Fish oil market in Asia-Pacific will reach $1.5 billion by 2020
Presently, the aquaculture application segment accounts for about two thirds of the Asia-Pacific fish oil market revenue
According to a new report published by apacmarket.com, titled, 'Asia-Pacific Fish Oil Market (Application, Species and Geography): Country Analysis, Segmentation and Forecast, 2014-2020," the Asia Pacific fish oil market will grow at a CAGR of 5% from 2015 to 2020.
Presently, the aquaculture application segment accounts for about two thirds of the Asia-Pacific fish oil market revenue. China would continue to consolidate its leading position owing to a high concentration of the aquaculture industry.
Rising concern about chronic diseases such as cardiovascular and eye/joint deterioration is propelling the consumption of omega-3 fish oil in pharmaceutical and supplements and functional food application segments in the region.
The Asia-Pacific fish oil industry is largely affected by the demand-supply gap, caused by stringent fishing quotas and adverse climatic conditions in the major fish producing countries. However, increasing fish oil production through fish by-products (such as the head, viscera and backbone of the fish) would minimise the demand-supply gap to a certain extent.
The aquaculture application segment consumes about five sevenths of the APAC fish oil market. More than 80% of the fish oil is consumed by the aquaculture industry in China, and a similar trend is observed across Vietnam and Indonesia as well. Supplements and functional food form the second largest fish oil consumer segment and would emerge as one of the fastest growing segments during the forecast period.
Japan held two thirds of the fish oil consumed in supplement and functional food application market. A significant rise in health concerns among Japan's geriatric population fuels a demand of nutritional and pharmaceutical grade fish oil in Asia Pacific region.
Key findings of the study
- During the forecast period, supplement and functional foods and pharmaceuticals would emerge as the most lucrative fish oil application segments
- 3/5th of the Asia-Pacific fish oil market is captured by China and Japan collectively
- Most of the fish oil consumed in Asia is produced from anchovies
- Salmon and trout are the two fish species that consumes the largest volume of aqua grade fish oil
- Vietnam is among the top crude fish oil suppliers to China
- Aquaculture and supplement and functional food are considered as the most attractive segment for investors in Asia pacific fish oil market.
Key companies, such as TripleNine A/S and Omega Protein Corporation are primarily focusing on merger and acquisition as key strategies to strengthen their presence in potential fish oil markets across the Asia-Pacific region. The report covers a detailed study of key players such as Copeinca AS, Pesquera Diamante SA, Corpesca SA, TripleNine, Omega Protein Corporation, Arbee and Mukka Sea Foods Industries.
To view the report, visit the website at www.apacmarket.com/top-market/apac-fish-oil-market.
