Competition for fish oil heats up
According to a new report by Transparency Market Research, aquafeeds currently account for more than 75% of the total demand from the global fish oil, but the rising popularity of fish oils for direct human consumption is likely to have a lasting impact on the market.
The report also notes that availability of fish oils is also steadily rising, particularly in developed regions, due to the improvements in storage and preservation technologies.
The global fish oil market’s sustained growth in the last few years has resulted in strong estimations for the market’s future, with the market expected to be valued at US$1.7 bn in 2018.
Geographically, the report argues that Europe is likely to lead the global fish oil market in the coming years due to the firm establishment of aquaculture and fisheries as an economic activity in countries such as Denmark.
Several other countries in Northern Europe also have rich traditions of fish farming and aquaculture, making the region the prime regional market for fish oil.
It states that the Asia Pacific fish oil market is likely to take on an important role in the global scenario, driven by the rising support to aquaculture in China.
China is likely to become a dominant producer of fish in the coming years due to the growing aquaculture industry in the region, and could be joined by India and several other countries in Southeast Asia.
It also predicts that the fish oil market in Latin America could exhibit a steady rise in the coming years on the back of the rising fish and fish oil consumption in Chile and Peru.
Brazil is another key market for fish oil in Latin America due to the steady demand for fish and the emerging demand for biofuel production from fish oil.
Leading players in the global fish oil market include Omega Protein Corporation, Copeinca-ASA, Croda Inc., EPAX AS, and Colpex. ■