The global market for fish oil is expected to reach $3.3 billion by 2020, according to a new study by Grand View Research, Inc. Fish oil demand is expected to show significant growth, following increasing human consumption, owing to rising health awareness and benefits provided by omega-3 fatty acids and other nutraceuticals.

In addition, accelerating demand for aquaculture is further expected to fuel market growth for fish oil. Volatile fish oil prices, owing to static fish oil production, in contrast to accelerating demand is expected to be a key challenge for market participants. Asia-Pacific and Latin America are expected to be the fastest growing markets in terms of demand due to increasing salmon farms in Chile and aquaculture of carps in China.

Aquaculture was the largest application segment, accounting for 772.4 kilo tons of fish oil demand in 2013 that is expected to reach 843.6 kilo tons in 2020, growing at a CAGR of 1% over the next six years. It is expected to dominate the market share over the forecast period owing to increase in demand for species such as salmon, trout, carp, tilapias and marine fishes. Rapid expansion of aquaculture in Asia-Pacific can be seen as a large market opportunity for growth of the fish oil market. In addition, the direct human consumption sector is further expected to show considerable growth at a CAGR of 1.6% from 2014 to 2020.

The report “Fish Oil Market Analysis By Application (Aquaculture, Direct Human Consumption) And Segment Forecasts To 2020,” is available to Grand View Research customers.

Further key findings from the study suggest:

• Global fish oil demand was 1,090 kilo tons in 2013 and is expected to reach 1,200 kilo tons by 2020, growing at a CAGR of 1.12% from 2014 to 2020.

• Salmon and trout was the largest application segment for aquaculture in fish oil, which accounted for about 66.91% of market share in 2013. The revenue was $854.7 million in 2013 and is expected to reach $1.5 billion in 2020.

• Europe was the largest regional market for fish oil accounting for 491.5 kilo tons of demand in 2013. High level of consumer awareness regarding the benefits of fish oil in terms of omega-3 proteins is the key factor responsible for high share.

• Key participants in global fish oil market include EPAX AS, Croda Inc., Omega Protein Corporation and COPEINCA ASA.