North America Fish Oil Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Species Type (Blue Whiting, Anchoveta, Sardine, Capelin, and Others), Application (Pharmaceuticals, Animal Nutrition and Pet Food, Aquaculture, Dietary Supplements,

North America Fish Oil Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Species Type (Blue Whiting, Anchoveta, Sardine, Capelin, and Others), Application (Pharmaceuticals, Animal Nutrition and Pet Food, Aquaculture, Dietary Supplements, and Others)

The North America fish oil market is expected to grow from US$ 398.63 million in 2021 to US$ 760.88 million by 2028; it is estimated to grow at a CAGR of 7.6% from 2021 to 2028. Demand for fish oil is increasing in the cosmetic industry, wherein it is used in cream and ointments, among others. It is used in the production of emollients or general ointments for external use, and body art procedures for insulation against cold temperatures. At present, the most generally available dietary source of the Eicosapentaenoic (EPA) and Docosahexaenoic (DHA) is cold-water oily fishes, such as salmon, herring, mackerel, anchovies, and sardines. Oils extracted from these fish have around seven times more omega-3 oils than the oil from other fish species. The rising importance of improving immunity during the COVID-19 pandemic is further contributing to the fish oil market growth. Sedentary lifestyles, work-from-home culture, and low physical activity levels, particularly between the age group of 30-40 are expected to boost the demand for fish oil in the coming years. In addition, increasing consumer willingness to spend more on healthcare and wellbeing is further supporting the fish oil market growth.

The North America fish oil market is segmented on the basis of species type, application, and country. Based on species type, the market is segmented into blue whiting, anchoveta, sardine, capelin, and others. In 2021, the blue whiting segment accounted for the largest market share. However, the sardine segment is expected to register the highest CAGR during the forecast period. Blue whiting is a fish species of the cod family, which is widespread and common in Northeast Atlantic. Blue whiting fish oil is a potential source of omega-3 fatty acids. With the rising adoption of healthy lifestyle, the demand for fish oil is also expected to increase in the coming years.

North America is one of the worst affected regions due to the COVID-19 pandemic. The US had the highest number of confirmed cases of COVID-19. The unprecedented rise in the number of COVID-19 cases across the US and Canada and the subsequent lockdown of numerous manufacturing facilities in the countries have negatively influenced the growth of the various markets. The significant disruption in manufacturing, along with raw material sourcing, has had a negative impact on the demand for fish oil in the region. The crisis adversely affected the food & beverages industry in the region due to a restricted supply chain, raw material shortage, and shutdown of manufacturing units. However, the market is reviving on account of the government's significant measures, such as vaccination drives. With the state of economic recovery, several industrial sectors are strategically planning to invest in advanced products to maximize revenue. This is expected to provide the impetus for market growth.

The overall North America fish oil market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the North America fish oil market with respect to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. Participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the North America fish oil market. Mergers and acquisitions, and market initiatives are a few of the major activities undertaken by the companies, which have promoted the market growth. Companies operating in the market are TRIPLENINE, FF SKAGEN A/S, DSM, CRODA INTERNATIONAL PLC, BASF SE, and OMEGA PROTEIN CORPORATION.

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