Fish Oil Market To Reach $4.20 Billion By 2030 | CAGR: 4.6%

Fish Oil Market Growth & Trends

The global fish oil market size is expected to reach USD 4.20 billion by 2030, expanding at a CAGR of 4.6% from 2024 to 2030, according to a new report by Grand View Research, Inc. Growing demand for omega 3 along with rising aquaculture activities is expected to propel growth over the forecast period. 

Increasing health benefits of fish oil is expected to drive demand among food, and pharmaceutical manufacturers. Rising consumer awareness regarding benefits of the product for overall health and skin is expected to augment demand. However, presence of substitutes including beef, and pork along with high prices of fish oil is expected to hinder industry growth over the next seven years. Adoption of modern aquaculture practice will open new opportunities for market expansion over the forecast period.

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Fish Oil Market Report Highlights

• The aquaculture segment dominated the market for fish oil with a revenue share of 59.6% in 2023. The global population is steadily increasing, and there is an increasing demand for protein sources such as fishmeal. Aquaculture offers a sustainable and controlled method to meet this growing demand.

• The human consumption application segment accounted for a substantial market share in 2023 and is projected to witness the fastest growth rate during the forecast period.

• Traditional pelagic and demersal species held the highest market revenue share of 66.6% in 2023. Pelagic species (living and feeding near water surface) and demersal species (living and feeding near seabed) tend to be more abundant in oceans compared to other fish types.

• The tilapia species segment is expected to advance at the highest CAGR of 11.7% during the forecast period. Tilapia is an ideal fish species for aquaculture owing to its ease of farming, as they can be grown in small confined water bodies in large numbers.

• Europe accounted for the highest revenue share of 38.1% in the global market in 2023. Fish oil production in this region is largely based on harvesting small pelagic species of fish such as sprat, herring, and sand-eels.

• The Asia Pacific region is expected to grow at the fastest CAGR during the forecast period. This is owing to the population in regional economies consuming high levels of fish. With urbanization and busy lifestyles, dietary patterns are changing in this region.

Fish Oil Market Segmentation

Grand View Research has segmented global fish oil market report based on application, species, and region:

Fish Oil Application Outlook (Volume, Tons; Revenue, USD Million, 2018 - 2030)

• Human Consumption

• Aquaculture

• Pet Food

• Others

Fish Oil Species Outlook (Volume, Tons; Revenue, USD Million, 2018 - 2030)

• Traditional Pelagic and Demersal Species

• Tuna

• Salmon

• Pangasius

• Tilapia

Fish Oil Regional Outlook (Volume, Tons; Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • UK

  • Germany

  • France

  • Italy

  • Spain

  • Norway

• Asia Pacific

  • Japan

  • India

  • China

  • South Korea

  • Australia & New Zealand

• Latin America

  • Brazil

  • Argentina

• Middle East & Africa

  • South Africa

  • Saudi Arabia

List of Key Players of Fish Oil Market

• Ocean Group Ltd.

• Croda International plc

• GC Rieber

• Pelagia AS

• BASF SE

• DSM

• Sürsan

• Omega Protein Corporation

• TripleNine

• OLVEA Group