The worldwide market for fish oil alternatives achieved a value of USD 2.4 billion by the conclusion of 2022. Future Market Insights (FMI) forecasts a growth rate exceeding 5% from 2023 to 2033. According to this analysis, the market is expected to surpass USD 4.1 billion by 2033.
The growing acceptance of plant-based diets aimed at reducing cardiovascular diseases is driving sales of fish oil alternatives. There is an expectation that global consumption of omega-3 fatty acids will increase as awareness of its health benefits continues to grow.
Due to the abundant omega-3 content in seeds such as soybean, safflower, sunflower, cotton, and corn, there is a rising global demand for vegetable oils derived from these sources. Consequently, the fish oil alternatives sector is expected to experience significant growth throughout the forecasted period.
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Traditionally, the demand for omega-3 components has driven the adoption of fish oil substitutes rich in omega-3 fatty acids. Furthermore, omega-3 fats are now accessible not only to those strictly adhering to plant-based diets but also to non-vegetarian consumers. This shift is likely due to the recognized heart health benefits associated with plant-based diets.
The increasing demand for fish oil alternatives across industrial sectors such as cosmetics, animal feed, and pharmaceuticals is set to drive market development. Producers of fish oil alternatives are expected to capitalize on growth opportunities during the forecasted period, fueled by the expanding range of applications.
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.
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Key Segments Covered by Fish Oil Alternatives Industry Survey Report
Fish Oil Alternatives Industry by Product Type:
- Chia Seed Oil
- Soybean Oil
- Canola Oil
- Hemp Seed Oil
- Algae Oil
- Walnut Oil
- Flaxseed Oil
- Other Oils
Fish Oil Alternatives Industry by Application:
- Food & Beverage Industry
- Seasonings & Dressings
- Sauces & Dips
- Other foods
- Cosmetics and Personal Care
- Skin Care
- Hair care
- Other Products
- Animal Feed
- Poultry Feeds
- Cattle Feeds
- Aqua Feeds
- Other Feeds
- Pet Food Additive
- Dog Food
- Cat Food
- Other Pet Foods
- Pharmaceuticals
- Neutraceuticals
- Dietary Supplements
- Sports Nutrition
- Bio Fuels
- Other Applications
Fish Oil Alternatives Industry by Sales Channel:
- Sales of Fish Oil Alternatives over Offline Channel
- Supermarkets or Hypermarkets
- Departmental Stores
- Convenience Store
- Sales of Fish Oil Alternatives over Online Channel
- Company Website
- E-commerce Platform
- Other Online Websites
Fish Oil Alternatives Industry by Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia and Pacific
- Middle East and Africa (MEA)
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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