Fish Oil Alternatives Market

The global fish oil alternatives market traces an upward growth trajectory amid rising benefits of plant-based food and advancements in technology for the production of fish oil alternatives.

Market Analysis in Brief

The escalating demand for fish oil alternatives across various industries including cosmetics, animal feed, and pharmaceuticals, is driving the global fish oil alternatives market growth. The ethical and sustainable concerns associated with traditional fish oil are also playing a crucial role in the growing prominence of fish oil alternatives. Moreover, overfishing of certain fish species, such as anchovies and sardines, has led to a drastic decline in fish populations. This, in turn, has initiated the search for alternative sources of omega-3 fatty acids. In this context, omega-3 sources such as algae, flaxseed, and chia seeds have gained significant traction. Against this fruitful backdrop, the global fish oil alternatives industry is anticipated to reach an unprecedented level of growth in the years to come.

Key Report Findings

• The global fish oil alternatives market is anticipated to reach a value of US$3 Bn by the end of 2023
• Asia Pacific to hold a lion's share of the worldwide fish oil alternatives industry
• Key market players are testing diverse strategies to keep up with the shift in consumer demand
• Online retail distribution channel presents strong revenue opportunities for vendors in the fish oil alternatives market

Growth Drivers

Soaring Demand for Sustainable Cosmetics and Personal Care Products

Apart from the food and beverages industry, fish oil alternatives have also found applications across the cosmetics and personal care industry. The burgeoning demand for natural and sustainable products has led to an uptick in product adoption. As consumers are becoming more aware of the environmental impact of their purchasing decision, they are seeking out products that are eco-friendly and ethically sourced. Fish oil alternatives, such as algae oil and krill oil, are considered sustainable and eco-friendly sources of omega-3 fatty acids, in turn bolstering the fish oil alternatives market.

Besides, they are also highly beneficial for skin health. Therefore, vendors in the cosmetics and personal care industry are incorporating these alternatives into their products. Such broad-ranging applications of fish oil alternatives across the cosmetics & personal care industry are propelling robust growth across the fish oil alternatives market.

Overview of Key Segments

Soybean Oil Gains Traction for its High Omega-3 Fatty Acid Content

The fish oil alternatives market, based on product segment, is categorized into chia seed oil, soybean oil, canola oil, hemp seed oil, algae oil, walnut oil, and flaxseed oil, among others. During the projection period, the soybean oil segment is anticipated to take the major market share. This is majorly attributed to the high amount of omega-3 fatty acids, particularly alpha-linolenic acid (ALA), present in soyabean oil.

Furthermore, the growing incidence of sleep disorders among older adults is contributing to segment growth as it is proven to improve sleep quality due to their magnesium content. Additionally, soybean oil is a more sustainable and cost-effective alternative to fish oil. Other key factors stimulating soybean oil production include the growing prevalence of chronic diseases and the rising consumption of health and nutritional oil.

Food and Beverages Industry Sustains Dominance

The food and beverages industry is expected to exert its dominance in the fish oil alternatives market over the forecast period. A consumer shift towards healthy food items due to the rising prevalence of chronic diseases is primarily favoring the segment expansion. Fish oil alternatives are associated with a range of health benefits, including improved cardiovascular health, brain function, and immune system function.

Additionally, the increased animal welfare concerns among individuals have promoted the trend of veganism, thereby promoting the consumption of fish oil alternatives. Adapting to these changing dietary habits of consumers, restaurant, and hotel owners, are also incorporating fish oil alternatives in their food offerings. In this business context, the fish oil alternatives market is projected to reach sound maturity in the upcoming years.

Online Retail Distribution Channel to Unlock Revolutionary Opportunities

In the fish oil alternatives market, vendors use both online and offline retail distribution channels. Going forward, the online retail distribution channel segment is projected to play a more significant role in driving market growth. This is owing to the increased prominence of e-Commerce as a preferred mode of product distribution during COVID-19 pandemic.

Consumers worldwide now prefer to avoid physical stores and maintain social distancing. Apart from this, online channels offer an extensive range of products, reasonable prices, and the convenience of doorstep delivery, which is attracting more consumers towards online purchases.

Growth Opportunities Across Regions

Asia Pacific Rides Plant-based and Vegan Trends

The Asia Pacific region is anticipated to lead the global fish oil alternatives market. This is due to the ascending demand for plant-based and vegan products and a rising trend of health consciousness among consumers. Furthermore, the region's growing population and increasing disposable income have led to an upsurge in the consumption of nutritional supplements and functional foods. As a result, vendors in the region are actively expanding their product portfolios and investing in research and development to meet evolving consumer preferences.

Fish Oil Alternatives Market – Competitive Analysis

Fish oil alternatives manufacturers are investing heavily in product innovation to meet the ever-evolving customer demand. In addition to this, several industry participants are engaging in strategic partnerships, collaborations, and mergers and acquisitions to increase their market share and exert global presence. Meanwhile, the growing relevance of omega-3 DHA in infant growth has led to the creation of legislation that promotes the use of omega-3 in infant formulas. Such a scenario has further strengthened the revenue opportunities for the key market players in the global fish oil alternatives market.

Key Market Players

Prominent players accelerating the growth trajectory for the global fish oil alternatives market include Burcon Nutrascience Corp., Cargill Inc., Dupont PVT Ltd., Sotexpro, Archer-Daniels-Midland Company (ADM), Wilmar International, CHS Inc., Farbest Brands, Sonic Biochem, Prinova Group LLC, Medix Laboratories, Bioway, and Batory Foods.

Regional Classification of the Global Fish Oil Alternatives Market is Described Below:

North America

• U.S.
• Canada

Europe

• Germany
• France
• Spain
• U.K.
• Italy
• Russia
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• Southeast Asia
• Rest of Asia Pacific

Latin America

• Brazil
• Mexico
• Rest of Latin America

Middle East and Africa

• GCC
• South Africa
• Rest of Middle East and Africa

*Regions and countries are subject to change based on data availability

Key Elements Included In The Study: Global Fish Oil Alternatives Market

• Fish Oil Alternatives Market by Product/Technology/Grade, Application/End-user, and Region
• Executive Summary (Opportunity Analysis and Key Trends)
• Historical Market Size and Estimates, Value and Volume, 2018 - 2022
• Volume Consumption at Regional and Country Level, 2023 - 2030
• Market Dynamics and Economic Overview
• Market Size in Value and Volume, Growth Rates, and Forecast Figures, 2023 - 2030
• Competitive Intelligence with Financials, Key Developments, and Portfolio of Leading Companies 
• Regional and Product/Grade/Application/End-user Price Trends Analysis
• Value Chain and Five Force’s Analysis
• Regional/Sub-region/Country Market Size and Trend Analysis
• Company Market Share Analysis and Key Player Profiles

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