Fish oil market in the US and South America
According to a new report from Allied Market Research, “US and South America Fish Oil Markets By Type, Application, and Country: Opportunity Analysis and Industry Forecast, 2021-2027”. The size of the fish oil market in the US and South America was $ 677.6 million in 2019 and is projected to reach $ 1,119.4 million by 2027, a CAGR of 9.8% between 2021 and 2027. The salmon segment made the largest market contribution in 2019 and is expected to grow by 10.4% over the forecast period. With a share of more than half of the market share in 2019, the USA made the largest contribution to sales and is expected to grow by 8.8% in the forecast period.
Key players in the market have relied on product launch as their key strategic move to stay relevant in the fish oil industry and improve their stance on fish oil market share in the US and South America. The key players in the US and South America fish oil industry featured in the report are Omega Protein Corporation, FMC Corporation, Nordic Naturals, Wileys’s Finest, Barlean’s, Optimum Nutrition, Nuzena LLC, Nutrigold, Nature’s Bounty, and Colpex International.
Consumers today are very careful about what they consume on a daily basis. Growing cases of disease caused by a low-nutrient diet have encouraged consumers to invest in a number of different nutritional supplements to help meet their health goals
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The fish oil market in the United States and South America is divided into type, application, and country. By type, the market is divided into salmon, cod, anchovy, tuna, trout, and others including mackerel, sardine, herring, and menhaden. Due to the application, it is divided into dietary supplements and functional food. In terms of country, it is analyzed in the US, Mexico, Brazil, Argentina, and the rest of Latin America.
The growth of the fish oil market in the US and South America is due to mounting concerns about inflammatory disease in people, which is leading to a surge in omega-3 supplement purchases. Additionally, awareness of the effects of a nutrient-deficient diet on long-term health has led consumers to invest more in nutritional supplements and functional foods, which has boosted sales of nutritional supplements such as whey protein, multivitamins, and omega-3 capsules. In addition, the increasing popularity of fish oil supplements in the fitness community is expected to create compensation opportunities for the expansion of the fish oil market. However, the increasing prevalence of veganism, the shortage of raw fish due to inclement weather, and the restrictions on catch quotas are the main constraints on the fish oil market. On the contrary, the increasing popularity of fish oil among the aging population and the increasing use of fish oil in functional foods should open new avenues for the growth of the fish oil market in the US and South America.
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Based on the analysis of the fish oil market in the USA and South America by type, salmon was the best-known segment with the highest share of the fish oil market in the USA and South America and is estimated at a CAGR of 9.5% over the forecast period. This is attributed to the easy availability and high popularity of salmon among the population. The anchovy segment also shows high growth of 9.1% throughout the forecast.
By country, the US was the dominant market and contributed the largest share of the fish oil market in the US and South America. The growth is due to a greater awareness of the benefits of a balanced diet among the population of this country. In addition, higher disposable income coupled with an increase in the prevalence of various diseases such as rheumatoid arthritis and inflammation have encouraged people to invest in omega-3 fish oils, which helps alleviate such symptoms. However, Brazil is expected to have the highest growth rate of 13.5% as the popularity of dietary supplements increases among the local population.
Based on the US and South American fish oil market forecast by application, the Dietary Supplements segment posted the highest share in 2019 and is expected to see a remarkable 9.6% growth rate due to increased consumer awareness of nutrition. Ordinary food, and fast food in particular, cannot meet the required micro- and macronutrients, which is why consumers are investing in nutritional supplements to meet their daily nutritional needs. However, the functional foods segment is expected to have the highest CAGR of 12.5% from 2021 to 2027.
Main results of the study
Depending on the type, the highest CAGR of 10.4% is forecast for the salmon segment in the forecast period.
Based on the application, the dietary supplements segment occupied the largest market with maximum value share in 2019 and is expected to grow with the significant CAGR in the forecast period.
The US is the largest country in terms of demand for fish oil in 2019.
Due to the application, the functional food is expected to have the highest growth rate, recording a CAGR of 13.1% from 2021 to 2027.
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Allied Market Research (AMR) is a full-service market research and management consulting division of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides unmatched quality of “market research reports” and “business intelligence solutions” to global corporations as well as medium and small businesses. AMR strives to provide business intelligence and advisory services to assist its clients in making strategic business decisions and sustained growth in their respective market domains. AMR offers its services in 11 industries including Life Sciences, Consumer Goods, Materials and Chemicals, Construction and Manufacturing, Food and Beverage, Energy and Energy, Semiconductors and Electronics, Automotive and Transportation, ICT and Media, Aerospace and Defense, and BFSI .
We have professional corporate relationships with various companies and this helps us unearth market data which will help us create accurate research data tables and confirm the highest accuracy of our market forecasts. All of the data contained in the reports we publish are extracted through primary interviews with top officials from leading companies in the affected domain. Our secondary data acquisition methodology includes extensive online and offline research and discussions with knowledgeable professionals and industry analysts.
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