Global Fish oil market

The worldwide fish oil was valued at 12.3 billion US dollars in 2022 and is expected to reach 23.8 billion in 2032 with a Compound Annual Growth Rate(CAGR) of 6.8%[4].

The Factors causing the growth are as follows: - a. Increased consumer awareness: - Thanks to the availability of numerous information sources in the form of electronic and print media, consumers are well-informed about the benefits of consuming omega-3 supplements and want to consume speciality formulations that offer maximum health benefits. Hence, many consume fish oil capsules, fuelling their demand [5]. b. Role of COVID-19: - The pandemic has diverted the commoners to focus more on the prevention of diseases. Consumers seek to give more importance to immunity, cardiovascular health and general health. In addition, the AHA stated that people with a stroke and those with heart conditions such as hypertension and congenital heart defects might be more susceptible to consequences if they contract COVID-19. This has caused a spike in demand for omega-3 supplements that benefit heart health [5]. c. Demand from Pharmaceutical companies: - Due to rising demand from the consumers’ side, the need for fish oil from pharma companies is also increasing to meet the consumers’ requirements to supply fish oil in the form of capsules known as nutraceuticals. d. Demand from other sectors: - Fish oil is also used as a raw ingredient in aquaculture and pet feeds, bolstering its demand from the manufacturers of pet food products [7]. e. Availability: - Many varieties of fish that contain different vitamins are available that act as a driver from the manufacturers’ side of the fish market. The factors that may cause restrictions on the fish oil market are: -

Omega-3 is also known to benefit mental health. There was an increasing burden of anxiety and depression during the pandemic, and omega-3 can aid in reducing their symptoms, leading to a boost in demand for fish oil capsules [6].

1. Regulations by the conservation bodies: - Rules to protect fish species that provide the raw material for fish oil may decelerate the growth of fish markets from the supply perspective.

2. Growing vegan population: - An increase in the number of consumers who eat vegan diet implies the search for alternatives to fish oil supplements, such as algae oil, thereby affecting the growth of fish oil markets.

3. Pollution: - The presence of heavy metals and environmental and hazardous contaminants in fish render them toxic for consumption [5].