(MENAFN- Ameliorate Digital Consultancy)
The global fish oil alternatives market is experiencing significant growth, driven by the rising benefits of plant-based foods and technological advancements for producing fish oil alternatives. The market is witnessing increasing demand across various industries, including cosmetics, animal feed, and pharmaceuticals. Ethical and sustainable concerns associated with traditional fish oil also contribute to the growing prominence of fish oil alternatives.
Moreover, overfishing specific fish species has led to a decline in fish populations, prompting the search for alternative sources of omega-3 fatty acids. Algae, flaxseed, and chia seeds are gaining traction as alternative sources, propelling the global fish oil alternatives industry to new heights.
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Key Report Findings:
The global fish oil alternatives market is expected to reach US$3 Bn by the end of 2023. Asia Pacific is expected to hold the lion's share of the worldwide fish oil alternatives industry. Key market players are adopting diverse strategies to meet the shift in consumer demand. Online retail distribution channels present substantial revenue opportunities for vendors in the fish oil alternatives market. Growth Drivers:
Soaring Demand for Sustainable Cosmetics and Personal Care Products: Fish oil alternatives are gaining popularity in the food and beverages industry and the cosmetics and personal care industry. The increasing demand for natural and sustainable products has led consumers to seek eco-friendly and ethically sourced alternatives. Algae and krill oil, considered sustainable sources of omega-3 fatty acids, have found their way into cosmetics and personal care products. As a result, the fish oil alternatives market is witnessing robust growth in this segment. Overview of Key Segments:
Soybean Oil Gains Traction for its High Omega-3 Fatty Acid Content: Soybean oil is anticipated to take a significant market share among the various product segments. Its high omega-3 fatty acid content, particularly alpha-linolenic acid (ALA), contributes to its popularity. Additionally, soybean oil's magnesium content makes it beneficial for improving sleep quality, which has further boosted its demand. Its sustainability and cost-effectiveness compared to fish oil have also driven its production. Food and Beverages Industry Sustains Dominance: The food and beverages industry is expected to dominate the fish oil alternatives market, primarily due to the increasing consumer shift towards healthy food items. With their health benefits, fish oil alternatives are favored by consumers seeking improved cardiovascular health, brain function, and immune system function. The rising prevalence of veganism has also driven the consumption of fish oil alternatives, encouraging restaurant and hotel owners to incorporate them into their food offerings. Online Retail Distribution Channel to Unlock Revolutionary Opportunities: The online retail distribution channel is projected to drive market growth significantly. The COVID-19 pandemic has accelerated the preference for e-commerce, as consumers worldwide prefer online purchases over physical stores. The convenience of doorstep delivery, extensive product range, and reasonable prices offered by online channels are attracting more consumers. Growth Opportunities Across Regions:
Asia Pacific Rides Plant-based and Vegan Trends: The Asia Pacific region is expected to lead the global fish oil alternatives market, driven by the increasing demand for plant-based and vegan products. Health consciousness among consumers and the growing population with rising disposable income drive the consumption of nutritional supplements and functional foods. To cater to evolving consumer preferences, vendors in the region are actively expanding their product portfolios and investing in research and development. Fish Oil Alternatives Market – Competitive Analysis:
Fish oil alternative manufacturers focus on product innovation to meet customer demands. Strategic partnerships, collaborations, mergers and acquisitions are common strategies industry players employ to increase market share and expand their global presence. The growing relevance of omega-3 DHA in infant growth has led to legislation promoting its use in infant formulas, offering revenue opportunities for key market players.
Key Market Players:
Prominent players in the global fish oil alternatives market include Burcon Nutrascience Corp., Cargill Inc., Dupont PVT Ltd., Sotexpro, Archer-Daniels-Midland Company (ADM), Wilmar International, CHS Inc., Farbest Brands, Sonic Biochem, Prinova Group LLC, Medix Laboratories, Bioway, and Batory Foods.
As the demand for sustainable solutions continues to rise, the fish oil alternatives market is poised for significant growth in the years to come.
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