— Allied Market Research
WILMINGTON, NEW CASTLE, DELAWARE 19801 USA, UNITED STATES, August 30, 2024 /EINPresswire.com/ — According to a new report published by Allied Market Research, titled, “Fish Oil Omega-3 Market,” The fish oil omega-3 market was valued at $1.1 billion in 2022, and is estimated to reach $1.8 billion by 2032, growing at a CAGR of 5.1% from 2023 to 2032.
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Drivers of Market Growth
The market’s expansion is influenced by the rising use of fish oil omega-3 in various industries, including nutritional supplements, pharmaceuticals, and animal feed. The demand for these supplements has surged post-COVID-19 due to a heightened focus on preventive healthcare.
Types and Applications
Types of Fish Oil Omega-3: The market is segmented by fish types, including anchovy, cod, herring, menhadens, mackerel, sardines, salmon, and others. The anchovy segment is anticipated to be the fastest-growing due to its versatile applications in dietary supplements, functional foods, pharmaceuticals, and pet food products.
Applications: The key applications include aquaculture, dietary supplements, animal nutrition and pet food, pharmaceuticals, infant formula, and others. Among these, aquaculture is the fastest-growing sector, driving the demand for fish oil omega-3 in fish feed formulations.
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Distribution Channels
The distribution channels for fish oil omega-3 include supermarkets-hypermarkets, departmental stores, pharmacies, B2B, and online sales channels. The B2B segment held the major share in 2022, while the online sales channel is the fastest-growing segment, driven by the adoption of digitalization in sales channels.
Regional Insights
Asia-Pacific dominated the fish oil omega-3 market in 2022 and is expected to continue this trend during the forecast period. The growth in this region is attributed to increased consumer awareness about fish oil omega-3 products, higher disposable income, and a growing demand for dietary supplements.
Impact of COVID-19
The COVID-19 pandemic significantly impacted the fish oil omega-3 market, initially causing disruptions in the supply chain. However, the pandemic also prompted a shift in consumer behavior towards preventive healthcare, boosting the demand for omega-3-rich dietary supplements.
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Key Market Players
Major players in the fish oil omega-3 industry include Barlean’s Organic Oils, L.L.C., Omega Protein Corporation, Carlson Laboratories, Inc., Olvea Fish Oils, Colpex International S.A.C, Nordic Naturals, Inc., Stepan Company, PELAGIA AS, Koninklijke DSM N.V., and GC Rieber VivoMega AS.
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KEY FINDINGS OF STUDY
On the basis of type, the anchovy segment held the major share in 2022.
As per application, the aquaculture segment held the major share in 2022. However, the dietary supplements segment is observed as the fastest growing segment for the fish oil omega-3 market.
Depending on distribution channel, the B2B segment held the major share in 2022. However, online sales channel segment is observed as the fastest growing segment for the fish oil omega-3.
According to region, Asia-Pacific held the major share in 2022 and is expected to be the fastest growing region for the fish oil omega-3.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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