Fish Oil Alternatives Market to exceed $3.5 Bn by 2032, Says Global Market Insights Inc.
Major fish oil alternatives market participants include BURCON, Cargill Inc., Archer-Daniels-Midland Company (ADM), Dupont, Wilmar International, CHS Inc., Farbest Brands, Sonic Biochem, Prinova Group LLC, Medix Laboratories Bioway, and Batory Foods.
Selbyville, Delaware, March 23, 2023 (GLOBE NEWSWIRE) --
The fish oil alternatives market valuation is estimated to be worth over USD 3.5 billion by 2032, as reported in a research study by Global Market Insights Inc.
The escalating usage of natural ingredients in cosmetics and skin care products will propel the market expansion. In Europe, for example, consumer inclination toward plant-based cosmetics has risen, encouraging companies to replace synthetic ingredients with natural variants. In the cosmetics industry, there has also been a rising emphasis on improving sustainability and lowering environmental footprints. These factors are likely to proliferate the use of vegan alternatives to fish oils as a hydration enhancer or skin-softening emollient in cosmetic formulations.
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The fish oil alternatives market from the soybean oil product segment will expand at 4% CAGR between 2023 and 2032, due to the high prevalence of sleep disorders among older adults. Based on statistics from the Sleep Foundation, almost 30% to 48% of older adults experience insomnia. This is predicted to contribute to the development of soybean oils, given the product’s ability to improve sleep quality due to its magnesium content. The growing burden of chronic diseases and the emergence of health and nutritional oil consumption is a prominent trend stimulating soybean oil production.
The fish oil alternatives market from the biofuels applications segment will is projected to be worth USD 500 million by 2032, owing to the shifting preference toward renewable energy across the automobile sector. Triacylglycerol, found in oils extracted from microalgae and plant seeds, is known to have a high energy density, making them ideal for biofuels. Several proposals have also been presented to curb air pollution from vehicles. These initiatives will enable renewable solutions to emerge as a source of biofuels and in turn, boost the usage of fish oil substitutes.
The fish oil alternatives market from online retail distribution channels segment is slated to register a growth of over 5.5% till 2032, attributed to the acceptance of e-commerce as a preferred mode of product distribution during COVID-19 lockdowns. In addition to the rising awareness about the benefits of healthy fruits and vegetables, there has been a shifting interest toward nutritional supplements to drive immunity against coronavirus. The report claims that the sales of vegetable oils through e-commerce are also expected to rise further, considering the applicability of vegetable oil as a lubricant in tablet formulations.
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North America fish oil alternatives market will account USD 2 billion by 2032, considering the robust demand for dietary supplements and the rising emphasis on physical fitness. The report further reveals the strong focus of government departments on pharma sector expansion projects. For instance, in September 2022, the U.S. Department of Commerce unveiled USD 52.9 million in grants for the Advanced Pharmaceutical Manufacturing Cluster in Central Virginia. With the increasing disposable income, fish oil alternatives are also set to gain traction as a lubricant in capsule formulations.
Prominent participants operating across the fish oil alternatives market include BURCON, Cargill Inc., Archer-Daniels-Midland Company (ADM), Dupont, Wilmar International, CHS Inc., Farbest Brands, Sonic Biochem, Prinova Group LLC, Medix Laboratories, Bioway, and Batory Foods. Mergers and acquisitions, new product launches, collaborations, and business expansions are among the prominent strategies being employed by these companies to gain a competitive advantage over rivals in the industry.
Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Fish Oil Alternatives market 3600 synopsis, 2022 - 2028
2.1.1 Business trends
2.1.2 Product trends
2.1.3 Application trends
2.1.4 Distribution Channel trends
2.1.5 Regional trends
Chapter 3 Fish Oil Alternatives market Insights
3.1 Introduction
3.2 Impact analysis of the COVID-19 pandemic
3.3 Industry ecosystem analysis
3.3.1 Vendor matrix
3.3.2 Key manufacturers & distributors
3.3.3 Distribution channel analysis
3.3.4 COVID-19 impact on industry value chain
3.4 Technology landscape
3.4.1 Biodiesel processing from algal oil
3.4.2 Nutritional profiles of fish oil alternatives
3.4.2.1 Properties of fish oil alternatives
3.4.2.2 Properties of common cooking fish oil alternatives (per 100 g)
3.4.2.3 Nutritional value of chia seeds
3.4.2.4 Chemical composition of nutrient and phytochemicals in flaxseed
3.4.2.5 Biological/functional properties of flaxseed proteins
3.4.2.6 Fatty acid profile of chia seeds Vs flaxseed (%)
3.5 Raw material analysis
3.6 Regulatory landscape
3.6.1 North America
3.6.1.1 Regulations by the U.S. Food and Drug Administration on Nutrition products
3.6.1.2 Food Safety Modernization Act (FSMA)
3.6.1.3 AAFCO Guidelines on Hemp in Animal Food
3.6.2 Europe
3.6.2.1 Regulation (EC) No 183/2005 Of the European Parliament and Of the Council
3.6.3 China
3.6.3.1 Regulation on the Administration of Feed and Feed Additives
3.6.4 India
3.6.4.1 Harmonized System Nomenclature
3.6.5 Middle East & Africa
3.6.5.1 Fertilizers, Farm Feeds, Agricultural Remedies and stock Remedies Act, 1947 (Act No. 36 Of 1947) – South Africa
3.6.5.2 Food and Agricultural Import Regulations and Standards - United Arab Emirates
3.7 Pricing analysis
3.7.1 Regional Pricing
3.7.1.1 North America fish oil alternatives prices, by product (USD/kg)
3.7.1.2 Asia Pacific fish oil alternatives prices, by product (USD/kg)
3.7.1.3 Latin America fish oil alternatives prices, by product (USD/kg)
3.7.1.4 Middle East & Africa fish oil alternatives prices, by product (USD/kg)
3.7.2 Cost structure analysis, 2022
3.7.2.1 R&D cost
3.7.2.2 Manufacturing & equipment cost
3.7.2.3 Raw material cost
3.7.2.4 Distribution cost
3.7.2.5 Operating cost
3.7.2.6 Miscellaneous Cost
3.7.3 COVID-19 & Russia-Ukraine war impact on pricing
3.8 Industry impact forces
3.8.1 Growth drivers
3.8.1.1 Growing demand for plant-based food ingredients
3.8.2 Use of natural ingredients in skincare and cosmetics will fuel vegetable oil market demand
3.8.2.1 Increasing demand for natural ingredients in animal feed products
3.8.3 Industry pitfalls & challenges
3.8.3.1 Increasing cost of vegetable oils
3.9 Innovation & Sustainability
3.10 Growth potential analysis, 2022
3.10.1 Emerging business model
3.10.1.1 Acquisition
3.10.1.2 Product launch
3.11 Porter’s analysis
3.11.1 Industry rivalry
3.11.2 Bargaining power of suppliers
3.11.3 Bargaining power of buyers
3.11.4 Threat of new entrants
3.11.5 Threat of substitutes
3.12 PESTEL Analysis
3.13 COVID-19 impact on vegetable oils demand, by application
3.13.1 Food & beverage
3.13.2 Cosmetics
3.13.3 Animal feed
3.13.4 Pharmaceutical
3.13.5 Pet food additives
3.14 Impacts of the Russia-Ukraine war on the fish oil alternatives market
3.15 Patent landscape
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