Fish Oil Alternatives Market Size By Product (Chia Seeds Oil, Soybean Oil, Canola Oil, Hemp Seed Oil, Algae Oil, Walnut Oil, Flaxseed Oil), by Application (Food & Beverage Industry, Cosmetics and Personal Care, Animal Feed, Pet Food Additive, Pharmaceuticals, Nutraceuticals, Biofuels), By Distribution Channel (B2B, B2C {Store-based Retail [Hypermarket/Supermarket, Convenience Stores, Traditional Grocery Stores, Specialty Stores] Online Retail}), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2023 – 2032

Industry Drivers

Fish Oil Alternatives Market size crossed USD 2 billion in 2022 and is poised to witness over 5% CAGR from 2023 to 2032. This is a result of the growing acceptance of plant-based diets to reduce cardiovascular disease burden.
 

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With the growing burden of lifestyle-related diseases, consumer preference for plant-based diets has grown. Based on a CDC report, in 2020, there were 382,820 deaths due to coronary heart disease in the U.S. Since plant-based diets can reduce the risk of heart diseases, the production of fish oil alternatives for vegetarians is likely to rise. Furthermore, people following a strict plant-based diet have limited access to omega-3 fats. These factors will boost the requirement for healthy omega-3 ingredients and fuel the consumption of fish oil alternatives rich in omega-3 fatty acids.
 

Despite the growth trajectory, the increasing cost of varied plant seeds and their processing may limit the adoption of fish oil substitutes. Likewise, changing weather conditions can affect seed production, causing a rise in the price of vegetable oils. However, the rising application scope of these oils in industry verticals such as cosmetics, animal feed, and pharmaceuticals will create growth opportunities for fish oil alternatives manufacturers over the forecast period.
 

Mounting sales of personal care & cosmetic products to stimulate usage of chia seed oils

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Based on the product, the fish oil alternatives market share from the chia seeds oil segment will register a 6% CAGR through 2032, attributed to the escalating demand for personal care solutions. For example, in the first half of 2022, the beauty and personal care segment of Unilever recorded a 7.5% increase in sales. Since chia seed oil has multiple benefits, such as preventing wrinkles due to enhanced fatty acid and antioxidant content, its application in cosmetic and personal care products is likely to grow. Furthermore, increasing awareness of the product’s high nutritional value will strengthen the industry outlook.
 

Rising consumption of healthy foods and beverages may amplify demand for fish oil alternatives

The food and beverage industry applications segment is set to surpass USD 2 billion by 2032, owing to the mounting intake of healthy foods. This trend has encouraged restaurant caterers and owners to adapt to changing dietary habits through the delivery of fresh cuisines, promoting the use of plant-based oils. The imbalance of fats in human diets has also become a challenge for the food production industry, because of the constant rise in the global population. These factors will fuel the adoption of ingredients such as algae oils as a healthy source of monounsaturated fats in the food and beverages sector.
 

Increasing product use in household cooking to boost B2C sales of vegetable oils

Fish oil alternatives market size from B2C distribution channels is slated to exhibit a 5% CAGR during the forecast timeline, on account of growing demand for vegetable oils for daily household cooking applications. Plant-based diets rich in minerals, vitamins, and fibers are also expected to gain traction among health-conscious consumers over the upcoming years. The emerging trend of healthy diets will thus prompt the general population to consume vegetable oils and subsequently boost B2C product sales.
 

Rise in animal farming efforts to spur fish oil substitute production in Europe