Squid Oil Global Market Report 2024

The squid oil market has grown strongly in recent years. It will grow from $4.56 billion in 2023 to $4.94 billion in 2024 at a compound annual growth rate (CAGR) of 8.5%. The growth observed in the historic period can be attributed to several factors, including the overall expansion of the global market, the emergence of squid oil as an alternative to fish oil, its utilization in the cosmetics and skincare industry, the increasing emphasis on sustainability practices, and the influence of regulatory measures.

The squid oil market is expected to see strong growth in the next few years. It will grow to $6.61 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%. Anticipated growth in the forecast period can be attributed to various factors, including market expansion strategies, a focus on sustainability measures, increasing demands in the pharmaceutical and nutraceutical sectors, evolving consumer preferences, and the prevailing regulatory environment. Notable trends expected during this period encompass heightened demand in the pharmaceutical and nutraceutical industries, a continued emphasis on sustainability practices, a growing alignment with health and wellness trends, increased investment in research and development, and the position of squid oil as an alternative to fish oil.

The anticipated growth in the squid oil market is expected to be driven by two key factors. Firstly, the increasing consumption of seafood is poised to play a pivotal role in propelling the market forward. Seafood, encompassing aquatic creatures such as fish, shrimp, and octopuses, is a significant source of nutrition for humans. Squid oil, being a sustainable seafood source rich in omega-3 fatty acids, is recognized for its potential in soothing the symptoms of rheumatoid arthritis. A report from the Blue Food Assessment (BFA) published in the peer-reviewed journal Nature Communications in September 2021 revealed projections of a doubling in fish consumption by 2050. Global consumption is anticipated to rise from 80 million metric tons to nearly 155 million metric tons across various fish and shellfish categories, contingent upon sustained production levels and stable real prices. Consequently, the upward trajectory in seafood consumption is a driving force behind the growth of the squid oil market.

The increasing health consciousness among consumers is expected to contribute significantly to the growth of the squid oil market. Health-conscious consumers prioritize making healthier lifestyle choices, including dietary preferences that promote overall well-being. Squid oil, known for its high content of omega-3 fatty acids, is favored by health-conscious individuals for its potential benefits in supporting heart health and reducing inflammation. A survey conducted by DSM, a Netherlands-based science-based company, in August 2022 revealed that 73% of participants expressed their intention to prioritize healthier eating and drinking habits. As a result, the rising health consciousness among consumers is identified as a key driver in the growth of the squid oil market.

Product innovation stands out as a significant trend gaining traction in the squid oil market, with major players actively focusing on developing innovative solutions to maintain their market positions. A notable example is the January 2022 launch by Jinka, a US-based seafood producer, of the world's first fully prepared plant-based calamari - a perishable frozen product named Jinka's tempura-battered ring. This plant-based calamari replicates the flavor and texture of traditional squid while offering protein and omega-3 fatty acids.

Leading companies in the squid oil market are particularly invested in advancing their product portfolios, including fish oil solutions, to enhance nutritional supplements and broaden applications in pharmaceuticals and cosmetics. Fish oil solutions typically involve concentrated and purified forms of omega-3 fatty acids for improved health benefits. In October 2023, DSM-Firmenich AG, a Switzerland-based solutions provider known for its natural and renewable ingredients, introduced Life’s Omega O3020. This product features an exclusive single-source algal omega-3 supplement, maintaining a natural EPA to DHA ratio similar to standard fish oil but with twice the potency. The innovative Life’s Omega O3020 empowers dietary supplement brands to enrich their omega-3 offerings with a sustainable algal alternative, providing enhanced flexibility in addressing crucial health concerns and appealing to eco-conscious consumers.

In January 2023, Brasmar, a Portugal-based provider of sea products, acquired Holmes Seafood for an undisclosed amount. This acquisition strengthens Brasmar's presence in the British market, allowing for increased commercialization of its sea products. Holmes Seafood, based in the UK, is a producer of squid products.

Major companies operating in the squid oil market report are King Fish Products Pvt. Ltd., Bawa Fishmeal & Oil Co., Aksha Fish Meal & Oil Company, Impextraco NV, Landbridge Ltd., Coastal Group, Star Fish Exports, Qingdao Haixingyuan Biotechnology Co. Ltd., Tianjin YR Chemspec Technology Co. Ltd., Shen Zhen Simeiyue Tech Co. Ltd., OLVEA Fish Oils, Aker BioMarine, Croda International Plc, Omega Protein Corporation, GC Rieber Oils, SeaDragon Marine Oils Limited, LYSI hf, Solutex GC, Maruha Nichiro Corporation, Nippon Suisan Kaisha Ltd., Pacific Andes International Holdings Limited, Pesquera Exalmar S.A.A., Rimfrost AS, Sireal, TASA, Triplenine Group, China National Fisheries Corporation, COPEINCA ASA, Pescanova, Omega S.A.

Asia-Pacific was the largest region in the squid oil market in 2023. Europe is expected to be the fastest-growing region in the global squid oil market report during the forecast period. The regions covered in the squid oil market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the squid oil market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary types of squid oil culture include freshwater, marine, and brackish water. Freshwater pertains to naturally occurring water that is not saline, fit for consumption, and has minimal dissolved salts. These variations of squid oil are available through diverse distribution channels, including online retailers, health food stores, and specialty supplement stores. They find applications in various industries such as fertilizers, aquaculture, and pharmaceuticals.

The squid oil market research report provides squid oil market statistics, including squid oil industry global market size, regional shares, competitors with a squid oil market share, detailed squid oil market segments, market trends and opportunities, and any further data you may need to thrive in the squid oil industry. This squid oil market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The squid oil market consists of sales of fish oil and krill oil, d-alpha tocopherol (vitamin E soy), and rosemary extract. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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