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Health Benefits of Omega-3 Fatty Acids Continue to Drive Demand in Human and Animal Nutrition Segments
Fish oil, enriched with eicosapentaenoic acid (EPA) and docosahexaenoic acid (DHA), also gains traction among those who seek healthy foetal development and healthier ageing. Increasing dietary recommendations for Omega-3 fatty acids heavily contributes towards the global fish oil market growth. Soaring consumption of fish oil and its components by the processed F&B sector is another booster to fish oil producing companies. Besides supplements and functional F&B that register maximum Omega-3 fatty acid consumption, fish oil is high in demand within the pet nutrition, animal feed, and aquaculture sectors.
Fish Oil Production Upheld Even amid COVID-19 Pandemic
Denmark, the leading fish oil producer, accounted for over 50% share in the global 2019 volume. By 2018, Denmark was the largest exporter followed by Spain, whereas Norway was the largest destination market for fish oil. All in all, Europe contributed a sizeable 16% volume share in the global fish oil market in 2019. The International Fishmeal and Fish Oil Organisation (IFFO) revealed that in spite of a measurable decline in the key countries producing fishmeal, the production and prices remained steady over the past year.
The global fish oil production particularly saw an impressive 12% growth since 2020 and the volume rose by nearly 30,000 MT, stated IFFO. The US, Chile, and India remain top producers of fish oil and continue to contribute almost 50% to the global production volume. Although these key producers faced the heat of COVID-19 pandemic resulting in reduced individual production volumes, the secondary producers, including Germany, Russia, Thailand, and Morocco very well supplemented the global production to maintain the stability in the overall produce and prices.
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New Research Findings May Foil Widespread Consumption of Fish Oil Supplements
A recent report on the seven-year-long study uncovered a shockingly surprising fact that the Omega-3 fatty acid fish oil supplements have a possible link with a heart rhythm disorder – atrial fibrillation that raises the likelihood of having a stroke by nearly five times. The study involved 50K participants and has been published in the European Society of Cardiology’s (ESC) journal. This and more such findings may play out as the game changers for fish oil and related products worldwide. Experts are also suggesting not to self-prescribe fish oil supplements anymore, which points to a potential hurdle to robust fish oil supplement sales in the near future.
Key Market Players in Fish Oil Landscape
Pesquera Exalmar, Pesquera Pacific, Pesquera Diamante S.A., Omega Protein Corporation, China Fishery Group, Kobyalar Group, Animal feeds International, United Marine Products, FF Skagen A/S, and Nissui Group constitute some of the leading players driving the competition landscape of the global fish oil market.
Key players have been eyeing opportunities in the new product variant launches by F&B processing companies. The Coca-Cola Company announced the launch of a new series of multi-flavoured Omega-3-fortified beverages (under the brand Gomega, 2019). Recently in 2020, Feliscity Nutrition, Inc. introduced a new Omega-3 sports drink (under the brand Enhanced Recovery). The same year, Wiley Companies launched an Omega-3 concentrate powder certified by Marine Stewardship Council (MSC) and Halal, ideal for usage in a variety of F&B products, and dietary supplements.
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