Cod Fish Oil Market Expected to Reach $1.1 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Cod Fish Oil Market," The Cod Fish Oil Market Size was valued at $432.40 million in 2021, and is estimated to reach $1.1 billion by 2031, growing at a CAGR of 10% from 2022 to 2031.

Cod is a demersal fish species that belongs to the family Gadidae, mostly found at the bottom of the sea or lakes. Cod liver oil is manufactured from the liver of the cod fish. Cod liver oil is a rich source of omega-3 fatty acids, vitamin A, and vitamin D. U.S. is one of the significant consumers of cod liver oil. The demand for cod liver oil in pharmaceutical applications has increased due to the high concentration of omega-3 fatty acids, vitamin A, and vitamin D in it. Moreover, regular cod liver oil can reduce the risk of heart failure, anxiety, eye diseases, chronic diseases, and glaucoma. Hence, the demand for omega-3 fatty acids, vitamin A, and vitamin D can increase the consumption of cod fish oil.

Moreover, the governments of various countries have imposed quota regulations, which limit fishing and in turn, hamper cod fish oil production. In addition, the quota manages the sustainability of the fishing of the Cod Fish Oil Industry. The European Union has imposed country-wise TAC (Total Allowable Catches) and quota to strictly regulate the volume and frequency of fishing activities in the region. As a result, the manufacturers do not get enough raw fish for oil extraction, which results in a production shortfall. these quotas can impact on the Cod Fish Oil Market Growth in the forecast period.

Cod fish oil helps in maintaining a healthy balance between omega-3 and omega-6 fatty acids, which helps in reducing the inflammatory processes in the human body. Moreover, it helps in lowering the risks of coronary heart diseases as well as maintaining normal blood pressure and normal bold lipid values. Furthermore, cod fish oil is a beneficial supplement for pregnant women and kids as it is an important component in balanced nutrition. Thus, the effective benefits of cod fish oil are one of the key factors owing to which it is used in the pharmaceutical industry, which boosts the growth of the cod fish oil market.

The rise in demand for omega 3 in human nutrition applications, such as supplements, and pharmaceutical nutraceuticals foster the demand for cod fish oil. China, Japan, U.S., are the major consumer and producer countries in the global market. 

The cod fish oil market is segmented based on form, source, application, and region. By form, it is categorized into capsule, liquid, and others. The capsule segment was the highest revenue contributor to the market in 2021 owing to the rise in chronic diseases, consumer prefers cod fish oil supplements.

Based on the source, the Greenland cod held a significant share of 10.5% in the global market in 2021. This is attributed to its taste, freshness, and texture. Moreover, it is a rich source of fatty acids and vitamins.

Based on application, nutraceuticals dominated the market in 2021, accounting for 10.3% of the share, andbased on  Cod Fish Oil Market Analysis, it is  expected to retain their dominance throughout the forecast period owing to a rise in awareness among consumer about health benefits.

By region, Asia-Pacific was the highest revenue contributor, accounting for $247.3 million in 2021, and is estimated to reach $597.3 million by 2031, with a CAGR of 9.4%. Rising disposable income and a large population increase the consumption of cod fish oil. these Cod Fish Oil Market Trends will boost the demand of cod fish oil.

key players operating in the cod fish oil industry include BARLEAN’S ORGANIC OILS, LLC, BLUELINE FOODS INDIA PVT. LTD, CARLSON LABS, LYSI HF, NESTLE S.A, NORDIC NATURALS INC, NOW HEALTH GROUP, INC, OLVEA GROUP, THE PROCTER & GAMBLE COMPANY, and WN PHARMACEUTICALS.

Key findings of the study

• The global cod fish oil market was valued at $432.4 million in 2021 and is projected to reach $1,103.8 million by 2031, registering a CAGR of 10.0% from 2022 to 2031.
• By form, the capsule segment is estimated to witness significant growth, registering a CAGR of 10.1% during the forecast period.
• In 2021, on the basis of source, the Atlantic cod segment was valued at $162.3 million, accounting for 9.8%% of the Global cod fish oil market share.
• By application, the nutraceutical segment is estimated to witness significant growth, registering a CAGR of 10.3% during the Cod Fish Oil Market Forecast.
• Based on the region, North America is expected to be the fastest-growing segment during the forecast period with a CAGR of 12.1%.