Demand for Fish Oil Alternatives Market is estimated to grow ~ US$ 4.1 Billion by 2033 due to its active adoption by restaurants and hotels | Future Market Insights, Inc.
Future Market Insights Global and Consulting Pvt. Ltd.
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Future Market Insights Global and Consulting Pvt. Ltd.
The increasing demand for fish oil alternatives in European countries, driven by the growth of aquaculture, poultry, and cattle industries, is expected to result in a market size exceeding US$ 1.5 billion by 2033, with the United States contributing a significant revenue share of approximately 20% to the global market
NEWARK, Del, April 05, 2023 (GLOBE NEWSWIRE) -- The global fish oil alternatives market reached a value of USD 2.4 billion by the end of 2022 & expanding at US$ 2.5 billion in 2023. Future Market Insights (FMI) anticipates it to grow at a rate of over 5% between the years 2023 and 2033. As per this fish oil alternatives market analysis report, the overall valuation is projected to reach US$ 4.1 billion by 2033.
Increasing the acceptability of plant-based diets to lessen the burden of cardiovascular diseases is boosting the sales of fish oil alternatives. It is anticipated that global consumption of omega-3 fatty acids may rise as public knowledge of its health advantages rises.
As soybean, safflower, sunflower, cotton, and corn seeds are abundant sources of omega-3, there is an increasing demand for vegetable oils made from their seeds globally. So, the fish oil alternatives sector is anticipated to rise promisingly throughout the projected period.
Traditionally the demand for omega-3 constituents has encouraged the use of fish oil substitutes high in omega-3 fatty acids. Moreover, the availability of omega-3 fats is no more limited to only those who strictly adhere to a plant-based diet. It is likely to be produced more for non-veg consumers as plant-based diets can lower the risk of heart disease.
Growing demand for fish oil alternatives in industrial verticals, including cosmetics, animal feed, and pharmaceuticals, is poised to develop the market. During the forecasted period, producers of fish oil alternatives are projected to have development prospects with their expanding scope of application.
Increased adoption of fish oil alternatives in home cooking is projected to strengthen the online sales channel of the market. eCommerce websites can also be regarded as having developed the market for the commodity in many new regions.
Key Takeaways from the Fish Oil Alternatives Market Study Report
The United States holds a greater share of the global fish oil alternatives market due to higher consumption of Omega-3. The market is yet to reach its peak as the trend of veganism is continuously increasing its sales.
With the increased need for pre-portioned baby food formulae, Asia Pacific could witness a greater need for oil alternatives. This is because nations like India, China, Japan, and Thailand are expected to have a higher demand for infant formula.
The healing qualities of fish oil alternatives are predicted to drive the pharmaceuticals segment's growth during the forecast period.
With a revenue share of more than 50% in 2022, the application of fish oil alternatives in supplements and functional food ingredients is the dominant segment.
Competitive Landscape for the Fish Oil Alternatives Market Players
Burcon Nutrascience Corp., Cargill Inc., Dupont PVT Ltd., and Sotexpro are a few of the industry leaders globally. To increase their market share, these key players are investing highly in product innovation and the acquisition of regional players. Given the vast market potential, there have been new players entering the market at all points along the value chain.
Recent Developments by the Fish Oil Alternatives Industries
For instance, Algorithm, AlaskOmega, and Aenova collaborated to develop chewable vegan soft gel capsules in September 2021. This product containing microalgae-based alpha mega omega-3 DHA oil was designed to provide businesses with a competitive advantage over rivals.
Due to the environmental advantages of plant sources over fish oil, major fish oil suppliers are now switching effectively. For instance, Cargill Incorporated introduced "Latitude" in October 2018 as a sustainable alternative source of omega 3 in feeds.
Explore FMI’s Extensive Coverage on Food & Beverage Domain:
Fish Oil Market Value: The global fish oil market size was valued at USD 12.3 Bn in 2022, and is estimated to reach USD 23.8 Bn by 2032 with a CAGR of 6.8% from 2021 to 2032.
Microencapsulated Fish Oil Market Size: The global demand for microencapsulated fish oil is anticipated to increase at a CAGR of around 5% to 6% between 2022 and 2032.
Fishmeal & Fish Oil Market Share: The fishmeal & fish oil market size is projected to be valued at US$ 7.4 billion in 2023 and is expected to rise to US$ 13.0 billion by 2033.
Sustainable Palm Oil Market Growth: The market value is projected to increase from US$ 913.8 Million in 2022 to US$ 1,636.5 Million by 2032.
Olive Oil Market Demand: The global olive oil market is expected to be valued at US$ 13.79 billion in 2023 and reach a valuation of US$ 18.35 billion by 2033. The demand for olive oil is estimated to record a steady 2.9% CAGR.
About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
