The Fish Oil Alternatives Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Fish Oil Alternatives Global Market Report 2024, The fish oil alternatives market size has grown strongly in recent years. It will grow from $2.49 billion in 2023 to $2.68 billion in 2024 at a compound annual growth rate (CAGR) of 7.7%. The growth in the historic period can be attributed to growing awareness of fish oil contaminants, rising prevalence of fish allergies, increased vegetarian and vegan populations, health benefits of omega-3 fatty acids, and rising demand for dietary supplements.
The fish oil alternatives market size is expected to see strong growth in the next few years. It will grow to $3.62 billion in 2028 at a compound annual growth rate (CAGR) of 7.8%. The growth in the forecast period can be attributed to growing health and wellness trends, rising demand for clean-label products, regulatory push for sustainable products, growing market for vegan supplements, and increasing awareness of omega-3 health benefits. Major trends in the forecast period include increasing investment in algae farming, technological advancements in oil extraction, expansion of vegan product lines, increasing regulatory support for sustainable alternatives, and technological improvements in oil extraction.
The growing popularity of vegan food is expected to propel the growth of the fish oil alternatives market going forward. The popularity of vegan food is increasing due to growing health consciousness, environmental concerns, and ethical considerations regarding animal welfare. Fish oil alternatives in vegan food, such as algae oil and flaxseed oil, provide essential omega-3 fatty acids without relying on animal sources. These alternatives support cardiovascular health and are environmentally sustainable options for vegans. For instance, in May 2023, according to the International Food Information Council, a US-based nonprofit organization supported by the food, beverage, and agricultural industries, the number of populations following the diet eating pattern jumped to 52% in 2022 compared to 39% in 2021. The vegan population also jumped to 2% compared to 2021. Therefore, the growing popularity of vegan food is driving the growth of the fish oil alternatives market.
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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
Major companies operating in the fish oil alternatives market are increasing their focus on launching innovative products such as plant-based supplements to provide omega-3 fatty acids without the environmental impact associated with fish oil. A plant-based supplement is a dietary product derived from plants that provides essential nutrients, including plant-based fatty acids omega-3s, which are crucial for maintaining overall health and well-being. For instance, in June 2024, MegaFood, a US-based dietary supplement company, launched the Omega 3-6-9 Supplement. This supplement offers sustainable sourcing with farm-traceable ahiflower and fish-free algae oil, improved taste, and reduced burps through careful processing and delayed-release capsules. It also provides a comprehensive nutrient profile focusing on omega-3, omega-6, and omega-9 fatty acids. This launch advances fish oil alternatives by providing a more environmentally friendly, palatable, and holistic omega supplement option, aligning with the growing consumer demand for sustainable, plant-based nutrition.
The fish oil alternatives market report table of contents includes:
1. Executive Summary
2. Fish Oil Alternatives Market Characteristics
3. Fish Oil Alternatives Market Trends And Strategies
4. Fish Oil Alternatives Market – Macro Economic Scenario
5. Global Fish Oil Alternatives Market Size and Growth
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32. Global Fish Oil Alternatives Market Competitive Benchmarking
33. Global Fish Oil Alternatives Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Fish Oil Alternatives Market
35. Fish Oil Alternatives Market Future Outlook and Potential Analysis
36. Appendix
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