NEW YORK, Oct. 27, 2016 /PRNewswire/ -- The global fish oil market is projected to reach USD 4.12 billion by 2021, growing with a CAGR of 5.2% from 2016 to 2021. Fish oil is largely used as a feed ingredient in numerous animal and human nutritional applications, which include aquaculture feed, animal nutrition & pet feed, pharmaceuticals, supplements & functional food. Fish oil is the prime ingredient in aqua feed and growth of the global aquaculture industry, subsequently results in the growth of the fish oil market. Growing demand for hydrogenated vegetable oils and margarine on account of changing eating habits is expected to simulate industry expansion. In addition, growing product consumption in protective coatings and lubricants is expected to augment growth over the forecast period.
The report segments the global fish oil market by species, application and region. The species include anchovy, mackerel, sardines, cod, herring, and menhaden among others. Furthermore, on the basis of application, the market has been segmented into aquaculture, animal nutrition & pet food, pharmaceuticals, supplements and functional food, among others.
Geographic Coverage and Analysis:
The report provides regional analysis covering geographies such as North America, Europe, Asia-Pacific, and Rest of the World. China is the biggest fish oil consumer in the world and this is mainly due to the highest concentration of aquaculture industry in this region. On the other hand, rising concern for chronic disease leads to the adoption of omega 3 fish oil in countries like Japan, U.S., Denmark and Belgium.