India Fish Oil Market Outlook (2023-2029) | Industry, Trends, Analysis, Revenue, Companies, Forecast, Share, Size, COVID-19 IMPACT, Value & Growth

Topics Covered in the India Fish Oil Market

India Fish Oil Market report thoroughly covers the market by species and by application. The market outlook report provides an unbiased and detailed analysis of the ongoing market trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.

India Fish Oil Market Synopsis

India Fish Oil Market is expected to grow over the years owing to the growing awareness about the health benefits of omega-3 fatty acids and health consciousness among consumers. Additionally, the rising disposable income of consumers is also a major factor driving the India Fish Oil Market Growth, as it allows more people to afford fish oil supplements. Generally, fish oil is a rich source of omega-3 fatty acids, which are essential for human health. The consumption of fish oil has been associated with several health benefits, such as reducing the risk of heart disease and improving cognitive function.

According to 6Wresearch, the India Fish Oil Market is projected to grow during the forecast period of 2023-2029. The growth is mainly due to increasing awareness of the health benefits of omega-3 fatty acids present in fish oil. Fish oil is used in various applications, including dietary supplements, pharmaceuticals, animal feed, and cosmetics. In general, fish oil is a primary source of omega-3 fatty acids, such as EPA (eicosapentaenoic acid) and DHA (docosahexaenoic acid), which are known for their positive effects on the heart, brain, and overall health. The expansion of aquaculture in India contributes to the availability of fish oil, as it is used in fish feed to enhance nutritional content. The India fish oil industry is regulated to ensure adherence to quality standards, especially for fish oil used in pharmaceuticals and supplements.

Government policies and schemes introduced in the India Fish Oil Market 

The government has introduced a number of policies and schemes in the India Fish Oil Industry. Some of them include;

• Marine Products Export Development Authority (MPEDA): MPEDA, under the Ministry of Commerce and Industry, implements various schemes and policies to promote and regulate the export of marine products.
• National Fisheries Development Board (NFDB): NFDB operates under the Ministry of Fisheries, Animal Husbandry & Dairying and implements schemes to enhance fish production, processing, and value addition, which could indirectly impact the fish oil market.
• Aquaculture Development and Fish Health Management: Government policies and initiatives promoting sustainable aquaculture practices and ensuring the health of fish could indirectly impact the quality and availability of fish oil in the country.

Key growth opportunities in the India Fish Oil Market

In general, fish oil is a significant source of omega-3 fatty acids, which have various health benefits. These benefits are expected to drive demand for fish oil products. Also, the aquaculture expansion led to increased availability of fish by-products, contributing to the raw material supply for fish oil production. Additionally, the incorporation of fish oil in nutraceuticals and dietary supplements presents opportunities for value addition and diversification in the market. Emphasis on sustainable fishing practices and traceability in the seafood industry could drive the adoption of certified and responsibly sourced fish oil.

Drivers of the India Fish Oil Market

The India Fish Oil Market size is forecast to grow over the years owing to the increased awareness of the health benefits of omega-3 fatty acids, found in fish oil, which has led to higher consumer demand for dietary supplements and functional foods containing fish oil. The demand for nutraceutical products, which combine nutritional benefits with pharmaceutical properties, has driven the use of fish oil as an ingredient in various health supplements. The growth of the aquaculture industry requires fish oil for fish feed, as it is a rich source of essential nutrients for fish growth and development. Additionally. fish oil's skin and hair benefits have led to its inclusion in cosmetic and personal care products, driving demand in the beauty and skincare industry.

Challenges of the Market

The market also faces several challenges as the fish oil industry relies on fish extraction, which can contribute to overfishing and negatively impact marine ecosystems and biodiversity. Also, the sourcing of fish for oil extraction needs to be sustainable to ensure long-term availability and prevent depletion of fish stocks. Additionally, the stringent regulations related to quality, safety, and labeling of fish oil products are another major barrier for manufacturers and distributors. Fluctuations in fish stocks, environmental factors, and demand can lead to price volatility in the fish oil market. The growing interest in plant-based sources of omega-3 fatty acids, like flaxseed and algae, poses competition to fish oil products.

The Impact of COVID-19 on the India Fish Oil Market

The COVID-19 pandemic had several impacts on the India fish oil market revenue to a great extent. The market has faced supply chain disruptions due to lockdowns, restrictions, and disruptions in transportation. This is also leading to delays in sourcing raw materials and distributing finished products. Changes in consumer behavior, including reduced discretionary spending and a focus on essential items have further affected the demand for fish oil supplements and premium health products. Moreover, concerns about the safety of imported products and potential contamination led to cautious consumer purchasing behavior, impacting the consumption of fish oil supplements.

Leading players in the India Fish Oil Market

The market is highly competitive with the presence of several key players dominating the market such as;

• Omega Protein Corporation
• GC Rieber Oils
• Nordic Naturals
• TripleNine Group
• Croda International Plc
• Bio-Oils Energy

Market Analysis by Product Type

According to Ravi Bhandari, Research Head, 6Wresearch, the fish oil market is experiencing growth in the mackerel and sardines segments, as these species are known for their omega-3 content and are commonly used in supplements and aquaculture feed.

Market Analysis by Applications

Based on Applications, the supplements, and functional food segment is dominating the India Fish Oil Market Share owing to the increasing health awareness and the popularity of omega-3 supplementation. On the other hand, the aquaculture sector is also accomplishing growth, driven by the expansion of the aquaculture industry and the need for nutritious feed for farmed fish.

Key attractiveness of the report

• COVID-19 Impact on the Market.
• 10 Years Market Numbers.
• Historical Data Starting from 2019 to 2022.
• Base Year: 2022.
• Forecast Data until 2029.
• Key Performance Indicators Impacting the Market.
• Major Upcoming Developments and Projects.

Key Highlights of the Report:

• India Fish Oil Market Outlook
• Market Size of India Fish Oil Market, 2022
• Forecast of India Fish Oil Market, 2029
• Historical Data and Forecast of India Fish Oil Revenues & Volume for the Period 2019 - 2029
• India Fish Oil Market Trend Evolution
• India Fish Oil Market Drivers and Challenges
• India Fish Oil Price Trends
• India Fish Oil Porter's Five Forces
• India Fish Oil Industry Life Cycle
• Historical Data and Forecast of India Fish Oil Market Revenues & Volume By Species for the Period 2019 - 2029
• Historical Data and Forecast of India Fish Oil Market Revenues & Volume By Anchovy for the Period 2019 - 2029
• Historical Data and Forecast of India Fish Oil Market Revenues & Volume By Mackerel for the Period 2019 - 2029
• Historical Data and Forecast of India Fish Oil Market Revenues & Volume By Sardines for the Period 2019 - 2029
• Historical Data and Forecast of India Fish Oil Market Revenues & Volume By Cod for the Period 2019 - 2029
• Historical Data and Forecast of India Fish Oil Market Revenues & Volume By Herring for the Period 2019 - 2029
• Historical Data and Forecast of India Fish Oil Market Revenues & Volume By Menhaden for the Period 2019 - 2029
• Historical Data and Forecast of India Fish Oil Market Revenues & Volume By Others for the Period 2019 - 2029
• Historical Data and Forecast of India Fish Oil Market Revenues & Volume By Application for the Period 2019 - 2029
• Historical Data and Forecast of India Fish Oil Market Revenues & Volume By Aquaculture for the Period 2019 - 2029
• Historical Data and Forecast of India Fish Oil Market Revenues & Volume By Animal Nutrition & Pet food for the Period 2019 - 2029
• Historical Data and Forecast of India Fish Oil Market Revenues & Volume By Pharmaceuticals for the Period 2019 - 2029
• Historical Data and Forecast of India Fish Oil Market Revenues & Volume By Supplements & Functional food for the Period 2019 - 2029
• Historical Data and Forecast of India Fish Oil Market Revenues & Volume By Others for the Period 2019 - 2029
• India Fish Oil Import Export Trade Statistics
• Market Opportunity Assessment By Species
• Market Opportunity Assessment By Application
• India Fish Oil Top Companies Market Share
• India Fish Oil Competitive Benchmarking By Technical and Operational Parameters
• India Fish Oil Company Profiles
• India Fish Oil Key Strategic Recommendations

Market Covered

The report offers a comprehensive study of the subsequent market segments:

By Species

• Anchovy
• Mackerel
• Sardines
• Cod
• Herring
• Menhaden
• Others

By Application

• Aquaculture
• Animal Nutrition & Pet Food
• Pharmaceuticals
• Supplements & Functional Food
• Others