By registering a CAGR of 5% from 2023 to 2033, the global fish oil alternatives market opportunities seem promising. As per the global fish oil alternatives market analysis report, its net worth could be USD 2.5 billion in 2023. FMI further predicts the market valuation to reach around USD 4.1 billion by the end of this forecast period.
Supplements & functional foods, medicines, and other concentrated food make extensive use of omega-3 fatty acids generally obtained from fish. However, the growing trend of adopting veganism has created a huge need for alternative edible oils that can substitute them. Also, the unavailability of a sufficient amount of fish for the production of fish oil is another reason.
The demand for fish oil alternatives is projected to grow with its active adoption by restaurants and hotels. The encouraging use of plant-based oils has pushed commercial food preparation businesses to adjust towards shifting dietary trends.
Customers who are concerned about their health would favor plant-based diets and oils that are high in fiber. It is also anticipated that fish oil alternatives with a higher concentration of vitamins and minerals could be their preferred choice. Throughout the projected period, the demand for fish oil alternatives is also anticipated to be driven by the increasing use of omega-3 in pharmaceutical ingredients.
| Attributes | Details |
|---|---|
| Fish Oil Alternatives Market Share (2022) | USD 2.4 billion |
| Fish Oil Alternatives Market Size Value (2023) | USD 2.5 billion |
| Fish Oil Alternatives Market Size Value (2033) | USD 4.1 billion |
| Fish Oil Alternatives Market Growth Rate (2023 to 2033) | 5% |
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As per the fish oil alternatives market survey report, historically this product was limited only in developed economies. During the previous survey period from 2018 to 2022, substitutes for fish oil experienced a moderate growth rate. However, the outbreak of the Covid-19 pandemic had a drastic effect on the overall performance of the product.
The desire for nutrient-dense food items continuously grew during the pandemic period indirectly increasing the sales of fish oil alternatives. Also, an understanding of how plant-based diets might lower the spread of corona infection in patients expanded on those days.
These circumstances have compelled fish oil alternative producers to create products to appeal to health-conscious customers in the post-pandemic period. So, FMI pegs a higher year-on-year growth rate on sales of fish oil alternatives over the next ten years.
Global demand for vegan substitutes for fish oil may increase as the consumption of healthy food and drinks rises. Consumer desire for plant-based diets has increased along with the prevalence of illnesses linked to the urban lifestyle. According to CDC research, there were over 0.3 million fatalities in the United States in 2020 as a result of coronary heart disease.
The addition of processed fats in human diets has grown into a major problem for the food production business. It may, in turn, encourage the packaged food and drink producers to accept alternatives to fish oils for monounsaturated fats.
Elderly individuals need the omega-3 fatty acids found in fish oil to lower their chance of developing chronic diseases. So older customers are eager to adopt plant-based sources of it to avoid the ill effects of animal-based products
The use of fish oil alternatives in cosmetic and personal care products is probably going to increase favoring market growth. Also, raising consumer knowledge of the product's availability and excellent nutritional value can improve the outlook for the sector.
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The rising expense of various plant seeds and their processing might prevent more people from using fish oil alternatives. So, notwithstanding a positive growth trajectory globally, the market is projected to remain limited, particularly in third-world countries.
Fluctuating weather patterns due to global warming can negatively impact seed output, driving up the cost of vegetable oils. However, federal support to encourage oil seed production in agriculture-based economies can be a game changer in the future.
According to the product type, the sales of fish oil alternatives made from soybean seeds dominate the market shares. As per the market estimates, this segment is anticipated to continue for more than 20% of the overall revenue generated globally. Moreover, the higher production of soybean in comparison to other segments is poised to retain its dominance through 2033.
Fish oil substitutes made from the chia seed oil category are expected to grow at a 6% CAGR through 2033. Such promising growth of this is attributable to the rising demand for fish oil alternatives in personal care products. In addition, chia seed oil has a number of advantages due to its higher concentration of fatty acids and antioxidants.
The application of fish oil alternatives in the food and beverage segment is expected to cross USD 2 billion by 2033. In light of the increasing consumption of nutritious foods, FMI predicts it to be the leading segment during the forecast years. Also, encouraging the use of plant-based oils has pushed commercial food preparation businesses to adjust to shifting dietary trends.
The Business to consumer (B2C) sales channel segment is expected to increase at a 5% CAGR during the forecast period. It can be attributed mostly because of increasing consumer demand for plant-based oils for use in regular domestic cooking.
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The USFDA is raising consciousness about the advantages of including omega-3 fatty acids in daily diet. Further, to decrease the incidence of heart disease among the strictly vegan population it is encouraging plant-based substitutes.
Interestingly, a thriving tourism industry is expected to increase the consumption of vegetable oil in the United States. So vegetable oils such as a substitute for fish oil are anticipated to gain more popularity in the coming days.
Regionally, the sales of fish oil alternatives in European countries are anticipated to surpass USD 1.5 billion by 2033. This surge in demand can be attributed to ongoing development in the region's aquaculture, poultry, and cattle industries.
Germany is the leading country for the production and consumption of fish oil alternatives in the European region. According to AgriFarming reports, the increased farming of fowl has increased the use of fish oil substitutes in Germany.
In recent years many countries in the Asia Pacific region have witnessed a sufficient increment in the consumption of plant-based alternatives. Though the fish oil alternatives business is in a developing stage the demand is
Japan presents a very lucrative opportunity for the global fish oil alternatives market players in the Asia Pacific region. Omega 3 fish oil is widely used in Japan to lower the risk of coronary heart disorders in older populations.
Market expansion is anticipated in recent years due to the growing relevance of omega-3 DHA for the growth of babies. Moreover, the adoption of legislation that promotes the use of omega-3 in infant formulas has also encouraged its growth.
In light of the increasing use of omega-3 in a variety of applications, the market has turned fragmented in recent years. Fish oil alternatives manufacturers are investing highly in product innovation in order to keep up with evolving customer demand. Besides, innovation, most of the global players are resorting to a partnership with regional players to expand market coverage.
In 2022, the sales of fish oil worldwide generated almost 2.4 billion revenue.
Soybean seeds are used to produce more than 20% of the fish oil alternatives on an average.
Shifting consumer preference towards plant-based proteins is driving the market.
The net worth of Europe fish oil alternatives market is poised to surpass USD 1.5 billion by 2033.
The food & beverages industry is anticipated to create demand worth over USD 2 billion by 2033.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Product 5.1. Chia Seeds Oil 5.2. Soybean Oil 5.3. Canola Oil 5.4. Hemp Seed Oil 5.5. Algae Oil 5.6. Walnut Oil 5.7. Flaxseed Oil 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application 6.1. Food & Beverage Industry 6.2. Cosmetics and Personal Care 6.3. Animal Feed 6.4. Pet Food Additive 6.5. Pharmaceuticals 6.6. Nutraceuticals 6.7. Biofuels 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Distribution Channel 7.1. B2B 7.2. B2C 7.2.1. Hypermarket/Supermarket 7.2.2. Convenience Stores 7.2.3. Specialty Stores 7.2.4. Online Retail 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 8.1. North America 8.2. Latin America 8.3. Europe 8.4. Asia Pacific 8.5. MEA 9. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Asia Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. MEA Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. Key Countries Market Analysis 15. Market Structure Analysis 16. Competition Analysis 16.1. Wilmar International Limited 16.2. Cargill Incorporated 16.3. Marico Limited 16.4. The Nisshin OilliO Group, Ltd. 16.5. Nutiva Inc. 16.6. Connolis LLC 16.7. Bio-gen Extracts 16.8. Archer Daniels Midland Company 16.9. Ming Chyi Biotechnology Ltd. 16.10. Bunge Limited 17. Assumptions & Acronyms Used 18. Research Methodology
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Fish Oil Alternatives Market
