populations. As a result, fisheries and fish oil producers are facing increased scrutiny and regulations to ensure the conservation of marine ecosystems. Meeting sustainability standards often requires additional investments in responsible fishing methods, traceability, and certification processes, which can increase production costs. Additionally, consumers are increasingly looking for eco-friendly and sustainably sourced products, making it essential for companies to adhere to stringent environmental practices. These factors collectively hinder market growth by limiting the availability of deep sea fish oil and increasing production costs, which may be passed on to consumers and impact market competitiveness.

deep sea fish oil market REGIONAL INSIGHTS

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"Asia Pacific Expected to Hold the market owing to Rise in Population"

Based on region, the global Deep sea fish oil market is classified into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa, where Asia Pacific is dominating the global market and is expected to dominate during the forecast owing to the increasing population and growing number of aquaculture industries are some of the major factors driving this market along with high awareness regarding its benefits among people. China, Japan, India & Australia represent a significant share of the APAC deep-sea fish oil market due to their large production capacity combined with an ever-increasing consumer preference towards healthy diets incorporating omega-rich products such as marine oils including deep-sea fish oil.

KEY INDUSTRY PLAYERS

"Financial Players to Contribute Towards Expansion of Market"

The market is extremely competitive and consists of various global and regional players. Global market is majorly driven by the top manufacturers, which holds higher share of the market. Major players are involved in strategizing various plans such as mergers and acquisitions, partnerships, introduction of new and enhanced products, along with joint ventures. The report is an extensive research of a list of market players who contribute towards the expansion of the market. The information is a collusion of latest technological developments, trends, production lines mergers and acquisitions, market study and others. Other factors such as regional wise analysis and segment wise analysis are also considered to understand the market share, product growth, revenue growth and others during the forecasted period.

List of market players Profiled

• TASA (Peru)
• Austevoll Seafood ASA (Norway)
• COPEINCA (Peru)
• Corpesca SA (Chile)
• Omega Protein (U.S.)
• FF Skagen (Denmark)
• Blue Ocean Marine Biotechnology (Taiwan)
• Shandong Shengyang Aquatic Products (China)
• Rongcheng Hengfa Fish Meal (China)
• Shandong Yugong Biological Technology (China)

REPORT COVERAGE

The SWOT analysis and information on future developments are covered in the study. The research report includes a study of a number of factors that promote market growth. This section also covers the range of numerous market categories and applications that could potentially affect the market in the future. The specifics are based on current trends and historical turning points. The state of the market's components and its potential growth areas over the following years. The paper discusses market segmentation information, including subjective and quantitative research, as well as the impact of financial and strategy opinions. Additionally, the research disseminates data on national and regional assessments that take into account the dominant forces of supply and demand that are influencing market growth. The competitive environment, including market shares of significant competitors, is detailed in the report along with fresh research methodology and player strategies for the anticipated time.