Fish oil is fatty oil obtained from fishes that contains huge amount of unsaturated fatty acid. Fish oil is used in making food products and several varieties of products. Worldwide fish oil industry was valued over USD 1 billion in 2012 and is further expected to grow at a total CAGR of 8% during 2014 to 2020.
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Rising direct human consumption (DHC) owing to augmenting health awareness of omega 3 fatty acid is anticipated to be the key driver for the market. Furthermore, static production against the rising demand and prices are estimated to be the major challenge for fish oil market expansion. The U.S FDA has limited the use of such species, owing to high level of toxic substances like PCB, dioxin, chlordane and mercury. Also, rapid development of aquaculture in Asia Pacific region is the vast market opportunity for new participants in the market.
Fish oil is the significant source of eicosapentaenoic acid (EPA), docosahexaenoic acid (DHA) and omega 3 acids. Reducing depression levels, triglyceride levels and improving lung functions are some benefits of omega 3 fatty acids anticipated to drive the market further. Also, Static production against the rising prices and increasing demand are expected to be the key challenges for expansion of fish oil market further.
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Based on applications, the overall industry is segmented into Aquaculture, direct human consumption (DHC) and other applications such as hydrogenation and industrial uses. Additionally, Aquaculture was the key application segment and is likely to be the dominating fragment over the coming years. In addition, Freshwater crustaceansmnarine shrimps, trouts, tilapias, salmon, milkfish and catfishes are some of the aquaculture species group in the market. Trout and salmon dominate the industry followed by marine fishes.
Latin America, North America and Europe are the major fish oil market regions. Europe was the key regional fish oil market and is anticipated to grow market share of 8% owing to high consumer awareness and rising per capita consumption in the region. Furthermore, Asia Pacific is projected to be the rapid growing fish oil market on the basis of consumption, chiefly driven by high domestic demand from china. Chile, Peru and Denmark are the key exporters and producers of fish oil.
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