Cod Fish Oil Market Report 2024

The cod fish oil market size has grown rapidly in recent years. It will grow from $0.55 billion in 2023 to $0.62 billion in 2024 at a compound annual growth rate (CAGR) of 12.7%. The growth during the historic period can be attributed to factors such as growing awareness of mental health benefits, increasing demand for nutritional supplements, rising incorporation of fatty acids into diets, heightened health awareness among the population, growing consumption of cod liver oil, and increasing demand for omega-3 supplements.

The cod fish oil market size is expected to see rapid growth in the next few years. It will grow to $1.0 billion in 2028 at a compound annual growth rate (CAGR) of 12.9%. The growth in the forecast period can be attributed to factors such as rising incidence of chronic diseases, increasing consumption of supplements, growing demand for cod liver oil, expanding prevalence of omega-3 from cod liver oil, and escalating demand for dietary supplements. Major trends expected in this period include advancements in extraction and processing technologies, innovations in product development, advancements in pharmaceutical applications, and a focus on sustainability and ethical sourcing practices.

The cod fish oil market is poised for growth, driven by the increasing prevalence of chronic diseases. These diseases are on the rise due to factors such as aging populations, shifts in lifestyle, and the higher incidence of risk factors such as poor diet and sedentary lifestyles. Cod fish oil, renowned for its omega-3 fatty acids, plays a crucial role in managing chronic conditions by reducing inflammation and supporting heart health. Additionally, its rich content of vitamins A and D contributes to bone health and immune function. For example, the National Library of Medicine reported in January 2023 that the number of individuals aged 50 and older with at least one chronic illness is projected to nearly double from 71.522 million in 2020 to 142.66 million in 2050, while those with multiple chronic conditions are expected to increase from 7.8304 million to 14.968 million during the same period, highlighting the significant impact of chronic diseases on the cod fish oil market.

Key players in the cod fish oil industry are actively developing innovative products to meet growing consumer demand for health-enhancing supplements and to distinguish their offerings in a competitive market. One such innovation is omega-3-enriched cod liver oil, which offers a higher concentration of essential fatty acids crucial for cardiovascular health and cognitive function. For instance, Iceland-based True Westfjords introduced Dropi Cod Liver Oil Tonic in July 2022, featuring a potent blend of omega-3s, including high levels of EPA and DHA, in an easy-to-swallow capsule. Sourced from the pristine waters of the North Atlantic Ocean, known for its purity, this product underscores the company's commitment to quality and sustainability.

In November 2022, Norway's King Oscar acquired a 50% stake in Iceland's Aegir Seafood Company. This acquisition enables King Oscar to enhance its cod liver oil business by leveraging Aegir's sustainable fishing practices and strengthening its foothold in European and global markets. Aegir Seafood Company, known for its high-quality cod liver oil products, aligns with King Oscar's strategy to meet increasing consumer demand for premium seafood-based supplements.

Major companies operating in the cod fish oil market are Nestle S.A., BASF SE, The Procter & Gamble Company, Sanofi S.A., Orkla ASA, NOW Foods Group Inc., Omega Protein Corporation, WN Pharmaceuticals Ltd., Nordic Naturals Inc., Seven Seas Ltd., Country Life, Groupe OLVEA, Carlson Labs, Mason Vitamins, Barlean's Organic Oils LLC, Mara Renewables Corporation, Marenco Limited, Blueline Foods India Pvt Ltd., LYSI HF, Shinepro Life Sciences Private Limited.

Asia-Pacific was the largest region in the cod fish oil market in 2023. The regions covered in the cod fish oil market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the cod fish oil market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Cod liver oil is derived from the liver of cod fish and is renowned for its high content of omega-3 fatty acids, along with vitamins A and D, and antioxidants. It is widely used as a dietary supplement due to its various health benefits, including inflammation reduction, cardiovascular support, and bone health promotion.

The primary product forms of cod liver oil include liquid, capsules, tablets, soft gels, and powder. Liquid cod liver oil offers a convenient method for consumers to incorporate it into their daily routines. It is sourced from different cod species such as Atlantic cod, Arctic cod, Pacific cod, and Greenland cod. These products are distributed through supermarkets, hypermarkets, convenience stores, drug stores, online platforms, and other distribution channels, and find applications in pharmaceuticals, nutraceuticals, personal care products, cosmetics, and dietary supplements.

The cod fish oil market research report is one of a series of new reports that provides cod fish market statistics, including cod fish oil industry global market size, regional shares, competitors with a codfish market share, detailed cod fish oil market segments, market trends, and opportunities, and any further data you may need to thrive in the cod fish oil industry. This cod fish 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 cod fish oil market consists of sales of omega-3 capsules, liquid fish oil supplements, liquid fish oil supplements, fish oil softgels, and fish oil gummies. 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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