The fish oil alternatives market is experiencing significant growth, with its size increasing from $2.49 billion in 2023 to $2.68 billion in 2024, marking a CAGR of 7.7%. This growth is driven by increasing awareness of health benefits and a rising demand for dietary supplements. The market is expected to reach $3.62 billion by 2028, at a CAGR of 7.8%. Emerging trends include investment in algae farming and advancements in oil extraction technologies.
Major Driver In The Fish Oil Alternatives Market
The rising popularity of vegan food is projected to significantly propel the growth of the fish oil alternatives market. This trend is driven by increased health consciousness, environmental awareness, and ethical considerations regarding animal welfare. Alternatives to fish oil, such as algae oil and flaxseed oil, are gaining traction for their ability to provide essential omega-3 fatty acids without using animal sources. According to the International Food Information Council, the percentage of people following vegan diets rose to 52% in 2022, up from 39% in 2021. As a result, the growing demand for vegan food is driving the expansion of the fish oil alternatives market.
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Fish Oil Alternatives Market Competitive Landscape
Cargill Inc., Archer Daniels Midland Company (ADM), BASF SE, Wilmar International, CHS Inc., Dupont De Nemours, Koninklijke DSM N.V., Croda International, Corbion, Pelagia AS, Omega Protein Corporation, Olvea Group, Connoils LLC, Sonic Biochem, TerraVia Holdings, Bioway Organic Group Limited, Veramaris, AlgiSys BioSciences Inc., GC Rieber Oils, Medix Laboratoires
Key Fish Oil Alternatives Market Trend
Companies in the fish oil alternatives market are prioritizing the launch of innovative plant-based supplements to deliver omega-3 fatty acids without the environmental impact associated with traditional fish oil. MegaFood, a US-based dietary supplement company, released its Omega 3-6-9 Supplement in June 2024. This product is derived from sustainable sources, including farm-traceable ahiflower and algae oil, and features delayed-release capsules that improve taste and reduce digestive discomfort. This launch meets the increasing consumer demand for sustainable, plant-based nutrition.
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Fish Oil Alternatives Market Segmentation
The fish oil alternatives market covered in this report is segmented –
1) By Product Type: Chia Seed Oil, Soybean Oil, Canola Oil, Hemp Seed Oil, Algae Oil, Walnut Oil, Flaxseed Oil, Other Product Types
2) By Species: Anchovy, Cod Liver, Menhaden, Tuna, Sardine, Salmon, Other Species
3) By Application: Food And Beverage Industry, Cosmetics And Personal Care, Animal Feed, Pet Food Additive, Pharmaceuticals, Nutraceuticals, Bio Fuels, Other Applications
By Geography:The regions covered in the fish oil alternatives market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the fish oil alternatives market in 2023.
The Fish Oil Alternatives Global Market Report 2024 furnishes information about the global fish oil alternatives market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
