Fish Oil Alternatives Market Size & Share 2023 to 2032
Market Size by Product (Chia Seeds Oil, Soybean Oil, Canola Oil, Hemp Seed Oil, Algae Oil, Walnut Oil, Flaxseed Oil), by Application, Distribution Channel & Global Forecast.
Report ID: GMI5421
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Published Date: January 2023
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Report Format: PDF
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Authors:
Kiran Pulidindi, Kunal Ahuja
Fish Oil Alternatives Market Size
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.
Fish Oil Alternatives Market Key Takeaways
Market Size & Growth
Key Market Drivers
Challenges
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.
Fish Oil Alternatives Market Analysis
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.
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.
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.
From a regional standpoint, the Europe fish oil alternatives market is projected to cross USD 4 billion by 2032, given the consistent progress in the regional cattle, poultry, and aquaculture sectors. As per data from AgriFarming, in Germany, close to 60 million broilers, 34 million laying hens, and 11 million turkeys are produced, improving the usage of fish oil alternatives in animal feeds. Likewise, the growing number of health-conscious consumers and the flourishing hospitality sector will proliferate the intake of fish oil alternatives such as vegetable oil across the European region.
Fish Oil Alternatives Market Share
Some of the leading companies operating in the fish oil alternatives market include
These companies are focusing on strategic partnerships, product developments, and acquisitions to reinforce their presence in the industry.
For instance, in September 2021, Algarithm, AlaskOmega, and Aenova partnered to design chewable vegan soft gel capsules with microalgae-based alpha mega omega-3 DHA oil. This initiative was meant to allow the companies to expand their customer base and gain a competitive edge over rivals in the market.
Impact of the COVID-19 pandemic
Chronic diseases including diabetes, obesity, and hypertension have become major risk factors for the SARS-CoV-2 virus. As a result, the preference for nutritional food products has increased steadily, as the global population aims to build community health. Moreover, knowledge about the role of plant-based diets in lessening the severity of the patients diagnosed with COVID-19 disease is growing. These factors will also encourage manufacturers to develop vegetable oils to cater to health-conscious consumers and in turn, add impetus to industry expansion over the foreseeable future.
The global fish oil alternatives market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in kilo tons and revenue in USD million from 2018 to 2032 for the following segments:
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Market, By Product
Market, By Application
The above information has been provided for the following regions and countries:
Research methodology, data sources & validation process
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Our 6-step research process
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