Efficient
animal production systems must boast of a good nutritional support,
which is extremely crucial for economically producing high-quality
and healthy products. In fish farming, ensuring the adequate level of
nutrition is essential, since feed represents almost 40% to 50% of
the total cost incurred during production. Fish oil, which is mostly
used in aquaculture as fish feed, has advanced dramatically in recent
times with the advent of newer and balanced commercial diets that
help ensure optimal growth and health of fish. The development of
diet formulations specific to particular fish species has contributed
significantly to the expansion of the global aquaculture industry. It
has also helped the industry satisfy the escalating demand for safe,
high-quality and affordable fish and seafood products.
Fish
oils are widely used in aquaculture as fish nutrition or fish feed.
Aquaculture also accounts for more than 75% of the global fish oil
demand.
According
to a recently published report, the global
fish oil market, which was valued at US$1.1 billion in 2011, is
projected to be worth US$1.7 billion by the end of 2018, registering
growth at a moderate CAGR of 5.05% from 2012 to 2018. The report also
states that the market sold approximately 1,035 kilo ton of fish oil
in 2011. If the growth trend continues, by 2018 the market will be
able to produce 1,130 kilo tons, registering growth in volume at a
CAGR of 1.22% between 2012 and 2018.
Increase
in Demand for Dietary Omega 3 among Humans to Drive Global Fish Oil
Market
A
considerable increase has been observed in the direct fish oil
consumption by humans in the past couple of years due to growing
demand for EPA and DHA omega 3. This has also contributed to the
expansion of the fish oil market globally. Fish oil is a prime source
of omega 3 fatty acids, which are beneficial for brain function. The
demand for fish oil is set to increase as the dietary intake of Omega
3 on a daily basis increases among the global population. However,
rising fish oil prices coupled with static production in the global
industry might hamper the growth of the global fish oil market to a
certain level. Nevertheless, the booming aquaculture market in Asia
Pacific will create significant opportunities for leading vendors to
capitalize on.
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Aquaculture
Emerges as Largest Application Segment in Global Fish Oil Market
In
terms of application, the global market for fish oil can be segmented
into aquaculture, hydrogenated and industrial purpose, and human
consumption. On the basis of fish species, the market can be
categorized into salmon and trout, marine fish, mackerels, carps,
eels, tilapias, and herrings.
As
mentioned earlier, aquaculture emerged as the leading application
segment for fish oil, accounting for 75% of the overall market in
2011. Peru and Chile accounted for most of the global consumption of
fish oil derived from trout and salmon.
The
human consumption segment is poised to grow at a robust pace in the
forthcoming years owing to the increasing awareness regarding the
importance of consuming omega 3 fatty acids on a regular basis.
Europe
Leads Global Fish Oil Market by Volume
Countries
such as Chile, Peru, and Denmark are the leading producers of fish
oil in the global market. Collectively, these countries account for
over 50% of the total market. With regard to consumption, however,
Europe registered maximum demand due to the widespread presence of
salmon and trout farming in the region. The growing demand for omega
3 fatty acids for human consumption in Europe has contributed to the
escalating demand for fish oil in the region. The flourishing
aquaculture industry in China will enhance the demand for fish oil in
Asia Pacific region significantly during the forecast period.
Some
of the leading players in the market are EPAX AS, COPEINCA ASA,
Colpex, Omega Protein Corporation, and Croda Inc.
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